What Fathom Consulting does

Fathom Consulting (Fathom Financial Consulting Ltd.) is an independent London-based macroeconomic consultancy founded in 2003 by former Bank of England economist Danny Gabay. The firm operates at the deliberate intersection of macroeconomics, geopolitics and financial markets, providing research, data, models and advisory services to government departments, regulators, financial institutions and non-profits across the UK, US, EU, China, Canada and the Indo-Pacific. Its client roster includes the UK Financial Conduct Authority, the US Government, the European Climate Foundation, the Aerospace Technology Institute, the Special Competitive Studies Project, the Canada School of Public Service, BT Pension Scheme, LSEG Data and Analytics, Mitsubishi Corporation Finance, Octopus Investments, and Convex.

The firm's core technology stack is anchored by GESAM (Global Economic and Strategic Allocation Models), a proprietary integrated global macroeconomic model covering more than 80% of global GDP with 150 years of data. Layered on GESAM is a suite of proprietary models and indicators including the China Model (110+ quarterly variables to 2040), FIRM-DB (a UK DB pension-scheme funding model developed over 10+ years), FARM (a regime-matching asset allocation framework), the Financial Vulnerability Indicator (sovereign/currency/banking risk for 176 countries), the Geopolitical Alignment Tracker, the Centrality Tracker (ties of 150+ countries to US/EU/China across 50+ variables), Engagement Scores, Energy Transition Scores (186 countries, 198 variables), the Capital Flows Tracker (China/HK financial footprint since 2005) and the RiCArdo trade database (200+ countries, HS6-level). These tools are delivered via Tableau dashboards, LSEG Datastream embedding, and bespoke Excel/CSV files.

Revenue is generated through five recurring subscription/advisory services — the China Subscription Service, Global Outlook Service, Macroeconomic Scenarios Service, Pensions Advisory Service and Table-Top Exercise (TTX) Service — alongside a substantial Bespoke Consultancy practice. Pricing is quote-based with structured tiers (Essential/Enhanced) for subscriptions and pay-as-you-go for TTX; pricing is not publicly disclosed. Go-to-market is content-led (weekly blog, Insights research notes, roundtables, free Global Outlook demonstrations) feeding per-service enquiry forms, with senior economists and a Chief Commercial Officer personally leading enterprise sales. Distribution includes an LSEG Data and Analytics channel relationship, and delivery is global via remote and on-site engagement.

Name

Fathom Consulting

Legal name

Fathom Financial Consulting Ltd.

Website

https://fathom-consulting.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Fathom Consulting is a London-based independent macroeconomic consultancy serving governments, regulators, financial institutions and non-profits with proprietary models (GESAM, FARM, FIRM-DB, China Model), subscription research (China, Global Outlook, Macroeconomic Scenarios), Table-Top Exercises and bespoke advisory at the intersection of macroeconomics, geopolitics and financial markets.

Ownership category

akta.pro rank

Product category

Economic Consulting

NAICS

Administrative Management and General Management Consulting Services (541611), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Financial Management & Performance Improvement Consulting (BPAHACAF)

akta.pro secondary industry

Private Banking & UHNW Wealth Advisory (FSAEABAC)

Keywords

• Macroeconomic consulting
• Geopolitical risk analysis
• Financial market research
• Economic forecasting services
• Scenario modelling advisory

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. China Subscription Service: Tiered recurring subscription (Essential and Enhanced tiers) providing on-call China analyst access, weekly research emails, quarterly meetings, archive access, Chartbook/data access and (Enhanced only) bespoke consultancy.
2. Global Outlook Service: Annual subscription providing quarterly expert-led presentations, asset-allocation guidance, original research notes, event invitations, Chartbook and Fan Charts dashboard access; optional add-on of 10 consultancy days.
3. Macroeconomic Scenarios Service: Tiered (Essential and Enhanced) recurring subscription for banks and financial institutions needing IFRS 9 / CECL-compliant scenarios, with six quarterly probability-weighted scenarios, core country coverage (US, euro area, UK) and Enhanced optional extras for bespoke scenarios and additional countries.
4. Pensions Advisory Service: Recurring advisory engagement for UK Local Government Pension Scheme (LGPS) funds providing training, independent advisers, investment-strategy advice using FIRM-DB, monitoring and newsletter service, targeted at the 'Fit for the future' reform environment.
5. Bespoke Consultancy: Project-based professional services spanning a few days to months or ongoing work; covers strategy, policy, asset allocation, decarbonisation, China analysis, climate, aerospace, pensions and macro scenarios for government, private-sector and non-profit clients.
6. Data, Models and Tools (DMT) Licensing / Subscription: Subscription access to proprietary datasets, models, dashboards and indicators (FVI, Geopolitical Alignment Tracker, GESAM, Energy Transition Scores, Centrality Tracker, Capital Flows Tracker, Engagement Scores, FIRM-DB, FLI, FMP, FMPI, FROG, FLEx, FPI, ESI, EVI and the China-indicator suite), with underlying data and methodologies downloadable.
7. Table-Top Exercise (TTX) Service: Tiered service (White Cell, Ready-to-Play, Bespoke) comprising immersive scenario sessions followed by after-action reviews; sessions last from a couple of hours to a few days.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Fathom Consulting is an independent economic consultancy that sells macroeconomic, geopolitical and financial-market research and bespoke advisory services to government and private-sector clients. Its offering combines recurring subscription services (China, Global Outlook, Macroeconomic Scenarios, Pensions Advisory, Data/Models/Tools), custom consultancy projects, and immersive Table-Top Exercises, all built on proprietary models such as GESAM, FIRM-DB, FARM, the China Model, and the Financial Vulnerability Indicator.

