Terms & Conditions

Terms & Conditions

Cookies Policy

What are cookies

A cookie is a piece of data stored on a user’s hard drive containing information about the user.

Cookies are text-only files containing small amounts of information which are downloaded to your computer or mobile device when you visit a website. Cookies are then sent back to the originating website on each subsequent visit, or to another website that recognises that cookie. Cookies are used to allow a website to recognise a user’s device.

 

How cookies are used

Cookies have a range of functions such as efficiently improving navigation between pages, remembering user preferences, and generally improving the user experience. They can remember certain information about you, such as pages you visit, choices you make from menus, and the time and date of your visit. They can also help to ensure that adverts you see online are more relevant to you and your interests.

For further information on cookies, including how to see what cookies have been set on your device and how to manage and delete them, visit http://www.allaboutcookies.org/.

 

How we use cookies

The information below explains the cookies we use on our website and why we use them:

  • Google Analytics cookies: we use these cookies to collect information about how visitors use our website, including details of the site where the visitor has come from and the total number of times a visitor has been to our website. We use the information to improve our website and enhance the experience of its visitors.

For more information on Google Analytics cookies, see the official Google Analytics page.

  • Local Shared Objects (Flash cookies): we use Adobe Flash Player to deliver certain content. Local Shared Objects, otherwise known as Flash cookies, are used for this in order to check if your browser supports Flash.

You can also find out how to disable Flash cookies at Adobe.com – see http://www.adobe.com\products\flashplayer\security

You can enable or disable cookies by modifying the settings in your browser. You can find out how to do this, and find more information on cookies, at: http://www.allaboutcookies.org/.

Privacy and Security Policy
ACF Equity Research Ltd [we] collects and uses information in the following ways:

If you have any questions about this statement or your personal information, please contact us by using this form

 

If we change or modify our privacy policy we shall post these changes on this page.

 

Information collection and use via email

To the extent permitted by law, we may monitor electronic communications for the purposes of ensuring compliance with our legal and regulatory obligations and internal policies.

We may also collect email traffic headers (“from”, “to” and timestamp fields) for analysing patterns of network traffic and managing client relationships, although please note that any communications with e-mail addresses which are not associated with a company e-mail address are automatically excluded.

 

Information collection and use through our website

You do not have to give us any personal information in order to use much of this website. However, if you wish to take advantage of some or certain of our content and or services that we provide or make available or apply to join ACF Equity Research Ltd [ACF], you will need to provide certain information.

ACF is the sole owner of the information collected on this website. We do not sell, share, or transfer this information, except as set out in this statement. We use your information to improve our marketing, for administration and to provide consultancy. If necessary, we may pass your information between our offices. Our offices are listed on this website and the list is updated as appropriate. We may employ the services of a third party to help us in certain areas, such as website hosting. In some cases that third party may receive your information. Furthermore, we may be required to disclose your information by any applicable law or regulation. However, at all times ACF will control and be responsible for the use of your information

The types of information we collect through our website are described below. By using our website you consent to the collection and use of any personal information in the manner described.

 

Morning Notes, Blogs and Research Notes

ACF may or may not produce morning notes, blogs and research notes now or in the future to which you may subscribe. If you wish to subscribe for morning note, blogs and research notes please register by completing our subscription form. To unsubscribe, either update your details via the subscription form or email us at info@acfequityresearch.com.

 

IP addresses

We use IP addresses to analyse trends, administer the website, track users’ movements, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

 

Links

This website contains links to other websites. Please note that we are not responsible for the privacy practices of other websites. This privacy statement applies solely to information collected by this website.

 

Security

We take all appropriate steps to protect your information both online and off-line. If you would like information on our security procedures please contact us using our contact form.

 

Effect of Policy

This policy does not form a contract between an individual and ACF. The policy may also be subject to change. Whenever you need to refer to this policy you should contact us for the most up to date version.

 

Recruitment

To apply for positions with ACF you may supply us with your email address, covering letter and CV. Any information you send us for the purpose of a job application will be treated by us with the greatest care and for that purpose only.

In acknowledging an application ACF is not verifying the content, accepting the application or making any offer of employment or engagement. ACF is not obliged to accept or respond to any applications.

ACF is an equal opportunity employer, in accordance with applicable legislation, and does not discriminate on the grounds of gender, race, ethnic origin, age, religion, sexual orientation, disability or any other basis covered by local legislations. All employment related decisions are made entirely on merit.

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Contact us

If you:

  • would like to access the personal information we hold about you;
  • believe that information we hold about you is incorrect; or
  • have any questions in relation to the information concerning privacy and personal information;

then we ask that you contact us using our contact form and we will take reasonable steps to resolve those concerns as soon as practicable. In some cases we may not be able to give you access to personal information we hold regarding you if making such a disclosure would breach our legal obligations to our client or if prevented by any applicable law or regulation

Disclaimer
ACF Equity Research provides research services with the highest level of independence in the market place, based upon our key team’s fund management culture and creation of large-cap independent research products and services combined with experience of the core team creating over 20 start-ups from boot strapping through to listing and trade sale.

