Trusted research partner to the world's leading financial institutions for two decades

The research desk
behind your best work.

Fundamental research. Technical analysis. AI-assisted workflows. JMN is the analyst capacity behind your senior research team — staffed by CMT® and CFA® professionals — extending your investment research house, fund house, buy-side, or sell-side desk without adding headcount.

How we engage →
20+
Years of continuous client partnerships
3
Market cycles weathered — 2008, 2020 & beyond
24/7
Research coverage across time zones
Research services

Three research lines. One desk. Capacity on demand.

JMN runs three dedicated research lines — fundamental research, technical research, and fixed income & credit — each staffed by named analysts with their own credentials and coverage discipline. Engage one line or all three, depending on what your desk needs this quarter.

FR
Fundamental Research
Earnings models, DCF and comps, initiation coverage, and sector deep-dives — built and maintained by CFA® candidate analysts on your templates, before your opening bell.
TR
Technical Research
Morning notes, sector rotation, and multi-timeframe charting led by CMT® Charterholders — run as its own institutional coverage line, delivered overnight while your desk sleeps.
Explore Technical Research →
FI
Fixed Income & Credit
Investment grade, high yield, municipal, sovereign, and structured credit — relative value, credit model support, and trading desk analytics for sell-side and buy-side desks.
About JMN

Built by someone who sat on
your side of the desk.

JMN was founded in Chennai in 2005 — not to be an offshore research vendor, but to be the analyst sitting two desks away from your senior team. Twenty years later, our longest client relationship is over a decade. The clients who were with us through 2008 are with us today. That is not a marketing claim. It is a verifiable fact — and we will provide introductions under NDA.

I spent fifteen years on the US buy side and sell side — at Payden & Rygel managing fixed income research for institutions overseeing tens of billions in AUM, at Waterstone Capital on the investment side, at Allstate and Wells Fargo on the credit side. I have sat at the desk that receives the morning note at 9:15 and missed the open. I know exactly what that costs a senior analyst — not just the time, but the confidence. That is the only problem JMN has ever existed to solve. We deliver before you open. Every day. Without exception. That is not a service level agreement. It is a personal standard I have kept since 2005.
S.V. (Bala) Balachander
Founder & CEO, JMN Investments Research (P) Ltd.
Waterstone Capital Management · Payden & Rygel · Allstate Insurance · Wells Fargo Financial
The real risk in offshore research

The risk is not the analyst. It is the distance between your MD and the person who produced the work. That is where errors hide, where accountability dissolves, and where vendor relationships end. JMN closes that distance — not with account managers, but with named analysts your senior team can reach directly. When your MD asks who wrote this, there is a name. Not a team. A name.

What JMN does not do

Does not share client data across engagements. Does not allow AI to make a recommendation or set a target price. Does not replace your named analyst without advance notice and a documented handover. Does not publish research under JMN's name — only yours. Does not use your data to train any AI model. These are contractual obligations in every agreement we sign.

The cost of not engaging

Your senior analyst is spending three hours every earnings cycle rebuilding a model from scratch that JMN could have updated overnight. That is three hours not on the phone with the buy side. Not identifying the next catalyst. Not generating revenue. JMN exists to give that time back. The path from first conversation to first deliverable is three weeks.

01
Zero-error mandate
Every deliverable: second-analyst data check, calculation audit, senior sign-off. Error-free is not a target — it is the entry point. Error reaches you → corrected within 2 hours, root-cause note included, at no charge.
02
Your process. Completely.
Your templates. Your Bloomberg fields. Your house style. Your publication cadence. We adapt to you — entirely. No onboarding to a new system on your side. No process change. No exceptions.
03
Ready before you open.
Chennai is +10:30 ahead of New York. JMN works overnight — earnings extracted, models updated, notes formatted — so your desk starts the day on judgement. Not data prep. Not formatting. Every morning, without exception.
04
Named analysts. Not a pool.
You work with the same named analyst every day. They know your sectors, your style, your senior analysts personally. When your MD asks who wrote this — there is a name. Always. Not "the team." A person.
How JMN compares

Six commitments.
Written into every contract.

Not vendor claims. Not marketing statements. Contractual obligations — verified on every deliverable, for twenty years.

