City & Financial Services Event

Old Millhillian’s Club Chairman Peter Wakeham (Burton Bank 1965-1969) and Solon Satanas (Murray 1990-1993), have evolved this social gathering to invite eminent business people to share their professional stories

The City and Financial Services event typically enjoys great attendance at The Lansdowne Club. Covid-19 prevented an in-person meeting (spring 2020) so instead we went ahead with an equally well-attended virtual ‘fireside chat’ with Johanna Kyrklund, Chief Investment Officer, Schroders plc.

Johanna began by explaining her educational journey to Oxford University where she gained an MA in PPE. Attendees were very interested to learn that career progression in financial services need not involve studies in mathematics or computer sciences. Johanna pointed out that IT and information management were a crucial part of the industry – data management and protection, cyber security, client privacy etc. However, being interested in ‘investment’ when using data for decision taking was also essential.

She placed great emphasis on the value of relationships and interpersonal skills in any successful career. The ability to gain trust and confidence when interacting and negotiating in group or in one-on-one meetings was an essential competence. Deep down, most people prefer doing business with people they like and respect. Self-awareness, willingness to learn from mistakes, take feedback and work as a constructive team member are important qualities.

Johanna went on to discuss very frankly her early life in a City job. She could not point to having had a detailed career plan and in fact was initially unsure whether she had made the right choice. As a graduate trainee it was not at all evident that she was destined to be a CIO. Early on she lacked confidence, struggled to have an impact, was uncomfortable, felt out of her depth, tongue tied. (No doubt the attendees of the meeting found this hard to believe.)

Her big break-through came thanks to an early supporter who saw her potential ‘before she saw it herself’. Her boss (aged early 40s) was leaving and he was convinced she (late 20s, only six years’ experience) should be his successor. He encouraged her to pitch for the job and helped her to lay out her investment philosophy and ‘modus operandi’. She got the job and her first role with major responsibility for performance.

Johanna explained her views on the difference between investment banking and her role as an asset manager. She emphasised the importance in her role of long-term relationships – ‘consistency over time’ – which also involves having to explain poor performance and being held accountable for good and bad results over several years. By contrast, investment banking is much more transaction based and being held accountable for events that took place five years in the past is not the norm. In terms of work-life balance, asset management is probably a better bet. Long hours and time pressures tend be a factor in investment banking.

Johanna was asked several topical questions about the asset management industry as a career. Data science is likely to be a future access route. Information insight and advantage, the ability to access and visualise data are key success factors. The next frontier will be the ability to use data to learn from past investment decisions and behaviours.

Johanna also talked extensively about home working, diversity, impact and ethical investing and – would you believe it – crypto currency investing and the absence of transparency. You can view the whole event or sections of the event on the Club Vimeo channel: Old Millhillians Careers Network (vimeo.com)

Contact: Peter Wakeham peter@wakeham.net