Dawnay Day Milroy co-director Paul Meader said that the firm had taken staff rather than clients to the awards evening as a reward. (Picture by Adrian Miller, 0533082)
HIGH-VALUE, small-footprint businesses are the future for Guernsey’s financial services industry, according to Dawnay Day Milroy Ltd co-director Paul Meader.
He said that in the light of the island’s staffing issues, companies such as his would in 10 years’ time be the model for private clients’ investment management.
‘I think the judges recognised that we represent the future of the financial services sector in Guernsey.
‘But at the same time we must be able to deliver a good performance and high-quality service for our clients.’
Dawnay Day Milroy was originally established in Guernsey more than 10 years ago as Milroy & Associates.
In 2002, it became affiliated with the Dawnay Day Group, becoming Dawnay Day Milroy Ltd.
The business continues to be run from Guernsey by local directors, who are also significant shareholders in the business.
The firm uses an absolute-return method that has provided clients with an average investment return of 11% per annum over 10 years, regardless of whether the markets go up, down or sideways.
This method has seen growth of more than 70% in funds under management during 2007, together with independent accreditation.
‘The focus is shifting from a “sorry the market’s gone down, you’ve had a bad year” approach,’ said Mr Meader.
‘We’re not interested in what the market gives us, only what our clients need, so we constructed a method of managing money in a more innovative and modern way.
‘We’re not what you would refer to as traditional investment managers. We’ve turned those conventions on their heads.’
Mr Meader said the absolute-return approach had stood the company in good stead to weather any economic slowdown in 2008.
‘If you lose 50% of your money, then you need to make 100% of that remaining sum to get back to where you started and that’s extremely difficult,’ said Mr Meader.
‘The answer is simply don’t lose it in the first place. Times of economic turmoil provide us with opportunities. While everyone else is recovering, we will be in a much stronger position.’
The Guernsey office employs 10 client-facing and investment staff, who pride themselves on providing clients with first-class service.
Advanced training and study leave for staff to attain international qualifications, such as chartered financial analyst, are priorities.
‘Our staff and customer service are everything,’ said Mr Meader.
‘Not only do we invest in them, but we try to make sure their working environment is as happy as possible.
‘Our clients benefit from direct access to individuals and we always make sure they know who their point of contact is.’
In 2006, Dawnay Day Milroy opened an office in Jersey and future plans include Switzerland and London next year and possibly Asia a year or two after that.
Mr Meader said there were some innovative products in the pipeline.
‘We are about to release a higher-risk, more aggressive version of what we do.’
Making it to the final three of the small business award was recognition of the combined efforts of his staff, he added.
‘It’s validation of what the team has collectively achieved and they thoroughly deserve it.
‘That’s why we took them to the awards and didn’t use it as an opportunity to show clients a good time.’
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