01
Morning note before 7am ET. Every day.
20 years. Zero missed mornings. IST works overnight so your desk starts on analysis — not data prep. Written into every contract.
02
Same analyst in year three as year one.
CMT® Charterholders. CFA® L2 & L3. Named. Contractual continuity with notice period. Not a rotating pool.
03
Error corrected in 2 hours. In writing.
Not "we'll look into it." A two-hour SLA with root-cause note, at no charge. Written into every engagement agreement.
04
Compliance sees exactly what AI touched.
Full audit trail on every deliverable. AI-extracted vs. analyst-written. Producible for any regulatory or compliance request.
05
Never used to train any AI model.
Not a footnote. An explicit contractual prohibition in every agreement. Your IP is yours — permanently. No carve-outs.
06
Continuous through 2008. No exceptions.
Not "we've been through volatility." 2008. Specifically. No missed deliverables. No client losses. References available under NDA.
One desk for research, reporting, and the automation that connects them — at a better cost than running them separately. References and introductions available under NDA on request.
Start a conversation →
Team qualifications

Credentials held by named analysts — not the firm

Every designation below is held by an individual member of the JMN team. We are not "certified by" or "endorsed by" CFA Institute or the CMT Association — those bodies certify people, not companies. Our analysts are those people.

CMT
CMT® Charterholders
Technical research analysts on our team hold the full CMT® charter — the global standard in technical analysis. This is the completed, fully awarded designation.
Fully qualified · CMT Association
CFA
CFA® Level II & III Candidates
Our fundamental equity and credit analysts are active CFA® Level II and Level III candidates — applying the curriculum to live client work every day.
In progress · CFA Institute
NISM
NISM Series XV Certified
All analysts hold NISM Series XV — Research Analyst certification, the recognised qualification standard for research analysts.
Certified · NISM
Senior team

The named analysts doing your work

Every person below is a real, named professional with verifiable credentials. When you engage JMN, you know exactly who is producing your research — not an anonymous resource pool.

S.V. (Bala) Balachander
Founder & CEO
NISM XV
20+ yrs · US fund management & credit
Waterstone Capital · Payden & Rygel · Allstate Insurance · Wells Fargo Financial. Leads client relationships and strategic direction.
Analyst Name
Head of Technical Research
CMT® Charterholder
12+ yrs · Technical & quantitative
Lead CMT® analyst covering US equities, global indices, sector rotation, and multi-timeframe charting for sell-side clients.
Analyst Name
Senior Equity Research Analyst
CFA® Level III NISM XV
9+ yrs · Equity research
Fundamental equity — Technology, Healthcare, Consumer. Earnings models, DCF builds, and initiation coverage.
Analyst Name
Fixed Income Research Analyst
CFA® Level II NISM XV
7+ yrs · Fixed income & credit
Credit analysis, bond relative value, structured credit, and trading desk analytics for US investment bank clients.
Analyst Name
Technical Research Analyst
CMT® Charterholder
8+ yrs · Technical analysis
Daily technical reports, overnight charting, and pattern analysis for US and European clients.
Coverage universe

What we cover — and what form it takes

A complete picture of sectors, asset classes, geographies, and output types. If a research director asks "do you cover X?" — the answer is on this page.

📈
Equity research
Value · Growth · GARP
  • Technology & semiconductors
  • Healthcare & biotech
  • Consumer & retail
  • Financials & insurance
  • Industrials & energy
  • Real estate (REITs)
  • Utilities & infrastructure
📉
Technical analysis
CMT®-led · Multi-timeframe
  • US equities — S&P 500, Nasdaq, DJIA
  • Global indices & futures
  • Sector rotation analysis
  • Pattern & Elliott Wave analysis
  • Market breadth & momentum
  • Options flow & open interest
  • Overnight charting packages
🏦
Fixed income & credit
Sell-side & buy-side
  • Investment grade & high yield
  • Municipal bonds
  • Sovereign & EM debt
  • Structured credit (CLO, ABS)
  • Bond relative value
  • Credit model support
  • Trading desk analytics
⚙️
Research functions
End-to-end execution
  • Financial model builds (DCF, LBO, comps)
  • Earnings preview & review
  • Morning notes & pre-market briefs
  • Initiation of coverage reports
  • Thematic & sector deep-dives
  • Regulatory filing analysis (10-K, 10-Q)
  • ESG overlay & scoring
Geographies covered
🇺🇸United States
🇬🇧United Kingdom
🇪🇺Eurozone
🇨🇦Canada
🇦🇺Australia
🇯🇵Japan
🌏Asia-Pacific
🌍Emerging markets
Research output types
Initiation of coverage
Earnings preview
Earnings review
Morning note
Pre-market brief
Thematic deep-dive
Technical update
Sector rotation report
Credit analysis note
Financial model — DCF / LBO / comps
10-K / 10-Q summary
ESG overlay
Management meeting prep
Chartbook & exhibit pack
Sample research

Judge the quality before the conversation

Three redacted, anonymised deliverables — a morning note, an earnings model, and a CMT® technical report. No obligation. Reviewed by a JMN senior analyst before it reaches you.

