100 STUART ROSEChairman,
Britain Stronger in Europe
New entry
99 CHERYL POTTERPartner, Head of
Consumer, Permira
New entry
98 LADY BARBARA JUDGE
Chairperson, Pension Protection Fund; Chair of the Institute of Directors; Chair of the Energy Institute, UCL
Last year: 98
97 PETER CRUDDASFounder and CEO,
CMC Markets
New entry
96 JEFFREY MOUNTEVANS
Lord Mayor of London
New entry
95 SIMON COLLINSUK Chairman and
Senior Partner, KPMG
Last year: 93
94 PAUL PESTERCEO, TSB
Last year: 92
93 JOHN MCDONNELLShadow Chancellor
of the Exchequer
New entry
92 FRANCES MURPHYPartner, Morgan
Lewis; Chief of Corporate Practice, Slaughter & May
Last year: 85
91 ANDREW TYRIE, MPChairman, Treasury
Select Committee
Last year: 84
90 BILL WINTERSGroup CEO,
Standard Chartered
New entry
89 MICHAEL AND YOEL ZAOUI
Founders, Zaoui & Co
Last year: 83
88 CAROLYN FAIRBAIRN
Director General, CBI
New entry
87 JAMES LUPTONChairman,
Greenhill Europe
Last year: 81
86 SIR GEORGE IACOBESCU
Chairman and CEO, Canary Wharf Group
Last year: 73
85 IAIN ANDERSONExecutive Chairman,
Cicero Group
Last year: 96
84 ALEX WILMOT-SITWELL
Presidet for EMEA, Bank of America Merill Lynch
Last year: 80
83 KURT BJÖRKLUND AND TOM LISTER
Co-managing partners, Permira
Last year: 79 82 STEPHANIE FLANDERS
Managing Director and Chief Market Strategist for the UK and Europe, JP Morgan Chase & Co
Last year: 70
81 DARREN WESTLAKECofounder and CEO,
Crowdcube
Last year: 94
80 CRAIG DONALDSON
CEO, Metro Bank
Last year: 78
79 DAVID BLUMERHead of EMEA,
BlackRock
New entry
78 CLARE WOODMANCOO, Morgan
Stanley International
Last year: 99
77 DAVID HARDINGFounder and CEO,
Winton Capital Management
Last year: 74
76 PAUL MARSHALLCo-founder,
Chairman, CIO, Marshall Wace
Last year: 72
••
THE CBI IS FIRMLY PRO EU MEMBERSHIP, CLAIMING THAT BRITAIN EXITING THE BLOC WOULD COST US £100BN AND 950,000 JOBS BY 2020
THIS YEAR’S LIST OF THE CITY’S MOST INFLUENTIAL POWER BROKERS MAY HAVE SOME FAMILIAR
FACES, BUT IN UNCERTAIN TIMES, THE TWO TOP SPOTS MIGHT NOT BE WHOM YOU’D EXPECT
CAROLYN FAIRBAIRN
DIRECTOR-GENERAL, CBI
Carolyn Fairbairn’s appointment as director-general of the Confederation of British Industry (CBI) marks the first time a female has held the post, but that’s not what is munching the column inches. Her new job comes at a shaky time for British business thanks to the looming EU referendum. The UK business lobby is firmly pro EU membership, claiming that Britain exiting the bloc would cost us £100bn and 950,000 jobs by 2020. “Leaving the European Union would be a real blow for living standards, jobs and growth,” the new DG added.
Fairbairn, a former Economist journalist and McKinsey management consultant, is already a fan of Europe. She and her husband own the beautiful Crillon le Brave hotel in Provence – the ideal place to rest an overwrought brain.
