Professional Documents
Culture Documents
16
MONDAY 4 FEBRUARY 2013
JAMES W DAVIS
Crisis in the Eurozone is brewing up
security problems for years ahead
or even the munitions, to sustain their
mission. Perhaps the best, or most dis-
tressing, example was provided by the
Italians. They were forced to withdraw
the aircraft carrier Garibaldi from the
campaign because they could no
longer afford the fuel needed to keep it
at sea.
For many, the solution to maintain-
ing military effectiveness in an era of
shrinking resources is pooling and
sharing. But this presumes there is
something left to pool and share. Take
tanker aircraft, for example.
Europeans have discussed the need to
build an independent aerial refuelling
capability for years. The results are now
on display in Mali. French officials
were forced to ask the US for tankers
for the operation. As one unnamed
French official put it, our command-
ers feel much more comfortable, when
things are not going to plan, to have
support from the Americans very
quickly.
But the Americans are now retrench-
ing. The Pentagon may have been
spared draconian cuts, as the US gov-
ernment narrowly avoided the fiscal
cliff, but Barack Obama still intends
to bring Americas global commit-
ments into line with its fiscal capabili-
ties. This means sizeable reductions in
defence spending, and a redirecting of
resources to parts of the world that
seem less stable than Europe. It also
means asking weakened allies to do
more. At least for the remainder of
Obamas presidency, the desire to draw
down US debt will diminish Americas
willingness to take on new commit-
ments.
Of course, it wasnt long ago that
American weakness prompted
observers to herald the dawn of a new
multi-polar order that, as the US and
Europe ended their roles as guardians
of global security, others would stand
up to the task. But the assumption
behind this view that BRIC countries
would continue to rise rapidly, and US
would fall into relative decline seems
out of date. Today smart observers note
that growth rates in many BRIC
nations are declining, while the
prospect of energy independence in
the US is likely to fuel a new period of
sustained economic growth. Moreover,
it appears that China will grow old
before it grows rich. Will an ageing
society, with low per capita income,
have the stomach to challenge the US
and its allies in pursuit of political
dominance?
In this unstable context, understand-
ing the links between the uncertain
economic fortunes and political ambi-
tions of aspiring regional players is key
to devising a strategy for preserving
global peace and security.
But if understanding the goals of
these states, and reconciling them
with the existing institutions of the
international system, is essential to
avoiding conflict, the task is made dif-
ficult by a lack of transparency in
Beijing, Moscow and Tehran. We do not
know enough about how the Chinese,
Russian or Iranian leadership see the
world, and their place within in it. In
any event, integrating aspiring powers
to the liberal economic order presup-
poses that this order holds the promise
of prosperity for all. It will also require
the continued leadership of the West,
with the US at the fore.
In his speech on the EU, Cameron
suggested that the goal was no longer
to win peace, but to secure prosperi-
ty. In a globalised economy, it is hard
to see how we can enjoy one without
the other.
James W Davis is professor of political sci-
ence and director of the Institute of Political
Science at the University of St. Gallen,
Switzerland.
visitors, due to a restrictive visa
regime, a serious concern.
This is an issue that affects not
only tourists but also business
visitors from China and elsewhere.
The recent announcement from
Downing Street that it plans to
reduce bureaucracy and make it
easier for Chinese individuals to
come to the UK legitimately is
welcome. But more needs to be done.
In order to prove the UK is open
for business, we need a visa regime
that is fit for purpose. Of course,
adapting the current system to meet
the realities of a fast-changing global
economic landscape presents a
major challenge. But it is one we
must meet urgently.
Despite Europe continuing to
dominate the headlines, it will be
centres in Asia and Latin America
that drive growth in financial and
professional services over the
coming years. This makes it
imperative for the government to
take a serious look at obstacles to
trade including visa policy with
these regions and then to
implement reforms.
Just last week, we hosted a major
conference at Guildhall focusing on
financing Indias infrastructure. As
part of its current five year plan,
India projects a need for investment
of $1 trillion (631bn) in
infrastructure with 50 per cent
coming from the private sector. This
presents considerable opportunities
for City firms across the supply and
financing chain, providing that the
government of India can offer the
right conditions for international
investors to participate
Meanwhile, new figures published
by the City of London Corporation
show that the London renminbi
market grew significantly in the first
six months of 2012, with transaction
volumes in foreign exchange up 150
per cent overall, and trade services
growing strongly. Confidence in
London as an international centre
for services and products
denominated in the Chinese
currency has been further boosted
by the Bank of England indicating it
is, in principle, ready to agree a swap
line with the Peoples Bank of China.
This international outlook is what
makes London stand out against its
peers. When it comes to foreign
exchange, for example, twice as
many US dollars are traded in the UK
than in the US, and twice as many
euros as in the Eurozone. In order to
retain this advantage, however, we
need to match the open for business
rhetoric with action on visas.
Mark Boleat is policy chairman at the
City of London Corporation.
CITY
MATTERS
MARK BOLEAT
Britain needs action on visa restrictions to stay open to international business
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17
MONDAY 4 FEBRUARY 2013
London by night
[RE: Tube could run until 2am, says
transport boss, Thursday]
Last weeks announcement that London
Underground will run extended weekend
Tube services is a boon for businesses
across the capital. It is also positive for
businesses like Addison Lee, as we also
benefit from Londoners being able to get
around at busy times. Like everyone in
London, I wish that we could introduce
the changes right now, rather than wait
until 2015. The greatest city in the world
deserves the greatest transportation
network. And it is exactly this sort of
initiative that can help unlock economic
growth and boost enterprise in the
capital.
Liam Griffin, managing director, Addison Lee
German efficiency
[RE: Seven reasons to like the plc model
of company ownership, Friday]
The public company model is essential.
But it is also worth looking at the venture
capital market, which seems to facilitate a
short-term strategy in the UK (build a
company up, then cash in when it is ready
to float). This model hinders innovation,
instead favouring short-term profit.
Contrast how companies are financed in
Germany. Its banks take a comprehensive
view of financing enterprise. They provide
more funding, and also take a longer-
term view. This is one of the (many)
reasons why Germany keeps developing
new technology, and German corporates
are such successful exporters.
Michael Fourie
T
RANSPORT for London has
raised the prospect of the
Underground running until
2am at weekends. Starting in
2015, this could deliver a
signifciant boost to Londons 8bn a
year dining, drinking and
entertainment industry, and would
provide a boon to the thousands of
Londoners who flock to the West
End for a night out.
This isnt the first time timetables
have been extended. In 1902, the
Metropolitan Railway Company ran
trains until 2.30am to cater for King
Edward VIIs coronation celebrations.
