ESG (Environmental, Social, and Governance)  is a set of quantifiable metrics that ‘responsible investors’ use as part of their screening/filtering process to measure a company’s sustainable business activities.

The environmental (E) criteria measures the necessary precautions that businesses take in order to ensure their activities have the least harmful effects on the environment. The social (S) criteria assesses the company’s relationship with its employees, clients, suppliers and communities within which they are active. The governance (G) criteria monitors the company’s leadership structure and its management of shareholder rights.

The value of assets under management (AUM) of ESG / Sustainable funds estimated by ACF Equity Research is US$ 30.7trn in 2021E and Blackrock forecasts ~$400trn by 2030E. This is the tip of the iceberg because these funds only include formally filtered ESG funds. The challenge is the informal filtering where the process is the same as the formal, but you don’t that is it happening and it happens more often than you think – therefore, you need to be ready for it.

At ACF Equity Research we are of the view that ESG / Sustainability should be at the forefront of all business decisions. While we understand that it can be challenging for small to mid-caps to pull together an ESG policy with metrics, the bottom line is that investors want to see that companies are at the very least on the ESG trajectory, i.e. that you are working towards it.

ACF Finalist in the ESG Investing Awards 2023

ACF’s research products, services and counsel, work with companies to help you achieve your sustainability goals. To find out more

ESG sustainability report 2023

ACF Equity Research’s ESG / Sustainability Report for ASX small and mid-cap miners is designed to help investors make fast simple initial filtering decisions. For firms it helps them identify investor messaging opportunities and support their ESG / Sustainability investor strategy. Stock price and index performance data shows that companies with ESG metrics outperform the major indices….READ THE ESG SUSTAINABILITY REPORT HERE

ESG Rating System for ASX miners

ACF has created its own ESG rating system for small and mid-cap mining companies on the ASX because the industry is highly scrutinised in relation to sustainability and its carbon footprint, and  mining is the largest contributor to the Australian economy (10.4% of GDP, 2019-2020A). The junior mining sector, in particular, is in constant need of capital by definition. We have created a simple initial ESG filter to help showcase what the Australian mining sector is doing to begin to show it understands the challenge and opportunity…READ ACF ASX ESG Rating

ACF ESG Webinar Play

In this webinar in partnershp with OTC Markets, Christopher Nicholson and Renas Sidahmed discuss how to get ahead of the curve by implementing an ESG policy that encourages investor interest and when done well can boost your valuation…LISTEN TO THE WEBINAR


cellcube core investment case

CellCube (Enerox GmbH) is a pioneer and technology leader in the development and deployment of off-grid Vanadium Redox Flow Batteries (VRFB). CellCube’s product addresses volatile supply in renewable generation. The company has recently signed a set of cross sector construction and distribution agreements in the US, Australia and Africa. VRFB is a promising scalable energy storage technology. Redox flow batteries lend themselves to microgrids, utility-scale storage projects, renewable energy integration and blackout prevention. Moreover, VRFBs are better placed than Li-ion or other solid-state batteries to serve …READ CELLCUBE CORE INVESTMENT CASE


The ESG FinTech summit hosted by London in the UK, on Tuesday the 14th of June, was an event that brought together senior financial professionals all working towards implementing sustainable best practices.

Everyone agrees that ESG is important for business operations and for access to capital (this is particularly relevant for small and mid-caps). However, everyone is also of the view that the lack of standardisation of ESG guidelines and metrics are a source of confusion.

Because of this lack of standardisation, regulatory authorities, e.g. the US Securities and Exchange Commission (SEC), are cracking down on corporates. The regulators are doing this on the basis of suspicion of …READ THE PROBLEM WITH GREENWASHING

AFC_Hydrogen Controversy

Reducing greenhouse gas emissions on a global scale is not an easy task – green hydrogen is one of the keys to a low emissions global economy. As a result of anti-natural gas bans in California and New York, over the past two years the US natural gas utilities have launched 24+ hydrogen projects. Where substituting hydrogen for fossil fuels is an obvious choice for a cleaner carbon-free future, the controversy lies in the high costs of production of green H2. What is key is recognizing the long-term goals for atmospheric pollution / temperature change and the…READ HYDROGEN CONTROVERSY