Enter your details to receive all three sample deliverables

Three deliverables. No sales call required.

Submit your details and receive three real, redacted JMN deliverables by email within one business day. A senior analyst will follow up to answer questions about format, depth, or coverage fit — only if you want that conversation.

  • 📄
    Pre-market morning note
    US equities · Overnight analysis · Pre-open format
  • 📊
    Earnings model — DCF + trading comps
    3-statement · Sensitivity tables · Ticker redacted
  • 📉
    CMT® technical report
    Multi-timeframe · Pattern analysis · Annotated charts
How we engage

Three models. One standard of delivery.

Choose the structure that matches your team's needs. Every model comes with the same quality standard, the same named-analyst approach, and the same commitment to your methodology.

Model 01
Dedicated
Analyst
Right for you if —
You need one specific gap filled. One sector. One asset class. One person, named, inside your workflow from day one.
One analyst. Full responsibility. Not shared. Not rotated. Yours.
Direct line to the analyst. No account manager between you and the work.
Your templates, completely. No onboarding. No process change on your side.
Before market open. Every day. Written into the contract.
Most engaged
Model 02
Research
Pod
Right for you if —
You need multi-asset coverage under one engagement. Equity, technical, and fixed income — one quality standard, one accountability point.
2–4 named analysts. Equity, CMT® technical, and fixed income in one coordinated desk.
One quality lead. Accountable for all output. Every deliverable reviewed before delivery.
Scales quarterly. Up or down. No recruitment overhead. No disruption.
Your brand. Your house style. Indistinguishable from your own team.
Model 03
Project-
Based
Right for you if —
You have a defined deliverable with a defined deadline. No ongoing commitment — just the work, to standard, on time.
Scope in writing. Before any analyst is assigned. No ambiguity.
Initiations, model builds, thematic packages, M&A support. Milestone sign-off.
Full IP transfer on completion. No ongoing contract. No minimum term.
Same three-tier quality review. Every output checked before delivery.
What happens next

From first contact to first deliverable in under three weeks

1
Week 1
Initial conversation
30-minute call. Coverage needs, team structure, timeline. No commitment required.
2
Week 1
Mutual NDA + capabilities deck
One-page mutual NDA. Full team credentials and process documentation shared.
3
Week 2
Scoping + pilot design
Analyst assignment, template review, workflow alignment. Pilot scope agreed in writing.
4
Weeks 3–6
4-week pilot
Real deliverables, real coverage, real quality — before full engagement commitment.
5
Week 7+
Full engagement
Steady-state delivery. Daily. Predictable. Indistinguishable from your own team.
The JMN Pilot

We don't ask you to trust us. Watch us work.

The economic case

What your CFO and COO want to see

Offshore economics are real — but they only matter if quality is real too. JMN delivers both. Here is the cost structure, without the vagueness.

US onshore research analyst
$200–350K
Fully loaded annual cost
  • Base salary + bonus
  • Benefits & healthcare
  • Bloomberg terminal ($24K/yr)
  • Office space & overhead
  • Recruitment & onboarding cost
  • Training & CPD
JMN dedicated analyst
Significant savings
Offshore economics, onshore standards
  • Named, dedicated analyst
  • No data platform overhead for you
  • No recruitment cost
  • No benefits overhead
  • No office space cost
  • Scales without headcount risk
What you free up
Senior focus
The real return on offshore research
  • Senior analyst time on client calls
  • Alpha generation and idea quality
  • Coverage universe expansion
  • Marketing and client engagement
  • Revenue focus for senior team
  • Faster earnings cycle turnaround
AI products

Analyst-built tools. Human-owned judgement.

JMN builds AI tooling to compress the mechanical parts of research — extraction, formatting, first drafts — so named analysts spend their time on judgement. Every product is designed around one rule: AI accelerates the work, it never signs off on it.

Product 01
JMN Excel Assistant
An in-workbook assistant that pulls figures straight from filings and transcripts into your live models — your fields, your layout, your formulas — cutting hours of manual data entry from every earnings cycle.
Extracts line items directly into your templates
Flags period-over-period changes automatically
Every figure traceable to its source document
Product 02
JMN DraftPilot
A drafting copilot for morning notes, earnings reviews, and initiation sections — producing structured first drafts in your house style that a named analyst then edits, validates, and owns before anything ships.
First drafts in your format and voice
Analyst edits and signs off on every output
Full audit trail of AI-drafted vs. analyst-written
Read the DraftPilot documentation →
Product 03
Research Automation & AI
The workflow layer that connects extraction, drafting, and delivery into one pipeline — filing ingestion, NLP pre-processing, and formatting automation that shorten turnaround without touching the analyst's judgement.
Automated filing & transcript ingestion
NLP surfaces anomalies for analyst review
Delivery to your systems, before the open
How AI fits into the process

Structured. Reviewed. Accountable.

