By Clara Melia
Enquire, the Investor Relations podcast, is hosted by Equitory founder and CEO, Clara Melia. The purpose of Enquire is to bring together Investor Relations and Capital Markets professionals to shar
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The podcast currently has 37 episodes available.
Investor relations in the digital age has seen big changes in the way we communicate with investors and shareholders, thanks to the evolution of technology. In this episode, we dive into how Workspace Group’s IR department has embraced the changes that new technology can offer with Paul Hewlett, Director of Strategy & Corporate Development.
Technology and Emotional Intelligence Are Key to IR Success Today
With over two decades of experience in corporate finance and broking and a 14-year stint at J.P. Morgan, Paul has a strong track record of building great client relationships and managing complex investor transactions. He now focuses on accelerating growth and enhancing shareholder value at Workspace Group and joins the podcast to give us a behind-the-scenes look at IR in his team.
Paul breaks down his career journey so far, what he’s learned and how he’s applied a wealth of knowledge to his current role. We talk about the impact of digital transformation on communicating value and performance to shareholders, the importance of emotional intelligence, and his experience of how IR has changed. Paul tells us that some of the biggest changes in IR have been technology’s impact on the sector and regulatory changes, and he explains how they have shaped his role.
In This Episode
Quotes:
“People will not always remember what you do or indeed what you say, but they'll always remember how you make them feel. You've got to ensure they feel like they're being listened to and it might not necessarily mean you take all their ideas or indeed any of their ideas, but stay close to your shareholders.”
“It used to be that IQ is always important. But now it’s more of an understanding as to the people and how to drive them. Not just recruit the right people, but once you've got them, keeping them engaged. I think you're seeing that across the business sector.”
“If investors understand and believe that you have a product that customers and prospective customers are willing to pay for, you've done a lot to get them there. They are much more likely to become buyers with that foundation of knowledge. And so that alignment and communication is really important.”
Resources:
How does a global consumer brand like Etsy manage investor relations? And what does it take to lead IR successfully? In this episode of Enquire, the Investor Relations podcast, we sit down with Deb Wasser, VP of Investor Relations and ESG Engagement at Etsy, to uncover the secrets of a successful IR career.
The Secrets to Success in Modern Investor Relations
Throughout Deb’s journey in investor relations, she has taken on roles both on the consultancy side and in-house, switching between the two and picking up expertise and insights from both sides. She shares her unique experiences in this episode, and we hear her perspective on the most important traits to have in modern IR. As a former NIRI board member, we also learn about her work in the wider investor relations community.
As the conversation explores Deb's experiences at Etsy, we hear about its innovative approach to IR and how it adapted to the challenges of a post-pandemic market. Deb also outlines how ESG ties into her role and why Etsy made the bold decision to make corporate social responsibility a core KPI.
In This Episode:
Quotes:
“We're a B2C business, and we are often in the news for good and for bad. And so you have to have really tight comms.”
“Most investor relations executives are good at many things. It’s a diverse bunch of skills that are critical for success.”
“Having mutual trust is the secret to success in IR, whether as a consultant or in-house. If you don't have it, it's not going to work.”
Resources:
Many IR professionals begin their careers in various corporate finance roles, such as consultancy, data analysis, or capital markets. Each of those paths into IR comes with valuable insights and unique perspectives that can set you up for success.
Before Edward Westropp, Head of IR and Communications at WE Soda Ltd, took the leap into IR, he came with bags of experience in strategy and communications. As he grew in his career, he found himself moving from a consultancy firm to an in-house position – something he was hesitant to do. However, since then, he’s found his in-house roles rewarding, challenging, and full of valuable lessons. He joins Enquire, the Investor Relations Podcast, to share his story.
Navigating the Challenges and Rewards of In-House IR
In this episode, we hear Edward’s career backstory including his time navigating consultancy roles, communicating with board members, managing strategy around IPOs, and the inner workings of corporate finance. Edward shares his tips for entry-level IR professionals including the importance of networking, as well as his strategies for managing relationships with key investors during tricky markets and business structure changes.
We talk about the challenges of measuring success in IR, marketing a company to niche investor audiences, and his thoughts on the use of AI in the field. Edward also shares the lessons learned from moving in-house and how his previous roles helped set him up for success.
In This Episode:
Quotes:
“Even when it comes to outlining an annual report you can use AI to make sure you never start with a blank sheet of paper, which is quite valuable and helps with time. It'll all be totally wrong, but at least you're immediately redacting rather than starting from scratch.”
“If you are going to go in-house, go in-house at the right level and in the right place.”
“The trick is to identify your echelon. And then take them out for a coffee. No one turns a coffee down, it's a bit like dating. Just have a thick skin and just go for it. Because those people that you're engaging with now, as you all grow and get more senior, will become useful people in your network.”
Resources:
What does a day in the life of an equity salesperson really look like? In this episode, we dive into the world of sell-side equity sales with industry veteran Phil Griffith.
