MEMBER PROFILE
Michael McNaught-Davis, CFA
Investment director, global equity, Scottish Widows Investment Partnership (SWIP)
INTERVIEW BY: MAHA KHAN PHILLIPS
great, because I’ve always found it to be a the Far East. “I’m really enjoying it. It’s a
fascinating country, but it was also bad good team. Th ings were fi ne for the fi rst
because it’s been a pretty awful market four or fi ve months, and then the
throughout my career,” he says. markets just completely imploded.”
After two years as an analyst, he started McNaught-Davis has been surprised
to run money for overseas clients that the market has discounted so quickly.
excluding clients from the US. Eight years “All things being equal, I would defi nitely
later, he moved to F&C to run its be interested in buying. Th e problem is
Japanese desk. “It was a step up. Th en, in that we are in a serious fi nancial crisis. We
2001, I got married and I received an off er might have hit near bottom, but the
to work for Martin Currie in Edinburgh. recovery is still a long way off .” Still, he is
My wife and I thought it might be nice to buying into companies that he believes
start our married life somewhere new.” are trading at low multiples, such as
He remained there until 2007, Toyota. “US car sales are falling and in
moving across to manage a global Japan and Europe it’s a very exposed
portfolio. “I shifted out to global market, yet the stock is now trading
equities three years ago, because there below book. In terms of quality and
was a chance that came up internally technology, it’s probably the best car
where they were trying to beef up the company in the world.”
global desk. Th e types of clients I was McNaught-Davis is a keen sportsman,
M
ichael McNaught-Davis started working with tended to be big global and loves the theatre and English
his career in 1987 as a graduate pension schemes, and it was a good fi t literature. He also loves languages and
on the Japanese desk of Morgan with the global team.” Last year, he takes his German grammar book with
Grenfell. “We just got assigned to moved across to SWIP with him on holiday. He is currently expecting
diff erent desks, as graduates. Japan was responsibility for Europe, Africa, and his second child.
Michael Kinney, CFA
European head of implemented consulting, Mercer
INTERVIEW BY: MAHA KHAN PHILLIPS
M
ichael Kinney always loved numbers. After reading Maths at
Oxford, Kinney attended Th e Royal Military Academy at
Sandhurst, and enlisted for three years afterwards. “It was 1984,
and I was just growing up and fi guring out what I wanted to do with my life.
I spent most of my time in the infantry in West Berlin.”
When he returned to the UK, he decided to put his maths skills to use. “I
started training as an actuary. Th en I moved to traditional investment
consulting.” He joined what was then Bacon & Woodrow, where he spent the
next 11 years. In the mid-1990s, Kinney took over responsibility for the
manager research function.
He came across the CFA when he was seconded to work in the US offi ces of
Callan Associates, with which Bacon & Woodrow had a joint venture at the time.
“My job was to co-ordinate research. In the UK, consultants typically qualifi ed as
actuaries, but in the US, my actuarial qualifi cations meant nothing. I realised that
WWW.CFAUK.ORG PROFESSIONAL INVESTOR 13
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