Product overview

Fathom Consulting operates a platform-plus-modules architecture combining subscription services, bespoke consultancy, and an extensive suite of proprietary data, models and tools used by both government and private-sector clients. The five subscription/advisory services (China Subscription Service, Global Outlook Service, Macroeconomic Scenarios Service, Pensions Advisory Service, and Table-Top Exercise Service) sit on top of, and are powered by, the company's underlying data/model stack, which is anchored by GESAM (Global Economic and Strategic Allocation Models) and FIRM-DB. Layered on this core are specialised tools including the Financial Vulnerability Indicator, Centrality Tracker, Capital Flows Tracker, Engagement Scores, Geopolitical Alignment Tracker, Energy Transition Scores, RiCArdo database, Fathom's China Model, Aerospace Industry Model (AIM), and FARM (Fathom's Analogue Regime Model), together with dozens of named proprietary indicators (Fathom Leading Indicator, Risk-Off Gauge, Macro Portfolios, Sovereign Fragility Index, China Momentum Indicator, etc.). Bespoke consultancy projects draw on this same toolkit to deliver tailored answers for clients spanning decarbonisation, pensions, geopolitics, China, climate policy, and US macro modelling.

Differentiator

Problem solved

Functional benefit

Brands

• China Subscription Service: Subscription service offering proprietary analysis on China's economy and its global role, with Essential and Enhanced tiers.
• Global Outlook Service
• Macroeconomic Scenarios Service
• Pensions Advisory Service
• Table-Top Exercise (TTX) Service

Products and services

• China Subscription Service Recurring subscription providing proprietary analysis on China's economy and its global role, including weekly research emails, quarterly meetings, on-call China analyst access, archive access, Chartbook/data access and (Enhanced tier) bespoke consultancy hours. Designed for government and private-sector clients needing continuous China insight.
• Global Outlook Service Annual subscription providing quarterly expert-led presentations, forecasts and risk scenarios for the global economy, asset-allocation guidance based on FARM, original research notes, event invitations and Chartbook/Fan Charts dashboard access. Includes an optional add-on of 10 consultancy days. Built on Fathom's GESAM models for government and private-sector clients.
• Macroeconomic Scenarios Service Tiered recurring subscription (Essential and Enhanced) for banks and financial institutions that delivers six probability-weighted macroeconomic scenarios per quarter to support IFRS 9 / CECL expected credit loss calculations and risk management. Essential covers US, euro area and UK with eight core variables each; Enhanced adds bespoke scenarios, additional countries, flexible delivery and a Tableau dashboard.
• Pensions Advisory Service Recurring advisory engagement for UK Local Government Pension Scheme (LGPS) and other pension funds providing macroeconomic and financial-market training for elected members, independent strategic advice, investment-strategy guidance using the FIRM-DB model, fund-performance monitoring, on-call analyst access and a monthly UK update newsletter. Targeted at the 'Fit for the Future' LGPS reform environment.
• Table-Top Exercise (TTX) Service Immersive, scenario-based exercises using Fathom's proprietary data and modelling to let decision-makers navigate macroeconomic, geopolitical and financial-market risks. Offered as White Cell (subject-matter experts), Ready-to-play (pre-built games such as 'Playing for politics in the Pacific', 'Exploring a multipolar world', 'China-US AI competition') and Bespoke tiers; delivered in person or virtually with post-TTX write-ups.
• Bespoke Consultancy

Quantifiable outcome

• Post-crisis reforms reduced overall interconnectedness in the UK financial system by almost 20% (FCA-commissioned research)
• +4 more outcomes

Named customers14 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability8 records

Feature13 records

Partnerships

Seven partnerships are on record, tiered major — flagship regulator engagement, major — flagship multi-year research project, strategic — recurring co-developed thought leadership, strategic — flagship us-china techno-economic ttx partnership, strategic — flagship canadian government ttx programme, strategic — data and distribution partner and major — long-term sovereign client for china-monitoring tools.

