As he approaches 50 years in the financial services industry, CIO Gary Reynolds is in a reflective mood as he discusses everything from how the markets performed in 2022 to what he’s learned from clients, and his favourite books of the year. He explains why financial services is a great industry to work in.
If 2022 was a year for investors to avoid large American tech and communications companies and long-dated bonds, 2023 “will be more about what you do invest in,” says Gary. He predicts the next 12 months will be a period when “asset managers are going to have to earn their keep.” It certainly won’t be a year when “a rising tide lifts all boats” and those who are successful will need to be judicious in their stock selection.
Although Gary admits 2022 was “a tough year”, the fact that compared to the markets “we didn’t lose very much” was “the best we could’ve hoped for in the last 12 months.”
Clients often ask for guidance about financial services sector as a possible career for their children. Gary’s clearly an advocate. Not only is the UK financial services industry “probably the best in the world”, but you also “get to work with great people.” Over the years, one of the ways he’s been rewarded is through meeting clients, who’ve generally “made their money” and “have always been willing to share their experiences” and offer himself and CEO Jamie Shepperd their advice.
When it comes to career guidance, Hamza Yassin, the recent winner of Strictly Come Dancing 2022 is perhaps an unusual source of inspiration for Gary, his message “slow is the fastest way to your goal” striking a particular chord. Good advice when thinking about a career in any sector, says Gary, but particularly pertinent in financial services, a sector “that hammers hubris.”
A keen advocate of economic history, Gary recommends two books he read during 2022. Radical Uncertainty co-authored by Mervyn King, the ex-Governor of the Bank of England, is “a great read”. The second by Phil Knight, the founder of Nike, is “really insightful”.
Describing himself “a degree more optimistic going into 2023” than he was at the end of 2022, Gary signs off by thanking clients for entrusting Courtiers with their capital, and by wishing them “a happy, peaceful and hopefully very prosperous 2023.”