Who we are

Who we are

The story of Fathom

The idea for a boutique macroeconomic consultancy was born in the 1990s at the Bank of England. Once just a pipe dream between friends, the original idea was to bring the analytical rigour of the Bank into the private sector, creating a consultancy with the brainpower to tackle complex and intractable problems, fiercely independent and free from the traditional and hierarchical culture of a central bank.

The vision for Fathom was to connect macroeconomics and financial markets. Within the Bank of England these branches almost never met, and when they did, they spoke different languages. The same division was true in industry; a separation that led to mistakes during the Global Financial Crisis. Fathom’s founders sought to create more rounded, useful economic insights by connecting macro and markets.

Since then, observing the powerful impact of political events on the world economy has led Fathom to specialise in a third element: geopolitics. We see the global economy, markets and geopolitics as inextricably linked, and we position ourselves at this three-way intersection, carefully balancing all three in the work we do.

The word ‘Fathom’ conveys depth, careful measurement, and understanding. Fathom’s mission has always been to seek the truth, to produce original analysis with innovative approaches to give our clients clarity on complex issues. Fathom has expanded and evolved over the past 20 years, but our core values have never wavered.

The history of Fathom

  • 2003

    Fathom Financial Consulting is officially registered as a company, with one employee – former Bank of England economist Danny Gabay

  • 2003

    Fathom wins its first clients, supplying independent research and presenting forecasts. Shamik Dhar, a former colleague of Danny’s at the Bank, joins him as director

  • 2004

    Andrew Clare from the Cass Business School (now Bayes Business School) joins in an advisory role

  • 2005

    Andrew Brigden is hired from the Bank of England – he later becomes Fathom’s Chief Economist


  • 2005 - key call

    UK housing

    Fathom warns of stretched UK housing valuations and describes a scenario in which UK interest rates will fall as low as 2%

  • 2007

    Fathom expands into bespoke consultancy work as Erik Britton joins as director

  • 2008 - key call

    The Global Financial Crisis

    Danny and Erik warn clients of the high risk of a banking crisis and global recession. Their view is unpopular – but in fact, the Global Financial Crisis has already begun

  • 2009 - key call

    The Monetary Policy Forum

    At Fathom’s first ‘Monetary Policy Forum’, designed to mirror the Bank of England’s MPC, Dr DeAnne Julius, Prof Willem Buiter, Dr Charles Goodhart and Dr Sushil Wadhwani call for central banks to undertake unconventional monetary easing; the policy is later adopted by all Western advanced economies to deal with the effects of the Global Financial Crisis

  • 2011

    Thomson Reuters (now Refinitiv, an LSEG business) commissions Fathom to create the Chartbook, an extensive online library of macro and financial market charts

  • 2011

    Among the 2011 intake of economics interns is Laura Eaton, now a company director

  • 2016 - key call

    China's hard landing

    Fathom’s China Momentum Indicator reveals that China is suffering a hard landing, not successfully rebalancing as many claim. Policymakers are forced to double down and allow the renminbi to depreciate. Our view later becomes consensus

  • 2016

    Danny Gabay, the company’s founder, sadly dies. Renowned for his relentless wit and intelligence, his legacy lives on through Fathom

  • 2017

    Erik Britton becomes CEO. He appoints Andrea Zazzarelli (our Technical Director and former client) and Laura Eaton as junior partners

  • 2019

    Fathom undertakes its first work on climate change, developing a framework to model the impact and assess the risks and opportunities

  • 2020 - key call

    The COVID-19 pandemic

    In March, amid the uncertainty at the start of the COVID-19 pandemic, Fathom forecasts a V-shaped recovery but warns that supply side shocks will be inflationary

  • 2021

    Brian Davidson, Joanna Davies and Kevin Loane become junior partners, leading Fathom’s work on climate economics, China, and Fathom’s Global Outlook

  • 2022

    Fathom’s US office opens in Washington DC, led by Kevin Loane

  • To be continued...

20032003200420052005 - key call20072008 - key call2009 - key call201120112016 - key call2016201720192020 - key call20212022To be continued...

The many faces of Fathom

Our team of economists has extensive expertise in areas including pensions, property, finance, politics, banking, economic modelling and climate economics.

Erik Britton

Managing Director

Andrew Brigden

Chief Economist

Andrea Zazzarelli

Technical Director

Laura Eaton


Brian Davidson

Head of Climate Economics

Joanna Davies

Head of China Economics

Kevin Loane

Head of Fathom USA

Andrew Harris

Deputy Chief Economist

Dimos Andronoudis

Senior Economist

Jonathan Ashworth

Senior Economist

Linnea Hjelm


Ellen Ó Fríl


Niki Anderson

Senior Advisor

Georgia McKenna

Head of Data Team

Darek Subczynski

Data Architect

Kris Takoor

Economic Data Analyst

Vaibhav Patil

Economic Data Analyst

Alessandra Napoletani

Office Manager

Craig Eaton

Business Development

Leara Gabay

PR & Marketing

Emma Britton

Website & Brand

Jenny Booth


Want to know more about what we do?

Find out about working at Fathom