Profiles

I studied History at University of Bristol and applied to Newton (in 2000) having been interested in a career in investment management for some time. From a graduate's point of view I would say that Newton's strength is its inclusive culture and relative size. These factors enable trainees to get fairly high-level exposure (e.g. company meetings) almost from day one. Although there is a structured graduate programme, trainees progress at their own pace, with hard work being rewarded with greater responsibility sooner than might be the case at larger organisations.

While there is no typical day here, an average day for me could include the following:

I joined Newton in 1997 as a research analyst straight from university after completing an engineering degree. Throughout the recruitment process I got to meet many senior and junior employees, which gave valuable insight into the work environment. One thing that stands out in my memory is how easy it was to talk to people and how they also appeared to listen to me too! It was not as intimidating as I had expected. Having been at Newton for over ten years I can categorically say that everyone encourages communication, debate and feedback from an early stage and it is hugely important to the way that we invest.

Newton hires career analysts, but it was very understanding in 2000 when I approached the CIO about moving into investment management. It was still very early in my career and the portfolio management role was something to which my skills were becoming more suited. I moved to the US equity desk and have been involved there ever since, taking over the management of the US fund at the end of 2002. Newton is very good at rewarding employees with responsibility and is very meritocratic. The flat structure makes for an easygoing workplace but also one where everybody contributes. The Newton investment process is geared towards looking at investments on a global basis so, despite the US being a difficult place for investors over the last seven years, I am always involved in framing stock ideas from a US perspective.

As a regional investment manager, I spend my time working with our analysts on US stock ideas, working with the global investment managers on US investment strategy, meeting US companies in London and visiting them in the US, chairing the US investment meeting as well as carrying out some client marketing. Apart from the daily morning meeting, there is not really a typical day for me which I think is great! Newton encourages debate, thinking laterally and enthusiasm. Work here is still fresh ten years on!

In early 2006 I made a decision to leave academia for the City: It was there that I hoped to marry a perpetual fascination with finance and a passion for analytical research. A postgraduate study of the early history of the London stock market had indulged these traits somewhat but I now sought to be closer to them as they unfolded in real time. That summer I started at Newton as an intern and was delighted when asked to stay as a full-time analyst, beginning in the oil and gas sector.

It soon became apparent that I had underestimated two aspects of working at Newton. The first was the sheer variety in what the job entails. A research-led investment process based on fundamental analysis necessitates a discriminate promiscuity of thought. For example, my professional reading ranges from the website of the Kurdistan Regional Government to Norwegian parliamentary debates to the American Steel Tube and Pipe Monthly and everywhere in between. Since joining Newton, I have travelled to conferences and visited oilfields both offshore and onshore. I have been privileged to meet a host of industry experts including journalists, consultants, diplomats, lawyers, analysts, government officials and senior management. The underlying purpose, of course, is to identify investible trends before they become consensual.

The second feature that I misjudged about working in research was just how well the role would dovetail with my pre-existing interests. On the one hand, I enjoy weaving together different strands of thought into a concise argument that is presented to the investment managers in the form of a research recommendation. This poetry is supported, on the other hand, by the conscientious prose of numerical financial analysis: projecting revenues, modelling earnings, quantifying cash flows. The work is full of questions: how much can that oilfield produce? what is the risk that the government expropriates the asset? have management been too conservative in their guidance? have I been too optimistic in my assumptions? and so on.

A day in the life.......

I joined Newton in 2000, after a fascinating 19-year career in the oil industry. It had not been my intention to leave industry for "The City", but I was approached to interview with Newton, and was intrigued by the job profile and the culture of the company. Newton seeks to ensure the effectiveness of its research capability by blending industry experience, industry auditing or consulting exposure, and in-house developed analysts. I attended a series of interviews, and was instantly impressed by the enthusiasm and collegiate working environment. Making the step from a big name oil company into the city was a significant decision for me, but I am pleased to report that I continue to be delighted that I made the move - and each day continues to throw up new challenges. I appreciated the help I had from my new colleagues as I made the transition. I observe that recently Newton has made great strides forward in developing graduate and personnel development programmes, so that those that make this transition in future will be well supported.

After Graduating with a Civil Engineering degree, my first job was offshore in the North Sea looking after drilling operations. My oil industry career was unusual in that I was able to work across the industry both domestically and internationally in a variety of roles. After offshore operations, I became a reservoir engineer, looking after new field design. I then moved into project management. I used my MBA as a stepping stone to finance, business planning and commercial roles, ultimately running ARCO's European natural gas supply and marketing business. Following the acquisition of ARCO by BP, I led the integration project to bring together the two gas marketing and trading businesses for Europe.

A broad perspective of the industry, plus technical knowledge, has many advantages for my daily role as a global industry analyst leading the oil and gas sector analysis - especially when dealing with senior industry management. The oil industry is a truly global game, heavily influenced by political, fiscal and technical, as well as operational, factors. This being a large sector, I have another analyst working with me. We spend a significant proportion of our time understanding the risk factors, as well as doing fundamental work on oil and gas supply and demand. Company analysis for us is much more than reviewing financial statements. We have regular meetings with all our companies and ensure, where possible, that we visit company operations and facilities.

As the oil and gas price outlook are important factors for other sectors, as well as requiring a solid economic underpinning, I work as part of the strategy group here at Newton. We also arrange our physical work areas so that all the commodities and utilities analysts sit together in a hub, so that we maximise the synergies of our observations. Our focus is always to understand the long-term competitive situation for the industry. Some of our long-term supply and demand work at Newton has been groundbreaking and has been a driving force behind house investment themes. There are always frustrations when some shorter-term recommendations do not work, but the emphasis here is to learn when things do not go to plan. The satisfaction comes from getting more right than wrong, and getting the longer-term picture correct - which leads to consistent performance.