Congratulations on 20 years in financial services, Igno! Building businesses (and hairstyles) that matter since '04.
Last week marked my 20th year of advising and investing in financial services and technology. While scrolling through old photos, I found this one of me as a first-year investment banking analyst, taken with Mark Kundersma and his digital camera (an early adopter). ? The journey has seen immense change. Market cycles have come and gone, with crises often providing more valuable lessons than bull markets.?An early lesson illustrating the need to be nimble was learnt advising the board of a German Landesbank, who insisted on 14 days notice for board meetings as the ‘07 liquidity crisis eroded their ABCP portfolio by 10% a day. ? Geographically, the centre of gravity has kept shifting: from the buying frenzy of early 2000s Emerging Europe to a focus on domestic rescues (GFC!) and regional opportunities (PIIGS!), to the unprecedented rise of the GCC that we’re witnessing today. Memorable remains the information memorandum of a Bulgarian insurer, which referred to the "unfortunate death" of the shareholder as the rationale for the sale. He had been gunned down in broad daylight. ? In dealmaking, I’ve seen and helped invent new valuation methods, worked on ill-conceived ideas, missed fantastic opportunities, and enjoyed my share of successes.? ? What has stayed constant??The ever-growing role of technology, which has transformed the financial services industry. I’ve been fortunate to be at the intersection of technology and financial services for my 12 years here at Aquiline Capital Partners. ? Uniquely, the three firms I’ve been part of have been a constant. J.P. Morgan, Deutsche Bank, and Aquiline Capital Partners are all thriving, with only their logos changing a few times. ? Most importantly, personal relationships have remained central. I cannot begin to count the number of colleagues, clients, management teams, and investors who have become mentors and friends along the way. ? I’m excited about what the next decade(s) will bring for Aquiline, myself and my hairstyle.