PH
OTO
GR
AP
H by N
iklas Halle’n/A
fp/Getty Im
ages
ICON KEY NEW ENTRY
SAME AS 2015
UP FROM 2015
DOWN FROM 2015
88
PROFILES BY CATHY ADAMS
squaremile.com
P OW E R
squaremile.com070 071
PH
OTO
GR
AP
H by D
avid Harrison
75 GILES ANDREWSCo-founder,
Executive Chairman, Zopa
New entry
74 ROBERT PESTONPolitical Editor, ITV
Last year: 44
73 JOANNA SHIELDSMinister for Internet
Safety and Security, UK Governmet; Non-executive Director of the London Stock Exchange
Last year: 71
72 ROBERT CHOTEChairman of
the Office for Budget Responsibility
Last year: 69
71 GEMMA GODFREY
Founder and CEO, Moo.la
New entry
70 KAMAL AHMEDEconomics Editor, BBC
New entry
69 ROLLY VAN RAPPARD
Co-founder, Co-chairman, CVC Capital Partners
Last year: 67
68 JAYNE-ANNE GADHIA
CEO, Virgin Money
Last year: 75
67 KATHLEEN BACONManaging Director,
HarbourVest
Last year: 66
66 JOHN ARMITAGECofounder and CIO,
Egerton Capital
Last year: 95
65 ANDERS BOUVINCEO,
Handelsbanken UK
Last year: 65
64 NIGEL WILSONGroup CEO, L&G
New entry
63 SIR ALAN PARKERChairman, Brunswick
Last year: 63
62 JAMES C COWLESCEO for EMEA, Citi
New entry
61 OLIVER HOLBOURNHead of Capital
Markets, UKFI
New entry
60 IAN WACECo-founder, CEO
and Chief Risk Officer, Marshall Wace
Last year: 51
59 ANTHONY HABGOODChairman, RELX
Group; Chairman, Court of the Bank of England
Last year: 60
58 MARTIN GILBERTCo-founder and
CEO, Aberdeen Asset Management
Last year: 45
57 SIR JON CUNLIFFE
Deputy Governor for Financial Stability, Bank of England
Last year: 59
56 MARK KLEINMAN
City Editor, Sky News
Last year: 58
55 ZANNY MINTON BEDDOES
Editor-in-Chief, The Economist
Last year: 76
54 MICHAEL HINTZE
Founder, CEO and Senior Investment Officer, CQS
Last year: 57
53 MIKE WELLS
Group CEO, Prudential
New entry
52 BILL SMITH
CEO, Lazard Asset Management UK
Last year: 55
51 LIONEL BARBER
Editor, Financial Times
Last year: 54
GEMMA GODFREY
FOUNDER, MOO.LA
You’ll probably recognise Gemma Godfrey, even if you didn’t know her name. Since leaving a rather traditional finance job in the City – she was head of investment strategy for Brooks Macdonald from 2012 to 2015 – she’s now a regular pundit (BBC, CNBC, TEDx), and was cover star of our sister magazine, HEDGE, last year. A former number one on City AM’s Fintech Powerlist, Godfrey has launched an online venture called Moo.la, which is a robo-advisor, or algorithm-based online portfolio manager, targeted at the gap between ultra-high-net-worths and those without the funds to use a wealth manager at all. To translate all the fintech jargon: she’s one to watch in this increasingly important space.
