The Industry Landscape
Equity Research in a Post-MiFID World

Equity research remains a demanding discipline even with advances in tools and analytics. Regulations such as the Markets in Financial Instruments Directive (MiFID II) have amplified cost pressures, while passive investing, declining equity volumes and talent scarcity have challenged independent research providers to sustain margins and market relevance.

Leading firms are increasingly turning to digital-led domain partners who can deliver specialist analyst talent, sector breadth and operational flexibility, enabling clients to meet expectations without the constraints of long hiring cycles or fixed costs.

The Client Challenge
Scaling Coverage Without Compromising Quality

In its start-up phase, the client aimed to rapidly expand research coverage across sectors such as pharma, MedTech, mining, retail, paper and packaging, gaming and capital goods. It required highly experienced analysts capable of managing full stock coverage – from modeling and valuation to sector insights – while maintaining cost efficiency and credibility in a volatile market.

The Solution
Fully Integrated, End-to-End Research Support

WNS seamlessly embedded a team of skilled analysts to deliver full-cycle equity research, continuous sector updates and frontline client representation. Key responsibilities included:

1.

End-to-End Research on Designated Stocks

Covering advanced financial modeling, valuations, investment recommendations and corporate action analysis

2.

Ongoing Market Intelligence

Delivering earnings reports, event-driven insights, sector commentary and investor relations support

3.

Client Representation

Showcasing expertise at high-profile events, analyst conferences, investor meetings and in leading financial media outlets

The Outcome
A Trusted Research Backbone for Over a Decade

Over the past 11 years, the client has grown from a start-up into a recognized authority in European equity research, supported by WNS analysts contributing to 20 percent of its research output. The WNS model allowed the client to scale analyst support in line with market dynamics, ensuring operational resilience and cost control. This model has delivered:

Sustainable Growth

Enabled rapid service expansion and sector diversification while maintaining cost efficiency

Consistent Excellence

Produced high-quality research, earning multiple Thomson Reuters StarMine analyst certifications

Operational Agility

Provided a ready-to-scale analyst bench, eliminating delays in seizing new opportunities