Phil Redding has joined Cardano as UK head of business development. He joins from Aviva Investors where he was head of business development EMEA.
What did you want to be when you grew up?
My teenage years were spent watching some surprisingly big bands performing at the famed music venue of High Wycombe Town Hall every Friday night. I still harbour my own rock guitar ambitions and who knows, one day…
What was your favourite subject at school and why?
Outside of sports it was really Maths and English and somewhat fortuitously I fell into a career where both have served me well, although many who read my emails may be surprised at the English leaning.
What was your first paid role?
Part time it was tuning guitars and serving customers in High Wycombe’s famed music shop – Percy Priors. Full time it was in Equity and Law’s pensions department working on administration and funding rates. Sounds a bit dry but it was a great start in the pensions world.
What led you to a career in investment?
From the pensions’ department of Equity and Law I joined, what was then, Hogg Robinson in their employee benefit consultancy before joining Scottish Mutual as a pensions specialist. As defined contribution (DC) came to the fore I had leading business development roles with CIS and Zurich which led naturally into the institutional investment world.
What are your priorities for this new role?
Cardano has made a significant impact to pension funds and the wider industry with its fiduciary management and advisory services, since opening its doors in the UK in 2007. I’ve admired its work from an asset manager’s standpoint, particularly its focus on risk management and the steady and consistent performance it has delivered for its clients. It has a very high quality team and continues to deliver excellent results delivered with a focus and integrity that deserves a wider audience. This is a new role for the business and I am very excited to be part of it and building on an already successful position.
What is the biggest hurdle for institutional investors at present?
We are living in pretty turbulent times and it sounds simple but it is about doing the right thing. All institutional investors are different, they could have a strong or weak sponsor and be at different points in achieving their goals. One of the biggest hurdles investors often face is accepting that there is a different way of doing things. The traditional approach adopted by many investors continues to disappoint which can be seen by the poor results – such uncertainty can stop you in your tracks but it doesn’t have to be this way.
What one piece of investment legislation/regulation would you change?
Outside of Solvency II, my biggest worry is for the financial prospects for future generations in the workplace. We have moved from a defined benefit (DB) and savings society to a DC and debt world. I was lucky enough to benefit from property booms, paternalistic employers and general growth. My children live in a very different world of low interest rates, student debt, and unaffordable housing. Better financial education at a younger age will help but we also need to think about how we design better pension systems and the use of legislation and regulation to support better pensions saving.
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