The information in ACF’s reports is prepared by ACF Equity Research Ltd (ACF). Our research is published for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any securities or any financial instruments.

ACF has based its products and services document on information obtained from sources it believes to be reliable but which it has not necessarily independently verified. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made within our products and services do not necessarily reflect the views of ACF Equity Research Limited. The material should not be regarded by recipients as a substitute for the exercise of their own judgment. Past performance does not guarantee future performance.

The analyst(s) responsible for covering the securities within ACF’s products and services receive compensation based upon, among other factors, the overall profitability of ACF which may, from time to time, solicit business from any of the companies referred to in ACF’s research reports, services and materials. The analyst(s) responsible for covering securities on behalf of ACF may not hold a position in any or related securities within ACF’s sector universe on in any other sector in which ACF carries out research. The company does not hold any position in the securities mentioned in its products and services.

The contents of ACF’s research and related services are intended for professional investors. ACF Equity Research LTD (FRN 607274) is an Appointed Representative of City & Merchant Limited (FRN 154182) which is authorised and regulated by the Financial Conduct Authority. However the contents of its research products and services are produced as if ACF Equity Research Limited is unregulated and consequently these products and services do not contain investment recommendations or ratings.

ACF, its directors, employees and agents accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of their services, products or materials. The information in ACF’s research reports, services and materials is provided with the understanding that ACF is not acting in a fiduciary capacity. Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations. ACF Equity Research all rights reserved. Additional information is available upon request.

ACF Equity Research Limited, 125 Old Broad Street, London, EC2N 1AR, U.K.

Tel: +44 (020) 7558 8974

Website: www.acfequityresearch.com

 

ACF Equity Research LTD (FRN 607274) is an Appointed Representative of City & Merchant Limited (FRN 154182) which is authorised and regulated by the Financial Conduct Authority. | Copyright © 2020 ACF Equity Research.

Adrian Chiappe

Editor

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

Emma Joyce

Team PA

I have worked as an EA and PA and within related roles for over 20 years, with a track record of delivery in high pressure environments. I am highly experienced, effective and comfortable working at C-suite level as well as with high-net worth individuals and family offices.

I believe the key here is a pro-active approach combined with attention to detail and innate time management. With a wide range of skills from accounts to international, high profile, event organisation, I have also been involved in running Asset Management data bases, background research, and implementing office system changes.

Before ACF I worked with, amongst others, Halifax Bank of Scotland, City South Manchester Housing Trust, Monsoon, Adlington Hall & Gardens and Silverfox Events. Music and Interior design are the things I am absorbed in outside of my children and my executive support roles.

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.

Sam Butcher

Junior Staff Analyst

I am a junior financial analyst, qualified ski instructor and licensed skydiver. I developed my interest in equity research after building and investing in my own portfolio prior to university. This is how I learned the value of fundamental research both thematic and stock specific.

I have a BSc in Chemistry from the University of Manchester and an MSc in Energy, Trade and Finance from Cass Business School. I have found the science education incredibly useful in my financial analyst role.

Outside of work I have accumulated over 60 jumps as a licensed skydiver, 50 weeks on snow and 300 teaching hours as a qualified snowboard and ski instructor. I continue to compete as a freestyle snowboarder in the UK. As much as I love the snow, I cannot think of anything better than lazy summer evenings in London with all it has to offer.

Adeline Bockarie

Junior Staff Analyst

I am a Junior Research Analyst working as a staffer for the Head of Research. I have particular research interests in the development of the gaming and the green energy sectors and am always determined to master my brief, whatever it is.

Before ACF I worked at Harrisons Business Recovery & Insolvency, and briefly at Capital Partners in London and interned at Royal London Asset Management. I recently completed my MSc in Finance and Investment Management at Middlesex.

Over a period of two years I travelled back and forth to Sierra Leone to carry out charity work including teaching in local schools – I speak English, Krio and Mende. I am passionate about cooking and am an amateur chef.

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

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.

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.

Renas Sidahmed

Sales & Strategy / 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. Over this time,

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.

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.

Anne Castagnede

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.

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.

Mike Wort

Non-Executive Chairman

Mike Wort is 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, he helped organise its global roadshow for a £2.4bn secondary offering. He has managed over 20 IPOs and secondary raisings bringing in well in excess of £600m, He has consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

Mike worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, he 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, he recently retired from Walbrook, the UK’s most successful SME PR/IR agency. In addition, Mike has co-founded a number of life science start-up companies in Europe and the USA.

Christopher Nicholson

Managing Director

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).