Leaders In Funds Management – Andy Sowerby, Managing Director, Legg Mason Australia

Brief overview of career to date

Having left school at 16 years old to take up a specialist engineering apprenticeship I quickly (and inconveniently) realised that I had started down the wrong career path. Causing those close to me much angst, I changed direction to join the funds management industry initially in Edinburgh and then moving to London. I have worked for three different organisations in that time and have held senior executive roles for the past 18 years.

How did you get your first position in the industry?

Having decided I wanted to join the investment industry I wrote speculatively to several potential employers and was fortunate to secure a role at Scottish Widows in their funds management division.

How did the opportunity to run Legg Mason in Australia come about?

From 2005 I was employed by the global equity specialist, Martin Currie, and this firm joined the Legg Mason group of companies in 2014. The opportunity then arose for me to move to Australia to manage the local business and I moved here in August last year.

Can you provide an overview on your strategy for Legg Mason in Australia?

Legg Mason is one of the world’s largest active investment management firms and has a unique multi-affiliate investment offering. The nine independent and autonomous investment affiliates  in our group – including leading firms such as Western Asset, Martin Currie, Brandywine Global and QS Investors – are true investment specialists with the deep expertise required to excel in their chosen asset classes.

The strategy for Australia is relatively straightforward in that we want to make the very best of what we do globally available locally and expand client choice through products, channels and vehicles, then support this with superior client relationships.

You have led and managed large teams previously at Investec and Martin Currie. What is your approach to attracting and developing people within your business?

It is a truism that people are the greatest asset in this business. My approach is therefore to aim to build an attractive environment built on the right culture and values where the client at the heart of the decision making process. Then it is about empowering colleagues to take responsibility and accountability and then supporting them as they help grow the business and their own roles within it.

“My approach is therefore to aim to build an attractive environment built on the right culture and values where the client at the heart of the decision making process.”

What do you believe are the attributes that make a successful leader?

I am very fortunate to have worked with several great leaders in my career. Whilst their styles were all different, each was grounded in a value system that I believed in. The common thread was that they always did what they believed to be right and each of them then sought to communicate their decisions in an open and honest way. Whilst I may not have agreed with a decision, I was therefore always able to understand why it had been taken.

If you could give one piece of advice about developing a career within the funds management industry what would it be?

My advice is to make the most of the talents you have and never feel that they you have reached your full potential. To grow one must take risks and it is important that these risks are well considered. If a considered risk then does not pay off then use that to learn and then improve again. This was well encapsulated by one of my mentors through the concept of ‘fail forward’.

“My advice is to make the most of the talents you have and never feel that they you have reached your full potential.”

What are some of the main opportunities and challenges you see for the industry over the coming year?

There are (always) many. On the opportunity side it is around how we as an industry serve clients as they enter their retirement phase helping them meet their life goals. The challenges are numerous and therefore I see this as an environment where active management is needed to avoid the pitfalls and maximise the return potential.
Regards
Matt

Matt McGilton – Director