"We have put a management team on the ground which I think is first class. We didn't go get these guys because they couldn't get jobs. They had some of the best jobs on the planet. And we got them here because there is a big opportunity for the next generation of Mincom," he said.

Six months after posting his research note, Steenstrup said there is "less uncertainty" regarding the direction of the company.

"Whilst he [Clark] came into a difficult position of having to set a direction and replace senior staff, some of the pieces are coming in to place that will enable that to happen. Now that is not to give it a clean bill of health because we have not seen the execution of that. But he has put people in place that can support the execution of that.

However, Clark is upbeat. In particular, because he feels the asset management space and business process around asset management is big and very attractive.

"And Mincom can clearly define the future generation of this space and lead it," he said.