••
SINCE LEAVING A RATHER TRADITIONAL FINANCE JOB IN THE CITY, SHE’S NOW A REGULAR PUNDIT AND WAS COVER STAR OF OUR SISTER MAGAZINE, HEDGE, LAST YEAR
71ICON KEY
NEW ENTRY
SAME AS 2015
UP FROM 2015
DOWN FROM 2015
squaremile.com 073
P OW E R
PH
OTO
GR
AP
H (T
hiam) by S
imon D
awson/B
loomberg via G
etty Images; (W
oodford) RE
X/S
hutterstock
50 ROLAND RUDDFounder and
Chairman, Finsbury; Chairman, Business for New Europe; Treasurer, Britain Stronger in Europe
Last year: 53
49 LORD TIM CLEMENT-JONES
London Managing Partner, DLA Piper International
Last year: 52
48 JIN CHENManaging Director
and CEO, ICBC UK
New entry
47 HELENA MORRISSEYCEO, Newton
Investment Management; Chair, Investment Association
Last year: 49
46 ANTHONY BROWNECEO, British
Bankers’ Association
Last year: 47
45 SAMIR DESAICo-founder and
CEO, Funding Circle
New entry
44 ARPAD BUSSONExecutive Chairman,
Gottex Fund Management
Last year: 43
43 NIGEL BOARDMAN
Partner, Slaughter & May
Last year: 42
42 LORD ROTHSCHILDFounder and
Chairman, RIT Capital Partners
Last year: 41
41 LIZ BINGHAMPartner,
Ernst & Young
Last year: 40
40 ALISTAIR DARLINGFomer Chancellor,
Board Member, Morgan Stanley
New entry
39 BEN BROADBENT Deputy Governor,
Monetary Policy Committee, Bank of England
Last year: 39
38 MARTIN SORRELLFounder and CEO,
WPP Group
Last year: 38
37 ANDREA ORCELPresident of
Investment Bank, UBS
Last year: 37
36 SIMON ROBEYCo-founder and
Partner, Robey Warshaw
New entry
35 ALEX SNOWCEO,
Landsdowne Partners
Last year: 35
34 PETER HORRELLManaging Director
for the UK, Fidelity Worldwide Investment
New entry
33 PETER MARTYRGlobal CEO,
Norton Rose Fulbright
Last year: 34
32 ANDREW BAILEYIncoming,
Head of FCA
Last year: 33
31 PIERRE LAGRANGE
Chairman of Man Asia and Managing Director of Man GLG
Last year: 32
30 IAN POWELLChairman and
Senior Partner, PwC
Last year: 31
29 SIR JEREMY HEYWOOD
Cabinet Secretary, Head of the Civil Service
Last year: 30
28 CRISPIN ODEYFounder,
Odey Asset Management
Last year: 29
27 JAMES BARDRICK
Country Officer for UK, Citigroup
Last year: 27
NEIL WOODFORD
FOUNDER & CEO, WOODFORD INVESTMENT MANAGEMENT
You know you’ve made it when your name becomes common parlance for being the best at something. Such is the case with Neil Woodford, Britain’s ‘star fund manager’,
who blows out the candles on his eponymous firm’s second birthday cake next month. Woodford Investment Management’s flagship equity income fund is doing predictably well – soaring 18.7% since launch to end February – although his Woodford Patient Capital Trust, which invests mainly in early-stage British companies, fell on some harder times at the end of last year. The famous fund manager trumpets greater transparency in the industry and recently stopped charging research fees.
TIDJANE THIAM
CEO, CREDIT SUISSE
‘Asia pivot’ has long been a phrase bandied about in the halls of the White House, but now it’s reached Cabot Square. Not even a year into the job as CEO of Credit Suisse, Tidjane Thiam is rebalancing towards the East. Including, gasp, investment in China. Other jobs on his 12-month ledger have included tackling a major restructuring, speaking out against tax avoidance in light of the Panama Papers and convincing the bank to slash his bonus. So a quite year for the Ivory Coast-born banker then.
20
26ICON KEY
NEW ENTRY
SAME AS 2015
UP FROM 2015
DOWN FROM 2015
squaremile.com074
P OW E R
PH
OTO
GR
AP
HS
(Staley) by C
hris Goodney/B
loomberg; (B
oris) Dan K
itwood/G
etty Images
26 TIDJANE THIAMCEO, Credit Suisse
Last year: 48
25 DAVID MORLEYWorldwide Senior
Partner, Allen & Overy
Last year: 26
24 EMMANUEL ROMANCEO, Man Group
Last year: 24
23 NATHAN BOSTOCKCEO, Santander UK
New entry
22 MATTHEW LAYTONManaging Partner,
Clifford Chance
Last year: 20
21 MICHAEL SPENCERGroup CEO, Icap
Last year: 19
20 NEIL WOODFORDHead of Investment,
CEO and Founder, Woodford Investment Management
Last year: 21
19 ROSS MCEWANCEO, RBS
Last year: 18
18 DAVID SPROULSenior Partner and
CEO, Deloitte UK
Last year: 17
17 XAVIER ROLETCEO, London Stock
Exchange
Last year: 13
16 INGA BEALECEO,
Lloyd’s of London
Last year: 16
15 STUART GULLIVER
Group Chairman, HSBC
Last year: 9
14 MARK BOLEATChairman, Policy
and Resources Committee, City of London Corporation
Last year: 12
13 DR NEMAT SHAFIKDeputy Governor,
Markets & Banking, Bank of England
Last year: 15
12 ANTONIO HORTA-OSORIO
Group CEO, Lloyds Banking Group
Last year: 1
11 JOHN CRYAN
Co-CEO, Deutsche Bank
New entry
10 DAVID CAMERONPrime Minister
Last year: 8
9 RICHARD GNODDECo-CEO, Goldman
Sachs International
Last year: 14
8 GEORGE OSBORNE
Chancellor of the Exchequer
Last year: 3
7 JES STALEY Group CEO, Barclays
New entry
6 DANIEL PINTOCorporate and
Investment Bank CEO, JPMorgan Chase & Co
Last year: 6
5 CHARLOTTE HOGG
COO, Bank of England
Last year: 5
4 MICHAEL SHERWOODVice Chairman,
Goldman Sachs; Co-CEO, Goldman Sachs International
Last year: 4
3 MARK CARNEYGovernor,
Bank of England
Last year: 2
2 BORIS JOHNSONMP
Last year: 23
BORIS JOHNSON
MP
In the build up to the EU referendum, Boris Johnson made a bold political move. His support of Brexit was an overt sign to the current guard that he’s coming for them. He may be the loudest trumpet for the Out campaign, but surely this decision was part of a larger play: Boris’s In campaign – in to Number 10, that is. With Cameron on the way out – possibly sooner that he’d like – and Osborne floundering after a chaotic Budget, Johnson needed to act. Even if we stay in the EU, Johnson has played a strong hand, as many of the OUTers in parliament will now owe, and show, their allegiance to Johnson come Tory leadership election time. Whatever the result on 23 June, Johnson is clearly hungry for power – which he may well get.
JES STALEY
CEO, BARCLAYS
No doubt alarm bells began to ring when James Edward ‘Jes’ Staley was appointed chief executive at Barclays last autumn. (Does everybody remember the last time the British lender hired an
American investment banker?) But Staley hasn’t had time to hit snooze. He’s already bedded in: by hiring many of his former JP Morgan colleagues. Some of his newest high-level appointments at Barclays include former JPM senior executive Paul Compton as chief operating officer, while the new head of risk, CS ‘Venkat’ Venkatakrishnan, has been cherry-picked from the New York office. Staley might need the support of his mates: a planned scaling back of its African operations, a drop in full-year profits and a slashed dividend haven’t helped matters.
7
2
ICON KEY NEW ENTRY
SAME AS 2015
UP FROM 2015
DOWN FROM 2015
••
WHATEVER THE RESULT ON 23 JUNE, BORIS JOHNSON IS CLEARLY HUNGRY FOR POWER – WHICH HE MAY WELL ACTUALLY GET
squaremile.com076
P OW E R
A NEW KIND OF politics deserves a new kind of square mile Power 100 – and a very different kind
of ‘number one’ right at its top.Western polity has been
up-ended in recent times. The domination of the ‘usual suspects’ at the top of the tree is under threat. Grassroots hold more sway than before. Is there any going back? I think not.
As those traditional figures power down in influence, people power is more important than ever – and that’s why our top trump this year is the Great British public.
In a year that’s confounded the politicians and the pollsters, British voters hold more power over the future of the City than any single politician or corporate grandee could hope to have. In a word, it’s Brexit. It looms over finance, and its impact – if it happens – would be enormous.
