Who I am

”Over 24 years experience in the private client investment management industry”

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Who I am

When I started working in the private client investment management industry back in 1994, a typical balanced portfolio comprised circa 60% in equities or equity-based funds, 30% in Gilts or other fixed income securities and 10% in cash. UK interest rates were between 5% and 6%.

What followed saw a downward trend in UK interest rates that lasted for 22 years. Investing in UK Government Gilts, and other fixed interest rate securities, was generally a profitable thing to do over this period, because, when interest rates fall, the value of the income stream from such bonds becomes more valuable.

Investment performance

Interest rates began to rise during 2017 and continued their upward trend the following year. As a result the capital value of most existing fixed interest rate securities fell. Since then, and particularly this year, interest rates have once again fallen in order to try and stimulate economic growth. In many countries they are now at all time lows, with UK Bank Rate at 0.1% pa and even negative interest rates in some countries. This poses significant challenges for investment managers if they are to invest in good quality bonds and still produce positive Net returns for clients i.e. after the deduction of all their fees and charges.

This is just one of the issues managers need to address today. An important part of our ongoing investment performance analysis and monitoring service is to proactively raise issues such as this with them.

People I’ve Worked With

“I have known David for over 20 years and during that time worked with him on some of my largest clients. David is well known and respected in both the investment management world and by private client advisors throughout the legal and accountancy professions”

Mike Walker

Private Client Tax Partner, KPMG 2002 – 2017

“I have known David for over 20 years and always found his views and knowledge very helpful. David is a well-known and respected figure in the investment management industry. He has an extensive network of professional connections throughout the legal, accountancy, tax and investment management fields. Very much has his hand on the pulse of what is happening.”

John MacKay

Tax Partner, EY 1998 – June 2018

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07767 310385




Kemp House, 152-160 City Road, London, EC1V 2NX