In this episode of Enquire, Rae shares insights from 36 years as an analyst covering both financial and tobacco stocks. He discusses how regulation, ESG pressures and shifting investor psychology have reshaped the market, and why clarity of messaging remains critical for listed companies. Rae explains what fund managers truly value, how AI is changing research, and why the UK market needs a re-rating to stay competitive. From pre-IPO preparation to effective results-day communication, this conversation offers practical guidance for IR teams and candid reflections on the future of equity research.

In this Episode:

• How years in fund management and broking shaped Rae’s perspective on markets
• The real impact of MiFID II and why UK equities continue to lag
   • What needs to happen for the UK market to achieve a meaningful re-rating
• Why tobacco remains a compelling investment case despite ESG pressures
• How investor psychology drives valuations more than quarterly numbers
• The three financial metrics analysts focus on first every time
• What makes IR communication stand out on results day
• The limits of AI-generated research and where human judgement still wins
• Common pre-IPO pitfalls and how to prepare a story investors will buy
• Why site visits and candid conversations still matter in a digital world

Quotes:

• "AI can summarise numbers, but it can’t have a view. It can’t take a CEO to lunch."
• “Clarity, consistency and communication. That’s what supports a higher multiple.”

Resources:

Connect with Rae on LinkedIn

UK capital markets are undergoing their biggest regulatory transformation in a decade, and the FCA joins Clara Melia to break down exactly what’s changing, why, and what it means for issuers, sponsors, and IR teams.

Sarah Hone, Daniel Holmes, and James Hunt explain the FCA’s shift toward a more disclosure-based regime designed to improve competitiveness, speed up transactions, and maintain high standards of market integrity. They discuss the new single commercial company listing category, the removal of certain shareholder approval requirements, aggregated short selling disclosures, and the sweeping prospectus reforms arriving in January 2026.

The conversation also tackles day-to-day disclosure challenges, from leaks to late results to complex M&A situations, as well as the regulator’s increasing focus on ESG, greenwashing, and technological change; including the safe use of AI in reporting and capital markets activity.

Packed with practical guidance, real-world examples, and forward-looking insight, this episode is essential listening for anyone shaping or operating within the UK’s listed company ecosystem.

In This Episode:

• How the FCA monitors live market disclosures and coordinates across UK regulators
• The four pillars of the 2025–2030 FCA strategy: support growth, fight crime, help consumers, be a smarter regulator
• New short selling transparency rules and their impact
• Common disclosure pitfalls and how IR teams can avoid them
• The new listing regime: simplification, flexibility, and investor-focused disclosure
• PS25/9: What changes for issuers in the 2026 prospectus regime
• MAR hot spots: leaks, M&A, guidance misses, CEO transitions
• ESG disclosures, sustainability labels and greenwashing risks
• AI in capital markets: benefits, risks and FCA expectations
• Three practical checks every issuer should prioritise now

Quotes:

• “Disclosure is the foundation of investor trust, and the new regime puts even greater responsibility on issuers to get it right.”
• “Inside information must be announced as soon as possible. You cannot offset bad news with hoped-for future good news.”
• “AI brings huge potential but uploading inside information into open systems is almost certainly an unlawful disclosure.”

Resources:

Connect with Sarah on LinkedIn

Connect with Daniel on LinkedIn

Connect with James on LinkedIn

FCA changes to the UK Short Selling Regime: consultation materials  

In this Enquire episode, Clara sits down with Oskar Yasar, Managing Partner at Broome Yasar Partnership and author of The Global IR Revolution. With three decades in capital markets and more than 580 senior IR and corporate affairs appointments, Oskar is an influential voice in investor relations talent and leadership.

Oskar shares how IR has transformed from a back-office function into a strategic, board-level career path and why today’s IROs are increasingly moving into financial planning and analysis, strategy, corporate affairs, and CFO and CEO roles. He discusses the perfect storm of talent shifts, why boards now treat IR as mission critical, and how personal branding can make or break a candidate’s chances in a competitive landscape.

From compensation trends and career pathways to interview techniques and the impact of AI on the profession, this conversation offers an inside look into what great IR really looks like and what ambitious professionals should do next.

Whether you’re early in your IR journey, a senior director evaluating your next move, or a business leader shaping your company’s IR strategy, this episode is packed with practical insights and future-facing perspective.

In This Episode:

• Oskar’s career journey from financial communications to global IR headhunter, and how IR has evolved into a strategic, board-level discipline
• What defines a top-tier IRO today, from rising expectations of leadership to a deeper, more competitive talent pool shaped by bankers, analysts and high-EQ communicators
• How the IR function has transformed over the past decade amid activism, globalisation and greater CEO/board involvement in hiring
• Compensation trends post-COVID, including salary inflation, negotiation tips, and why companies often underestimate the cost of securing elite IR talent
• The power of personal branding in senior IR roles and the common pitfalls Oskar uncovers through his interview “trap"
•  Emerging career paths for IR professionals, including increasing movement into strategy, financial planning and analysis, corporate affairs, CFO and even CEO positions
• Practical advice for candidates to stand out, from networking and professional development, to using headhunters as strategic partners in long-term career planning

Quotes:

• “What makes great IR isn’t just company messaging. It’s personal brand, presence, and ambition.”
• “We are in the middle of a perfect storm: boards suddenly recognise the importance of IR just as a newer breed of ambitious, sophisticated candidates are entering the profession.
• “If you want to move into IR, you have to do the work: read the book, join the IR Association, go to events, meet people.”

Resources

Connect with Oskar on LinkedIn

The Global Investors Relation Revolution by Oskar Yasar 

Broome Yasar Partnership Insights

Enquire recorded live in front of an audience of IR professionals and listed company leaders. Clara Melia hosted the panel discussion, where they discussed how companies can attract capital in today’s changing equity market.   

Meeting the Panel  

The discussion brought together Natalie Bell from Liontrust Asset Management, Thomas Moore from Aberdeen, and Rae Maile from Panmure Liberum. Each offered their perspective on UK equity markets, from the shift away from quantitative easing to the current valuation opportunities emerging from sustained outflows. 

The panel explored what's working in UK capital markets today, despite the well-documented challenges. They discussed where international investor interest is strongest, how market reforms are impacting transactions, and what gives them optimism for the future.  

The conversation also touched on practical concerns for IR teams, such as how to manage investor expectations, the role of AI in investment analysis, and early signs of IPO market recovery. 

Throughout the discussion, the panellists shared advice on how companies should communicate with investors, including Rae Maile's "three numbers" concept for simplifying complex results announcements and Thomas Moore's views on why in-person meetings still matter. 

In This Episode: 

• How the changing economic backdrop is affecting UK companies  
• Where the panel sees opportunities in today's market  
• International investor interest and regional differences  
• How to manage investor expectations in challenging times  
• The impact of AI on fund managers and investment decisions  
• Signs of recovery in the IPO market  
• Each panellist's key advice for companies seeking capital 

Quotes: 

• “It’s quite interesting to see some more international interest. People are starting to think about their allocation decisions and concentration in the U.S. and feeling a bit more uncomfortable about that. That’s a great opportunity for the UK market.” – Natalie Bell 
• “There are three numbers that people care about. They want to know what’s going to happen to forecast on the day, whether it’s good enough that there’s an upgrade or whether it’s bad enough for a downgrade. That’s what the market cares about and the most value I can offer to fund managers in a busy results season.” – Rae Maile  
• “Since AI took off, we’ve seen a dramatic derating in companies that were supposedly bulletproof. As fund managers, we’ve got to learn that technology can be very powerful if we embrace it, but it can also disrupt industries, and we’ve got to be very careful of what we pay for those.” – Thomas Moore  

Resources: 

• Connect with Natalie on LinkedIn: https://www.linkedin.com/in/natalie-bell-2830a733/  
• Connect with Thomas on LinkedIn: https://www.linkedin.com/in/thomas-moore-68bb1313/  
• Connect with Rae on LinkedIn: https://www.linkedin.com/in/rae-maile-74569a14/ 

How is IR changing? The truth is that IR varies so much across different countries, industries, and companies, there’s no short answer. To get a broader overview of the trends in IR, we welcomed an experienced IR journalist to this episode.   

An Outside Perspective of IR Today 

Laurie Havelock, Editor of IR Impact (formerly IR Magazine), shares his unique journalistic perspective on covering IR stories and industry insights for over 12 years.  

We begin by taking a walk through Laurie’s career and the biggest changes he’s noticed in IR since he first began. He’s seen shifting markets, the rise of digitisation and AI, regulatory changes, and regional differences impact IR over the past few years and explains how IROs have adapted.  

Laurie also breaks down some of the most interesting points from IR Impact’s recent research on international IR, including the biggest differences between Asian, North American, and European markets. You’ll also hear about research into IR skills, preferences for capital markets days, and why face-to-face events and roadshows are still a big focus, even in the age of virtual communication.  

In This Episode: 

• An overview of Laurie’s journalism career in IR 
• The biggest changes Laurie’s noticed over his career  
• Why IR Magazine rebranded to IR Impact, moving from publication to platform  
• Why IROs still prioritise in-person roadshows and events  
• Regional differences in how IR is delivered  
• Trends in AI adoption  
• What investors really want from capital markets days 
• Laurie’s advice for anyone thinking of a career in IR 

Quotes: 

• "IROs are treated with much more status and significance these days... there's much more widespread recognition that IROs are becoming leaders in their organisation in their own right." 
• "I think having AI skills is just going to set you apart... But the top skills that IROs themselves identified as crucial are still the soft skills. It's a relationships business at the end of the day." 
• "86% of companies that we surveyed in 2024 did a roadshow of some kind... and only 4% of those did a virtual-only event. So clearly, seeing people face to face is still a big focus." 

Resources: 

• Connect with Laurie on LinkedIn
• Learn more about IR Impact

What are fund managers really looking for when they sit down for a management meeting? Financial metrics may seem like an obvious choice, but in this episode, we hear why companies need to think beyond the numbers and present a broader view for fund managers to assess. 

Financial Metrics Aren’t All that Fund Managers Are Interested In  

Joining this episode is Gervais Williams, Head of Equities at Premier Miton Group, and fund manager for several small to mid-cap funds based in the UK. Gervais takes us through his career history, his views on UK equities today, and why he’s optimistic about the future.  

We hear his thoughts on why IR teams are likely to become more important than ever, what makes a perfect meeting, how he researches new companies before investing, and his predictions for the next 12 months.  

In This Episode 

• Gervais shares his career history and opinion on UK equities today 
• How he identifies companies that will outperform 
• Why IR teams will become more important in the future   
• Gervais explains his approach to managing his fund and the type of companies he looks for   
• Why financials aren’t the only important metrics to discuss in meetings   
• How Gervais researches companies  
• What the perfect company meeting looks like 
• Gervais’ outlook for the next 12 months and his advice for IR teams 

Quotes: 

• “I'm very interested in how the company tells its own story. How does it tell its own story to its staff? How does it tell its own story to its customers and the shareholders?” 
• “Presentations are loaded with financials. I think they're more suitable in many cases for analysts who are writing notes, and not very well targeted for managers. I'm interested in some of the financial metrics, but that's only a small part of what we're looking for.” 
• “I would love IR and management teams specifically to be very happy to articulate differences and say, “a lot of people are going in this direction, we think that's less important. We think these things are more important” instead.” 

Resources: 

Connect with Gervais on LinkedIn: https://www.linkedin.com/in/gervaiswilliams 

The small-cap market across Asia is seeing strong growth, with healthy company profits and an active IPO space in emerging markets like India, Vietnam, Indonesia, and the Philippines.  

To learn more about the equity scene in Asia and how to engage with global investors, we spoke with Gabriel Sacks, Investment Director at Aberdeen. Gabriel brings 17 years of emerging markets expertise and offers advice for all IR professionals working with global investors. 

