Money Maze Podcast

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Helen Watson describes her untypical journey into finance. After attending multiple schools and then being advised to go to secretarial college, Helen finds a job in finance in Gibraltar before moving and being hired by Morgan Stanley in London. From there, starting as a sales assistant, she overcomes initial resistance to win a place on the Morgan Stanley graduate training programme and becomes a broker. She describes the “terrifying” experience of beginning to call clients, and her subsequent route to become the first female Managing Director in their Private Wealth Division in Europe. Her journey then takes her to Rothschild & Co’s Wealth Management business, where she rises to become CEO, a Partner and member of their Group Executive Committee. She talks about the consistent problem of wealthy families losing their wealth within two generations, the underlying causes and suggestions to overcome this including; candour, communication, clearer planning, good partners and a dose of discipline in staying the course! She discusses the Rothschild & Co investment approach, the importance of preserving real purchasing power, setting the right benchmarks and expectations, as well as managing difficult market episodes. Finally, Helen offers some invaluable insights for women in the work place, advice for progressing, encouraging cognitive diversity in the hiring process and why portfolio and wealth management are well suited for women. Finally, she discusses the relevant topic of the cost/benefit of attending university and why it may be becoming a less inevitable path than has traditionally been thought.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn As a FTSE 100 company, managing over £100 billion for 750,000 clients, St James Place (SJP) has been a great financial success story and today is the UK’s largest wealth manager. Chris starts by describing his journey, studying economics at Hull University, learning key early life lessons working first at Cazenove then Fidelity, before taking up the position as Chief Investment Officer for St James Place. During that period, 2009-2020, the market value of the company grew rapidly and today has a stunning 97% client retention rate. Chris describes the approach SJP has to building portfolios, through identifying and working with a range of global external managers across asset classes and styles. Unlike many wealth management firms, they use external Funds, do not select individual stocks, and have developed deep, long term relationships with fund managers to whom they have access.  He also discusses their approach to developing long-term relationships with clients and their families who are served by the SJP “partnership structure”. The conversation moves to the huge intergenerational wealth transfer taking place in the UK and the academy SJP run to train their advisors. Career opportunities in the wider wealth management business in the UK is also discussed, referring to an earlier MoneyMaze Podcast where Schroder’s CEO, Peter Harrison refers to the shortage of trained advisors and the growing “advice gap”. Chris goes on to talk about their approach to investing in private equity and debt, the challenges of active versus passive, and their approach to the growing demand from investors for more clarity in ESG matters.  A discussion follows about the SJP experience with the Woodford Funds, and then on defending the criticism sometimes made about SJP’s opaque fee structure.  Finally Chris talks about his love of rock climbing and admiration for the climbing legends, and of his new passion, kite-surfing, which offers him the potential to be bruised both by markets and his main hobby!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Dave Yarrow is considered one of the world’s greatest photographers. 3 former US presidents have his masterpieces adorning their walls, along with a string of actors and sports personalities and he oversees a multi million dollar fine-art business. He has helped raise $8 million for charity, and his energy and passion for his work mean that up to the outbreak of coronavirus, he had not spent 18 Days in the same place in the last 2 years. This is all after spending the first 25 years of his life in the city, first as a broker and then starting his own Hedge Fund, Clareville Capital, which he ran for 17 years. Dave Yarrow talks about his youth, growing up in Glasgow, and his passion for photography that led him to take the iconic shot of Maradona in the Azteca Stadium, trophy aloft, at the 1986 Mexico World Cup. He talks about his reasons for joining the City, and the journey from broking to establish his own hedge fund, Clareville Capital in 1997. He gives a frank assessment of the highs and lows of managing money, and the capricious nature of the investing community. Having continued to take photographs, and with marital and business difficulties weighing on him, he takes the leap to start DY Photography. This second career reveals an enthralling story into a  world which required developing new skills and understanding where the opportunity lay. As with money management the key lay in great groundwork and research before careful execution. He describes how he became “a photo-maker, not a photo-taker” and how he has grown a business built on extraordinary shots, with compelling animals, people, and iconic settings and shots. He talks about navigating the maze of social media and helping raise over $8 million for charities. Finally, he gives his advice for today’s youth thinking about their future. What a journey.