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Philip May: the reserved City fixture and husband happy to take a back seat Philip May: the reserved City fixture and husband happy to take a back seat
(35 minutes later)
Philip May is known in politics as a man who has taken a back seat and allowed his wife, Theresa, to shine. His reputation in the City is very similar.Philip May is known in politics as a man who has taken a back seat and allowed his wife, Theresa, to shine. His reputation in the City is very similar.
The husband of the incoming prime minister has been a fixture in the Square Mile since the 1980s, when the City became known for brash yuppies, but May has always belonged to the more reserved old school. The husband of the incoming prime minister has been a fixture in the Square Mile since the 1980s, when the City became known for brash yuppies, but Philip May has always belonged to the more reserved old school.
A colleague at Capital Group, the US fund manager where May handles relationships with its clients, said: “He often chairs meetings and does a very good job of making sure that everybody has their say.A colleague at Capital Group, the US fund manager where May handles relationships with its clients, said: “He often chairs meetings and does a very good job of making sure that everybody has their say.
“Around the office, he is a fairly head down type of guy. There is a stereotypical investment manager with a big ego – he’s not like that at all. He is fairly quiet, keeps himself to himself. He has very good integrity and never trades off his wife’s name.”“Around the office, he is a fairly head down type of guy. There is a stereotypical investment manager with a big ego – he’s not like that at all. He is fairly quiet, keeps himself to himself. He has very good integrity and never trades off his wife’s name.”
A Conservative party source said: “Theresa May is the most un-clubbable of politicians – and he is incredibly quiet. At party conferences, he is always three or four paces behind her and very happy not to be in the limelight.” A Conservative party source said: “Theresa May is the most unclubbable of politicians – and he is incredibly quiet. At party conferences, he is always three or four paces behind her and very happy not to be in the limelight.”
While there are some echoes of Margaret Thatcher’s husband, Denis, in this description, it also suggests that socially, the two men are very different.While there are some echoes of Margaret Thatcher’s husband, Denis, in this description, it also suggests that socially, the two men are very different.
Denis’s image, of course, was primarily derived from Private Eye’s “Dear Bill” columns, which first appeared in the satirical magazine two weeks after his wife acquired the keys to No 10 and were imaginary letters supposedly penned to his friend Lord Deedes, a former editor of the Daily Telegraph. Denis Thatcher’s image, of course, was primarily derived from Private Eye’s Dear Bill columns, which first appeared in the satirical magazine two weeks after his wife acquired the keys to No 10 and were imaginary letters supposedly penned to his friend Lord Deedes, a former editor of the Daily Telegraph.
Since then, it has been assumed that Denis was a gin-soaked, golf-obsessed halfwit whose sole aim in life was to sneak another snifter, but May’s appetites appear to be quite different. Certainly, he is not known for hitting the bars after work and is understood to prefer cricket. “He would just head home,” one City colleague said. Since then, it has been assumed that he was a gin-soaked, golf-obsessed halfwit whose sole aim in life was to sneak another snifter, but May’s appetites appear to be quite different. Certainly, he is not known for hitting the bars after work and is understood to prefer cricket. “He would just head home,” one City colleague said.
The quiet man image is true within May’s low-key industry. If there are such things as star names in fund management, they tend to be the people who make big punts on behalf of their clients. However, May no longer invests money on behalf of pension funds of large corporations or local authorities, instead filling the role of go-between. He is the man who explains why the fund managers have made the bets that they have, presumably taking the flak when it all goes wrong.The quiet man image is true within May’s low-key industry. If there are such things as star names in fund management, they tend to be the people who make big punts on behalf of their clients. However, May no longer invests money on behalf of pension funds of large corporations or local authorities, instead filling the role of go-between. He is the man who explains why the fund managers have made the bets that they have, presumably taking the flak when it all goes wrong.
It has not always been like this for May. After starting his City career at stockbroker de Zoete & Bevan, where he worked from 1979 to 1983, May moved on to Prudential, staying until 2000, where he invested money for pension funds of major companies, known as segregated pension funds, as well as managing relations with clients. There, May experienced the usual highs and lows of City life.It has not always been like this for May. After starting his City career at stockbroker de Zoete & Bevan, where he worked from 1979 to 1983, May moved on to Prudential, staying until 2000, where he invested money for pension funds of major companies, known as segregated pension funds, as well as managing relations with clients. There, May experienced the usual highs and lows of City life.
In the final days of 1999, his views on investment prospects were sought after enough for him to be featured in the Times, making his predictions of what the financial markets might do the following year.In the final days of 1999, his views on investment prospects were sought after enough for him to be featured in the Times, making his predictions of what the financial markets might do the following year.
There he was quoted, perhaps ironically, as being “more inspired by [investments in] continental Europe, as devaluation of the euro opens up export opportunities, and [he] is particularly enthusiastic about cyclical stocks in Germany and Sweden”.There he was quoted, perhaps ironically, as being “more inspired by [investments in] continental Europe, as devaluation of the euro opens up export opportunities, and [he] is particularly enthusiastic about cyclical stocks in Germany and Sweden”.
His reputation as a stock picker came after a coup in 1998 when, as head of pension funds at Prudential Portfolio Managers, May collected a fund management award at the Extels, known as the “City’s Oscars”. However, two years later, PPM attracted the attention of the trade press when it was ditched by its client Associated British Foods because “the performance ... was not satisfactory”. His reputation as a stock picker came after a coup in 1998 when, as head of pension funds at Prudential Portfolio Managers, he collected a fund management award at the Extels, known as the “City’s Oscars”. However, two years later, PPM attracted the attention of the trade press when it was ditched by its client Associated British Foods because “the performance ... was not satisfactory”.
In 2000, May was one of the three from the 11-strong institutional equity team who survived when Prudential, having acquired rival M&G a year earlier, sold some of its fund management business to Deutsche Asset Management.In 2000, May was one of the three from the 11-strong institutional equity team who survived when Prudential, having acquired rival M&G a year earlier, sold some of its fund management business to Deutsche Asset Management.
He was transferred to the German bank and remained there for a further five years, before Deutsche’s UK investment operation was acquired by Aberdeen Asset Management, swelling the funds under its management by £40bn.He was transferred to the German bank and remained there for a further five years, before Deutsche’s UK investment operation was acquired by Aberdeen Asset Management, swelling the funds under its management by £40bn.
In 2005, May left to join Capital Group, a fund management business founded in Los Angeles in 1931, which has $1.4tn (£1.1tn) under management, but has remained largely unknown in the UK, outside the City of London, since opening an office in the capital in 1979.In 2005, May left to join Capital Group, a fund management business founded in Los Angeles in 1931, which has $1.4tn (£1.1tn) under management, but has remained largely unknown in the UK, outside the City of London, since opening an office in the capital in 1979.
A spokesman for Capital said: “Philip is a client relationship manager who stays in contact with clients to ensure they are happy with the service being delivered by Capital Group and that we understand their goals. Philip is not involved with our investment research or portfolio management activities.”A spokesman for Capital said: “Philip is a client relationship manager who stays in contact with clients to ensure they are happy with the service being delivered by Capital Group and that we understand their goals. Philip is not involved with our investment research or portfolio management activities.”
While it is not particularly well known, the company has a reputation in the trade for making large bets on companies, according to City sources.While it is not particularly well known, the company has a reputation in the trade for making large bets on companies, according to City sources.