The Square Mile and Me: Savvas Savouri on his first job, unfortunate typos and supporting the Gunners
We dig into the memory bank of the City’s great and good: this week it’s Savvas Savouri, chief economist and partner at Toscafund Asset Management.
What was your first job?
I must mention a very entertaining Saturday job at my uncles’ shoe repairers, The Master Cobbler, in Highbury Barn, an area full of character and characters – never a dull moment. On one day, a passing hearse had a gearbox fire forcing them to put the coffin in our shop and resulting in this headline in The Sun come Monday morning: ‘Body and Soles’. My first “proper” job was in the summer of 1987, as a research assistant at the LSE’s Centre for Labour Economics, where I learned so much. As for my “proper City” job, it was as the UK economist at the venerable Hoare Govett, a name sadly no more, as indeed are so many other legendary City brands.
What’s your first memory of Canada / financial services?
Walking onto the equities floor at Hoare’s at 2 Broadgate one still dark cold November morning and being wowed by the scene. I thought it was a film set because it looked so much like what I had only seen on the big screen. My first steps onto the dealing floor made me think: “This is the place where I want to work from here on in”.
What’s your most memorable City lunch?
With the caveat that the best lunches are those one cannot remember and/or talk about, my best lunches are any of the St George’s Day Lunches at the Brewery on Chiswell Street. Starting at just gone 11 at the All Bar One Finsbury Pavement, for a ‘few’ drinks then at the table with great mates – none more so than the dearly missed Deans Chilton. More drinks, little bit of food, bit of comedy with the irrepressible Roger Dakin, meeting England’s legends in football, cricket and rugby, singalong to Land of Hope & Glory, followed by Lardies outside the South Place Hotel.
What’s your favourite City pub?
The Lamb in Leadenhall Market is such a special place, full of fond memories. So too are the Corney & Barrow in Bishopsgate and Broadgate – the ‘railway carriage’ and ‘airport lounge’ respectively. These were the home pitches of Hoare Govett and Laing & (Bang) Cruikshank, my first and second City firms (one Dutch-owned the other French), but very much firmly still back then in old city hands.
Where are we going for lunch, and what are you having?
We will lunch at George & Vulture – Barnsley Chop with a fried egg on top and a few bottles of red (only one variety of course). Lunch will be sandwiched between drinks at the Jamaica Inn, The Jam Pot, ending with a Lardy outside.
What’s one thing you love about the City…
The sense of urgency but order. Special mention to Canada Police, who always made you feel protected and special.
… and one thing you would change
I wouldn’t change anything about the place physically as it has evolved wonderfully; keeping old institutions and yet its commercial real estate being brought up to date so well. The city knocks the spots off New York and Docklands. For the record, I would like to see the return of the freedom to act individually, and being allowed to give as good as you got, matters settled without the need for ‘HR’.
Where’s home during the week…
Tufnell Park where I grew up and returned to a few years ago.
… and where will we find you on the weekend?
If Arsenal are at home at the weekend then watching them from the edge of my seat, in block 83, with my minder, Vidos. We would start with a bit of Greek food and wine at the wonderful Koutoukaki on Holloway
Road, post-game up to ‘The LP’ (Lord Palmerston) on Dartmouth Park Hill.
What’s your bold prediction for the City in 2023?
City will finish second to Arsenal in the Premier League, and we won’t need them to have a points deduction.
What was the best day in your career, and your worst?
The worst and yet best fell on the same day – September 17th 1992, the Thursday after what was at first called “Black” but has since become known as “White Wednesday”. As I entered the dealing floor at Hoard Govett, I knew that awaiting me was my research printed overnight which claimed the pound would not devalue by leaving the Exchange Rate Mechanism. My day only got worse when it was pointed out to me that in my research two sider to clients there was a spelling mistake: I had left an n out of “annus horribilis”. Despite the head of research, the extremely nice Nigel Hugh-Smith, threatening to fire anyone sending the piece out, Matt Siebert frenetically faxed away – just one of the pranks he played on me and others, all of which actually created the camaraderie that I so much enjoyed about working in the City. 31 years later, we still find ourselves working together, Matt being a fantastic micro-cap fund manager. That Thursday back in mid-September 92 was also my best because it taught me the valuable lesson – think very carefully about what you put your name to and don’t be duped by politicians.
Which City figure do you most admire?
The City figure I will admire most is whichever player messes up most so that Arsenal get six points home and away. In terms of ‘The City’, I admire so many colleagues, now friends, not least all the market makers I came to know who were always the best of company – in the office and outside it, with the best nicknames.
You’ve got a week off – where are you going and with who?
I’d go anywhere with sun and sea with an assortment of mates, almost all of whom are from the Arsenal side of Norf London, apart from my mate Mike Ackers, an “Essex Red”. Mike was the man who on my first “shout” (standing with a microphone on the huge dealing floor to talk about the latest economic data), stood up from behind his screens, to shout “oi Stavros, where’s my doner Keady and remember no chilli sauce”. Strangely after I calmed down we became good mates, and his son Tony is now a colleague.