|Middle East clients becoming more important to funds business
|Gavin Nangle is currently head of business development at State Street, where he tells international clients what the benefits are of setting up investment fund products in Ireland
|What is your educational background?
Bachelor of Commerce Degree in UCD, followed by qualification as a Chartered Accountant, which I acquired through a contract as an articled clerk with Ernst & Young.
What has been your career path to date?
On leaving Ernst & Young, I joined a small finance house, which through a series of amalgamations and take-overs, became part of what is now Bank of Scotland (Ireland). I moved from there to a role with Goldman Sachs Asset Management in New York and then London, before returning to Ireland in early 2004 to take up my current role as head of business development with State Street.
Are your peers from similar backgrounds?
Yes, many are from accounting backgrounds, although it’s more common now to see personnel coming into international financial services from non-related industries.
Have you worked abroad? If so where and what did you do? Would you do so again?
Yes, I worked in both New York and London, and thoroughly enjoyed my time in both locations. I worked with GSAM in both cities, effectively moving a function from New York to London. From a personal point of view, I suspect I would now prefer to settle in Ireland, but would still be open to professional and career development through a relocation.
How would you compare career prospects internationally to those in Ireland?
I think the nature of business now, and the international travel that accompanies it, is such that while Ireland is my home, my career takes me to whatever part of the world our clients happen to be in, or where they want to do business. My ability to travel is not at all hindered by my home location in Ireland, and hence I don’t consider myself to be career limited or enhanced by being here.
Have you undertaken any additional professional training since assuming your current role?
Yes, State Street provide extensive training to all its personnel, both locally and in global programs, so I have been lucky to have had access to excellent continuing education programs throughout my time here.
What skills/aptitude would you identify as being key/beneficial to a career in your sector?
I think the ability to listen to your clients, to understand their needs and concerns, and to work with them in the creation of a solution for those needs is key to our business. The environment we now work in is more complex than ever before - complex in terms of the investment instruments, the distribution strategies and most of all the regulatory environment, and so the partnership approach with our clients is essential.
What aspects of the job do you like most?
Simply the personal interaction with our clients, who themselves are diverse, driven and, in the main, very interesting people.
What aspects of the job do you like least?
There is very little of it I don’t enjoy… perhaps the need to wade through the amount of junk eMail that our industry seems to create.
How do you define success in your sector?
Success for me is about building new partnerships, that you know will be long standing, and commercially successful for both sides.
Is there anyone in particular you admire in your industry?
No. I have been fortunate to work with many admirable people in this industry, both as colleagues and as clients, and there is no-one in particular I would single out.
What advice would you give to others who might like a career in your sector?
I think the most important feature in gaining a successful career in this sector, rather than just gaining an entry, is to fully understand our business from as many perspectives as possible – whether that’s investment management, product structuring, distribution, legislation etc. An ability to provide information to international clients about those attributes of our industry, positions you well for a successful career.
In what areas are there the most opportunities in Ireland? IFSC/domestic etc.
The IFSC is the area I know, and I believe that despite much commentary to the contrary, there continues to be significant opportunities in this sector.