Brewin Dolphin investment director Janet Mui says despite the ‘odd feeling’ of switching jobs while stuck at home and missing being able to walk the cobbled streets of the City of London, remote working has made her more productive.
What is your base case for the global economic recovery in 2021? Which markets look like they will come out ahead or lag behind?
Looking ahead, the prospects for 2021 look brighter – offering the prospect of a return to normality, and with that greater certainty. Governments will remain focused over the winter on containing Covid-19 outbreaks, and there are logistical challenges to tackle as the various vaccines are approved, distributed and administered. However, the greater confidence resulting from the vaccines, alongside continued technological innovation, and a recovery in global economic growth should provide a positive landscape for investors. We think China will remain a bright spot, but the global recovery will be more synchronised in nature in 2021.
Do you anticipate the value rally to continue into next year?
We think there is room for the value rally to continue. Of course, how quickly vaccines can be rolled out, and the speed at which the world can recover from the impact of Covid-19, remains to be seen. In the near-term, the impact from Covid-19 will remain a challenge, so there is likely to be back and forth in value sector performance. Overall, we expect economies will see a boost from pent-up demand as people start to spend again, and sectors start to recover. Value is likely to perform well against this backdrop.
Best asset manager webinar of the year?
We think the BMO webinar, which focused on stewardship, really stands out. Stewardship is an area that prompts a lot of interest and one which we value a lot. Our process is very robust, and we use a variety of stewardship mechanisms to create an impact on investee companies. We were thrilled to see Vicki Bakhshi, who presented on the active ownership service at our virtual investment conference, receive such positive engagement from the audience.
How have you found switching jobs during the pandemic?
It was an odd feeling to start virtually because this is the first time something like this has happened and our industry is such a people business. Part of me wishes that I could have started the job on the floor and met everyone face to face, as I still believe in having that physical connection. That said, I am very grateful to have supportive colleagues and great infrastructure in place at Brewin Dolphin, so my experience has been very positive. I am lucky that my role is quite people-focused and media oriented, so I got to know many stakeholders and to establish my reputation at the company very quickly.
What parts of the lockdown have made your job easier? And what parts of the lockdown have made your job more challenging?
Having virtual meetings and hence a reduction in travel, I am able to do more presentations for our regional clients. So overall, I have been more productive. Our clients like to hear from us on a regular basis, and so I am pleased to be able to offer my macro expertise. The challenging part is the lack of physical networking and interaction, which I miss.
What would be your ideal lockdown Christmas present?
Having been stuck at home for pretty much the whole year, I’d love to travel abroad to ski in the Alps or enjoy a spa trip in South-East Asia.
How are you altering your Christmas plans in light of the pandemic?
I will cook more, work out even more and catch up on my reading.
What has been your most memorable Zoom moment of the year?
My most memorable Zoom moment was when I hosted a Brexit panel discussion between Michael Portillo and Alan Johnson. I was very honoured to host such heavyweights in politics on such an important topic. It was an amazing experience (and yes, I was stressed that the technology may not work, but it all went really well).
What City haunt are you most looking forward to returning to once office working returns?
I just miss walking along the cobbled pathways and among historic buildings in the City. I miss having a cocktail or coffee at the Ned; I love the atmosphere there.
What lockdown movies, series or books would you recommend for people hunkering down during the holidays?
I am looking forward to watching Wonder Woman 1984, I loved the first one. I hope I finally have the time to watch Emily in Paris in one go, as I seem to be the only one among my friends who hasn’t watched it. I recommend The Psychology of Money by Morgan Housel for a nice read about behavioural finance. I am always fascinated by the subject because wealth management is ultimately about people, not just spreadsheets and numbers.
Janet Mui is an investment director at Brewin Dolphin