EV batteries mass move from cobalt no time soon - Twitter

Electric vehicle (EV) battery makers continue to explore the replacement of cobalt in lithium-ion battery cathodes in 2022 just as they did in 2021. EV manufacturers are concerned about labour practices involved in cobalt extraction, its volatile supply chain structure, scarcity, and its price changes. Investor ESG focus has also caused EV manufacturers to review cobalt sourcing practices. Apart from instability within the supply chain, there are also manufacturer and global governmental strategic metals concerns..READ EV BATTERIES’ SLOW MASS MOVEMENT FROM COBALT

Climate Smart Mining is attracting the attention of investors

The World Bank launched its Climate-Smart Mining fund in 2019 – the first of its kind dedicated to mining. Climate-Smart Mining assists and supports countries in implementing sustainable strategies in mining operations. The global economy is in the process of transitioning to low carbon technologies such as wind turbines, solar panels and battery storage, much of which is driven by the need to fight climate change. However, these technologies require large amounts of metals and minerals..READ THE WAY FORWARD: CLIMATE-SMART MINING

investment theme for cleantech

Cleantech investments in start-ups were very popular among the Venture Capitalists (VC) 10 years ago – the VC community, in particularly in Silicon Valley, was looking for something exciting and new following the aftermath of the Dotcom Bubble.

Unfortunately, given the capital investment scale of renewable technology infrastructure and the nascent nature of the sector at the time (the term “cleantech” was relatively new), these companies were, in the end, unable to deliver the necessary returns for VCs. During the period of VC funding between..READ A NEW INVESTMENT THEME FOR CLEANTECH IS TAKING HOLD

activist portfolio management accelerating rapidly

Activist funds are making a comeback after a retrenchment in 2020 due to Covid-19.  Smaller companies are particularly vulnerable. The resurgence in activist strategies and the growth in new players in this space is driven by two factors – sustainability/ESG and a frustration with passive investment strategies. In companies above $500m MCAP activist campaigns often raise legitimate concerns, but they tend to destroy Total Shareholder Return (TSR) for 12 months. 50% of CEOs subject to an activist campaign end up moving roles, according to…READ ACTIVIST ESG FUNDS – SMALLER FIRMS ON THE RADAR

Greenwashing sustainability- Investors are watching

A green boom is emerging as green firms outperform major indices in 2019 due to higher EVAs created by greater internal discipline in companies embracing sustainability (ESG with metrics). However, when checking ‘under the hood’ of companies, we are seeing a problem with greenwashing, so are governments (e.g. UK’s GTAG initiative) and other authorities (e.g. SASB).

The ESG Risk Rating measures what kind of exposure a company has to ESG breeches that can lead to billions in fines and a risk of severe sanction for those in executive roles. Increasingly, it is also an indication of a company’s probability of accessing future capital, and so future growth and total shareholder return…READ GREENWASHING SUSTAINABILITY? INVESTORS ARE WATCHING

ESG and Crypto are taking the shine off the IPO market in 2Q21

After a booming start to the year, IPOs have fallen noticeably in 2Q21. IPOs are subject to the vagaries of capital markets and as a result some companies have chosen to delay their IPOs. Perhaps a necessary precaution in certain circumstances – such as price competition or inflation pressures. On the other hand, waiting too long for the ‘perfect’ market condition is not necessarily the optimal solution either.

Capital markets are volatile and market behaviour is unpredictable. In that regard, if companies prepare meticulously for their first ‘coming out’ onto the market and if thorough due diligence is conducted, companies will have more opportunities for a successful raise and leave an exceptional first impression…READ IS THE IPO MARKET COOLING OFF


Environmentally supportive business models are increasingly popular with both institutional and retail investors (ESG). The strong and growing emphasis on ESG within the investment community means the waste-to-energy sector is picking up political, legislative and capital concessions and opportunities. These drivers, in turn, lead to a more aggressive growth profile for the renewable energy/cleantech sub-sector, which should increase investors…READ RECYCLING OUR WASTE INTO ENERGY

Pricing nature and carbon credits

Protecting our ecosystem is not only a collective effort but also a creative and strategic effort. We maintain a level of realism/pessimism about the rate of innovation in this area – which is that carbon emissions are not going to disappear overnight and we are not going to adopt, en masse, a carbon emissions free way to manufacture concrete/steel/glass tomorrow. However, there are options to offset these emissions in the meantime.