Every deliverable follows the same five-step process, whether it touches AI or not. AI accelerates extraction and structuring — it never writes the judgement that goes out under your name.

01
Data ingestion
Filings, transcripts, and pricing data sourced from your existing systems pre-market
02
AI pre-processing
NLP flags anomalies, extracts key figures, surfaces changes vs prior period
03
Analyst judgement
Named analyst validates, interprets, and writes — AI assists, humans decide
04
Quality audit
Second analyst data check · Calculation audit · Senior sign-off
05
Client delivery
Your format · Your systems · Your inbox. Before the opening bell.
AI, used honestly

What the AI does. What it never does.

AI-enabled outsourcing has a credibility problem industry-wide — confidently wrong outputs, unclear audit trails, vendors who can't say which tool touched what. We answer the four questions a sophisticated research head will ask before trusting any AI-assisted deliverable.

01
AI never makes the call
AI extracts, flags, and structures. It never writes a recommendation, sets a target price, or finalises a thesis. Every judgement-bearing sentence is written and owned by a named analyst.
02
Full audit trail, every time
Every deliverable carries a record of what was AI-extracted versus analyst-written. If a client's compliance team asks "what did the AI touch," we have the answer in writing.
03
Your data never trains a model
Client data, filings, and proprietary methodology are never used to train or fine-tune any AI system — ours or a third party's. Stated explicitly in every engagement agreement.
04
You own every output
All IP — AI-assisted or not — belongs to you on delivery. We retain no rights to republish, reuse, or reference any deliverable produced under engagement.
Security & compliance

Answers to every procurement question — before you ask

Tier I banks have procurement and legal checklists. This section is written for the people who fill them in. If anything here requires documentation, ask — we have it.

📋
NDA & engagement framework
Mutual NDA executed before any capability discussion — including before the sample research is shared. We adapt to your standard legal templates. Engagement agreements cover deliverable ownership, confidentiality, and IP rights.
🔐
Data handling & segregation
Client data is never shared across engagements. Analyst access is scoped to the specific engagement only. No client materials are stored on personal devices. All transfers are encrypted. Audit trails maintained on all client-facing systems.
🧑‍⚖️
Client confidentiality policy
We do not publish, reference, or disclose client names, methodologies, or research outputs — in any form — without written client consent. Testimonials on this site are published with explicit, documented approval.
Three-tier quality assurance
Every deliverable: (1) data source verification by the producing analyst, (2) independent calculation audit by a second analyst, (3) senior analyst sign-off before delivery. Documented. Consistent. Non-negotiable.
🌐
IT security & certifications
Role-based access controls, encrypted communication, and audit trails across all systems. ISO 27001 certification is in active preparation. A full Vendor Security Questionnaire (VSQ) is available on request for procurement teams.
📜
GDPR & data privacy
Data collected via this website is handled in compliance with GDPR (EU), India's Digital Personal Data Protection Act, and CCPA (California). A full Privacy Policy is linked in the footer. Contact details are never sold or shared.
📁
Due diligence pack
A complete due diligence document — covering firm registration, team credentials, regulatory status, data protocols, client references, and process documentation — is available under NDA within 48 hours of request.
NISM Series XV certified
Mutual NDA on all engagements
Encrypted data transfer
No cross-client data sharing
ISO 27001 in preparation
VSQ available on request
GDPR compliant
The JMN quality commitment
Every deliverable that leaves JMN has passed three checks. If an error reaches a client — a calculation discrepancy, a data inconsistency, or a formatting deviation from your house style — we will correct and redeliver within two hours at no charge, with a documented root-cause note. This is not a marketing statement. It is an accountable commitment we have maintained for twenty years.
Error reach you → corrected and redelivered within 2 hours, at no charge.
Client outcomes

Twenty years of delivery, through every market cycle

These outcomes are from long-term partnerships. JMN has served clients continuously through the 2008 financial crisis, COVID volatility, and beyond. Consistency across cycles is the hardest thing to fake.

