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  "documentTitle": "MSCI Inc. (MSCI)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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      "text": "Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer. For example, the acquisition of Burgiss puts MSCI in direct competition with eFront, a company owned and promoted by BlackRock. This fact was not discussed on the Burgiss conference call, but rather came to light three months later during an investor conference.",
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      "text": "Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer.",
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      "text": "Now in terms of the competitive environment, I still think this is a quite fragmented environment. There's clearly elements of what a number of -- there's a number of names that typically pop up. eFront which is owned by BlackRock, Preqin, PitchBook, others, but they're all -- and then there's a number of smaller firms that do different workflow. They're all in really quite different parts of the business providing quite different solutions. So I think we're still at a stage in the industry where we're definitely not at the sort of mature competitors going head to head. — COO Response (Redburn Atlantic Conf, Nov 28, 2023)",
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      "text": "Source: MSCI 10-K / Source: Redburn Atlantic Conf, Nov 28, 2023",
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      "text": "Competition Discussion (Left Column) vs Question On Burgiss Competition In Nov 2023 (Right Column)",
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