But what does this mean for nano to smaller companies? What does this mean for companies whose business models don’t necessarily emit a significant amount of carbon? How can they get involved?…READ PRICING NATURE & CARBON CREDITS

UK hydrogen trial for residential heating

Hydrogen is one of the top candidates to help the UK economy to lower emissions and reach the climate goals set out in the Paris Agreement to limit global warming to well below 2 degrees Celsius, and preferably limit warming to 1.5 degrees Celsius, compared to pre-industrial levels.

In the UK it is estimated that ~85% of homes and 63% of commercial properties are heated by natural gas – a carbon emitting fossil fuel. As a result, buildings are the third largest emitters of greenhouse gas emissions in the UK, behind industry and transport. Replacing natural gas with hydrogen is a potentially…READ THE HYDROGEN SOLUTION – AN INVESTOR SIGNAL

ESG indices outperform

Investor’s growing interest in ESG is driving funds into sustainable investments. Companies must develop sustainable policies now or risk falling behind. S&P Global forecasts that assets in sustainable investment products in Europe will reach €7.6trn over the next five years. At this rate they will outnumber ‘conventional’ funds. ACF estimates that globalESG filtered funds will reach $25 trillion by YE20. A recent report from the Forum for Sustainable and Responsible Investment (US SIF) found US AUMs using sustainable investment strategies expanded by US $17.1trn in 2019, up 42% from US $12trn in 2018…READ ESG INDICES OUTPERFORM

Fish - a 180bn USD market by 2030

SmartFish H2020, a recent Norwegian initiative, reduces the fishing industry’s impact on marine life. SmartFish creates smart nets and scanners. Smart tech is saving fish one environmentally friendly net at a time. SmartFish H2020 is an EU funded project led by SINTEF Ocean (a Norwegian company focused on environmental technology).  Everyday 1000’s of fishing trawlers take to the seas and release miles and miles of nets. Over the last few decades this has led to overfishing…READ SAVING FISH ONE SMART NET AT A TIME

ESG policy targets in mining industry

Global markets are transitioning to an environmentally friendly arena. Environmental Social and Governance (ESG) metrics are the key drivers, as they are increasingly used by portfolio managers as the first filters for investment opportunities. The way in which the ESG filter trend is gaining momentum suggests to us that there will be a flipping or tipping point. If there is an ESG filter tipping point, we suspect it will catch many smaller and mid-cap companies off guard and this could be fatal to them. ESG is positive for mining companies and the communities where the mining companies are based…READ NEWMONT’S ESG GOLD GOOD FOR MINING

is urine a viable alternative to synthetic ferilisers

The use of urine for commercial use dates back to the first century AD when Roman’s used urine in tanning and imposed the Roman Pee Tax. Soaking the hide in urine helped dissolve fatty tissues, which were then subsequently removed, producing a softer wool product. Finding alternative uses for waste products is not a new phenomenon. We have seen this with plastics, paper, cardboard and even food waste. So why not urine?

The ammonia that is generated in current commercial fertiliser manufacture extracts nitrogen from the atmosphere, via the Haber Process. The Haber Process is very energy intensive…READ URINE – LIQUID GOLD FERTILISER

esg driven investing

Although the concept of ESG investing is not a new one, the ESG ETFs market is still in its infancy in terms of translating interest to actual AUM. Notwithstanding this, our long-term view of an accelerated ESG adoption across all traditional carbon intensive industries – such as coal, oil and gas – still remains intact. We infer that the renewable energy sector is a direct beneficiary of the growing demand for ESG optics. Investors are starting to direct their portfolios to alternative (i.e. renewable) energy sources…READ IS ESG DRIVING RENEWABLES

Might climate friendly housing be another niche market that gets a dramatic boost

Tim De Chant, a climate journalist and lecturer at MIT, reported in Undark on the 20th of August how households in the US use up almost 2x the amount of energy as households in Europe.

US homes produce approximately one-fifth of the US’s greenhouse gas emissions (GHG) – this number is expected to have increased as a result of Covid. These high emission levels are due to most homes averaging an age of 37 years and continuing to be heated and powered by fossil fuels. This is why fossil fuels make up 80% of the country’s overall energy use…READ CLIMATE FRIENDLY HOUSING

Green Energy’s Hidden Impact on the Environment

Conventional energy sources such as coal, oil, natural gas, and nuclear material have a substantial effect on the environment via the release of harmful greenhouse gases (GHG). Carbon Dioxide (CO2) and Methane (CH4) account for over 90% of gases emitted into the atmosphere. GHGs also cause water pollution, wildlife and habitat loss, and require significant land and water use.

