Shaper: Giles Hargreave

Show aired on 7th November 2015

Transcript

Giles Hargreave is Chairman of Hargreave Hale Ltd and manages a number of funds under the Marlborough brand which include investments in the AIM market. He is now one of the most experienced and successful smaller company fund managers; his intimate knowledge of companies in this under researched part of the UK stock market has led to considerable added value over time.

Giles was born in Preston and educated at Harrow and Cambridge University. He started his career in 1969 as a trainee and then analyst with James Capel, going on to join Management Agency and Music (MAM) as a private fund manager in 1976. At this well-known music agency he managed investments for the company and artists such as Tom Jones and Engelbert Humperdinck.  Chrysalis did a reverse takeover of MAM and Giles left to set up him own investment company, founding Hargreave Investment Management in 1986, before merging the company with Hargreave Hale & Co, a provincial stockbroking firm controlled by other members of his family, and later taking over as Chief Executive. At this stage there were 30 people working for the company in Blackpool and London.  Today 200 people work for the company in nine offices across the UK. In 1998 Giles took over the management of what was then the MW Hargreave Special situations Fund which at that time has assets of about £100k; today that fund has assets of £1 billion and the unit price has risen from 56p in 1998 to £11.54. There are now seven Marlborough unit trusts managed by HH with total assets of approximately £3 billion.  In total, Hargreave Hale currently manages assets of just under £5 billion. In June 2014, Giles relinquished his role as CEO of Hargreave Hale to focus more on fund management – he remains as Chairman with Hargreave Hale.

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“We spend most of our time looking at companies, meeting companies, and analysing companies – and that’s the fun part of the job.”

“I think one of the keys to investment is to maximise your winners and minimise your losers.”

“If you can get two out of three right and make the best of them, then you are doing well.”

“I think a good temperament is important.”

“…some years it’s been a struggle to keep up because there are some other extremely good fund managers around…”

“Small is beautiful…in a portfolio.”

“CEO is a very demanding job….at my age it was time to step down and just concentrate on the investment management and let more, shall we say, energetic people manage the business.”

“We are only interested in our clients and ourselves.”