June 2026

We have often heard you say that a few relatively small policy changes could transform the UK investment landscape. If you could persuade government to implement just one change tomorrow, what would it be, and what impact would you hope it would have on listed companies within the next five years or so?

I should be honest and say I can't take credit for this idea. I first heard it from Rupert Soames, the ex-Serco CEO and ex chair of the CBI, but I think it is compelling. The government already provides tax relief on pension contributions, starting at 20% for defined contribution schemes. My suggestion would be to mandate that DC pension schemes invest a minimum of 20% of each scheme into UK listed shares. The effect would be immediate. The weight of money flowing into the market would drive up share prices and, critically, encourage new companies to list and access that capital. The government would not be dictating which shares to buy, and with so many international companies listed in London the choice would remain wide. This is not a radical idea; it is already done in other major economies. In 2012, around 40% of DC pension equity schemes were invested in the UK market. Today it is less than a quarter of that. Reversing that trend would transform the landscape at zero cost to the Treasury.

You led Seymour Pierce during what many regard as a golden era for UK small caps. What are the lessons we can learn from that time?

Two things have stayed with me. The first is that government and the regulator can make an enormous difference when they put their minds to it. I was lucky enough to be running Seymour Pierce at the moment AIM was moving from a retail-led market to a fully institutional one. The combination of sensible tax breaks and lighter-touch regulation meant investors simply had to engage with AIM because of the weight of money being directed into it. Companies that might previously have struggled to raise equity capital were suddenly able to fund themselves properly. It was a vivid reminder of what the right policy environment can achieve, and an equally vivid reminder of what we lose when it is dismantled.

The second lesson is simpler, and I am sure it applies well beyond financial services: hire the best people you can and then get out of their way.

Through your work at Capital Access Group, you have a unique perspective on the constantly changing relationship between listed companies and investors. How do you see UK capital markets evolving, and where do you see the greatest opportunities for listed companies over the next couple of years?

The investment banks and brokers were historically the main conduit between listed companies and investors, and they remain excellent around transactions. But regulatory change, unbundling and MiFID II have made it much harder for them to play that role in the secondary market, where companies need to find new investors on an ongoing basis rather than just at moments of corporate activity. Companies have had to take greater ownership of those relationships, and increasingly they do so through firms like Capital Access Group, where we work as an extension of the in-house IR team.

We have watched that trend accelerate over the past few years and, if anything, it is picking up pace. Competition for investor attention remains fierce, even with fewer listed companiesthan there were a decade ago, and our growing client list suggests that more and more companies are recognising they need specialist help navigating the market. We think that is only going one way.

What is the most interesting thing you have read, watched or listened to recently?

Again, I have two answers to this question.

Earlier this week we hosted a dinner at which a well-known fund manager shared his views on the market. It was a lively evening, and one argument in particular is still rattling around in my head. He made the case that too many companies have been persuaded to run share buyback programmes when it makes little sense for them to do so. For highly cash-generative businesses with limited growth opportunities, buybacks can be entirely rational. But for growing businesses with a genuine use for that capital, returning it to shareholders in this way seems hard to justify. He was being deliberately provocative, as the best dinner guests tend to be, but it did prompt a useful reflection: we should all be more thoughtful about received wisdom and resist the assumption that something is sound simply because everyone appears to be doing it.

I am also a big believer in a proper lunch, and I was delighted to go back to Simpson’s in the Strand which has been recently reopened by Jeremy King to great acclaim. For anyone who has spent time in the City may remember we had our own, very different, Simpson’s Tavern on Cornhill. That’s been shut for a few years and is also about to reopen, though run this time by the team behind Cloth on Cloth Fair, one of my favourite restaurants. Seeing two great British institutions both being reborn this year definitely fits into the interesting category…

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Please note: The views and opinions expressed in this interview are those of the individual financial professional(s) and do not necessarily reflect the views or opinions of Alma Strategic. These insights are provided for informational purposes only and may not be relevant at the time of reading, as market conditions can change rapidly. The information provided should not be construed as investment advice or a recommendation to buy, sell, or hold any financial product or security. Individuals should conduct their own research and consult with a qualified financial advisor before making any investment decisions. Alma Strategic disclaims any responsibility for the accuracy or completeness of the information provided in this interview.