Substantive Research Ltd

We borrowed a billboard in Times Square to remind everyone that the first data-led analyst rankings drop in less than 2 weeks. Send us a message to find out more. Mike Carrodus Chris Mills Harry Middleton #InvestmentResearch #AssetManagement #SellsideResearch #AI #SubstantiveRankings

“An independent, trusted process... would be something that everybody would want.” Invesco’s Stuart Howard on what’s missing from how analysts are evaluated. The buy-side needs a clear, evidence-based view of who’s adding value. The sell-side needs recognition for the research that’s read and acted on, not just the relationships that perform well in surveys. Substantive Rankings is built to solve these needs - a data-driven, transparent, and auditable view of which analysts deliver, with the evidence behind every result. The first results land with clients on November 11th. Hear more from Stuart's interview with Mike Carrodus in our latest episode of Research Uncut. Full episode, Ep. 2, is live: YouTube ▶️ https://lnkd.in/eAG22-NN Spotify ▶️ https://lnkd.in/eiCi_SU9 Find out more about Substantive Rankings: https://lnkd.in/eEeRZceM #InvestmentResearch #AnalystRankings #AssetManagement #CapitalMarkets

Our latest survey of 50 of the largest asset managers ($20 trillion AUM) shows buy side research spend continues to flatline, even as AI reshapes how research is created and consumed. Key findings include: 💡 Average global research budgets rose just 0.4% in H1 2026, with the sell side yet to monetise direct feeds into buy side LLMs. 💡 North American research spend as a proportion of AUM fell 6% this year, reversing a three-year recovery. 💡 European budgets were broadly flat (+1%) and remain 40% below their US peers. 💡 Spend on AI-enabled research analytics and tooling is up 40% in a year, now 7% of the average research budget. The key question: does research delivered into LLMs require greater remuneration or not? And if so, where does the money come from? Read the full findings 🔗 https://lnkd.in/eYMMNykJ #BuySide #AssetManagement #InvestmentResearch #MarketData #GenerativeAI #SubstantiveResearch

We're pleased to partner with BCG Expand and TRG Screen on new research into how AI is reshaping the provision, procurement and cost of market data for buy side and sell side firms. Key findings include: 💡 12 major data vendors have announced 2027 pricing changes that will raise existing seven-figure agreements by an average of up to 50%. 💡 Separate AI-related charges in 2026 vendor proposals ranged from $30,000 to $1,000,000, with no market standard yet. 💡 Despite average discounts of 34% on new index pricing models, index product costs are still rising by nearly 20% year on year. 💡 Market data spend is expected to rise a further 7% this year, and the average team now manages 34% more vendors than four years ago. Some vendors are opening negotiations at up to 300% higher costs. The terms agreed now will set the tone for years to come. Read the full findings 🔗 https://lnkd.in/e_MhZu2e #MarketData #AI #BuySide #SellSide #AssetManagement #DataStrategy #SubstantiveResearch #BCGExpand #TRGScreen

30 days until the first data-led analyst rankings are delivered to participants. On 11 November, the first Substantive Rankings land: a continuous, data-led read on sell-side research quality, built from how the buy-side actually engages with research, not what they recall in an annual survey. A month out, here’s where we are: 🔹 The methodology is locked in and built on 1.5 million data points from leading buy-side firms 🔹 Developed with a sell-side Technical Working Group 🔹 Early-access conversations are open on both sides of the market Drop us a message to find out more. Mike Carrodus Chris Mills Harry Middleton 🔗 Substantive Rankings: https://lnkd.in/eEeRZceM #InvestmentResearch #AssetManagement #SellSideResearch #AI #SubstantiveRankings

Research quality is about much more than reputation. The first data-led rankings land with clients this November. Want to get involved? Drop us a message or head to the link below Substantive Rankings 🔗 https://lnkd.in/eEeRZceM Mike Carrodus Chris Mills Harry Middleton #InvestmentResearch #AssetManagement #SellSideResearch #SubstantiveRankings #CapitalMarkets