Former Lord Mayor of London is helping Multrees look towards a post-Brexit future
14 August 2017
Sir Roger Gifford joined Multrees Investor Services as a non-executive director in March 2014. He has worked for the Swedish bank, Skandinaviska Enskilda Banken AB (SEB), for many years and is currently Senior Banker at SEB UK.
Sir Roger has had a long and illustrious career in financial services, spanning 30 years in London and overseas, and was appointed as Lord Mayor for the City of London in 2012. He is the Chairman of the London Green Finance Initiative and an ambassador for UK financial and professional services. He is also Vice-Chairman of the Association of Foreign Banks.
“I hope to bring broad experience to the role of non-executive director at Multrees, having been in the banking industry for more than 30 years, primarily in the debt and equity capital markets.
“During this period, we’ve seen the capital markets transform but I believe it can help to take the long view when looking at how best to drive this business forward.
“The wealth management industry faces particular challenges today, and it’s important to remember that financial and economic markets tend to be cyclical. However, the drive for greater efficiency coupled with the need to be ever more vigilant, technically and governance-wise, give expert specialists like Multrees a vital role to play. I don’t believe that direction will ever go into reverse.
“One of my roles at Multrees is to represent the interests of the company’s shareholder, SEB's pension fund. This includes looking at aspects of the business from governance and best practice to sitting on the remuneration committee.
“As a business, Multrees is very much looking to the future. I believe there is a real opportunity within the sector they operate in, specialising as they do in providing services for the discretionary wealth management sector.
“I am not a ‘Brexiteer’, but I think there are areas for the City of London and the asset management sector in particular, to flourish after the UK has left the EU. Of course, much will depend on the final terms of any Brexit deal, but I think London can carve out a niche as an even larger global wealth management centre.
“Part of the role the City of London takes, with the Lord Mayor its principal ambassador, is to look at what can be done to promote the UK abroad, whether it's in legal services, insurance, shipping or banking. London has all the key elements needed: a range of specialist ancillary services, from research teams to analysts, lawyers, accountants and so on; a favourable time zone and language; an independent judiciary and with it, the confidence that assets will be securely managed and looked after.
“Since the global financial crisis, the asset management industry in London has doubled from around £3.5 trillion to £7 trillion. I see no reason why this upward trajectory should not continue in a post-Brexit environment.
“Improved technology has helped the wealth management industry flourish over the past few decades. This has made transactions quicker and more secure, and has helped the whole industry reduce costs.
“It has also helped make discrete businesses, like Multrees, become more viable. Many global private banks used to be sprawling businesses offering a whole range of services. Today however, more and more are concentrating on the core aspects of their business and outsourcing ancillary services, be it treasury management, custody or investment administration services to specialists.
“So I’m optimistic about the future of Multrees, operating as it does in a thriving sector. As I’ve worked in London and overseas over many years, spending a considerable period of time in Japan, I also hope to bring some useful contacts, making introductions that will benefit Multrees, its shareholders and its clients.”