Advice

Take 10 with Allan Bertie

1. Tell us about your strategy behind the build and strength of Raymond James Investment Banking in Europe?

Raymond James Investment Banking in Europe, and globally, is extremely focused on being an industry leader in our chosen subsectors. Our clients value the depth of sector knowledge over and above the quality execution they receive. This focus clearly differentiates us from the competition and allows us to be disciplined in growing the size of the deals we work on as our expertise is recognised.

2. This has been a difficult year for investment banking globally. What is your market view for 2024?

While 2023 was a difficult year for investment banking, the fundamentals for a decent year are there for 2024. We have a strong pipeline, sponsors have record dry powder, private credit funds are ready to deploy, and sellers are starting to adjust views on value. We do, however, need a period of stability in the markets to provide a base for the upturn to last. While many of the fundamentals are in place, geopolitical matters remain a concern.

3. As a banker, your focus area has been financial sponsors. Why are these relationships important?

Financial sponsors have been an ever more important part of the M&A market over last 30 years. As bankers, they are our best source of repeat deals or re-occurring revenue. They also value the sector specialism I spoke about previously.

4. Raymond James has implemented incentives to foster a better working environment for junior bankers. Why is this important to you?

The banking world has evolved massively since I joined in the ‘90’s. The demands on our junior bankers are very different and more varied than before. Our industry is a challenging one to work in, and developing and nurturing real talent internally is a great way of creating a working culture and developing bankers who have resilience when markets get tough. My most enjoyable experiences in banking are rooted in operating as a team, we look out for one another and share our skillset and knowledge to benefit everyone involved. I believe this is the difference between building a career and having a job.

5. What differentiates Europe from U.S. investment banking, and what cross-border benefits are there?

Europe is not a single market like the U.S. We have linguistic, political and stylistic challenges to deal with. Some countries are much harder to break into without a physical presence than others. We have seen benefits of our sector specialism and reach into the U.S. when approaching new clients. Being able to deliver clear value-added insight and advice on what competitors and buyers are doing across many regions is a clear asset when advising ambitious entrepreneurs and private equity firms.

6. We have seen Raymond James Investment Banking report strong growth in Europe. To what do you attribute this success?

Strong growth in Europe is attributed to a few factors. The team that we have hired in this region is tremendous! The senior bankers are flourishing on the platform which gives them freedom to develop their sector franchises and we provide the platform which delivers support and guidance so that they work effectively together for mutual benefit. We invest in our people and understand that immediate results are not always easy, but we are focused on building resilient teams for the future. Having the boutique feel with the backing of such a strong U.S. parent is also a great asset benefiting our platform in Europe.

7. You are the Head of European Investment Banking. What enabled you to reach your career goals and what advice would you give others?

It is never too early to think about your network. Many of my best contacts were fellow juniors in banking or at clients, and these individuals now run some of the best companies or largest PE funds. Don’t forget the others though, you never know when you may be able to help them or when they may be able to help you. People remember who was there for them in difficult times. In addition, be resilient as markets don’t always go up!

8. Who is your favorite non-finance inspirational human and why?

It would have to be Sir Alex Ferguson, the great manager of Manchester United Football [Soccer] Club! Obviously, I am biased as he is a Scot, but what he achieved through focus, tenacity and passion was incredible. His ability to understand what it took to make different players succeed was uncanny. The fact that he ended up running a program at Harvard is also amazing.

9. Is there a mistake you made as a junior banker that you will never forget? How did you grow from it?

The mistake that has stuck with me the most is from the time I transposed the digits on a fax machine – yes, I am that old – incorrectly resulting in a document being sent to a union representative rather than the CEO. Attention to detail has always been drummed into me and that action hurt, but I learned by owning the mistake and minimizing the fallout.

10. Tell us three fun facts about the Allan Bertie outside of work!

• In one of my early jobs, I worked in a business where we recycled steel, well before that was cool, and traded used shipping containers!
• I have a passion for cycling – road, mountain and more recently gravel – and have ridden across deserts and up mountains, often to raise money for charity.
• I also enjoy playing golf, having played a lot as a boy growing up in Scotland. Unfortunately, my buggy driving skills do not match my swing – as Jim Bunn will attest!