Square Mile and Me: Simon Pryke on his journey from paper round to CEO
Each week we ask a City figure to take a trip down memory lane. Today Simon Pryke, CEO of investment manager Findlay Park, tells us about his time in the Square Mile.
What was your first job?
A research analyst, specialising in insurance and bank stocks. Like everyone, the first job was hard graft. As a teenager I had a paper round, and taught English as a foreign language to students through university.
What was your break into the City?
I was lucky to be offered an internship by someone who recognised my instinct for research and analysis. With no financial qualifications, no relevant work experience and not even a suit in my wardrobe, someone took a punt on me for which I am eternally grateful.
When did you know the City was the place for you?
The Square Mile is an extraordinary conglomerate of people from all nationalities and walks of life. As you tentatively start working here, you discover there is something for everyone and I was fortunate enough to understand that early on.
What’s one thing you love about the City?
I take great pleasure in the mix of the very old and very new. It tells a story. Perspective is essential for a broader understanding of any event and the likely direction of travel.
And one thing you would change?
Given my own entry into the City, I feel passionately that talent is rarely conveyed on a CV. At twenty-three, my CV wouldn’t have had a chance of getting through the algorithms which sort graduate applications in today’s City – I didn’t have the connections, the know-how or the guidance to build a credible CV. I fear we are losing the freedom to offer the ‘unlikely candidate’ an opportunity.
Who’s the business figure you most admire?
Sir Douglas Flint, former group Chairman of HSBC. He has a track record of thinking differently, with an acute awareness of history which gives context to his sound decision-making.
Are you optimistic for the rest of 2023?
There is little left of 2023 so I am hopeful all will be well! But 2024 is the big story. After 14 years of low interest rates, companies will struggle to refinance debt at higher rates and job cuts will follow. The UK economy is in a tight spot with inflation proving stubbornly high. The City is always a tempting short-term target for a government looking to plug holes in its finances. We will need to work hard in 2024 to maintain the City’s position as the leading centre of global finance.
Give us one opinion that sails against the prevailing wisdom
Technology is going impact how we do business much faster than we think. Artificial Intelligence (‘AI’) will transform how data is processed to inform insurance underwriting decisions; mutual funds could be replaced by tokenisation. Some of our competitors – Singapore, Bermuda – are racing ahead to support businesses adapting to these changes. Our talented workforce and a long history will not be enough to keep financial services in London. Business leaders need to speak up for a nimble regulatory regime that embraces change and an environment which supports innovation.
What’s been your most memorable moment in the City?
Running the London Marathon. I was young enough to complete it in a reasonable time but, with three young children at home, tired enough to be overtaken on the finish line by Captain Pugwash.
We’re going for lunch and you’re picking – where are we going?
I’ve had a lot of lunches in the George and Vulture and Boltons this year. I have a favourite dish in each and would honestly find it hard to choose between them.
And if we’re going for a drink after work?
The Walbrook Club – discreet and understated, with a fabulous wine list.
You’ve got a well-deserved two weeks off – where are you going, and with who?
My annual two-week holiday has always been to the Norfolk coast with my family. Nothing beats windy walks on the beach, long pub lunches and competitive family board games when it rains. Simple pleasures but it works.