Guided by principles. Driven by results.

Our team has decades of experience in capital markets and industry. Working together as a team over many years has ensured continuity, with benefits for clients and investors alike.

We get enormous satisfaction from advising clients over many years, helping them achieve their goals and win recognition for doing so.

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Fair and equal

Good governance is at the heart of a well-run business, especially one that aspires to the highest ESG standards. That includes treating all investors the same way. This is not simply an ethical exercise as there are tangible benefits from being inclusive. Companies who are transparent and fair with potential and existing shareholders benefit from a broader shareholder register, greater shareholder support and, especially for smaller companies, better secondary liquidity.


Too few companies realise that individual investors directly own a huge part of the UK equity market: 13.5%, worth over £400bn (ONS data 2018). The proportion is materially higher for smaller companies.

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Consistent values

The same inclusive principles guide us today as when Equity Development was established over 20 years ago. We believe a company’s most important product is itself. From long experience, we recognise the value of research and speaking directly to company management. We have seen the benefits to client companies who agree and take ownership of Inclusive Investor Relations as an integral part of best-practice ESG standards.

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Andy Edmond

CEO & Co-Owner

Andy Edmond

CEO & Co-Owner

Andy has been at Equity Development since 2005, and clients benefit from his considerable experience in a wide range of equity capital markets areas, including having raised over £100bn in equity finance. He was previously at Dresdner Kleinwort Wasserstein where his senior roles included Co-Head of Global Equity Capital Markets and Head of Global Equity Syndicate.

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Hannah Crowe

Head Investor Access & Co-Owner

Hannah Crowe

Head Investor Access & Co-Owner

Hannah has been working in Investor Relations for the last 18 years and became a co-owner of Equity Development in 2019, alongside Andy. She has extensive experience in advising clients on optimal engagement with diverse investor audiences, as well as expanding our range of digital services.

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Chris Munden

Investor Relations

Chris Munden

Investor Relations

Chris has over 30 years of international equity capital markets experience, including as a sell-side analyst and head of research, as well as being head of investor relations at a UK listed company. He has been an Investor Relations specialist since 1998, with a particular focus on UK Wealth Managers, and has advised a broad range of companies from AIM to FTSE100.

The Equity Development Team

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Paul Bryant

Analyst – Financials/Insurance

Paul Bryant

Analyst – Financials/Insurance

Paul has over 20 years’ experience, including co-founding a successful underwriting agency, as well as working as a senior dealmaker for a multinational insurance group. He is a regular contributor to The Review magazine of the Chartered Institute for Securities and Investment, covering emerging trends in financial services and fintech.

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Alex DeGroote

Analyst – TMT

Alex DeGroote

Analyst – TMT

For over 20 years Alex has been a highly rated analyst, and has worked for a number of organisations that include ING, Crédit Agricole, Panmure Gordon, Peel Hunt and Cenkos. He retains strong links with the buy-side, and is also a published author for titles that include the FT and Guardian, as well as a commentator on Bloomberg, CNBC and others.

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Barney Gray

Analyst – Oil & Gas/Energy

Barney Gray

Analyst – Oil & Gas/Energy

Barney has over 20 years’ experience with brokers that include Williams de Bröe, Beeson Gregory, Westhouse, and Old Park Lane. Since 2015, he has worked as an independent consultant, specialising in the energy sector with expertise in oil and gas exploration and production, unconventional resources and gas to power projects.

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Paul Hill

Analyst – General

Paul Hill

Analyst – General

With over 30 years of experience, Paul is an authoritative voice on value investing and equity research. He has a strong private investor following and won the 2013 CISI award for Portfolio Construction Theory. Investors Chronicle described his observations on “Smart Investing and how to generate positive Alpha” as ‘an essential read’.

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Mike Jeremy

Analyst – TMT

Mike Jeremy

Analyst – TMT

Mike has 35 years’ experience as an equity analyst in Europe and Asia-Pacific, specialising in technology and media, and has worked with mid-sized AIM-listed corporates for over a decade. He has been top-ranked in the technology and software sector in Japan (Greenwich and Nikkei), in the UK and Europe (Starmine) and by Extel.

