Pioneering Independent Equity Research

With unique insight and a creative approach

Pioneering Independent Equity Research

With unique insight and a creative approach

Pioneering Independent Equity Research

With unique insight and a creative approach

Arete is a trusted source of Equity Research to over 250 of the world’s most sophisticated tech investors.

Founded in early 2000 by leading analysts, Arete is a pioneer in independent equity research. With one of the largest teams of experienced TMT analysts, Arete covers sectors including Semiconductors, Enterprise Software and Cyber Security, Internet and e-Commerce and Telco, Cable and Media. Free from damaging conflicts of interest, Arete has been a trusted source of insight, helping 250 of the world’s leading investors to better understand companies and sectors globally.

Integrity Free From Conflicts of Interests

Trusted 24 years experience in the industry

Excellence Top Rated Experienced Analysts

Our Values

Independence

We say what we truly believe, and stand by our convictions.

Integrity

We hold ourselves to ethics that we are proud of.

Excellence

We strive to be the best in everything we do.

Client Focus

Our clients always come first, building long term relationships of trust.

TeamWork

We attract exceptional people, who work collaboratively, sharing their ideas and knowledge.

Dedication

We are dedicated to our chosen sectors, allowing us to continually build on our sector network and expertise.

Our Team

Our analysts are recognised leaders in their field, with industry experience, deep relationships, and a lifelong commitment to their research sectors. They are supported by highly experienced and dedicated sales, finance and admin teams, operating in Europe, the US and Asia.

Analysts

Sales

Central

Richard Kramer

Senior Analyst

Richard Kramer

Senior Analyst

Richard is the main founder of Arete (formed in 2000), the pioneer of the independent equity research space (prior to the Wall Street scandals of 2001-2003) and is based in London. For over 20 years he has focused on the wider mobile internet space, including smartphones, digital consumer products, advertising technology and other internet services. He is a frequent and highly rated speaker at industry conferences, known for his frank dissection of industry hype and willingness to offer critical as well as positive comments on leading tech companies. Prior to founding Arete, Richard was for four years #1 ranked technology analyst in Europe at Goldman Sachs, and prior to that, worked for Nortel and at a prestigious Columbia University economics think tank.

Email: richard.kramer@arete.net

Phone: +44 (0)20 7959 1303 Coverage

Bio

Brett Simpson

Senior Analyst

Brett Simpson

Senior Analyst

Brett is a co-founder of Arete (formed in 2000) and is based in the firm's London office. He focuses on the global semiconductor component sector. Brett is a regular public speaker at industry events and after 17 years looking at the sector, has a wealth of experience to draw on. Prior to Arete, Brett spent two years at Goldman Sachs in an equity analyst role, specialising in European technology following three years with Ericsson UK, working in business development, covering all aspects of wireline and wireless telecom infrastructure.

Email: brett.simpson@arete.net

Phone: +44 (0)20 7959 1320 Coverage

Bio

Adam Shepherd

Senior Analyst

Adam Shepherd

Senior Analyst

Adam is responsible for Arete's Software & IT services coverage with ~25 years industry experience both as an analyst and as a technology consultant (systems integration). Leads a four man team that has created an extensive network of CIOs, CISOs and reseller contacts. Typically have >150 direct CIO/CISO interactions each year, predominantly with Fortune 2000 enterprises. This gives Adam and the team extensive insight into software vendor performance, opportunity and competitive dynamics. Feedback is shared directly with clients via the CIO Series and embedded into company specific research. The CIO conversations span a broad range of private and listed companies giving the team a perspective well beyond its formal coverage in enterprise software. He joined Arete in 2009 and is based in London. Prior to Arete, Adam spent nine years as an analyst at Dresdner Kleinwort and BNP Paribas, specialising in European software and IT services. Before this, he worked five years in technology consulting at PA Consulting Group, developing systems across a number of infrastructure and application platforms.

Email: adam.shepherd@arete.net

Phone: +44 (0)20 7959 1311 Coverage

Bio

Andrew Beale

Senior Analyst

Andrew Beale

Senior Analyst

Andrew joined Arete in 2003 and is based in the firm's London office. He focuses on telecoms/cable in US and EU. Prior to Arete, Andrew spent nine years as an analyst at several investment banks including Deutsche Bank and UBS, specialising in wireless and UK/EU telcos. Before this, he spent a year in corporate finance at Bankers Trust, and five years consulting at PA Consulting Group to telecoms and CATV operators, banks, regulators and customers.

Email: andrew.beale@arete.net

Phone: +44 (0)20 7959 1316 Coverage

Bio

Jim Fontanelli

Senior Analyst

Jim Fontanelli

Senior Analyst

Jim is a co-founder of Arete (formed in 2000) and is based in the firm's London office. He covered semiconductors before focusing on renewables from 2008 and returned to the semiconductor space in 2015. Prior to Arete, Jim spent six years with Morgan Grenfell Asset Management, managing pan-European institutional funds, with responsibility for the technology sector investments of European equity funds totalling Euro 30bn. Before this, Jim spent two years working as a credit analyst at Royal Bank of Canada.

Email: jim.fontanelli@arete.net

Phone: +44 (0)20 7959 1312 Coverage

Bio

Louis Lardenois

Senior Analyst

Louis Lardenois

Senior Analyst

Louis joined Arete in 2016 and is based in the firm's London office. Louis is part of the Software team. Prior to joining Arete, Louis did an internship at Egerton Capital as an Equity Analyst. Louis is a graduate of the Panthéon-Assas University, with a MSc in Banking and Finance.

Email: louis.lardenois@arete.net

Phone: +44 (0)20 7959 1322 Coverage

Bio

Nam Hyung Kim

Senior Analyst

Nam Hyung Kim

Senior Analyst

Nam joined Arete in 2009 and is based in the firm's US office. Nam focuses on global memory, display, PC and battery sectors, working with Brett, Jim and Harrison. Prior to Arete, Nam spent nine years with IHS (formerly iSuppli), and led IHS memory research team to become one of the highest respected research groups in the industry. Before IHS, Nam was a product engineer in technical marketing and sales at SK Hynix Semiconductor and served as logistics manager for the IBM and Sun Microsystems Worldwide accounts. Nam earned his MBA at Carnegie Mellon University. He is a CFA charter holder and is FINRA Series 7, 86 and 87 registered.

Email: nam.kim@arete.net

Phone: +1 424 228 7914 Coverage

Bio

Rocco Strauss

Senior Analyst

Rocco Strauss

Senior Analyst

Rocco joined Arete in 2014 and is based in the firm's London office. Rocco is part of the internet and ad-tech team. Prior to joining Arete, Rocco worked at HSBC as an equity research analyst, with a strategy and quant focus, and for UBS in small and mid-cap research. Rocco is a graduate of the Darmstadt University of Applied Sciences, with a BSc in Business Administration.

Email: rocco.strauss@arete.net

Phone: +44 (0)20 3934 0019 Coverage

Bio

Chris Bishop

Head of European Equity Sales

Chris Bishop

Head of European Equity Sales

Chris joined Arete in August 2022 and is based in the firm's London office. Chris heads the European Equity Sales desk, servicing Arete's European institutional clients. Prior to joining Arete, Chris spent 13 years in Global Equity Sales at Aviate Global, Mirabaud and latterly Goodbody. Chris graduated from Durham University with a degree in Politics, and is Finra Series 7 and 63 registered.

Email: chris.bishop@arete.net

Phone: +44 (0)20 7959 1315

Robert Merrill

Head of US Equity Sales

Robert Merrill

Head of US Equity Sales

Robert joined Arete in 2020 and is based in the firm's Dallas office. He is the President and Chief Compliance Officer of Arete Research LLC and heads the US sales desk. Robert services Arete's institutional clients throughout the US. Prior to Arete, Robert spent eleven years in equity sales roles with investment banks LLC in New York and Dallas. Robert holds a Bachelor of Arts degree in political science from Texas State University, and is FINRA Series 7, 66, 24 registered.