During his reign, late night theatre
specials ran until 1am to whisk the-
atregoers back to the suburbs. And
for decades, the Tube has run all
nighters on New Years Eve.
But in these latest plans, late night
services would be regular a huge
breakthrough. For years, mainte-
nance and industrial relations have
made night running problematic
and expensive. Ken Livingstone tried
to introduce it. Boris included it in
his 2008 transport manifesto. But
until recently not much changed.
International observers may won-
der what all the fuss is about. Other
cities, including Chicago and New
York, run services twenty-four hours
a day. Berlin operates all night at
weekends. On the Paris Metro, servic-
es run well past 1am. Londons last
trains run from central London at
12.40am.
So why has it taken until now for
more concrete plans to be floated?
Perhaps crucially, the Olympics
raised public expectations. During
London 2012, the Tube ran an hour
later every night of the week. It oper-
ated earlier on Sundays and clocked
up hours of reliable service. Londons
transport system showed that
improvements can be delivered.
Commentators rightly asked, if later
Should Frances economic weakness be a
cause for increasing concern in the Eurozone?
YES
French economic weakness is not only apparent from its very high
unemployment figures and persistent lack of growth. Its even more
striking when you analyse leading indicators like manufacturing
purchasing managers indices the worst of all Eurozone countries,
except for Greece. Frances manufacturing downturn is accelerating,
with both output and new orders contracting at the fastest pace for
over three and a half years. This is a direct consequence of Frances
lack of economic competitiveness. Gains in external
competitiveness in the PIGS nations (Portugal, Ireland, Greece and
Spain) have also been associated with larger fiscal adjustment,
which is still lacking in France. Worryingly, the country lacks a sense
of urgency. If the government continues on its current course,
France will slide towards a recession in 2013.
Yannick Naud is portfolio manager at Glendevon King Asset
Management.
Yannick Naud
NO
Nicholas Spiro
While Frances economy is flirting with a recession, its deep and
liquid government bond market a gauge on how risky investors
think a country is is still considered relatively safe. This is relieving
pressure on the Hollande government to implement much-needed
structural reforms to close the competitiveness gap with Germany.
While the governments recent labour reforms are a step in the right
direction, they will still be insufficient to boost job creation and put
an end to Frances dual labour market. The weakness of the
economy undermines Frances fiscal credibility, making it even more
difficult to carry out structural reforms. But France is unlikely to
suffer a run on its bond market, even though its sickly economy
remains a source of concern for investors. Benchmark yields
currently stand at 2.3 per cent, which is a sign that its not all doom
and gloom for the country.
Nicholas Spiro is managing director of Spiro Sovereign Strategy.
Tubes and smoother traffic were pos-
sible for athletes and spectators, why
not every day for Londoners?
Part of the answer also lies in the
huge levels of investment that are
starting to pay off. Catching up on
years of underfunding, new track
and electronic signalling systems
should be generating efficiencies. If
fewer hours are required for inspec-
tions and repairs, there is more time
for trains to run. In addition, Tube
drivers and other staff may well be
privately enthusiastic. There could
also be fare box benefits too.
Londons two mayors have deliv-
ered significant improvements to the
transport system. Smart ticketing
(Oysters), congestion charging and
the Boris bike hire scheme have
proven successful; new Routemasters
are on the way. For years, extending
hours on the Tube was thought to be
too difficult. Londoners and their city
representatives are choosing to dis-
agree. There should now be a contin-
ued push to tackle long-standing
obstacles to how London moves.
Taming buses in Oxford Street, build-
ing new river crossings to the east
and running the Tube and buses on
Christmas day all come to mind.
London faces fierce rivalry for
investment and talent. Later running
on the Tube at weekends is the sort of
quality of life factor that will help to
keep the city competitive. Thanks to
the Olympics, it may be a Games lega-
cy that Londoners finally get to keep.
Alexander Jan is global head of Arups
transactional advice team for transport.
ALEXANDER JAN
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ONE
WAY
The boss of Barclays should have taken his
bonus. Its up to shareholders, not the public,
to set the tone of his bonus.
@GABaines
It is hugely embarrassing for David Cameron
to have the difference between borrowing
and debt explained to him.
@RachelReevesMP
Employment is stagnant, wages are falling,
growth contracting, and institutions are
failing. Yet the markets are booming.
@umairh
David Cameron visited Libya? Well I guess his
holiday options with EU leaders have pretty
much run out.
@professor_dave
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A late night Tube is
simple way to keep
London competitive
18
MONDAY 4 FEBRUARY 2013
cityam.com
W
HAT are the three words
in the English language
beginning with Dw? Our
boozey boys lunch
suddenly took an
intellectual turn when someone
lobbed in this cracker of a question.
Our bodies momentarily froze and
we stared into the distance, slight
frowns, deep in thought,
competition now upon us. Dwarf!
someone yelled, and at first I
thought he was commenting on my
height, but he was just triumphant
to find the first word. As the mental
search continued, I talked about the
movie Snow White and the Seven
Dwarfs.
Guys, speaking of dwarves, you
know someone that I admire? Walt
Disney. He was a genuine
entrepreneur; a risk-taker and an
innovator in an innovative industry.
Annabel Palmer meets Clippy McKenna, the woman bringing character to supermarket aisles
Y
OU may have seen Clippy
McKennas eponymous
preserves on your
supermarket shelves. Her
two-man show (it is just
Clippy and fianc Paul Gorman
working at the business; everything
else, including the actual jam-
making, is contracted out) now
stocks its products in some of the
biggests stores including Tesco and
Harvey Nichols.
After graduating as a mature stu-
dent (she had previously worked in
travel), McKenna got her first taste
for catering to the public at a food
concession in Harvey Nichols, before
making it to the TV stages of
Masterchef. Thomasina Miers the
chef behind Mexican chain
Wahaca won that year, and
McKenna felt she lacked the calm
nerves necessary to provide top cui-
sine for Gregg Wallace and John
Torode. But the experience made her
realise she wanted to start up her
own business. She carried out thor-
ough research into gaps in the mar-
ket and found it was lacking a jam
brand with a face (and with less
sugar than the others). It had to be
something she could do from home,
and so her kitchen became a highly
efficient production unit, where
McKenna would make, jar and label
her product to sell at local farmers
markets and delicatessens.
But, by 2009, McKenna wanted to
branch out. So she pitched to Harvey
Nichols and won a contract to supply
their stores around the country. By
2010, her products were in Fortnum
and Masons and Ocado, in 2011 they
went into Booths and Asda in the
north west, and the following year
into Tesco and Morrisons.
