Charlie Conchie interviews the biggest movers and shakers in tech, fintech and financial services. This week, chief executive of Gresham House, Tony Dalwood, explains why he’s leaving the London Stock Exchange.
Rugby, says former Saracens fullback Tony Dalwood, can teach you a thing or two about business.
“Teamwork, leadership qualities – and you know how to get kicked in the shins once or twice and pick yourself up from it,” the now chief of Gresham House tells City A.M. in an interview.
It also seems to have shown Dalwood the value of surveying the pitch in front of him and taking an opportunity when it presents itself.
Dalwood’s alternative asset management outfit completed a £470m take-private deal with UK and US private equity firm Searchlight yesterday, making it the latest in a slew of firms to have been plucked from the London Stock Exchange this year.
Gresham House has had a comparatively bumper year against the torrid backdrop for money managers globally. At its latest – and final – set of half-year results in September, flows ticked up and adjusted operating profits rose eight per cent to £14.2m. The group had amassed assets under management of £8.3bn at the end of June.
However the firm’s decision to shift into private ownership offers a window into some of the issues facing the London Stock Exchange next year. Not only is the bourse battling with firms looking across the Atlantic and channel as potential IPO venues – it’s also fighting the pull of the private markets.
New chapter
Private equity ownership marks a new chapter in a centuries-spanning history for Gresham House. The firm has been around in name since 1857 but has built a reputation as a sustainable infrastructure and alternative asset specialist under Dalwood’s leadership since 2015, pumping cash into assets like
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