Email: robert.merrill@arete.net

Phone: +1 617 357 4801

Sean Alexander

Head of Asia-Pacific Sales

Sean Alexander

Head of Asia-Pacific Sales

Sean has over seventeen years experience in Asia's financial markets. Prior to joining Arete, he worked as an Asian equities sales person for Macquarie, Merrill Lynch, and Deutsche Bank. He has worked in Hong Kong, Singapore, Thailand and Vietnam and is conversant in Mandarin and Thai. Sean has an MBA and BS from Cornell University. In his spare time, he trains for IRONMAN races, plays rugby, teaches Scuba Diving, and sails.

Email: sean.alexander@arete.net

Phone: +852 2541 5559

Bryan Earley

Sales - US

Bryan Earley

Sales - US

Bryan joined Arete's US sales team in 2021 and has over 20 years of experience in Capital Markets. Prior to joining Arete, he spent 14 years at JNK Securities Corp, another independent Tech, Media & Telecom focused research house. Bryan holds a BA in Economics & Environmental Science from St. Lawrence University and is FINRA Series 7 and 63 registered.

Email: bryan.earley@arete.net

Phone: +1 857 317 6700

Chris O'Connor

Sales - US

Chris O'Connor

Sales - US

Chris joined Arete in 2018 and is based in the firm's Boston office, where he works on the US Sales desk servicing Arete's institutional clients throughout the United States. Prior to Arete, Chris spent three years at Manulife working in their Retirement Consulting Group as well as Merrill Lynch on a private wealth management team. Chris holds a bachelor's degree in history from Northeastern University and is FINRA Series 7, 66, 24 registered.

Email: chris.oconnor@arete.net

Phone: +1 857 317 6706

Stephen Bowler

Sales - US

Stephen Bowler

Sales - US

Steve joined Arete in 2018 and is based in the firm's Boston office, covering US-based clients. Prior to Arete, Steve spent two years at BMO Capital Markets and six years at Jefferies covering Boston-based institutional and hedge fund clients. Steve holds a BA in Economics from the University of Massachusetts, Amherst and is FINRA Series 7 and 63 registered.

Email: stephen.bowler@arete.net

Phone: +1 857 317 6705

Rob Keith

Sales - Europe

Rob Keith

Sales - Europe

Rob joined Arete in January 2023 and is based in the firm's London office. Rob sits on the European Equity Sales desk, servicing Arete's European institutional clients. Prior to joining Arete, Rob spent three years in sales at Mirabaud and has previously worked in Hong Kong. Rob holds a BSc from University of Birmingham and a Masters in Management from Durham University.

Email: rob.keith@arete.net

Phone: +44 (0)20 7959 1323

Allison Kraver

Supervisory Analyst

Allison Kraver

Supervisory Analyst

Allison joined Arete in 2024 as firm's Supervisory Analyst and is based in New York. She brings 20+ years of experience as a supervisory analyst and editor in securities research at several global investment houses. Most recently, Allison worked at boutique firm China Renaissance and prior to that with the EMEA research team at JPMorgan Securities. She is a graduate of New York University with a BA in Politics and is Series 16 registered.

Email: allison.kraver@arete.net

Phone: +1 973 218 5088

Charlotte Gray

Research Operations – Software

Charlotte Gray

Research Operations – Software

Charlotte joined Arete in 2024 and is based in the firm's London office. She is a part of the Software team, working alongside Adam, Louis, Ellie, Elisha, and Lucy. Charlotte is responsible for supporting Lucy in managing the firm’s CIO network, analyst outreach and other aspects of Research Operations for the team. She graduated from the University of Leeds in 2023 with a BA in International Development.

Email: charlotte.gray@arete.net

Phone: +44 (0)20 7959 1321

Emma Hessay

Research Operations – Semiconductors and Sales

Emma Hessay

Research Operations – Semiconductors and Sales

Emma joined Arete in 2020 and is based in the firm's London office. She leads Research Operations for the Semiconductors Team, supporting research production, travel and managing the outreach for the analysts. Previously Emma has worked as the office assistant at Arete and in the hospitality sector as a PA for 3 years.

Email: emma.hessay@arete.net

Phone: +44 (0)20 7959 1325

Isabelle Doran

Office Manager & Team Assistant

Isabelle Doran

Office Manager & Team Assistant

Isabelle joined Arete in 2023 and is based in the firm's London office. Isabelle is responsible for running the office, travel management and assisting the Internet and Telecommunications teams. Prior to joining Arete, Isabelle worked as a PA in bespoke furniture design, an analytical chemist at a drug development lab, and a qualified secondary school & A-level Science teacher.

Email: isabelle.doran@arete.net

Phone: +44 (0)20 7959 1313

Julia Ashworth

CFO & COO & Compliance

Julia Ashworth

CFO & COO & Compliance

Julia joined Arete in January 2011 and is based in the firm's London office. Julia is the Chief Operating Officer and Finance Director for the firm. Prior to joining Arete, Julia spent fifteen years at Rothschild Investment Bank, latterly as global finance director and UK COO. Before that Julia was a financial advisory banker at Rothschild with a focus on financial services companies. Julia qualified as an ACA at PWC. Julia graduated from Southampton University with a BSc in Mathematics and Statistics.

Email: julia.ashworth@arete.net

Phone: +44 (0)20 7959 1317

Lucy Hewetson

Research Operations – Software

Lucy Hewetson

Research Operations – Software

Lucy joined Arete in 2018 and is based in the firm's London office. Lucy leads Research Operations for the Software team, managing the CIO network and additionally writing of reports. Lucy also assists with research production, travel, and managing outreach for the analysts.

Email: lucy.hewetson@arete.net

Phone: +44 (0)20 7959 1309

Nick Hart

IT Infrastructure Engineer

Nick Hart

IT Infrastructure Engineer

Nick joined Arete in 2021 and is based in the London office. Nick is head of IT with over twenty years' experience and manages the firm's global IT infrastructure. Prior to joining Arete, Nick held senior IT roles at companies including Deloitte, Eurostar and QUANTIQ.

Email: nick.hart@arete.net

Phone: +44 (0)20 7959 1308

Nil Karavadara

DevOps Engineer

Nil Karavadara

DevOps Engineer

Nil joined Arete in 2020 and is based in the firm's London office. Nil is responsible for developing and maintaining systems used internally at Arete. Nil holds a PhD in Computer Science from The University of Hertfordshire.

Email: nil@arete.net

Phone: +44 (0)20 7959 1306

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Our Coverage

While we have extensive coverage of these stocks, we pride ourselves on thematic research in a variety of spaces.

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Our Reports

AT&T: Ghoulish

Telecom Operators

US Online Gaming: Data Tracker 3Q24

Cable, Satellite & Media

Adyen: n+1

Internet & Retail

PayPal: Back in the Fastlane

Internet & Retail

Block: Stumbling

Internet & Retail

Digital Payments: Battling It Out

Internet & Retail

Internet & Digital Consumer: Monday Morning Espresso - Week 44 2024

Telecom Operators

CIO Series: Fear and Excitement Over Atlassian

Enterprise Software & Security

View All

Let's Talk

Get in touch with us today via our quick contact form or by calling the appropriate office via the numbers below.

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Our Locations

London Office

Arete Research,
First Floor, 10 Ely Place,
London, EC1N 6RY,
United Kingdom

Tel: +44 207 959 1300

Dallas Office

Arete Research,
1309 Walmsley Ave
Dallas, TX 75208
United States

Tel: +1 617 357 4800

Boston Office

Arete Research,
Floor 8, 101 Arch Street
Boston, MA 02110
United States

Tel: +1 617 357 4800

Hong Kong Office

Arete Research,
Room 3573, Lv 35,
Infinitus Plaza,
199 Des Voeux Road Central,
Sheung Wan, Hong Kong

Tel: +852 2541 5550