“Complex and growing ever more so” is how Bordier UK CEO Jamie MacLeod sums up the ever-evolving relationship between the UK’s asset managers, intermediaries and end-investors.
“Given the number of asset management groups competing across the various sectors – in many of the same geographies and with such similar strategies – the ‘relationship equity’ today is increasingly in the hands of intermediary advisers,” he continues.
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“What that means is intermediaries can engage with many investment firms in a partly commoditised manner – and commodity supply is not always a great space to be in.”
MacLeod speaks from long experience, having worked in both halves of the asset manager-wealth manager partnership and, despite just turning 55, spending almost half his life as a managing director or CEO.
Having started his career at Laurentian in 1986, MacLeod moved to Scottish Widows Fund Management four years later, going on to be appointed managing director in 1997 at the age of just 29.
In 1999, he joined Investec Asset Management as managing director of Investec Fund Managers and a member of the group’s global executive. Three years later, he moved to Skandia, where as CEO he founded Skandia Investment Management.
Backed by £700m of seed capital from the Skandia board, MacLeod went on to found Skandia Investment Group, which he also led as CEO.
Then, in 2010, he took up his current role at what was then Berry Asset Management – acquiring a 20% stake in the business – and today he is also a member of the senior executive team at its parent company, Swiss private bank Bordier & Cie.
So what qualities would MacLeod say drive a successful investment company?
“Ultimately the success of any business comes down to passion, courage, belief, sticking to the stuff you’re good at and not trying to do things you’re not so good at,” he believes.
“Stability and continuity are also key – and are invaluable as businesses grow because managing growth is a challenge.
Read the full interview in Portfolio Adviser’s May 2023 magazine.