Challenges and opportunities in the growing Asian market 

Gabriel started his career with Aberdeen back in 2008 as a research analyst and portfolio manager on a range of Emerging Markets equity funds, including a Frontier Markets strategy. Today, his primary responsibility is as lead manager on the Aberdeen Asia Focus investment trust, which aims to give investors exposure to a portfolio of high-quality smaller companies across Asia that are otherwise very difficult to access.  

We talk about the differences between many of the countries that Gabriel works with and the four primary variations that anyone working across Asian markets needs to know. Gabriel talks about how the markets are looking in today’s turbulent geopolitical climate, and why he’s optimistic about growth. We hear his advice on how to communicate with company boards and investors, why face-to-face meetings are still the best meeting option, and how he’s using AI as a productivity tool. 

In This Episode 

• Gabriel explains the primary focus of the fund he manages  
• The three things he looks for when selecting stocks  
• Why Asia’s IPO market is particularly active  
• The resources he turns to when researching companies  
• How he interacts with companies and private investors  
• The four variations across Asian markets that IROs need to know about  
• Advice for management teams and IR on narratives and providing feedback  

Quotes: 

• "Sometimes you don't need access to management if you have a very strong IR... they're often better at communicating than the management team." 
  
  
• "Create a nice long-term narrative, but in the short term, maybe be a little bit more conservative on the guidance or at least very transparent and clear about what you're communicating." 
  
  
• "Some of the best meetings are sometimes when you've never met a company... the management or IR just relay the business strategy and narrative in a very clear manner." 

Resources: 

Connect with Gabriel on LinkedIn

Is debt IR really that different from working in equity investor relations? While there are some key differences that make up a debt IROs typical role, there are more similarities than you might expect. 

Debt and Equity IROs Are On the Same Team (With Different Audiences)  

In this episode, we welcomed Angela Catlin, previously the Head of Investor Relations, Corporate Affairs and Brand at The Co-operative Bank and currently Chair of the Debt IR Steering Group of the Investor Relations Society. Joining her is Equitory’s Matt Lee, our Director of Investor Relations, to give his perspective on debt IR.   

Both have experience in equity and debt IR and share their thoughts on the key differences, how to manage relationships with rating agencies, and why an always-on approach is the best IR strategy. You’ll also hear about what an equity IRO would need to do to adapt to debt IR, and how measuring success on the debt side is typically easier.  

In This Episode 

• How Angela and Matt chose IR as a career plus background on previous roles 
• How IR has changed when supporting debt investors  
• The goals of a debt IR programme and how this compares to equity IR 
• The benefits of having dedicated IR capacity and consistent investor communication  
• Best practices for communication with bond holders  
• Tips for managing a crisis as an IRO 
• Why equity and debt IR need to be on the same team  
• How Equitory supports clients with debt IR 
• What it’s like working with rating agencies  
• Measuring success in debt IR 
• Advice for anyone thinking of a career in debt IR 

Quotes: 

• "I think this is one of the real benefits of debt IR in many ways is the measurability of your efforts because working on the equity side can sometimes be pretty tough to quantify.” Matt 

• “Be always on, always engaging, keeping that communication going. And I think that's where having the dedicated IR professional can be really helpful.” Angela 

• “IR does need to be well aware of everything that's happening in the business so that they can manage what they can and can't say to the market and the right way of saying things.” - Angela 

Resources: 

Connect with Angela on LinkedIn 

Can you really build meaningful investor relationships through a screen? Zoom and Teams calls have been an invaluable tool in the past few years, but is there an overreliance on remote communication in IR today? Paul Measday, Head of Investor Relations, Ashmore Group plc, joins the podcast to talk about his career and thoughts on IR as a whole. In his view, IR is still a “contact sport,” and traditional relationship-building is critical to successful IR. 

IR in the digital age  

In this episode, Paul shares his perspective on IR as a team of one in his role at Ashmore Group plc. Previously working as an equity analyst with Cazenove/JP Morgan Cazenove, he qualified as a chartered accountant with Ernst & Young and has an MEng in Mechanical Engineering from Exeter University and the University of Liège. With experience across multiple areas of finance and capital markets, he brings knowledge and experience of equity research, covering banks through multiple market cycles.  

We hear his thoughts on the practical challenges of managing roadshows and proxy voting, and why he believes traditional relationship-building is critical, especially when building new relationships with investors. He discusses Ashmore Group’s strategic approach to investor targeting, their approach to conferences, analyst relations, and the importance of understanding your company’s investment story.  

His biggest tip for those thinking about a career in IR is to gain experience in different areas of capital markets and finance to bring something unique to the role and gain credibility across your company.  

In This Episode: 

• Paul shares details of his career background and the lessons he applies to his role in IR  
• What surprised him about the transition into in-house IR  
• Paul’s strategic approach to investor targeting  
• How a committee-based investment process reduces risks for Ashmore Group 
• The biggest challenges in his career and how COVID changed IR  
• Ashmore Group’s approach to roadshows and conferences 
• Paul’s thoughts on AI and IR tools  
• The challenges of liaising with governance teams and proxy voting  
• Paul’s biggest tip for people thinking of a career in IR  

Quotes: 

• "Asset management, the capital markets, it's a contact sport, right? You need to meet people." 
• "You can have a Zoom call or some other sort of virtual interaction with a fund manager. If they're a shareholder, it is a good tool because you've already built that relationship. But if you're trying to establish a relationship, everyone will be very polite on the video call, but I'm not sure it leads to anything meaningful." 
• "In order to gain credibility, bringing some relevant experience and industry knowledge lets you carve out a slightly different role for yourself under the IR banner so that if you're in the meeting with the finance director and you've only been in IR for a year, you have a role to play in that meeting.” 

Resources: 

Connect with Paul on LinkedIn 

Every IR team wants to hear good feedback from investors. But it’s the negative feedback that has the most value. In this episode, you’ll hear Dan Homan, Investor Relations Director at Currys plc, explain why honesty and genuine two-way conversations between IR and investors are a must to achieve continuous improvement in IR efforts.   

Investors value honesty above all else 

Prior to joining Currys, Dan was a Director at Citi Investment Research where he was a lead analyst on top-ranked teams covering the European Retail sector. Alongside Investor Relations, Dan has responsibility for UK strategy, property and the Group's defined benefit pension scheme. 

He joins Enquire, the Investor Relations Podcast to shed light on Currys’ approach to investor relations, communication with the board, and hosting capital market events. We hear about the challenges that his team and Currys has faced over the past few years, including a takeover bid from Elliot Advisors and company restructures. Coming from the sell-side and now working alongside other departments such as property, Dan brings a lot of additional insight into different areas of the business that he says make him better at IR. 

Dan shares his approach to shareholder management, working with brokers and analysts, and why he actively seeks negative feedback from investors. He also explains his thoughts on what makes someone good at IR and advice for anyone considering it as a career.  

In This Episode: 

• Dan shares an overview of his career story before coming to Currys  
• Why companies shouldn’t forget to tell their equity story  
• The top things that surprised Dan about his transition to IR  
• Dan’s advice on preparing for a bid defence  
• How the IR team interact with other communication functions  
• Currys approach to ESG  
• How Dan hosts site visits and capital market events  
• How Dan receives feedback from investors  
• The best way to strengthen credibility with investors  
• Why Dan believes KPIs are too difficult to set for IR  
• What makes someone good at IR  

Quotes: 

• “A number of listed companies forget to tell their equity story regularly enough. At full year updates and interims, they’d just be giving an update on results and assuming everyone knew what they were trying to do as a company.” 
  
  
• “I’m very interested in the negative feedback. It can sometimes be difficult to hear, but it’s the most important stuff that we can action.” 
  
  
• "You need a ruthless focus on simplicity. The simpler you can make the message for the market, the more that investors are going to appreciate you." 

Resources: 

• Connect with Dan Homan