Curiosity and Good Storytelling Are a Salesperson’s Best Tools
We sit down with Phil Griffith, Head of UK Distribution at Stifel Financial Corp. With over 36 years of experience in equity sales, Phil provides an insightful look into the daily routines, challenges, and the evolving world of sell-side equity sales.
Phil has worked in the equity capital markets at UBS, Morgan Stanley, and Exane BNP Paribas. He has managed numerous high-performing equity sales teams and built great client relationships across the UK and beyond, covering Asset & Wealth Managers and Hedge Funds. He has been heavily involved in the Client Strategy role handling resource allocation, relationship discussions, and commercial research agreements post MiFID.
From early morning research digests to corporate meetings and client interactions, Phil paints a picture of the fast-paced world of equity sales and shares insights on effective communication between sales, analysts, and clients. We hear about his experience of working with clients after the MiFID 2 regulations were announced, and why this has posed challenges. Throughout the conversation, Phil highlights how important great communication is and why salespeople and analysts who combine natural curiosity with great storytelling often stand out in client relations.
In This Episode:
Quotes:
“I've always found that people who are curious and are wanting to try and find different angles about things, that they really sort of stand out.”
“I think the duty of a salesperson is first and foremost to put the actual firm's view across, but then to put it into context.”
“The worst thing is a CFO or a CEO going laboriously through the figures and going through their presentation pack. And you go, ‘Come on, guys, I can read this. I don't need you to read it to me’.”
Resources:
ESG matters have become a major focus in investment portfolios over the past decade. What was considered a more niche branch of investing has taken centre stage in the world of investor relations. In this episode of Enquire - The Investor Relations Podcast, we sit down with Maria Elena Drew, Director of Research for Responsible Investing at T. Rowe Price, to learn more about how IR teams can approach ESG.
Balancing Responsible Investing with Financial Performance
Maria shares her fascinating journey from equity investor to ESG specialist, recounting her experiences with high-profile cases like Enron and Yukos. She offers a unique perspective on how these experiences shaped her approach to incorporating ESG factors into investment decisions.
Maria takes us through T. Rowe Price's proprietary ESG rating system, known as the Responsible Investing Indicator Model (RIIM). She explains how this system covers over 15,000 corporate issuers and combines data from various sources with their own fundamental analysis. Maria also discusses the collaborative approach between the responsible investing team and portfolio managers, highlighting how they work together on company engagements and portfolio reviews.
The conversation then shifts to the specifics of analysing companies through an ESG lens. Maria breaks down how T. Rowe Price examines environmental and social metrics, considering both a company's operations and its end products. She emphasises the importance of tailoring the analysis to different industries and geographies, showcasing the nuanced approach required in responsible investing. Throughout the episode, Maria's insights provide a valuable glimpse into the evolving world of ESG integration in investment decision-making.
In This Episode:
Quotes:
“What's interesting about ESG is it grew so fast in the industry, you know, it went from being pretty much irrelevant, except to really niche group of investors, to becoming a table stakes requirement.”
“The number one trend we're seeing right now is looking at a relatively new metric, which would be net zero status.”
Resources:
While investor relations may have evolved over the past 30 years, some things remain consistent – the value of building great relationships with investors has always been fundamental to building a successful career in IR. As someone with an impressive 30-year career across corporate finance, equity research, and investor relations, Peter Reynolds, Director of IR at Whitbread, joins this episode of Enquire, the Investor Relations Podcast, to share insights and advice gained from IR roles in multiple industries.
How Persistence, Being Proactive, and Getting Direct Feedback Are Key to Succeeding in IR
Peter takes us on a journey through his diverse roles, including his time at Rank Group and PartyGaming, where he built an IR programme from scratch and balanced regulatory affairs with investor communications. He offers his perspective on the evolution of IR over the past two decades, emphasising how the role has become more challenging yet more valued by senior management. Peter shares his approach to staying on top of current information from results days and industry changes and how he uses that knowledge to be proactive in his communications with company boards.
We explore the complex truth around measuring success in IR, with Peter arguing that conventional metrics like share price performance may not always reflect the true value of IR efforts. For Peter, persistence and open communication with investors (sometimes over years) are key to seeing success and tangible results.
In This Episode
Quotes:
Resources:
Connect with Peter Reynolds
Have you ever wondered what truly sets successful investor relations professionals apart? In this episode of Enquire, the Investor Relations podcast, we explore how the power of curiosity and relationship-building have helped Isabel Green, Former EVP & Head of Investor Relations at Rolls-Royce and now IR Director at HBX Group, lead a successful IR career.
Relationships Are at the Heart of IR
Isabel shares her journey through various sectors and highlights the importance of diving into new roles and learning as much as possible. For Isabel, being curious and committed to learning is essential for IR, as is the ability to develop great working relationships with investors and colleagues.