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Mark Mobius, who has been referred to as the Godfather of Emerging Markets, was named as one of the 50 Most Influential People in 2011.  Author of several books, he received the Life Time Achievement Award in Asset Management, started the Templeton Emerging Markets Fund which grew to $40 billion, and in 2018 opened Mobius Capital Partners. He describes being born in New York to German and Puerto Rico parents, his degree from Boston University, a PhD from MIT, and studying in Japan in the 1960s. He talks about his journey from academic life to research and then asset management, and the opportunity to join legendary investor Sir John Templeton and create their emerging market fund, as well as sharing some lessons and advice learned from him. He discusses his investment approach, the opportunities and pitfalls of investing in developing markets and navigating a passage which can include volatile currencies and regime change. Against consensus he explains why it is important to visit countries and companies you are investing in as opposed to relying on conference calls. He reflects on the approaches taken to deal with Covid 19, his preferred investing destinations today, and why shareholder activism is becoming a powerful force in emerging economies. Before sharing the tale of his escape from a shoot-out in the Philippines, he offers some honest but direct advice for the young thinking about careers.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Tony Dalwood studied Economics and Accounting at Bristol University and then Management and Business at Cambridge, where he took his post graduate degree and won a Blue playing Rugby. He then played Rugby for Saracens and Rosslyn Park, before his journey into Asset Management.    He talks of his career, beginning as a value-orientated equity manager, and his transition into the world of private equity, at that stage, an embryonic asset class. He discusses his subsequent roles as CEO of Schroder Ventures (London), and work as Chairman of the London Pensions Fund Authority Investment Panel.   The conversation moves to life as CEO of Gresham House, a quoted company investing in alternative assets. He discusses real asset investing, describing the investment characteristics and approach to investing in Forestry, New Energy, Housing and Infrastructure.  He then talks of today’s narrow equity markets, some of the parallels with the situation 20 years ago, and of today’s equity market disenchantment with the approach to value investing.   Finally he discusses small cap investing in the UK, the challenges facing public markets and the likely composition of portfolios in the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Our conversation begins with a glimpse of Sarah’s inspiring journey from finance, to journalism and now to the critical world of impact investing. Sarah talks about the 18 years spent at the FT where she ran the FT’s corporate coverage during the financial crisis and her ascent to become the FT’s business editor. She describes her motivation and the challenges involved with her new role as CEO of the Impact Investing Institute, and her passion about impact investing and its immediate relevance. She speaks frankly about the need for an intelligent and reasoned approach to the ESG debate and provides some invaluable advice for corporations wishing to improve their governance and operate more effectively. She also offers equally important advice for young people thinking about their careers and some additional invaluable insights.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Nick Finegold describes his journey through the world of finance, first in equity sales, then as the founder of his own brokerage business, Execution Ltd. He talks about building the business into a firm with revenues of $100 million and selling it 10 years later, becoming Chairman of Espirito Santo Investment Bank, in London. He then explains the decision to establish the Curation Corporation, 8 years ago, where he remains the CEO, and its mission to allow organisations to better understand the risks and opportunities provided by climate change. The aim is to help firms identify solutions to help transition to a more purposeful and sustainable future. The discussion covers lessons from Bill Gates about the Nuclear alternative for cutting carbon emissions, rethinking the approach to collaboration of pharmaceutical companies, and how the post-COVID world will impact supply chains, home-working and may a engender a more humane approach to capitalism.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Peter Harrison, included in Debrett’s 500 most influential people, starts by describing a rebellious youth that led him to reject his family’s wish to study Theology at Oxbridge and instead to make a decision to go to Bath University to study Business in the 1980s. From there he talks of his first job at Schroders, working as an analyst, and further experiences he had at Newton, Flemings, Deutsche Asset Management and then a start-up, RWC.  Peter describes their merger with Schroders and his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in Global Asset Management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies. He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing.  Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires.