Birchstone

Chief Strategist & CEO of Capital Markets at Marex, Paolo Tonucci, joins Birchstone’s CEO James Arnold to share the formula behind Marex’s M&A success. Paolo has spent nearly eight years at Marex, starting as COO, then CFO, and now leading Capital Markets and the firm’s acquisition strategy. Under his leadership, Marex’s net revenues have grown to around USD $2.36 billion, with profitability annualising at roughly USD $400 million, and M&A contributing around 40% of growth each year.

The conversation dives into Marex’s disciplined approach to acquisitions, from identifying strategic opportunities to building trust with sellers, integrating businesses, and creating long-term value. Paolo also reflects on the cultural and governance principles that underpin successful deals and offers practical advice for leaders considering M&A as a growth lever.

Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services across energy, commodities and financial markets. Its core services include Clearing, Agency and Execution, Market Making and Hedging, and Investment Solutions. Marex has a leading franchise in metals, energy and agricultural products, with access to 60 exchanges and a client base spanning commodity producers, traders, banks, hedge funds and asset managers. Recent acquisitions include Hamilton Court Group, under which Birchstone operates.

⏱ Timestamps:
00:00 – Intro
00:41 – Paolo’s journey from COO to CEO of Capital Markets
02:00 – Why Marex chose M&A as a growth lever
03:55 – The anatomy of a successful acquisition
06:34 – Building trust and cultural alignment
09:15 – Governance and board discipline in deal-making
12:30 – Identifying targets and filtering opportunities
15:35 – Integration: platforms, compliance and risk
18:28 – Revenue vs cost synergies: where the real value lies
22:10 – Measuring success post-deal
25:21 – Marex’s growth story
29:33 – Advice for leaders considering M&A
31:41 – What Paolo would tell his 20-year-old self

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In this episode of Suite Talk, Birchstone CEO James Arnold sits down with economist James Bennett to explore why the era of stability is over and what the next decade holds for businesses. From the end of globalisation to the rise of cybercrime, James breaks down the 10 structural shifts that are reshaping the economic landscape and what they mean for business leaders.

James Bennett is a macroeconomist at Fitch Solutions and a long-standing guest economist at Birchstone. He regularly shares insights on his blog JB Macro and was recently featured on Bloomberg Turkey. Known for his deep dives into FX, economics, markets and geopolitics, James describes himself as someone who “digs into the weeds” and is passionate about big ideas and what the future may hold.

⏱ Timestamps:
00:00 – Intro
01:00 – Life in the “Nice” era: what stability looked like
04:00 – The shift from demand-driven cycles to supply-side shocks
07:00 – How globalisation reversed and populism rose
10:00 – Pandemic disruptions and the return of volatility
14:00 – Why central banks face impossible trade-offs
19:00 – The 10 structural shifts explained
44:00 – Can AI save productivity?
49:00 – What the next decade means for rates, FX and inflation

🔗 Follow James Bennett
🔗 Follow JB Macro

💡 Resources mentioned:
⬜️ Why The Next Decade Will Be Hard: Part 1
⬜️ Why The Next Decade Will Be Hard: Part 2

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In this episode of Suite Talk, Birchstone CEO James Arnold sits down with Stephen Illingworth, CEO and fifth-generation owner of Widdop & Co, to explore the realities of leading a privately owned business through challenging times. From cyberattacks and COVID to shifting global trade dynamics and US tariffs, Stephen shares the mindset, resilience and leadership required to navigate constant disruption.

With over 140 years of history, Widdop & Co is one of the UK’s largest designers and importers of home and giftware. Stephen reflects on the emotional highs and lows of running a family business, the lessons learned from crisis, and the importance of staying curious and adaptable in a volatile world.

⏱ Timestamps
00:00 – Intro
00:22 – The legacy of Widdop & Co and Stephen’s journey into the business
02:07 – Why external experience matters in family business leadership
04:19 – Leading through constant crisis: financial crash, Brexit, COVID, tariffs
05:08 – “What doesn’t kill you makes you stronger”
09:00 – Cyberattacks, floods, and unexpected challenges
12:03 – “Highest highs and lowest lows”
14:22 – Post-COVID shifts in consumer behaviour and work culture
15:31 – Responding to US tariffs and global uncertainty
20:46 – “Staying put is not an option”
28:43 – Gamification of global trade and supply chain strategy
33:21 – Advice to his 20-year-old self

🔗 Follow Stephen Illingworth
🔗 Follow Widdop & Co 

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In this episode of Suite Talk, CFO of Insurwave Premal Gohil joins Birchstone CEO James Arnold to explore how finance leaders can practically adopt AI in their teams and workflows. From automating working capital processes to using generative AI for board reporting and valuation modelling, Premal shares real-world examples of how AI is transforming the finance function, even in highly regulated, data-sensitive industries.

Premal has over 20 years of experience in the global insurance and financial services industry. He has held senior roles at PwC, the Financial Services Authority (now the PRA), Liberty Mutual Insurance and FTSE 100 insurer Beazley. His background spans audit, regulation, M&A, corporate development and venture investing, with a focus on insurance technology. At Insurwave, he is helping lead the company’s transformation into an AI-native platform serving the global specialty insurance market.

⏱ Timestamps
00:00 – Intro
00:43 – Premal’s background in insurance, finance and venture investing
05:07 – First exposure to AI and early learnings
07:08 – Starting small: using AI for board prep and investor memos
09:18 – Automating working capital and AP/AR processes
11:23 – Forecasting with AI and predictive tools
13:18 – Advice for CFOs in non-AI native businesses
15:01 – Learning from peers and online resources
17:16 – Involving your team in the AI journey
18:22 – Overcoming resistance and building buy-in
20:55 – Using AI to model valuation scenarios
23:44 – Human plus machine: building trust in AI-generated insights
25:13 – Risk, compliance and audit considerations
27:09 – Data security and operating in a secure AI environment
30:36 – Upskilling teams and public learning
32:24 – Learning about AI agents and staying curious
33:51 – Strategy: focus on the problem, not the product
35:16 – Advice to his 20-year-old self

🔗 Follow Premal Gohil
🔗 Follow Insurwave

💡 Resources mentioned
⬜️ Run the Numbers podcast: https://www.mostlymetrics.com/s/run-the-numbers
⬜️ Marc Benioff on Bloomberg discussing AI agents and Salesforce’s billion-dollar investment: https://www.youtube.com/watch?v=d-s-3V56o54
⬜️ Jeff Su’s YouTube explainer – a simple breakdown of AI agents in under 10 minutes: https://www.youtube.com/watch?v=FwOTs4UxQS4

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In this episode of Suite Talk, Birchstone CEO and Founder James Arnold sits down with James McArthur, CFO and Chief Transformation Officer of HX Expeditions, to explore what it takes to lead a full-scale business transformation from the inside out. From separating a legacy brand to rebuilding systems, culture and investor confidence, James shares the lessons, challenges and leadership philosophy behind a complex brand separation that reshaped HX into a standalone global expedition brand.

James McArthur is both Chief Financial Officer and Chief Transformation Officer at HX Expeditions. With operations spanning the globe and a product offering that includes voyages to Antarctica, Greenland and the Galápagos, HX underwent a major transformation in 2023. James led the separation of HX from its sister brand Hurtigruten, helping to establish two fully independent, operationally and legally distinct businesses.

⏱ Timestamps
00:00 – Intro
00:41 – The story of HX and its 130-year legacy
02:00 – The impact of the pandemic and the need for transformation
03:08 – What it means to be both CFO and CTO
04:55 – Project Split: separating HX from Hurtigruten
06:10 – Balancing short-term investor goals with long-term strategy
08:43 – The power of marginal gains and daily decision-making
10:46 – Communicating with teams and stakeholders
13:44 – Building trust through transparency and consistency
16:10 – Leading across global teams and remote operations
20:28 – Creating a culture of support and accountability
22:04 – Managing cultural change during a brand separation
25:21 – Reimagining systems and technology for a new business model
27:48 – Lessons learned from the hardest parts of the transformation
31:41 – Forecasting, scenario planning and financial leadership
33:10 – The role of AI and automation in finance
34:45 – Advice for CFOs starting a transformation
39:33 – What James would tell his 20-year-old self

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🔗 Follow HX Expeditions

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CFO of Vogue Sourcing, Jade Hartley, sits down with our Head of Sales, Devonshi Mody, to explore the personal and professional lessons that shaped her path to the top. The conversation covers everything from overcoming age bias in leadership to managing global teams, navigating the demands of a fast-growth business, and finding balance as a working parent.

Jade Hartley is CFO at Vogue Sourcing, a global fashion supplier headquartered in Manchester with offices across China, Turkey, Morocco, India, Bangladesh, Spain and Australia. She was recently shortlisted for CFO of the Year at the BDO UK Private Business Awards. With a background spanning manufacturing, fashion and global operations, Jade now oversees finance and plays a key role across multiple business functions.

⏱ Timestamps
00:00 – Intro
00:42 – Jade’s unconventional start in finance
02:00 – From finance admin to CFO: the pivotal moments
03:55 – Leading beyond spreadsheets: HR, IT and global ops
05:11 – Imposter syndrome and learning to lead without all the answers
06:34 – Vulnerability in leadership and asking the “stupid” questions
07:33 – Working in a female-dominated business
09:15 – Navigating male-dominated industries and earning respect
11:17 – Managing people by understanding what motivates them
12:30 – Why age was the real elephant in the room
14:04 – Mentorship, triggers and emotional intelligence
15:35 – What balance really looks like as a working mum
17:31 – The whiteboard system and 6–8pm no-phone rule
18:28 – Returning from maternity leave and supporting others
20:10 – Creating a culture of inclusion and flexibility
22:10 – Thriving in an owner-managed business
24:07 – Managing up and down in a fast-paced environment
25:21 – Advice to her 20-year-old self

🔗 Follow Jade Hartley
🔗 Follow Vogue Sourcing UK

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A career built on unexpected beginnings: Huw Davies on 17 years at Esri

In this episode, our CEO and Founder, James Arnold, sits down with Huw Davies, Group Finance Director at Esri, to explore the unexpected path that led him from dropping out of a PhD to a long-standing career in finance.

Huw shares how playing rugby at university opened the door to the world of accountancy, leading to a graduate role at KPMG and setting the stage for a career that has spanned nearly two decades at Esri. He reflects on the transitions between senior finance roles, the culture of loyalty and growth at Esri, and the personal development that has guided his journey.

Tune in to hear Huw’s thoughts on emotional intelligence in finance, the importance of adaptability, and why he finds Jeff Bezos’s famous interview question – “Are you lucky?” – a thought-provoking lens for reflecting on career paths. This episode is full of thoughtful insights for anyone navigating a career in finance or leadership.

🔗 Follow Huw Davies
🔗 Follow Esri UK

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Celebrating Equality: Insights from Sarah Ashby, CFO of Mamas & Papas

In this special International Women's Day episode, our Head of Sales, Devonshi, and CEO, James, sit down with Sarah Ashby, CFO of Mamas & Papas, the renowned children and baby retailer. Sarah shares her inspiring journey to becoming a CFO and offers a candid look at how she balances her professional and personal life.

Tune in to hear Sarah's valuable recommendations for supporting women and working parents, along with her advice on fostering more women in leadership positions. This episode is packed with insights and practical tips for anyone looking to champion equality in the workplace.

🔗 Follow Sarah Ashby
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Just what will Trump do when he enters the White House in January?

That’s the big question, and as our Guest Economist James Bennett explores, he may not yet even know the answer himself. However, Trump has been making clear where his grievances lie. There are five areas which attract most of Trump’s angst, and these will likely be where policy making focusses over the coming years:

1)     “Unbalanced trade” – Trump dislikes America’s big bilateral trade deficits.
2)     Taxes – Trump thinks taxes are too high.
3)     Immigration – Trump massively wants to reduce legal and illegal immigration.
4)     Government spending – Trump proposes offsetting lower taxes with big spending cuts.
5)     Government reform – Trump believes that the executive should have much greater power over federal agencies and employees.

Listen to get an idea of just how these policies will might look, including aspirations to cut over two trillion dollars of federal spending which looks like an incredibly tough one per the chart below.

Read the full analysis here.

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What would a Trump presidency mean around the world?

In our latest report, our guest economist James Bennett answers this question, exploring the likely wide ranging global impacts of the coming Trump White House.

There are two key themes to focus on: Trump’s dislike of “unbalanced trade” and his maverick deal making.

Taking a quick look at America’s bilateral trade deficits (per the chart), a few economies stand out as vulnerable to a big switch up in US trading relationships. Countries on America’s doorstep naturally have big exposure, but major European manufacturing economies (like Germany and Italy) are also vulnerable.

Trump’s deal making on the other hand will throw a little spiciness into incredibly complex conflicts with key flashpoints being Russia-Ukraine, the Middle East, and China-Taiwan.

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