Renewable (non-conventional) energy is considered to be less harmful and energy efficient because it does not deplete the earth’s natural resources (directly). However, numerous studies have shown that…READ GREEN ENERGY’S HIDDEN IMPACT ON THE ENVIRONMENT

esg for small and mid caps

A report from State Street Global Advisors (part of the trillion dollar club of leading asset managers that set terms for the rest of the investment industry) published towards the end of last year made some interesting points about ESG for the fund/portfolio management and beneficiary communities. There are equally interesting read-throughs for small and mid-cap corporates related to volatility, valuation and so research.

In our view, the report’s target audience is organisations with AUM (assets under management) greater than $50bn, however we have pulled out the key points that provide some useful insights for smaller and mid-cap companies looking for stable high quality investors, improved valuation and lower…READ ESG – 12 MONTH READ-THROUGH FOR SMALL AND MID-CAPS

How Regs have helped to stimulate the Renewable market

The evolution of renewable energy over the past decade has been impressive, with growth rates of capacity and production accelerating significantly. Costs of production have fallen and the level of investment has increased. As with any growing sector, consistency among all players is key, particularly if there is an interest in creating an homogenous market across all countries and sectors.

The key to achieving this consistency in players and a flat competitive market is regulatory policy. In matters of this scale and importance, it is our view that regulation has an instrumental part to play. Regulatory policy is needed to…READ HOW REGS HAVE HELPED TO STIMULATE THE RENEWABLE MARKET

Wind Energy - Pathway to Growth

Global energy consumption has grown over the last 14 years, reaching 561.3Mtoe (millions of tons of oil equivalent) in 2018 up a staggering 583% from 82.2Mtoe in 2005 (BP, 2019). In US dollar terms, global investment in renewable energy grew to 288bn in 2018 up 84% from 45bn in 2004 (Frankfurt School-UNEP Centre/BNEF, 2019)

The world has relied heavily on fossil fuels, like coal and gas, as a primary source of energy. However,  with increasing negative externalities (these are the hidden costs not represented in fossil fuel market prices, such as global warming emissions and air pollution) associated with fossil fuels, the world is now shifting towards greener energy sources….WIND ENERGY: PATHWAY TO GROWTH 

is ESG essential to secure investment

Over the last three months the concentration of assets under the largest investment funds (the trillion-dollar club) has increased substantially. The largest 1% of fund manager groups manages 61% of total AUM (assets under management) which is 243 times that of the bottom 50%, compared to 208 times at the end of 2019 and 105 times in 2010.

The expectation is that the industry concentration among the larger members will increase as M&A becomes more attractive to asset managers. Franklin Templeton is in the process of buying Legg Mason which will increase its asset base to $1.5tn and Invesco worked its way into the trillion-dollar club last year after acquiring…READ IS ESG ESSENTIAL TO SECURE INVESTMENT?

AFC_why ESG is essential to fund raising

ESG can only improve valuation. A sustainability policy (ESG) provides formal access to USD 25.2 trn AUM and far more AUM informally. An ESG (Environmental, Social, and Governance) policy is a set of quantifiable metrics that ‘responsible investors’ use as part of their screening/filtering process to measure a company’s sustainable business activities. The environmental criteria measures the necessary…READ OUR THEMATIC RESEARCH

Renewable energy production- What’s the harm

As governments around the world battle with policy and cultural changes required to meet the Paris Agreement climate change targets, the pressure to expand renewable energy technology production is significant. Renewable energy share of total world energy consumption and electricity generation is forecast to continue growing rapidly, hitting almost 50% of global electricity production by 2050. The environmental, political and financial benefits are clear, and these are driving the expansion, but what are the environmental impacts?…..READ MORE ON RENEWABLE ENERGY PRODUCTION – PART 2 

Renewable energy production- What’s the harm

As governments around the world battle with policy and cultural changes required to meet the Paris Agreement climate change targets, the pressure to expand renewable energy technology production is significant. Renewable energy share of total world energy consumption and electricity generation is forecast to continue growing rapidly, hitting almost 50% of global electricity production by 2050. The environmental, political and financial benefits are clear, and these are driving the expansion, but what are the environmental impacts?…..READ MORE ON RENEWABLE ENERGY PRODUCTION- PART 1 

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Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


Amalia Barnoschi, Head of Operations, ACF Equity Research

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Head of ESG / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF, two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC.

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

At ACF, as part of my staff analyst role, I am also Head of ESG / Sustainability and its products and services.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages