The scandals that swept through the research departments of big US investment banks were widely expected to herald an era of profitability for independent research providers.

As part of last year's global settlement with regulators over alleged improprieties in their research departments, 10 of the biggest US investment banks set aside $400m (€324m) to buy independent third-party research. It was a big carrot for independent research houses, and saw a wave of start-ups enter the fray. However, most have to prove they have the business model to succeed and regulators could undermine their appeal.