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Elizabeth Klein

Analyst – Life Sciences /Healthcare

Elizabeth Klein

Analyst – Life Sciences /Healthcare

Elizabeth is a highly-rated analyst with over 20 years’ experience. She was #1 Healthcare Sector StockPicker in the Starmine Awards for 2006 and 2013 and was Top 10 in the Extel survey for many years. Prior to founding her own consultancy, Elizabeth worked at Teathers, Bridgewell, RW Baird, Dresdner Kleinwort Benson and N+1 Singer.

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Roger Leboff

Analyst – Real Estate/Financials

Roger Leboff

Analyst – Real Estate/Financials

Roger has nearly 30 years’ experience covering financial markets for brokers such as Hoare Govett and Dawnay Day, commentators like the Investors Chronicle, and research firms such as Edison. He is a real estate specialist but has also covered technology, fund management, manufacturers, legal and support services and other financials sectors.

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Ryan Long

Analyst – Natural Resources

Ryan Long

Analyst – Natural Resources

Ryan has over 10 years’ experience in the mining industry, having worked on projects with companies including Barrick Gold, Anglo American and Xstrata, and he has held analyst roles with Edison Group and Northland Capital Partners. He has a PhD in Economic Geology, an MSc in Mining Geology and a BSc Hons in Exploration & Resources Geology.

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David O’Brien

Analyst – Services/Industrials

David O’Brien

Analyst – Services/Industrials

David has over 20 years’ experience at brokers that include BZW, Credit Suisse, Crédit Lyonnais, Altium and Shore Capital. He was regularly ranked within the Extel Survey for small and mid-cap companies, with a focus on recruitment companies, and in 2011 received the #1 stock picker award from Starmine in the consumer & business services sector.

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Andy Smith

Analyst – Life Sciences/Healthcare

Andy Smith

Analyst – Life Sciences/Healthcare

Andy joined Equity Development in 2019 after nearly two years in the healthcare team at Edison and before that, as a senior principal in ICON’s Pricing & Market Access consultancy. Prior to ICON he was chief investment officer at Mann Bioinvest and managed healthcare and biotech funds at AXA Framlington, SV Life Sciences, Schroders and 3i Group.

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Phil Swinfen

Analyst – Natural Resources

Phil Swinfen

Analyst – Natural Resources

A geologist by training, Phil has over 20 years’ experience in mining and started his career working in diamond exploration in South Africa. Since 2006, he worked as a mining analyst for a number of brokers, including RBC, and was also a member of the #1 ranked mining team at Numis. In 2016, he founded his own firm, Mineview Consulting.

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Emma Ulker

Analyst – Healthcare/Consumer

Emma Ulker

Analyst – Healthcare/Consumer

Emma entered the city in the 1990s on the institutional sales desk at Société Générale, marketing UK equities to European fund managers. After a career break, she joined Edison in 2004 and made the transition to being a healthcare analyst within one of the largest healthcare teams in Europe. Emma joined the Equity Development team in 2017.

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Chris Wickham

Analyst – Consumer

Chris Wickham

Analyst – Consumer

Chris is a senior analyst covering branded, consumer oriented companies. With over 30 years’ experience, he has worked at organisations which include Bankers Trust, Lehman Brothers, Société Générale and Stifel. Chris has achieved Extel, Institutional Investor and Starmine rankings, and was rated ResearchTree’s top analyst across all sectors in 2017.

Why people choose Equity Development

"From early days as a private company through to being established on AIM, I have always been able to rely on ED for wise counsel, perceptive research and introductions to new, supportive shareholders."

Dr Arnab Basu MBE CEO, Kromek Group

"The board’s appointment of Equity Development has led to a significant improvement in the knowledge and understanding of our business amongst investors. We are delighted with the positive impact that it has had both on investor engagement and, through this, improved trading activity in our shares."

Andrew Gossage Managing Director, UP Global Sourcing Holdings

"At a time of considerable change in our register we have been delighted not only with the way you have raised general awareness of Rosslyn Data, but also your direct introduction of affluent private investors who have been key buyers in considerable size and helped in clearing an overhang from large blocks of our shares. As a small technology firm with a truly global list of large clients, it is reassuring to know that your research and interviews are watched not just in Europe and Asia, but importantly for our sector also by US institutions."

Ash Mehta CFO, Rosslyn Data Technologies

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