• UK Financial Conduct Authority (FCA)major — flagship regulator engagementStrategic or Co-development PartnerFathom Consulting was commissioned by the UK FCA to develop a network-analysis methodology to monitor systemic risk in real time across the UK financial sector. Using minimum spanning trees and directed network graphs, the methodology tracks how financial shocks propagate and how risk transmission shifted from banks to asset managers and insurers after the 2007/08 crisis. The FCA-commissioned research also maps how Brexit reduced cross-border UK-EU financial integration, finds post-crisis reforms reduced overall interconnectedness by almost 20%, and identifies new vulnerabilities in less-regulated parts of the system.
• European Climate Foundationmajor — flagship multi-year research projectStrategic or Co-development PartnerEuropean Climate Foundation commissioned Fathom's year-long research project, resulting in the report 'Europe's flightpath to economic competitiveness — How Europe can protect and enhance its position as an aerospace leader' — the first detailed economic comparison of Europe's options to decarbonise air travel, set against EU ambition to enhance economic competitiveness.
• Aerospace Technology Institute (ATI)strategic — recurring co-developed thought leadershipStrategic or Co-development PartnerATI has worked with Fathom on multiple joint studies, leveraging Fathom's experience and knowledge to develop joint thought leadership. Collaborative work spans aerospace R&D economic-impact analysis and the Aerospace Industry Model (AIM), which quantifies benefits from increased government-funded aerospace R&D spending for the UK aerospace sector and wider economy.
• Special Competitive Studies Project (SCSP)strategic — flagship us-china techno-economic ttx partnershipStrategic or Co-development PartnerSCSP works with Fathom to receive insights and Table-Top Exercises at the cross-section of economics, innovation and geopolitics. Notable co-developed engagements include Fathom's TTX on AI's impact on US-China competition and a TTX specifically focused on Canada. Senior SCSP Director Liza Tobin publicly endorsed the AI TTX engagement.
• Canada School of Public Service (CSPS)strategic — flagship canadian government ttx programmeStrategic or Co-development PartnerCSPS engaged Fathom to successfully deliver Table-Top Exercises for Canadian public servants from across the federal government on geoeconomic issues of significant importance to Canada. Events strengthened cross-government strategic and critical thinking and capabilities in policy analysis, risk assessment and coordinated decision-making.
• LSEG Data and Analyticsstrategic — data and distribution partnerChannel Partner/ Reseller/ DistributorLSEG Data and Analytics is listed as a client/partner logo on the homepage and is one of the named referral sources ('How did you hear about us?') in Fathom's enquiry forms, indicating a channel relationship for distributing Fathom's data, models and tools.
• US Governmentmajor — long-term sovereign client for china-monitoring toolsStrategic or Co-development PartnerOver the past two decades Fathom has built a suite of tools on behalf of the US government that monitor the extent of China's economic and financial ties, identifying what they imply for geopolitical alignment and economic leverage. Tools underpin Fathom's Capital Flows Tracker, Centrality Tracker, Geopolitical Alignment Tracker and Engagement Scores.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Gavekal: Independent global investment research firm specialising in Asia (especially China), geopolitics and asset allocation, with both subscription and bespoke services. Closely comparable to Fathom's China-centric subscription, geopolitical alignment research and macro-geopolitics integration (Fathom explicitly notes it is not affiliated with Gavekal).
• Oxford Economics: UK-headquartered global macroeconomic forecasting and consulting firm with a proprietary global model, country risk coverage and subscription services (Global Industry Model, Country Risk Service). Closely comparable to Fathom's combination of subscription macroeconomic research, bespoke consulting and a model-driven product stack.
• TS Lombard: London-based independent global macroeconomic and political research firm providing subscription research, bespoke advisory and asset-allocation views. Comparable in business model (subscription + bespoke), boutique scale and integrated macro/geopolitics positioning.
• BCA Research: Independent global investment research firm providing macroeconomic, geopolitical, asset-allocation and China-specific research to institutional investors. Comparable to Fathom in subscription-driven macro research, asset-allocation views and emerging-markets/China coverage.
• Capital Economics: London-based independent macroeconomic research firm offering subscription services, country and commodity research, and bespoke consultancy to financial and corporate clients. Directly competes with Fathom's Global Outlook and bespoke macro advisory.
• Roubini Macro Associates: Boutique global macroeconomic advisory firm founded by Nouriel Roubini, providing subscription research and bespoke consultancy to institutional clients. Comparable in scale, boutique positioning and macro/geopolitics integrated subscription model.
• Continuum Economics: London-based independent macro and policy research firm providing scenario analysis, country research and bespoke advisory to financial institutions. Comparable to Fathom's Macroeconomic Scenarios Service and IFRS 9 / regulatory scenario work.

Broad incumbents

• Wood Mackenzie: Global research and consultancy firm specialising in energy, natural resources and the energy transition. Comparable to Fathom's Energy Transition Scores and bespoke climate/aviation decarbonisation engagements (e.g., European Climate Foundation), but as a much larger incumbent with broader sectoral coverage.
• Institute of International Finance (IIF): Global association of financial institutions producing macroeconomic, capital-flows and country-risk research for its members. Overlaps with Fathom's Capital Flows Tracker and macro scenario work but operates at significantly larger scale and broader membership scope.
• Bloomberg Intelligence: Bloomberg's in-house research arm providing macroeconomic, industry and country analysis via the Bloomberg terminal. Overlaps with Fathom's Global Outlook and country indicators but as a much broader, terminal-bundled offering.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fathom-financial-consulting
• Xx.com/fathommacro

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fathom Consulting