Clippys has no investors or loans,
so it has had to be a lean and mean
organisation, with no overheads,
because thats how you maintain
good margins. Fortunately,
McKenna and Gorman have comple-
mentary skills Gorman is the
number cruncher; McKenna is the
creative brain and they took on a
non-executive director last year. I
recently told a radio interviewer that
I pay myself the minimum wage. He
responded: Then why would anyone
want to be an entrepreneur?, she
laughs. The reason is simple:
McKenna is determined to build
something bigger, a brand. But build-
ing a brand is difficult because you
have to convince the public to buy
your product over something else
The trusted brand with
personality at its core
Company name: Clippys
Founded: 2008
Number of staff: 2 (Clippy and her
fianc)
Company turnover: 500,000
Job title: Creative director,
founder
Age: 39
Born: Gateshead
Lives: South Manchester
Studied: BA Hons Cultural Studies
and Sociology at Manchester
Metropolitan
Drinking: Fevertree lemon tonic
and Hendricks gin
Reading: The Island, by Victoria
Hislop
Favourite business book: I tend not
to read them too close to
home but next on my list is
quirky business book Funky
Business, by Kjell Nordstrm
Motto: You only live once, so
make sure you enjoy yourself
First ambition: To eat my way
around the world
Heroes: Anyone who starts a
business and is still alive to tell
the tale
Clippy takes centre stage in her brands identity
ENTREPRENEURS
Disney ending for the man who started golden era of animation
CLIPPY MCKENNA
that has the same price tag.
It certainly wont be easy, especially
with quite modest resources. Jam is
viewed as a commodity nowadays, she
says, where customers dont peruse,
they make their decision based on
price. And those aisles are dominated
by the big boys Bonne Maman,
Premier Foods, Hartleys. So how can
Clippys set itself apart? My story and
the fact that we suggest what our prod-
uct should be eaten with have been big
differentiators. Were also working on
two new projects that arent in a jar,
which should increase brand recogni-
tion. So when people do make that
fleeting trip to the jam aisle, theyll
identify the Clippys logo.
But McKenna says they now need to
raise 350,000, in exchange for part of
the business, to help grow the brand,
launch into new markets, and employ
more staff. As such, they are now in
the process of looking for investors.
It hasnt been a smooth ride. Due to
its sugar content, the product didnt
come under the jam, reduced jam, or
conserve classification according to EU
rules on food labelling, meaning they
had to relabel all their products at
huge cost. McKenna worries that trou-
bles like these may deter future entre-
preneurs from taking the plunge. She
does warn that, if youre a small busi-
ness, everything takes twice as long
as you think. McKenna hit many
stumbling blocks for example, not
knowing when the supermarkets held
their range reviews (it is information
that cant be accessed online) and
missing out on pitching to them until
a year later.
But these battles have been worth it
to see shoppers put her product in
their baskets.
CV
of a SERIAL
ENTREPRENEUR
RICHARD FARLEIGH
CONFESSIONS
E
RNST & Young has just opened
nominations for its UK Entrepreneur
of the Year competition. Previous
category winners have included
Hilary Devey of BBCs Dragons Den
(and more impressively, founder of Pall-Ex,
the freight company), and the former boss
of JD Sports Peter Cowgill.
Certainly, of the many competitions out
there, Ernst & Youngs has one of the finest
heritages. Now in its twenty seventh year, it
covers 50 countries, distributes 500 awards,
and involves 900 judges. But why enter?
Isnt it just self-congratulatory? Unless you
win, some argue its just a waste of time.
Three specific benefits have been cited by
previous entrants. First, your business gains
recognition. Secondly, you get access to
events. And third, you have a chance to
network. Competitions are a good
opportunity to raise your profile, perhaps
meet potential investors, or just get to know
fellow entrepreneurs. You may even find a
future customer. Dana Elemara, founder of
the organic food company Arganic, says
one of the judges of Shells LiveWire contest
approached her after the event with a view
to setting up a future business relationship.
But the rigorous format of these
competitions can be useful in itself. Matt
Riley of Daisy Communications (an internet
communications company) argues that
entering is an chance to refine your business
plan. You have to look at your business
from the outside. You take a step back and
think thoroughly about your business and
how you present it.
This process could be a useful discipline.
Many start-ups, especially the most
embryonic, can be sophisticated ideas but
most companies miss a few details along
the way. Setting out a plan in front of
respected judges forces you to fully explain
the rationale for your company, how your
model practically works, and to consider
any weaknesses.
Full details on how to enter Ernst &
Youngs UK Entrepreneur of the Year
Competition can be found at
www.eoy.co.uk
Tom Welsh is business features editor at
City A.M.
Business contests
arent just vanity
INNOVATION
DIARY
TOM WELSH
As a child in the early 1900s, he
loved to draw cartoons, and he honed
his skills sketching for a neighbour, a
retired doctor known as Doc. As a
youth, he passed up acting and, erm,
ambulance driving, to pursue this
artistic passion. His talent was timely
for the movie industry. Animation
was proving popular, as silent films
evolved from flickering black and
white images into sound and colour.
Popeye and Betty Boop became as big
as Brad and Angie are today.
Fine Richard, but you dont need
to dwell on that! someone
interrupted with exaggerated
exuberance.
But I continued. By the early
1930s, Walt had started his own
studio, gone bust and bounced back,
and was riding high on the success of
Mickey Mouse. Thats when he
decided to risk everything and make
Snow White, based on a fairytale he
had liked as a child. It took three
years and cost over $1m (631,000) a
huge sum. Everyone thought he had
gone dopey, and in Hollywood the
project was disparagingly labelled as
Walts folly. Walts wife Lillian
wasnt happy. No ones ever gonna
pay a dime to see a dwarf picture,
you idiot, she said. Okay, I added the
last two words, but do you get the
picture about the picture?
Ah yes! someone answered
unbashfully. Confidence in Walt
had dwindled!
For the production, it is
incredible how hands-on and what a
driving force Walt was. He agonised
over the storyline, and changed the
plot to emphasise the dwarfs over the
prince. He debated the choice of the
dwarfs names,
rejecting other choices
such as Burpy and
Flabby. Right decision
there, Walt! And can you
imagine the amount of
effort involved in
managing over 500
people and over 2m
illustrations?
The movie was an
instant success, the
highest grossing
movie to that time.
Everyone loved it, Oscar
included, even though kids peed
themselves in abundance at the scary
bits. With the release of the first-ever
soundtrack, the music was popular
too. The films success ushered in a
golden era of animation and
enabled Walt to move on to things
like Bambi, Dumbo and Peter Pan.
Interesting, Richard. But can we
talk about something simpler? I
think I might have dwunk too
much. Groans all around.
Richard Farleigh has operated as
a business angel for many years,
backing more early-stage
companies than anyone else in the
UK.
www.farleigh.com
Just what Doc ordered: Snow
White was an instant success
G
E
T
T
Y
T
HE common view of the City
hiring market isnt optimistic.
Last year, the Centre for
Economics and Business
Research made the gloomy projection
that the number of positions in 2013
will fall 33 per cent below its 2007
peak. But within the detail, there is
room for hope. If you know where to
look, and can adapt to meet changing
demand, there are still opportunities
for the ambitious to advance their
careers in 2013.
THINK SMALL
In banking, the headline figures seem
glum, and jobs prospects are certainly
expected to be disappointing in the
major investment banks. A survey by
PwC predicts that the sector will
reduce hiring by 88 per cent in the first
quarter of 2013. But the markets they
are leaving are not necessarily unprof-
itable smaller, less risk-averse bou-
tiques are still creating jobs for
experienced professionals. Some larger
banks are also bucking the trend. Glen
Roberts, associate director at Marks
Sattin, says there is optimism among
large and medium-sized retail and
wholesale banks, where short-term hir-
ing plans are ramping up.
Insurance is also looking good, with
demand improving. General insurance
is set to increase hiring by 7 per cent in
the first quarter of 2013, while life
insurance is projected to boost hires by
a massive 76 per cent. Making the
move into the industry is challenging,
but not impossible with the right pro-
fessional qualifications.
The legal jobs market looks quiet,
with just 35 per cent of lawyers expect-
ing their team to grow in 2013. But
there will be pockets of demand in
prime services, compliance and pay-
ments positions. Given that almost a
third of private practice lawyers are
seeking to move in-house this year,
demand within firms may improve.
An uncertain market has also created
demand for more flexible workers.
Between 2010 to 2012, the number of
interim managers on assignment in
the finance sector rose from 46 per cent
to 71 per cent. If you are an expert in
your field, and have the discipline to
market yourself, contracting your serv-
ices could be a lucrative move.
CAPITALISE ON ADVERSITY
As in any challenging market, the key is
adapting your skills to respond to
demand. It also makes sense to look
beyond the usual suspects. Some pri-
vate equity firms, for example, have
diversified into distressed debt and are
now seeking experienced talent.
Perhaps your skills would fit their bill.
Finally, the regulatory clampdown
means compliance is booming the
industry grew 68 per cent between the
first and second halves of 2012. But
compliance staff are recruited from a
wide range of backgrounds, including
accountancy and back office roles. Look
beneath the surface of the trends, and
youll likely find an opportunity.
Some areas of the London market are still brimming with potential
Chris Harlowuncovers
the key hiring trends
in the City and where
to find your next job
How senior managers can capitalise
on their experience and cast out alone
into the lucrative business of interim
management.
MONDAY 4 FEBRUARY 2013
19
cityam.com
Find your next step at
CITYAMCAREERS.com
@cityamcareers
Why there are still plenty of
career opportunities in 2013
JOBof theWEEK
Technology Insurance
Director
Salary: Highly competitive
Location: Central London
Deloitte is seeking to recruit a
director for its technology insurance
team. This is an excellent
opportunity for the right candidate
to enhance his or her leadership
skills in an innovative partnership.
Candidates must have knowledge
of general insurance business
operations, and experience of
delivering complex projects.
For more stories, go to:
Much is said of the growth of the
compliance industry. But what are the
benefits for lawyers considering the
move? Is it always worth it?
CITYAMCAREERS.com
Break into interim management
Compliance and the law
Accountants at all levels are facing
unpredecented levels of competition.
Its more crucial than ever to stand out
from the crowd. Heres how to do it.
Whats happening to the mergers and
acquisitions jobs market? Mid-cap
houses and boutiques are providing
much of the demand.
The accountancy market in 2013
M&A hiring explained
Expected hiring in 2013
Overall FS Banking Building
Societies
General
Insurance
Life
Insurance
Securities
Trading
Investment
Management S
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0
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Q42012 Q1 2013
MONDAY 4 FEBRUARY 2013
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cityam.com
ACCOUNTING AND FINANCE
Insolvency Partner
Salary: 125,000 to 300,000 per annum, plus bonus and benefits
Central London
A well-known mid tier firm is seeking a partner to grow its
insolvency practice. Applicants must currently be working in an
accountancy firm or an insolvency boutique.
Text: JOB 33325 to 60066
Director/Partner
Salary: 150,000 to 200,000 per annum, plus benefits
Central London
A large accountancy firm is looking to create a trustee department.
Candidates must be scheme actuaries, with entrepreneurial flair
and the backing of a large organisation and brand behind them.
Text: JOB 33241 to 60066
Sarbanes Oxley Subject Matter Expert
Salary: 120,000 to 168,000 per annum
London
A large professional services firm is looking for candidates for a
three to six months contract. Prior experience of rolling out
Sarbanes Oxley frameworks from start to finish is desirable.
Text: JOB 33129 to 60066
Tax Manager
Salary: 90,000 to 125,000 per annum
Central London
A growing tax consultancy requires a highly-qualified individual to
manage its London team. Candidates will be chartered accountants
with at least five years experience in the industry.
Text: JOB 33265 to 60066
Senior Finance Manager
Salary: 60,000 to 80,000 per annum
West End, Central London
A prestigious talent management agency is looking to fill a senior
role in its London finance team. Candidates will be ACA/ACCA/CIMA
qualified, with more three years post-qualification experience.
Text: JOB 33610 to 60066
Finance Manager
Salary: 50,000 to 55,000 per annum, plus bonus and benefits
Central London
A growing general insurance firm requires a qualified accountant
with practical knowledge of the sector. Responsibilities will include
performing detailed analyses of new standards.
Text: JOB 33767 to 60066
Accountant - Modeller
Salary: 50,000 to 55,000 per annum
Central London
An international insurance broker requires an ACCA/CIMA/ACA
qualified accountant with experience of budget modelling.
Candidates will also need decent stakeholder management skills.
Text: JOB 33799 to 60066
Business Analyst
Salary: 40,000 per annum, plus bonus and benefits
Central London
A leading blue chip international banking group requires a part-
qualified accountant to enter its planning team. Candidates will
have relevant experience in a large complex company.
Text: JOB 33775 to 60066
Financial Accountant
Salary: 52,500 to 57,500 per annum, plus benefits
Central London
A globally-recognised asset management business requires a
qualified accountant. Candidates will have experience in
researching and concluding technical accounting issues.
Text: JOB 33752 to 60066
Senior Management Accountant
Salary: 38,000 to 42,000 per annum
Central London
A commodity and exchange products firm is looking to hire a
qualified management accountant to join its finance team.
Candidates will have a 2.1 degree from a red brick university.
Text: JOB 33715 to 60066
Group Reporting Accountant
Salary: 78,000 to 90,000 per annum
Central London
A private equity firm requires an accountant with two to four years
post-qualified experience. The job involves supporting the group
financial controller through the year end process.
Text: JOB 33556 to 60066
Tax Accountant
Salary: 45,000 to 55,000 per annum, plus bonus and benefits
South East
An international car firm requires a tax accountant for its head
office. The role suits a chartered accountant or qualified tax adviser.
Text: JOB 33584 to 60066
Life Statutory Reporting Accountant
Salary: 50,000 to 65,000 per annum, plus benefits
Central London
A large UK life insurer requires a qualified accountant to assist with
external reporting and ad hoc projects like Solvency II.
Text: JOB 33533 to 60066
Accounts Assistant
Salary: 15,000 to 20,000 per annum
Central London
An energy charity is looking for a candidate to work on a part-time
basis (three days per week).
Text: JOB 33497 to 60066
ASSET MANAGEMENT
Interim Finance Manager
Salary: 96,000 per annum
London
A niche operator in the asset management field requires a
candidate to run its finance team. All-round accounting expertise
in London is essential, especially tax computations.
Text: JOB 33496 to 60066
Performance Measurement Analyst
Salary: 48,000 to 60,240 per annum
Central London
A major wealth and asset management firm is seeking an
experienced performance-reporting analyst to join its team.
Candidates with IMC or CIPM qualifications are preferred.
Text: JOB 33677 to 60066
Investment Risk Manager
Salary: 50,000 to 55,000, plus benefits and bonus
Edinburgh, Scotland
A leading investment management firm is looking to fill a position
in its investment risk team. Candidates must have one to four
years experience in a quantitative or risk managerial role, and
knowledge of equities and property asset classes.
Text: JOB 33590 to 60066
Oversight Manager - Middle Office/Trade Operations
Salary: Competitive
London
A leading asset management firm seeks candidates with
experience in trade operations at the supervisor/manager level.
Duties will include oversight of an outsourced administrator.
Text: JOB 33813 to 60066
COMPLIANCE
Compliance Head of Training
Salary: 120,000 to 160,000 per annum
London
A leading global investment bank seeks a head of training for its
compliance department. The position involves a high level of
independence and the ability to create and maintain relationships
with many parts of the firm. Candidates preferably have a financial
services background, experience of an investment bank
compliance department, and managerial experience.
Text: JOB 33570 to 60066
Senior Equity Fund Manager
Salary: Competitive
Hong Kong
A top tier asset management firm is looking to expand its equities
division. The ideal candidate will have extensive equity fund
management experience in Asia, and a top tier track record.
Text: JOB 33215 to 60066
CAPITAL MARKETS
Director - Mining Corporate Finance
Salary: 125,000 per annum, plus bonus and benefits
West End
A boutique investment bank, with a strong Canadian parent,
requires an experienced mining financier to establish a team and
grow it over the next few years. Candidates must be experienced
bankers looking for roles with autonomy.
Text: JOB 33689 to 60066
Securities Business Manager
Salary: 65,000 to 80,000 per annum
Central London
A London-based securities house requires a business manager,
with broad responsibility across business areas. Duties will include
relationship management, change delivery, and product
development. Candidates must have cash equities coverage, and
knowledge of derivatives products is an advantage.
Text: JOB 33541 to 60066
Head of Monitoring and Surveillance
Salary: 110,000 to 140,000 per annum
Central London
An investment bank requires a highly experienced candidate to
overlook its monitoring and surveillance activities. Duties will also
include overseeing the control framework, and ensuring strong
communication flows between both UK and German offices.
Text: JOB 33272 to 60066
Compliance Officer
Salary: 70,000 to 90,000 per annum
London
The UK arm of a successful US investment firm requires a candidate
with a strong investment management or hedge fund compliance
background to join its small London office.
Text: JOB 33678 to 60066
Control Room Compliance Officer
Salary: 60,000 to 84,000 per annum
Central London
A City based investment bank is looking to fill a role in its central
compliance team. The successful candidate will have previous
control room experience gained from wholesale banking.
Text: JOB 33231 to 60066
Senior Compliance Associate
Salary: 60,000 to 65,000 per annum, plus benefits and
discretionary bonus
London
A premier hedge fund requires a degree-educated professional to
become deputy within its compliance team. This is a generalist
role, and will involve assisting the chief compliance officer in all
matters.
Text: JOB 33338 to 60066
Compliance Officer
Salary: 50,000 to 70,000 per annum
Central London
One of the top hedge funds in Europe requires an experienced
compliance professional to provide maternity cover. Candidates
must be degree educated with an interest in the financial markets.
Text: JOB 33621 to 60066
Compliance Monitoring Specialist
Salary: 50,000 to 60,000 per annum
London
A top global investment bank requires a candidate with experience
of control testing within a global custody bank. Duties will include
conducting on site inspection of UK business units.
Text: JOB 33569 to 60066
Compliance Analyst
Salary: 30,000 to 40,000 per annum
London
A reputable investment manager is looking for candidates with a
working knowledge and understanding of applicable rules and
regulations and strong interpersonal skills.
Text: JOB 33538 to 60066
Compliance Monitoring Officer
Salary: 45,000 per annum
Central London
A top tier investment house urgently requires a compliance
monitoring office to develop and implement its programme.
Applicants must have excellent writing and communication skills.
Text: JOB 33661 to 60066
CONSULTANCY
Director/Assistant Director
Salary: Competitive
Central London
A leading professional services firm, with a focus on real estate
services, requires a director for its valuation team. This is a unique
position, and requires candidates with professional qualifications,
direct client contact experience, and excellent analytical experience
(particularly financial modelling).
Text: JOB 31938 to 60066
Group Accountant
Salary: 108,000 per annum
Central London
A rapidly-growing company requires a
group accountant. Candidates will be
qualified accountants with multi-currency
accounting experience. Experience of
Oracle would be useful.
Text: JOB 33085 to 60066
Director, Private Banking
Salary: 120,000 to 150,000 per annum,
plus transparent bonus structure
Central London
A rare opportunity has opened up in a
prestigious private bank. Successful
applicants must have reached director level
or above and have an existing client base.
Text: JOB 33614 to 60066
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Director, Head of EMEA Compliance
Advisory
Salary: 140,000 to 240,000 per annum
Central London
An international asset manager requires a
head of compliance advisory for its retail
team. Experience of holding a high impact
position is essential.
