{ "docId": "019dd923-622c-750b-8b99-781d6376c0a8", "docSlug": "9250edf61831", "documentTitle": "MSCI Inc. (MSCI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2024-01-17 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 26, "pageCount": 123, "prevPage": 25, "nextPage": 27, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Uses quotes from Deutsche Börse leadership to frame Qontigo as a direct competitor to MSCI.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "comparison_table" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-781d6376c0a8/26", "deckHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-781d6376c0a8#slide-26", "components": [ { "bbox": null, "kind": "callout", "text": "Qontigo makes no secret that it wants to challenge MSCI and is claiming market share gains by winning customers.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-1ac4-74a6-be21-80d69dba494a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "Qontigo makes no secret that it wants to challenge MSCI and is claiming market share gains by winning customers. We also see that Qontigo has been hiring key former MSCI executives, notably its former Global Head of Partnership and Product Marketing, along with former BlackRock and Vanguard executives (MSCI's large clients).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "471adaad-cc7b-4a4f-be38-8b169aec8ca9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.48, "x": 0.02, "y": 0.78 }, "kind": "quote", "text": "With a combination of ISS and STOXX, we have created a more credible, we call it, MSCI challenger.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1ad18c09-0147-4d11-9000-a98244995ed6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.48, "x": 0.02, "y": 0.38 }, "kind": "quote", "text": "And from a capability point of view, we have all the ingredients what we need to compete with MSCI. So that's our ambition level. Yes, it's a EUR 600 million company from a qualitative perspective, we have all the ingredients to compete here. And we are winning market shares. We are winning customers here.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c733e87-5c48-4cbb-85ee-93f5e5d2875b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "And from a capability point of view, we have all the ingredients what we need to compete with MSCI. So that's our ambition level. Yes, it's a EUR 600 million company from a revenue perspective, MSCI is 3 to 4x bigger. But nevertheless, from a qualitative perspective, we have all the ingredients to compete here. And we are winning market shares. We are winning customers here. — Gregor Pottmeyer, Deutsche Börse CFO, 2022 Investor Day; With a combination of ISS and STOXX, we have created a more credible, we call it, MSCI challenger. — Theodor Weimer, Deutsche Börse CEO, 2023 Investor Day", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-1ac4-74a6-be21-86ec4a8c2fd2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Sources: 2022, Investor Day, 2023, Investor Day, Executive Hiring; Qontigo/Singhal, Qontigo/Verma, Qontigo/Batir (LinkedIn), Qontigo/Lomholt, Charlene Low", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "12585518-4742-40d6-a313-005adce44586", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.62, "w": 0.46, "x": 0.52, "y": 0.31 }, "kind": "table", "text": "Executive, Role/Tenure, Current Role table listing 5 hires", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5ee93ea3-4d02-4e86-84c8-2a3f40cc629f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.64, "x": 0.34, "y": 0.02 }, "kind": "title", "text": "Qontigo Takes Direct Aim At MSCI", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8ffae9d0-1077-4a60-b897-969085c19a06", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "92d7c96b-45b7-4bfc-bf5b-300265020f31", "evidence": "Frames Qontigo as the challenger/antagonist to MSCI", "confidence": 0.9 } ], "arcBeats": [ { "to": 123, "from": 8, "beatId": "d662b123-aabd-40a9-9b1e-07f3af79864c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Most slides aim to reveal contradictions or issues with MSCI's reporting, strategy, or performance.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 76, "from": 4, "beatId": "5c97492b-d3b4-46d9-8bf6-e685ece94ea2", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Cite Precedent", "beatSlug": null, "evidence": "Spruce Point cites its track record and various precedents to support its claims.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 123, "from": 1, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "96af0651-6de6-4b30-ba3b-77cee8001437", "evidence": "The loop is implicit, as the document builds a case for selling MSCI shares.", "position": 0, "objective": "Highlight the cost of inaction for investors not selling MSCI shares", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" }, { "to": 66, "from": 14, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "135dbc3a-3938-4134-b2a9-cd049699de43", "evidence": "The document uncovers potential issues beneath the surface of MSCI's deals.", "position": 1, "objective": "Reveal hidden issues with MSCI's acquisitions and alliances", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.6, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }