Founded in 2003, Integrity Research follows over 4,000 research and data firms in the U.S., Europe and Asia, assisting buy-side clients in generating more value for their spending on external research. Integrity pays particular attention to obscure, hard-to-find research and data sources and on innovative new research developments.

The core services of Integrity Research are recommending niche research and data firms based on selected criteria, managing the risks associated with external research through due diligence aids, and monitoring developments in the industry through news and commentary. Integrity also provides strategic consulting on research-related topics.


Michael W. Mayhew

Founder, Principal

Mr. Mayhew’s career spans over 30 years dedicated to the financial services sector. Prior to founding Integrity, he was CEO and President of Garban Information Systems, a provider of fixed income, money market and foreign exchange analytics. He was also Head of Research for the economic research firm Maria Fiorini Ramirez Inc., as well as Head of Strategic Planning for Standard & Poor’s.

Mr. Mayhew is quoted widely in news sources, including the Wall Street Journal, Bloomberg, the Financial Times, and Reuters. He graduated from Stanford University with a BA in Economics.

Sanford (Sandy) Bragg


Prior to joining Integrity in 2006, Mr. Bragg was Executive Managing Director at Standard & Poor’s, responsible for S&P’s equity research business and fund information properties during the Global Research Analyst Settlement. He also spent several years as Director in S&P’s bond ratings division where he was responsible for new product development and institutional sales, marketing S&P’s ratings capabilities to asset managers.

Mr. Bragg started his career at Data Resources Inc., an economic research provider, overseeing sales, marketing and product development. He has an MBA from New York University and BA from Williams College.

As editor of Integrity’s ResearchWatch service, Mr. Bragg’s insights on the investment research industry are widely followed by both producers and consumers of investment research.


ResearchWatch® – This curated news and commentary is the only dedicated media focused solely on the investment research industry. With new entrants, new regulations, and new research technologies coming to market continuously, this timely blog/newsletter allows investors to stay current with these developments. Updated daily, published weekly.

Research Company and Data Sourcing – Integrity Research sources research firms for the buy-side. Using its proprietary database of research firms and data providers, Integrity performs custom searches for funds looking for “best-in-class” research providers. Provided on a customized basis.

Strategic Consulting – The competitive environment for research firms is complex and fast-moving. On a limited basis, Integrity’s principals advise buy-side funds on strategic opportunities such payment strategies for acquiring outside research and other research procurement topics. Provided on a customized basis.

ResearchCompliance® – Integrity provides buy-side firms an overview of compliance procedures used by research and data firms. This is useful as part of the due diligence required before committing to a new research or data contract. Provided on a customized basis.

ResearchFocus® Studies – As one of the few firms monitoring the investment research industry, Integrity periodically conducts special studies and surveys on emerging trends. Published on an ad hoc basis.

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