Vanda

What Vanda does

Vanda is a London-headquartered, privately held data and research firm that delivers proprietary high-frequency positioning and flow data alongside tactical macro insights to institutional investors. Its core products are two data platforms — VandaXasset, which provides granular daily-updated positioning and flow datasets for asset analysis, and VandaTrack, which offers live intraday retail investor flow data and is now distributed via the Snowflake Marketplace — complemented by Vanda Research (weekly tactical macro publications producing actionable trade ideas) and Vanda Advisory (round-the-clock strategist access via email and Bloomberg chat). The company's go-to-market is enterprise-led, targeting asset allocators, asset managers, hedge funds, investment banks and wealth managers across London, New York and Singapore, with revenue generated primarily through recurring subscriptions to its data, research and advisory services.

In January 2026 Vanda merged with Exante Data — a global money-flow and macro analytics firm founded in 2016 by Jens Nordvig — via an all-stock acquisition backed by private equity firm FPE Capital and Santander. The combined entity is positioned as a cross-asset (FICC and equity) data and analytics provider, with Nordvig joining as President and board director. The company operates under FCA regulation in the UK as Vanda Research Limited, an appointed representative of Messels Limited, and is actively pursuing an AI- and agentic-solutions roadmap layered on top of its proprietary flow and positioning datasets.

Name

Vanda

Legal name

Vanda Research Limited

Website

https://vandaresearch.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Vanda is a London-based independent data and research firm that provides institutional investors with proprietary high-frequency positioning and flow datasets, weekly tactical macro research, and direct strategist advisory across asset allocators, hedge funds, investment banks and wealth managers globally.

Ownership category

akta.pro rank

Product category

Institutional Investment Data & Analytics

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Multi-Strategy Macro / Macro Pod Platforms (FSAHABAJ)

akta.pro secondary industry

Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)

Keywords

• Positioning data analytics
• Tactical macro research
• Institutional data platforms
• Retail flow tracking
• Investment strategy advisory

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Data Subscription Services: Subscription-based access to proprietary data platforms (VandaXasset and VandaTrack) providing positioning and flow data to institutional investors. Revenue generated through recurring subscription fees for data access.
2. Research Publications: Weekly tactical macro research publications delivered to subscribers, providing actionable trade ideas and market insights based on proprietary data
3. Advisory Services: Direct access to strategists for tactical macro advice around the clock via email and Bloomberg chat, providing personalized consultation and strategy validation

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Vanda operates proprietary data platforms (VandaXasset and VandaTrack) that deliver high-frequency positioning and retail investor flow data to institutional investors. These platforms are paired with weekly tactical macro research publications and a direct-access advisory service connecting clients to Vanda strategists via email and Bloomberg chat. The combined offering enables asset allocators, asset managers, hedge funds, investment banks, and wealth managers to anticipate portfolio risk, hedge positions, avoid crowded trades, and capitalize on market opportunities.

Product overview

Vanda is an independent data and research firm delivering daily positioning data and tactical macro insights through proprietary datasets. The company operates two main data platforms - VandaXasset and VandaTrack - which provide granular and daily updated datasets to explore positioning and flows in depth. These platforms are complemented by Vanda Research (weekly publications with tactical macro insights and actionable trade ideas) and Vanda Advisory (direct access to strategists via email and Bloomberg chat for real-time tactical macro advice). Following the January 2026 merger with Exante Data, the combined entity aims to leverage AI technology and deliver cross-asset data solutions to institutional investors across FICC and equity products.

Differentiator

Problem solved

Functional benefit

Brands

• VandaXasset: Data platform providing granular positioning and flow datasets
• VandaTrack
• Vanda Research
• Vanda Advisory

Products and services

• VandaXasset A proprietary data platform providing granular and daily updated datasets that allow investment professionals to explore positioning and flows in depth, powering market views with curated data on asset positioning. Targeted at asset allocators, asset managers, hedge funds, investment banks, and wealth managers.
• VandaTrack A proprietary data platform providing live intraday retail investor flow data with granular and daily updated datasets for tracking positioning and flows in depth. Distributed through Vanda's own sales channel and via the Snowflake Marketplace.
• Vanda Research Weekly research publications powered by proprietary positioning and flow data, delivering tactical macro insights and clear, actionable trade ideas curated by Vanda strategists who are described as real market experts rather than economists. Designed for institutional investors.
• Vanda Advisory Subscription-based service providing direct 24/7 access to Vanda strategists for tactical macro advice via email and Bloomberg chat, allowing clients to validate interpretations, manage risk, and refine strategy in real time.

Quantifiable outcome

• Retail investors tracked via Vanda data traded $5.4 trillion in 2025, 47% increase YoY
• +1 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability1 record

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Exante DatacoreStrategic or Co-development Partner · 8 January 2026Exante Data merged into Vanda through an all-stock acquisition. Founded in 2016 by Jens Nordvig to track global money flows, Exante Data brings data analytics and global macro strategy capabilities. Following merger, Nordvig became President and joined the Board of Directors.
• SnowflakecoreTechnology or IntegrationVandaTrack retail flow data is available on Snowflake Marketplace, enabling seamless integration and distribution of Vanda's positioning data through Snowflake's data cloud platform for institutional clients.
• Messels LimitedminorOthersVanda Research Limited is an appointed representative of Messels Limited, which is authorized and regulated by the Financial Conduct Authority (FCA). This regulatory relationship enables Vanda's operations in the UK market.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• TS Lombard: Independent macro research firm serving institutional investors with cross-asset strategy and data-driven insights — directly comparable to Vanda Research in product, customer base (asset managers, hedge funds, banks), and subscription distribution model.
• Exante Data: Global money-flow analytics and macro strategy firm founded by Jens Nordvig in 2016; merged into Vanda in January 2026. Most directly comparable as a peer given identical positioning/flow data and macro research focus.
• BCA Research: Long-established independent macro research provider offering global investment strategy to institutional clients. Directly comparable in subscription research, institutional client base, and macro positioning products.
• Capital Economics: Independent macroeconomic research and forecasting firm serving institutional clients globally. Comparable in subscription macro research, institutional customer base, and global footprint.
• Hedgeye: Independent investment research firm offering tactical macro and positioning insights to institutional investors. Closely comparable in research-led, data-driven tactical macro positioning product.
• Variant Perception: Subscription-based independent research firm providing data-driven macro analysis to institutional investors. Directly comparable in subscription research distribution and institutional client focus.
• Gavekal: Independent global research firm providing macroeconomic and asset allocation analysis to institutional investors. Directly comparable in macro research focus and institutional subscription distribution.

Others

• Eagle Alpha: Alternative data marketplace and advisory firm connecting institutional investors with data vendors. Adjacent peer via the alternative data ecosystem Vanda participates in (e.g., Snowflake Marketplace distribution).

Emerging players

• M Science: Alternative data provider offering proprietary datasets and analytics to institutional investors. Comparable as a competitor in the alternative/positioning data layer that underpins Vanda's products.

Broad incumbents

• Bloomberg Intelligence: Broad incumbent providing macro research and alternative data analytics to institutional clients via the Bloomberg Terminal. Comparable as a competitor for institutional macro research and data budgets, though it sits within a much wider data and analytics portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/vandaresearch

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Vanda