Text: JOB 33824 to 60066
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cityam.com
MONDAY 4 FEBRUARY 2013
CONSULTANCY
Senior Consultant - Data Management
Salary: 37,000 to 62,000 per annum, plus benefits
Central London
A candidate with proven relevant experience in consulting or
industry is required for a role working on the delivery of key
transformation projects.
Text: JOB 33710 to 60066
Front Office Consultant
Salary: 70,000 to 85,000 per annum, plus bonus and benefits
Central London
One of Londons top consulting firms to the buy-side financial
sector is looking for a consultant to join its front office technology
team. Candidates must have 5 years business analyst experience.
Text: JOB 33695 to 60066
Energy Software Consultant
Salary: 60,000 to 70,000 per annum, plus benefits
London or Zurich
A world leading software vendor is seeking a consultant with
knowledge or experience in a commodity. Knowledge of an Energy
Trading and Risk Management (ETRM) system is highly desirable.
Text: JOB 33750 to 60066
Senior Consultant Internal Audit
Salary: 30,000 to 38,000 per annum, plus bonus
West End, Central London
A US listed consultancy is looking to appoint two senior consultants
to its internal audit or transactional services division. An excellent
opportunity for highly organised trainee chartered accountants.
Text: JOB 33521 to 60066
FX AND MONEY MARKETS
Institutional FX Sales
Salary: 50,000 to 80,000 per annum
Central London
A global financial institution has an opportunity for several senior
FX institutional sales candidates. The ideal applicant must have at
least three years experience and a strong transferable client base.
Text: JOB 33741 to 60066
Technical Analyst
Salary: 40,000 per annum, plus bonus and benefits
Central London
A large asset manager, with a fundamental long short equity focus,
is urgently looking for a technical analyst. Would suit a junior
analyst or broker from operations or the back office.
Text: JOB 33627 to 60066
Corporate FX Sales
Salary: 20,000 to 35,000 per annum +
Central London
A candidate with 2 years corporate FX experience is sought for a
sales role. Applicants must possess an excellent telephone manner
and be able to work as part of a dynamic team.
Text: JOB 33738 to 60066
INSURANCE
Head of Capital Planning
Salary: 100,000 to 150,000 per annum, plus bonus and benefits
and relocation package
Switzerland
A leading global insurance group is seeking a head of capital
planning to work in its Switzerland office. The role will involve
leading the team responsible for analysing economic capital model
results. Candidates will have a strong mathematical/quantitative
finance background.
Text: JOB 33740 to 60066
Financial Risk Manager
Salary: 65,000 to 80,000 per annum, plus benefits, car and
bonus
South East
A financial services firm requires a financial risk manager to
support its head of insurance and financial risk. Candidates need
understanding of Solvency II and FSA regulatory requirements.
Text: JOB 33514 to 60066
Senior Marine Cargo Claims Adjuster
Salary: 45,000 to 65,000 per annum
Central London
A leading international insurer is looking to expand its claims
division. Candidates must have previous experience of working
within the international marine cargo insurance market.
Text: JOB 33528 to 60066
Commercial Account Handler
Salary: 32,000 per annum
Central London
A leading insurance broker is looking to expand its commercial team.
Candidates must be able to maintain commercial relationships.
Text: JOB 33082 to 60066
INVESTMENT BANKING
Merger and Acquisition Assistant Director
Salary: 110,000 per annum
Central London
A leading corporate finance firm is seeking a very high calibre
assistant director. The role will focus on origination and execution,
building client relationships, and leading business expansion.
Text: JOB 33787 to 60066
Senior Equity Analyst, Mining
Salary: 60,000 to 100,000 per annum, plus quarterly bonus
Central London
An experienced mining analyst is required to establish a research
team and grow it over the next few years. Candidates must cover
mid-cap global mining stocks.
Text: JOB 33685 to 60066
Mergers and Acquisitions Associate
Salary: 60,000 per annum
Central London
A leading pan-European corporate finance firm is seeking an
exceptional associate. A proven record of achievement within a
reputable investment bank or big four practice is ideal.
Text: JOB 33788 to 60066
Commercial Underwriter
Salary: 30,000 to 40,000 per annum
Central London
A UK insurer requires an experienced commercial underwriter. The
role will suit someone who wants a lot of contact with brokers.
Text: JOB 33691 to 60066
Internal Auditor
Salary: 40,000 to 60,000 per annum
Central London
A leading insurance broker is looking to fill a position in its internal
audit function. Candidates must be ACA/ACCA/CPA qualified.
Text: JOB 33257 to 60066
Mergers and Acquisitions Analyst
Salary: 50,000 per annum, plus bonus
Central London
A corporate finance boutique requires a senior analyst. Candidates
must have experience in an investment bank or Big Four practice.
Text: JOB 33785 to 60066
Mergers and Acquisitions Healthcare Analyst
Salary: 55,000 per annum, plus bonus and benefits
Central London
A specialist life science boutique requires an analyst. Applicants
should have a background in healthcare or life sciences.
Text: JOB 33790 to 60066
OPERATIONS
Operations Analyst
Salary: 75,000 to 90,000
Central London
A newly-established hedge fund is looking to recruit an analyst to
report directly to its head of operations. Responsibilities will span
desk support and middle and back offices. Candidates must have
knowledge of credit derivatives.
Text: JOB 33611 to 60066
Operations Supervisor
Salary: 40,000 to 50,000 per annum
London
A supervisor with experience working for a large company is
required. Candidates will have an in-depth knowledge of the trade
life cycle and settlements cycle.
Text: JOB 33423 to 60066
Corporate Actions Manager
Salary: 45,000 to 50,000 per annum
Central London
A London-based wealth management firm requires a corporate
actions manager. Candidates must be IAQ qualified (or equivalent),
have management experience. Previous experience of Figaro is
highly desirable.
Text: JOB 33209 to 60066
Cash Team Manager
Salary: 45,000 to 50,000 per annum
Central London
A London-based wealth management firm requires a private client
reconciliations team manager. Responsibilities will include
ensuring all bank reconciliations are completed on a daily basis.
Text: JOB 33208 to 60066
PRIVATE BANKING
Senior Private Banker
Salary: 120,000 to 240,000 per annum, plus bonus and benefits
Europe
A well-known market name is looking to acquire private bankers
and wealth managers who cover clients across Switzerland and
emerging markets. Responsibilities will include mentoring junior
members.
Text: JOB 33255 to 60066
Senior Private Banker
Salary: 65,000 to 120,000 per annum, plus bonus and benefits
London
A superb name in the market requires candidates from a private
banking and wealth management background. Applicants should
be potentially mobile or have a network of referrals. Strong drive
and motivation are essential.
