All investment research produced by Autonomous Research LLP ("Autonomous") is independent, impartial, objective and quality assured.

The Autonomous business model - unconflicted and independent

  • Autonomous will never engage in any investment banking activities. We will never underwrite debt or equity offerings. We will never offer corporate finance or other advisory services to any companies in our chosen sectors.
  • Autonomous will never engage in proprietary trading activities in either equity or debt products for its own account.
  • Autonomous will not manage money on behalf of any clients (either institutional or private).
  • Autonomous will have no other activities - either regulated or unregulated - outside the partnership.
  • Accordingly, the partners believe that the nature of Autonomous's business model is fully consistent with their goal of providing independent and unbiased investment research.

The conduct of analysts and sales people - impartial and objective

  • The remuneration structure at Autonomous is focused upon rewarding excellence and client service. There are no incentives for either analysts or sales people to express anything other than balanced views upon companies under research coverage, or to encourage clients to alter their normal pattern of trading in any way.
  • Autonomous has a strict policy on personal account dealing. Analysts are prohibited from dealing in securities of the issuers for whom they directly conduct research. In addition, other analysts and specialist sales will not be allowed to engage in PA dealing without the written prior approval of the Compliance Officer. No PA dealing will be allowed where the Compliance Officer believes this is, or may be, in possible conflict with any client's interests or may otherwise be perceived as bringing into question the impartiality of Autonomous's research.
  • Autonomous also has a strict policy on the giving or receiving of gifts and/or entertainment. Financial analysts must not accept inducements from those with a material interest in the subject of the investment research. Small gifts or minor hospitality (i.e. below a £150 limit) are not deemed inducements. Gifts offered above this £150 threshold are reported directly to the Compliance Officer for review. In considering such applications for gifts and/or entertainment, the Compliance Officer will be mindful of the possible perceived impact upon Autonomous's impartiality.
  • Any outside directorships and business interests (investments, consulting services etc) of either analysts or sales people must receive prior written approval from the Compliance Officer. Activities which might present an actual or perceived conflict with the impartiality of Autonomous's research will not be permitted.

The research product - objective and quality assured

  • All research reports are reviewed and approved by a senior analyst prior to publication and distribution. The senior analyst will be focused upon ensuring that due care has been taken in the preparation of the report and that the research report is balanced, impartial and reaches a fair and objective conclusion.

  • All research reports are reviewed by a senior analyst, while all initiations and recommendation changes are reviewed and approved by more than one senior analyst. Material changes in earnings estimates (+/- 5% or more) or price targets (+/- 10% or more) are set out in a written research report. The senior analyst review is focused upon ensuring that due care has been taken in the preparation of each research report and that the report is balanced, impartial and reaches a fair and objective conclusion.

  • Research reports are published and distributed simultaneously to all Autonomous clients (either via email, pdf or posting on the website). Neither analysts nor sales people are allowed to communicate the substance of any research reports prior to publication either on a selective or more general basis to Autonomous clients.

  • Editorial control over draft research will not be given to any subject company or any other party whose commercial interests could conflict with the interests of Autonomous’ clients. However, draft research may be discussed with (but not sent to) the subject company ahead of publication for the sole purpose of checking facts.

Mission Statement -
Excellence all ways

 

Autonomous's aim is to provide you, our clients, with the very best investment research in our chosen fields. Our business model - independent and unbundled - allows us to offer you this excellence in research at a transparent and competitive price. We are on your side - helping you enhance your value proposition to your end-clients.

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Core Values for Partners

 

Autonomous is a partnership and we believe very strongly in our shared vision. We also believe that shared values are an essential foundation for success in achieving this vision.

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Charity Partners

An important part of the Autonomous culture is to give something back. We will therefore allocate 5% of annual profits linked to partner shares to charitable causes.

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