Looking back over your time at the Investment Association, what are you most proud of?
“I think what stands out most is how international the industry has remained. When I joined in 2016, around the Brexit referendum, there was a real concern that the UK investment management industry could fragment. The UK is the second-largest investment management centre globally, with around £10 assets under management, and a large share linked to European clients. There was a risk that Brexit would reduce that cross-border activity. But that did not happen.
By focusing on investors and maintaining strong international relationships, we preserved the UK’s global position. A key part of that has been reassuring policymakers that the delegation model and portfolio management structure continues to work effectively. That stability, during a major political shift, is a real achievement.”
What were your key priorities beyond Brexit?
“One of the most important areas has been talent and access. The industry is highly meritocratic, but recruitment had become increasingly narrow, with firms drawing from the same institutions and backgrounds. That reduces diversity of thinking.
I come from a non-traditional background myself. I was the first in my family to attend university and I strongly believe the industry is better when it is more open. That is why initiatives like Investment20/20, the IA’s program to help school leavers and graduates consider careers in investment management, matter. More than 3,000 young people from underrepresented backgrounds have entered the industry through it. This is not just about representation, but about cognitive diversity and better decision-making.”
How important was technology in your agenda?
“Technology became a major focus because, while investment management understood it intellectually, it was slower in embedding it operationally. At the same time, London has a world-leading fintech ecosystem, but there was limited meaningful interaction between fintech firms and asset managers.
We worked to change that by opening up collaboration, including launching Engine, the IA’s fintech accelerator. That created a bridge between global asset management and fintech innovation, particularly in areas like tokenisation, artificial intelligence and quantum computing. It has helped the industry become more forward-looking rather than reactive.”
Do you think investing is sufficiently part of public and political debate?
“In many countries like the US, Canada and Australia, investing is part of everyday conversation. In the UK, it is not. We are fundamentally an oversaved and underinvested society. There are around seven million people in the UK with more than £10,000 sitting in cash savings. That imbalance matters. Over time, it reduces household wealth, limits economic growth, and restricts capital available to high-growth companies.”
What is being done to address that imbalance?
“One of the key initiatives is the ‘Invest for the Future’ campaign, developed with government, regulators and industry. The aim of this multi-year, nationwide campaign is to help people move from saving to investing in a more confident and informed way.
A major issue is perception. Since the financial crisis, the dominant message has been that saving is safe and investing is risky. That has been reinforced by disclosure regimes repeatedly warning that capital is at risk.
While protection is important, the balance has shifted too far. That has created what you could call safetyism, where excessive caution unintentionally excludes people from long-term wealth creation. We are trying to rebalance that by making investing feel more accessible and understandable, including through relatable messaging such as the ‘Savvy squirrel’ character in the campaign.”
What is the main behavioural barrier for individuals?
“One of the biggest misconceptions is that people think they need around £95,000 in cash before they can start investing. That simply is not true. Investing can start much earlier, in small and regular steps. The key is to shift behaviour from avoidance to participation.”
What is the core message you want people to take away?
“Start early, invest regularly, and stay consistent. Time in the market beats timing the market. People often focus on when to invest, but duration matters far more than prediction. For example, £10,000 held in cash may erode in real terms to around £8,400 over time. Invested in global equities over a 10-year period, that same amount could grow to around £19,700. That difference is the power of compounding and investment performance.”
Should people focus on specific financial products?
“No. Financial products are agnostic. The focus should not be on labels or structures, but on investor needs and outcomes. Whether someone uses funds, ETFs or mandates is secondary. What matters is suitability, access, and long-term financial wellbeing.”
Has regulation contributed to low participation?
“Not intentionally, but in outcome, yes. After the financial crisis, consumer protection became the overriding priority. Over time, multiple layers of regulation were added. Each measure made sense individually, but collectively they created unintended consequences, including discouraging participation in capital markets. That is where safetyism becomes relevant: in trying to eliminate risk, access to opportunity has sometimes been reduced.”
Should economic growth play a bigger role in policy?
“Yes. Economic growth is now central to UK government policy. Investment management plays a key role by directing capital into companies and infrastructure. A major shift is that UK regulators now have a competitiveness objective alongside consumer protection. That allows a more balanced discussion about both risk and economic impact.”
What lessons would you highlight for other markets?
“I would highlight a few core principles. Stay focused on the investor. Keep markets open to innovation and competition. Maintain strong cooperation between industry and policymakers. Embrace technological change. And never forget that investment management is a people business built on trust and fiduciary responsibility.
The challenge across developed economies is how to move from saving to investing. Or put simply, how to move from being oversaved and underinvested to economies that actively channel capital into long-term growth and opportunity.”