Text: JOB 33254 to 60066
Junior Private Banker
Salary: $80,000 to $120,000 per annum
Singapore, Asia
A bank with ambitions to expand its network into Asian markets is
looking to hire a new junior private banker for its Singapore office.
Experience of working with senior relationship managers is
essential. Strong CRM skills are required.
Text: JOB 33224 to 60066
PRIVATE EQUITY
Junior Partner
Salary: Competitive
Central London
A top-tier venture capital firm, with a focus on the technology
sector, requires a candidate with principal investment experience
from a venture capital firm.
Text: JOB 33230 to 60066
Investment Director
Salary: Competitive
Hong Kong, Asia
A reputable private equity fund is looking to hire an experienced
investment director. A business network in Hong Kong, Singapore
and China is highly desirable.
Text: JOB 7671 to 60066
Private Equity Associate
Salary: 70,000 per annum, plus bonus and benefits
Central London
An independent private equity fund manager, with a focus on the
European cleantech and industrials markets, is looking to expand
its two investment teams. Candidates must have a strong interest
in technology
Text: JOB 33706 to 60066
QUANTITATIVE ANALYSIS
Quant Trader
Salary: 120,000 per annum, plus bonus and benefits
Central London
A high frequency proprietary trading firm is looking to recruit a
quant trader. Candidates must have a PhD or masters degree in
computer science from a top 100 global university.
Text: JOB 33509 to 60066
Senior Quantitative Risk Modeller
Salary: 70,000 to 100,000 per annum, plus bonus and benefits
London
A leading global investment bank is looking to hire two
quantitative individuals to join its global risk modelling team.
Strong coding ability including C++ and possibly Python is essential.
Text: JOB 33774 to 60066
Mergers & Acquisitions Director
Salary: 90,000 to 100,000 per annum,
plus bonus and benefits
Central London
A leading professional services firm
requires an M&A director to join its
expanding business and to assist with its
strategic growth.
Text: JOB 33545 to 60066
Director, Private Banking
Salary: $300,000 to $500,000 per annum
North America
A top tier international private bank
requires a new director to report to its head
of private banking. Candidates must have
experience of managing a portfolio worth
$100m or more
Text: JOB 33552 to 60066
German Investment Manager
Salary: Competitive
Munich
A long-established turnaround fund
requires two new investment managers.
Candidates must have excellent academic
records, strong German language skills, and
be a good cultural fit.
Text: JOB 24195 to 60066
for details text JOB [job number] to 60066
Texts are charged at standard network rate
Terms apply. See www.cityamcareers.com
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@CAMC_Insurance
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RISK MANAGEMENT
Market Risk Project Manager
Salary: 85,000 to 95,000 per annum, plus benefits and bonus
Central London
A global investment bank requires a project manager/business
analyst to join its market risk change management team. Ideally,
candidates will have worked in a market risk control role before,
and will have derivative product knowledge.
Text: JOB 33090 to 60066
VP Operational Risk
Salary: 65,000 to 75,000 per annum
Central London
A leading investment bank requires a senior operational risk
individual to implement and improve its processes. Candidates
need five to seven years experience at a top tier institution, and
will have exposure to new product approval.
Text: JOB 33229 to 60066
Internal Audit Manager
Salary: 55,000 to 70,000 per annum, plus car and benefits
City, Central London
An exciting opportunity has opened up for a global audit and risk
manager. The main responsibility will be delivering risk based
internal audit reviews. ACA/ACCA qualified candidates are desirable.
Candidates must be prepared to travel frequently.
Text: JOB 33821 to 60066
Internal Auditor
Salary: 52,000 to 62,000 per annum, plus bonus
City, Central London
A transport infrastructure firm requires two lead internal auditors
to improve its enterprise risk management. Successful candidates
will be CMIAA qualified or equivalent.
Text: JOB 33437 to 60066
Market Risk Business Analyst
Salary: 60,000 to 70,000 annum, plus benefits and bonus
Central London
A global investment bank requires a market risk analyst to join its
change management division. Candidates must have prior market
risk methodology experience.
Text: JOB 33091 to 60066
Manager - Credit Risk
Salary: 50,000 to 55,000 per annum, plus bonus and benefits
Central London
A leading financial services provider requires a credit risk manager
to join its portfolio management team. Ideal candidates will have
proven ability to interact with senior management.
Text: JOB 33616 to 60066
SALES AND MARKETING
Data Sales Energy Trading Representative
Salary: 90,000 to 100,000 per annum
London
A growing international software company requires sales
representatives for its market data and analytics product. Ideal
candidates will have sales experience of energy, oil, or metals.
Text: JOB 33312 to 60066
Capital Markets Consulting Business Manager
Salary: 80,000 to 100,000 per annum
Central London
A global software services firm requires an experienced business
development manager to bring in new business in the UK and later
Europe. Candidates must have experience of board presentations.
Text: JOB 33181 to 60066
Pre Sales Consultant
Salary: 50,000 to 70,000 per annum
London
A pre sales consultant is required by an award-winning provider of
reporting solutions to the asset management industry. Candidates
must have experience in investment management technology.
Text: JOB 33733 to 60066
Institutional Sales Manager
Salary: 50,000 to 60,000 per annum
Central London
An enthusiastic institutional sales manager is required. Candidates
require a proven track record of success in telephone sales.
Text: JOB 33739 to 60066
Senior German Sales Executive
Salary: 40,000 to 50,000 per annum
Central London
Candidates with a minimum of four years experience in FX and
CFDs are required. Applicants with knowledge of Austrian and
Dutch markets are preferred.
Text: JOB 33735 to 60066
LEGAL
Corporate Partnership Lawyer
Salary: 65,000 to 80,000 per annum, plus benefits
Central London
A City law practice requires a lawyer to advise on financial services
business. Applicants must have one to three years post-
qualification experience.
Text: JOB 33346 to 60066
Employment Lawyer
Salary: 55,000 to 75,000 per annum, plus benefits
Central London
An astute and technically able employment lawyer is required by
an in-house team. One to two years pure employment law
experience is essential.
Text: JOB 33336 to 60066
Compliance Lawyer
Salary: 25,000 to 55,000 per annum, plus benefits
Central London
A law firm requires professionals to join its internal compliance and
risk unit. Candidates must have compliance experience, alongside
analytical and research skills.
Text: JOB 33351 to 60066
INFORMATION TECHNOLOGY
Chief Technology Officer
Salary: 100,000 to 150,000
London and Moscow
A software vendor requires a chief technology officer to join on a
permanent basis. Candidates should have a Java background,
commodities knowledge, and be able to be based in Russia for the
first three months.
