Gender Pay Report 2022

As Europe’s leading quantitative finance research firm, G-Research hires the brightest minds from around the world to tackle some of the biggest questions in our industry. This is irrespective of gender, race, religion, sexuality or any other characteristic.

The statistics reflect that the best paying roles in our business require undergraduate and in many cases postgraduate study in maths, computer science, the physical sciences and technology. Men account for roughly three times as many graduates* in these subjects as women and have done for many years and so not surprisingly, men hold more of the best paying roles in our business. We believe this gender imbalance is a missed opportunity for the industry and we welcome applications from smart, qualified women who are interested in what we do.

*Source HESA enrolment data for academic years 2021/2022:  Personal characteristics – HE students by CAH level 1 and sex. Assumes gender ratio for graduates is in line with admissions.

Gender Pay Statistics for 5 April 2022:

  • Gender pay Gap:
    • Mean: 48.8%
    • Median: 45.1%
  • Gender Bonus Gap:
    • Mean: 66.5%
    • Median: 58.3%
  • Proportion of employees receiving a bonus:
    • Male: 90.9%
    • Female: 84.8%
  • Proportion of employees in each pay quartile:

Lower – Male: 63.8% , Female: 36.2%
Lower Middle – Male: 79.9% , Female: 20.1%
Upper Middle – Male: 91.4% , Female: 8.6%
Upper– Male: 94.7%, Female: 5.3%

Modern Slavery Report

We are committed to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of the business. We are committed to acting ethically and with integrity in all our business relationships.

We publish an annual statement on modern slavery on our website in accordance with section 54 of the Modern Slavery Act 2015.

Click here to access G-Research’s Modern Slavery Statement 2022-23

Click here to access G-Research’s Modern Slavery Statement 2021

Click here to access G-Research’s Modern Slavery Statement 2020

Click here to access G-Research’s Modern Slavery Statement 2019

Click here to access G-Research’s Modern Slavery Statement 2018

Click here to access Trenchant Employee Services Limited’s Modern Slavery Statement 2017

G-Research is the trading name for each of Trenchant Limited and Trenchant Employee Services Limited and their affiliates.

Tax Strategy


The G-Research group is committed to being a responsible taxpayer, complying with local tax laws and regulations and with OECD guidance. The primary objective of G-Research’s tax strategy is accurate and timely tax compliance. This includes the following:

  • To ensure local and international laws and regulations are complied with, and that OECD guidance is followed;
  • To ensure that all taxes, including corporation tax, employer taxes, employee withholding taxes, indirect taxes and other local taxes are paid in full and in a timely manner;
  • To provide training and guidance on tax matters to the business as required; and
  • To maintain a relationship with HMRC based on foundations of compliance and transparent communication.

Approach to Risk Management and Governance Arrangements in Relation to UK Taxation

Responsibility for G-Research’s tax contribution, tax risk and governance ultimately sits with the Board and Management Committee; however, day-to-day responsibility is delegated to the Head of Finance and the Head of Tax. They are supported by the wider Finance team.

G-Research’s tax compliance function is managed by its team of in-house qualified accountants, ensuring that tax decisions are informed and current. A control framework is in place to ensure that tax risks, including changes to relevant laws, regulations and guidance, are identified in a timely manner and subsequent action is taken to mitigate those risks to an acceptably low level. Tax risks and responses are documented to ensure that G-Research’s tax strategy remains transparent, and to ensure that it is communicated to and recognised by those in charge of governance.

Attitude Towards Tax Planning and Risk

G-Research does not consider tax planning to be a major driver in determining business strategy and key decision making. G-Research has a low-risk appetite in terms of tax planning opportunities.

We may utilise available tax reliefs and incentives where appropriate and in a manner which is consistent with the government’s policy objectives.

Applicable tax advice will be sought from external advisors in respect of material transactions or when the Finance team do not have the necessary expertise required in a particular area. Significant transactions within, or changes to, the business is reviewed and approved by the Board or Management Committee.

Our Approach to Working With HMRC

G-Research looks to maintain an open, positive and cooperative working relationship with HMRC.

We are committed to working with HMRC to resolve any issues that arise and to providing appropriate disclosure of relevant facts to enable the progression of HMRC enquiries.

This strategy statement has been prepared in accordance with paragraphs 19(2) and 25 of Schedule 19 of the Finance Act 2016 and provides an overview of G-Research’s policy and approach to its tax affairs for the financial year ended 31 December 2021. This strategy was published on 5 December 2022.


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