Come 23 June, no corporation will hold more sway than another. No fund manager, no insurer, no hedgie, no magic circler, no single politician will have more
••
THE CITY IS A WORLD BEATER – AND THAT ARGUMENT WORKS FOR BOTH SIDES
power. It’s one person, one vote on 23 June – if you bother to turn up, that is.
With OUTers seemingly more motivated to vote and baby boomers more inclined to be out, the entire population across the UK, many far away from the this gleaming ‘mile’, carries your future in its hands.
So the stakes could not be higher for the City of London and everyone who works in it. And we are already seeing the impact on markets which are increasingly nervous.
We seem to love elections and referenda in Britain now. Or, at least, our politicians do. They are hooked on them. Indeed, it appears UK politics has taken on the appearance of the US electoral cycle. Barely has one election ended and we are fast debating the next one. It’s the mania of 24 hours and digital media.
In part it’s driving everyone crazy – this columnist included.
I’m sure you are already feeling pounded by the INers and the OUTers in this neverendum. But 23
June will soon be here and we should just take a moment to remind ourselves
what it may mean for the City.The City represents the motor of much of
the UK’s economy. It’s a world beater – and that argument works for both sides.
The INside case: it might be called Project Fear, but INers call it Project Reality. For the City, it is essentially about access to the single
market. Without those passporting rights, much of what goes on in the Square Mile is deemed to be under threat.
More than that, the pre-eminence of the City could be destroyed if we vote out. A financial transaction for an Italian company dealing in a Spanish trade that is currently ‘booked’ in London is likely to take place elsewhere. Some 40% of EU
financial transactions currently take place in London: do we really want to give that
up, ask the INners.British banks downgraded and
investment banks looking for a new home outside London: all very likely and already being planned. Oh, it might
not happen on day one. It might not be particularly obvious to the eye, but it is
already gamed. I spent time with one of the major US investment houses last year and it’s already actively courting Paris and Berlin for its new EU domicile if Brexit takes place. The exodus is real – it will happen.
For the OUTers, this is all hyperbole. They instantly point to the same City and media voices who now call for the UK to remain
as the same voices that said we should have joined the Euro; staying out of that didn’t do us any harm. They say the City of London has powered ahead to be the global capital of finance outside the Ezone. That the same banks that caused the financial crisis say we should stay in. And they point to many in the City affected by the Alternative Investment Fund Managers Directive (AIFMD) and Markets in Financial Instruments Directive (MiFID) who are desperate to leave the EU.
For many, these pros and cons are a real torment. I listened to a major speech in the City recently on the subject. The room was packed. Hundreds crowded into one of the major livery halls. People were attending as City workers and – of course – as voters. You could feel the bristling bloodrush of real emotions in the room – both for and against Brexit. The speech laid out a very unemotional, balanced case looking at the pluses and minuses of leaving the EU. But the conclusion was clear: for continued access to the single market, staying IN is vital.
When it came to questions, hardly anyone put their hand up. I was totally amazed given it was a subject that arouses so much passion and had attracted so many people to the room in the first place. Were they OUTers who were worried their boss might see them campaigning against the tide of corporate opinion? Were they shy INners who work with mates who want to get out and didn’t want to upset workaday friendships?
What I think was actually at play was the yin and yang of the emotional versus the practical. The conflict between ‘taking control’, as the OUTers argue, and the hard reality of ‘making your numbers’ in the current and immediate financial year.
As they poured out to catch the Drain to Waterloo or a cab to Chelsea, you could tell many were in torment.
Maybe that’s why so many voters still don’t know what to do on 23 June. Maybe that’s why 40% of voters won’t vote. But whatever we do in this referendum your vote is more powerful than ever. This year it makes you number one – make sure you use it. ■
OUR NUMBER ONE SPOT GOES TO YOU – THE BRITISH PUBLIC. YOUR VOTE CAN MAKE ALL THE DIFFERENCE TO THE FUTURE OF THE CITY, SAYS IAIN ANDERSON
squaremile.com squaremile.com078 079
P OW E R