First Berlin Equity Research


We provide independent equity research and market intelligence to banks, asset managers and other institutional investors on small and micro cap companies in a variety of sectors. The principles of integrity, transparency and competence drive our research and provide the basis for a fair analysis and valuation of companies.

Our equity research team analyses economic, market, industry and company data to optimise the performance of our clients’ investment portfolios and to help companies set their strategic direction. Purely focused on micro and small cap companies, our analysts offer stock recommendations and insights into industry trends and precise valuation perspectives through in-depth reports.


Martin Bailey, Managing Director
Martin founded First Berlin in 1998. Strong analytical instincts are matched by his market experience. His traditional investment banking background with Allied Provincial and Chambers & Remington in London led him to focus on the need for fair, independent research in Germany based on solid principles.

Simon Scholes, CFA, Senior Analyst-Technology-Biotech-Medtech-Resources
Simon is a CFA® charterholder and brings 20 years of financial experience to supervising equity research projects. Prior to First Berlin, he worked as a sell-side analyst at ABN AMRO in London and at Bankgesellschaft Berlin in Frankfurt. Simon holds a BA degree in German from Oxford University.

Dr. Karsten v. Blumenthal, Senior Analyst-Cleantech
Karsten’s expertise in cleantech is based on his work as a sell-side analyst at SES Research/M.M.Warburg since 2007. He has a PhD in Economics from the University of Hamburg and has been involved in financial markets since 1993. Karsten completed an apprenticeship at Dresdner Bank AG in Hamburg and after his study of economics in Hamburg and Aberdeen joined the mutual fund subsidiary of Allianz-Dresdner Bank in Frankfurt.

Ellis Acklin, Senior Analyst Real Estate-Technology-Biotech
Ellis has 19 years’ experience on the buy and sell sides of the equity markets including his prior tenure at Jefferies International in London. His financial and business analysis focuses on real estate and financial services companies.

Kimberly Purvis, Senior Analyst Health Care-General
Kim has more than 20 years of experience on the buy side and the sell side. A recent transplant to Berlin, she was an II-ranked analyst at Donaldson, Lufkin & Jenrette (New York), and spent time at Scudder Kemper Investments, Weiss Peck & Greer and Deerfield Management.  She received her undergraduate education in the USA at the University of Michigan (Ann Arbor) and has a Master’s Degree in Public Health from the Univ. of Michigan Graduate School of Public Health, as well as a Master’s Degree in Business Administration (MBA, concentration in Finance) from the Univ. of Michigan Graduate School of Business.

Wladislaw Güntner, Financial Controller
Wladislaw brings controlling and IT skills to complement the management team. He is responsible for finance and information technology. Wladislaw’s experience as a consultant for KfW Bankengruppe in Berlin provides industry insight. Trained in Controlling, Management and IT, he holds a Diplom-Wirtschaftsingenieur FH from the HTW University of Applied Sciences in Berlin.

Pia Sostak & Ise Tullier, PA & Back Office
Pia and Ise coordinate the day-to-day operations of the First Berlin office. As the meet-and-greet faces of the company, Pia and Ise receive clients, address inquiries, and manage logistics. Pia and Ise also act as the managing director’s personal assistants.