We hear her take on how to enhance your messaging for investors, using a mixture of content resources and effective communication that puts the audience’s needs front and centre. She explains how this helps to drive results and build lasting relationships with potential investors.
Throughout the conversation, Isabel also reflects on her experiences managing investor relations during challenging times, including corporate transformations and market fluctuations.
In This Episode:
Quotes:
“If you don't know what's going on in the business, you're not much use to the investors. If you don't know what's going on in the market, you're not much use to your board and your executive team.”
“Being curious, I think is the most important. You've got to love learning. You've got to love understanding new things.”
“If someone ultimately is investing hundreds of millions in your company, they want to look you in the eye. They don't want to be asking a chatbot.”
Resources:
This episode of Enquire, featuring Equity Research Analyst at Panmure Gordon and Liberum Wayne Brown, explores the challenges and potential reforms in the UK equity markets, the impact of market cycles, and the innovative business models redefining the retail landscape.
Equity Market Trends and Challenges
In this episode of Enquire, Wayne provides an in-depth look into his two-decade-long career, spanning consumer sectors with a focus on leisure and retail. He shares insights into the recent merger of Panmure Gordon and Liberum, forming the largest independent mid-cap brokerage house and how this consolidation offers new opportunities for diversified coverage and business resilience.
Wayne also sheds light on the daily pressures of a sell-side analyst, why he’s always at his desk by 7am, and the importance of proactive communication with fund managers and investor relations teams.
Wayne highlights the importance of clear communication, consistent KPIs, and proactive idea pitching. The conversation also delves into structural market changes, the rise of private equity, IPO activity, and evolving communication strategies of IR teams over the past decade.
In This Episode:
Quotes:
“A lot of the management teams are much keener to travel to the US than they had been previously, but I'd always caution the IR teams to do their research in terms of the investors before taking on the additional cost of traveling over there and identify the correct sort of locations and investors to engage with.”
“The biggest challenge has been the fact that there's been a lack of inflows into the [UK] market. And I'll say, I think we've started to see the green shoots of that turning.”
Resources:
There’s a lot that IR professionals can learn from their peers and from how other businesses manage investor relations. On the show this week is Nick Stone, Senior Vice President, Head of IR at GSK. We hear how he launched his IR career and his tips for success.
Lessons from a Head of IR
In this episode, Nick shares stories from his career, starting from his time studying law to getting involved in corporate strategy and business development, before making the move into IR. We hear how his experiences have shaped his career, including 17 years in corporate strategy, business development and IR at AstraZeneca, and how his experience provided him with a unique skillset for furthering his career in investor relations at GSK.
Nick explains the challenges of leading a large IR team, the importance of good internal communication, and how IROs can learn from peers to combat challenges and grow their careers. We also touch on the role of AI in IR. For Nick, while it provides opportunities to streamline workflow, his advice is that IROs should remain cautious when using it.
In This Episode:
Quotes:
“What you have to come back to is just really your core set of values. I need to be open and honest in terms of my engagement with the market. I have to be transparent.”
“Internal relationships in any organisation are incredibly important, from the board all the way through the organisation.”
“Everybody's going to want high quality global asset managers. You also really want to have a level of balance across regions of the globe so you don't have overexposure in certain instances.”
Resources:
What do investors really need from IR? In this episode, we hear the perspective of two retail analysts who break down the responsibilities, challenges, and industry shifts that affect their roles, plus how IR can build an effective partnership with investors and analysts.
How IR Can Work with Analysts and Investors
John Stevenson, Retail Equity Analyst and Jonathan Pritchard, Retail Analyst from Peel Hunt join the Enquire podcast to share their perspectives as analysts when it comes to IR.
We begin by hearing how they began their careers in different ways and wound up working together. They break down their methods for dividing responsibilities in their team and explain what an average day looks like for a retail analyst. John and Jonathan go on to explore what makes a great IR meeting, how good communication is key to closing deals, and what mistakes IR professionals can avoid.
In This Episode:
· How John and Jonathan built their careers
· How they divide responsibilities
· Recent industry changes
· Why investors want research, not “journalism”
· An average day for analysts
· How John and Jonathan work with hedge funds
· How COVID changed investor interactions
· What IR teams can do to ensure good communication
· The biggest shifts in IR
· A common mistake IR teams make
· What IR teams should disclose to investors
· How the UK market is changing
Quotes:
“We've got to the stage now where I think the valuation gap is so huge. You can see that from the level of M&A coming through, I think ultimately, something has to give.” – John Stevenson
“My first ever boss said it's better to be 95 percent right in 10 minutes than 100 percent right in two hours.” – Jonathan Pritchard
“Post-COVID, Zoom and Teams has become the norm. And that's changed a lot of our interactions. I would say that most days now, we've got some form of video call with an investor.” – John Stevenson
Resources:
· Connect with John Stevenson
· Connect with Jonathan Pritchard
The podcast currently has 37 episodes available.