Mike Carrodus, CEO of Substantive Research

Substantive Research is based in London but recently opened an office in Edinburgh.

This is the fourth investment into the company by the £20 million Foresight Scottish Growth Fund which is financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF).

Foresight’s investment will help the company accelerate its growth by investing in the team, particularly supporting the recently opened Scottish office, as well as expansion into the USA and Asia.

Substantive Research was founded in 2015 by Mike Carrodus, who has over 25 years’ experience working in financial data and research. Since launch, Substantive Research has worked with over 60 of the world’s leading asset managers to optimise their research budgets.

The company provides value benchmarking data, coverage analysis, analyst moves and new provider tracking, tailored to each client’s investment process and coverage requirements. In addition, clients can sample research from new providers in a MiFID II-compliant service that ensures their fund managers are kept aware of differentiated, cost-effective alternatives in areas of greatest interest.

Mike Carrodus, CEO of Substantive Research, said: “Now more than ever, high quality research needs to be found and rewarded appropriately, whilst asset managers focus on getting maximum value from their research budgets. This investment and partnership with Foresight allows us to build out the team in the UK, US and Asia, whilst deepening and broadening the coverage and valuation databases that drive the insights our clients find so valuable.”

Dan Halliday, senior investment manager at Foresight, added: “We are delighted to support Mike and the team. Substantive Research has carved out a real niche in this growing market and has the opportunity to consolidate its position and reputation as the emerging market leader in financial research analysis.”