JMN's team quality and service commitment helped sustain a long-term relationship through the 2008 financial crisis — when we needed absolute reliability and zero errors. They delivered on both, without exception.
Head of Equity Research
US Investment Bank · Sell-Side
In a short span, JMN became an integral part of our fixed income team — directly supporting strategic decisions and trading desk analysis. The quality and responsiveness is consistently institutional-grade.
Fixed Income Team Lead
US Investment Bank · Credit Desk
Time-zone leverage and six-day support enabled timely technical report publication and gave our onshore analysts greater bandwidth to focus on core coverage and direct client work.
Technical Research Analyst
Tier II Investment Bank
JMN's partner-for-growth model improved our senior analyst bandwidth significantly — enabling active engagement in marketing and client-facing work that was previously deprioritised due to research load.
Senior Analyst
Research Coverage Lead · Buy-Side
Serving clients at
Thought leadership

Perspectives from the research desk

JMN publishes on markets, methodology, and the future of institutional research. Written by practitioners, not marketers.

Methodology
Why offshore research quality drifts — and the three systems that stop it
The common failure mode in offshore research is not analyst quality — it is process. After twenty years, here is exactly how JMN's three-tier review prevents quality drift at scale.
Bala Balachander
8 min read
AI in research
AI as a research accelerator — not a substitute for analyst judgement
Where LLMs and NLP genuinely help in research workflows, where they fail, and why the named analyst remains the irreplaceable layer in every deliverable JMN produces.
Research team
6 min read
Technical analysis
CMT® methodology in a modern sell-side workflow — what the charter actually delivers
A CMT® Charterholder's account of how technical analysis tools have evolved — and why price, volume, and pattern discipline remain the foundation of every trade signal we produce.
Technical team
10 min read
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Frequently asked questions

The eight questions institutional buyers always ask

The procurement checklist for offshore research is predictable. Here are the answers, in full.

How do you protect our client data and proprietary methodologies?
Every engagement begins with a mutual NDA. Client data is ring-fenced to the specific engagement — no cross-client access. Encrypted transfers only. Analyst access is role-scoped. A full due diligence document covering data protocols is available on request.
Who owns the research output JMN produces?
You do. All intellectual property, models, notes, and deliverables produced under engagement belong entirely to the client. This is stated explicitly in every engagement agreement. JMN retains no rights to republish, repurpose, or reference client work.
How do you ensure quality doesn't degrade over time?
Three-tier review on every deliverable: data verification, independent calculation audit, senior sign-off. Monthly performance reviews. Named analysts — not a rotating pool — so the same person builds sector knowledge over time, not across clients. Average analyst tenure exceeds industry norms.
What happens if we experience an error in a deliverable?
We correct and redeliver within two hours at no charge, with a written root-cause note. This commitment has been maintained for twenty years. It is in writing in our engagement agreement, not just on this page.
How do you handle time-zone coordination with US and European teams?
India Standard Time (IST) is +5:30 from London and +10:30/+13:30 from US East/West coasts. This means JMN analysts work overnight against US market hours, delivering morning notes before the US open. Six-day coverage is standard on embedded pod engagements.
What is your analyst attrition rate and how does it affect coverage continuity?
We commit to a documented handover protocol on any analyst transition, with a minimum notice period built into every engagement agreement, so coverage continuity is never dependent on one individual. Several client relationships have run continuously for over a decade — that continuity is the result of how we structure teams, not a coincidence.
Can we review sample output before any commercial conversation?
Yes — always. Use the "Request sample research" button anywhere on this page. Three redacted deliverables — a morning note, an earnings model, and a CMT® technical report — will reach you within one business day, with no obligation attached.
Privacy & data use

How we handle the information you share with us

A plain-language summary. The full policy is available on request and will govern any data submitted through this site.

What we collect
Name, work email, firm name, role, and stated research interest — only what you submit through a form on this site, such as the sample research request.
How we use it
Solely to respond to your request, send the material you asked for, and follow up if you indicate interest in a conversation. Never for unrelated marketing without your consent.
Who sees it
Only JMN team members involved in responding to your enquiry. We do not sell, rent, or share your details with any third party.
Your rights
You may request access to, correction of, or deletion of your data at any time by emailing us. Requests are handled within a reasonable period and in line with applicable data protection law.
Start a conversation

The world's largest research desks already run this model. The only decision left is who runs it for you.

The question is not whether offshore research works. It is whether your partner is good enough to be invisible. Let JMN show you — starting with three sample deliverables, no commitment required.

Email the team directly
📅 Or request a 20-minute call by email →
Office address
Alliance Orchid Springs, Silver Oak
Level 4, #406, 54 Water Canal Road
Korattur, Chennai — 600 080
Tamil Nadu, India
Contact
research@jmninvestments.com
+91 98847 23183

Response within one business day.
Capabilities deck available under mutual NDA.
Regulatory information
NISM Series XV Certified
CIN: U74999TN2005PTC056XXX

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