Text: JOB 33384 to 60066
Contract Senior Developer
Salary: 120,000 to 156,000 per annum
Central London
A City-based international derivatives house requires senior
developers. Candidates must have substantial experience of real-
time systems development and deep knowledge of derivatives
and/or energy commodities financial instruments.
Text: JOB 33468 to 60066
Senior Project Manager, Infrastructure
Salary: 120,000 to 132,000 per annum
Central London
A global investment bank requires multiple infrastructure project
managers to partner with the business to deliver support
solutions. Candidates must have investment bank experience.
Text: JOB 33712 to 60066
Chief Architect
Salary: 100,000 per annum, plus bonus and medical
Central London
A leading commodities trading and risk management software
provider requires a chief architect. Candidates must have
experience of SAAS.
Text: JOB 33615 to 60066
Senior Enterprise Data Architect
Salary: 132,000 to 144,000 per annum
Central London
A global management consultancy requires an enterprise data
specialist. Candidates must be seasoned professionals with
experience of tactical and strategic planning.
Text: JOB 33567 to 60066
Payments Technical Solution Architect
Salary: 120,000 per annum
Central London
A leading payment solutions provider requires an architect to
design schemes for its growing market. Candidates must have
understanding of UK payment schemes, and at least five years
experience creating Outline solution designs.
Text: JOB 33446 to 60066
C# Quant Developer
Salary: 100,000 per annum, plus 100 per cent bonus
Liechtenstein
A hedge fund requires an exceptional coder to work on its high
frequency trading platform. Candidates must have an MSc/PhD in
computing or mathematics.
Text: JOB 33387 to 60066
Chief Technical Architect
Salary: 90,000 to 100,000 per annum, plus benefits and bonus
Central London
A global technology innovator requires an experienced chief
technical architect. Candidates must have Java technology
architectural experience. Russian speakers are desired.
Text: JOB 33868 to 60066
ETL Data Warehouse Designer
Salary: 72,000 to 96,000 per annum
Central London
An investment bank urgently requires a senior ETL designer to join
on a six month contract. Applicants must have extensive technical
experience.
Text: JOB 33861 to 60066
Senior Support Engineer
Salary: 40,000 to 50,000 per annum
Central London
A prestigious investment bank requires a senior support engineer
to assist with server and desktop infrastructure issues. Candidates
must have experience with Watchguard technology.
Text: JOB 33850 to 60066
Application Support Analyst
Salary: 35,000 to 50,000 per annum, plus bonus and benefits
Central London
A leading financial software provider requires a well-motivated
and career-driven application support analyst.
Text: JOB 33749 to 60066
Sales Consultant
Salary: 80,000 to 100,000 per annum
Central London
An energy trading and risk management
solutions company requires a sales
consultant with experience of trading
systems. Candidates must have energy
market knowledge.
Text: JOB 33417 to 60066
Senior Audit Manager
Salary: 65,000 to 75,000 plus bonus and
excellent benefits
Central London
One of the UKs largest retail networks
requires a qualified audit professional to take
control of the design and development of
internal auditing programmes.
Text: JOB 33438 to 60066
Senior Wealth Planner
Salary: 90,000 to 140,000 per annum
An international wealth management firm
requires a senior wealth planner.
Applicants must have a university degree in
law, and a strong background in tax
planning or corporate planning matters.
Strong Portuguese language skills desired.
Text: JOB 33753 to 60066
Chief Technology Officer
Salary: 200,000 per annum
Central London
A leading commodities trading software
house requires a chief technology officer.
Candidates must have Russian language
knowledge and serious line management
experience.
Text: JOB 33730 to 60066
MONDAY 4 FEBRUARY 2013
22
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LIFE&STYLE
MONDAY 4 FEBRUARY 2013
23
cityam.com
TRAVEL
Tom & Isabella
15.11.12 at 1.55pm
Lovestruck
here
Now its your turn to
meet someone amazing
Its Davos, but not as you know it
When the politicians go home and the snow melts, the Swiss town transforms into an idyllic paradise, says Julian Harris
D
ESPITE being a 30-something
supposed grown-up, I must
confess to still suffering from
the occasional nightmare.
While on duty as a night editor of
this newspaper, for example, my
sleep can be disturbed by a recurring
dream in which Im culpable for
printing over 130,000 front page
headlines of UK ECOMONY DIPS
AGAIN (yes, reread if you missed it).
But theres an even worse night-
mare one scary enough to cause any
business hack to bolt upright at 5am,
drenched in chilly sweat: being sent
to report on the World Economic
Forum in Davos.
The latest Forum known as WEF
finished last week, the highlight
appearing to be the fact that old
chums David Cameron, George
Osborne and Boris Johnson had pizza
for dinner. Wonderful stuff: hold the
front page.
Let me explain, in case youre bliss-
fully unaware at the turn of each
year, the small Swiss mountain town
of Davos is colonised by leading busi-
ness figures, and politicians who pre-
tend to understand business.
Its the place to be seen for these
funny folk, who mingle around the
conference centre while Angela
Merkel stands at a lectern and reels
off platitudes about budget consoli-
dation. Anyone whos anyone is
there, which is one reason why its
good to be a no one.
But the unattractiveness of the
WEF is not the fault of Davos itself.
Rather, one of the worst things about
the WEF is that people travel to such a
stunning part of the world, and then
waste it in a bleak conference centre.
Being sent to Davos for the WEF is
like being promised a day at
Silverstone with a Ferrari, only to find
out that its been rained off and you
have to spend two hours in the cafete-
ria with your mother-in-law.
Fortunately, I visited Davos and
the nearby town of Klosters during
the summer, when there was no
hint whatsoever of an impending
economic conference. Counter-intu-
itively, the summer months count as
the off-season. Apart from the WEF,
this idyllic region of the Swiss Alps
is best known for its winter activi-
ties, mainly skiing and other snow-
related fun.
Klosters has a modern history as a
kind of celebrity-magnet: it is one of
Prince Charles favourite places to
slide down some slopes and be pho-
tographed playing dad with his grin-
ning sons. However, it was originally
enjoyed by the rich and famous as an
escape from the devious eye of the
media.
During the Second World War,
American GIs trapped in Europe dis-
covered it wasnt the worst place in
the world to while away the days until
the battles were won. And, upon the
arrival of peacetime, word spread
across the pond that Klosters made
for a superb holiday location. Before
long Hollywood stars like Greta Garbo
and Gene Kelly were gathering in the
Chesa Grischuna hotel, where hoards
of thespians congregated in order to
get smashed, dance on tables and
indulge in all manner of revelry
happily out of the public eye. Being
famous in Klosters became so normal
that it offered a kind of highly-covet-
ed anonymity.
More recently Renee Zellweger has
lodged in Chesa Grischuna, a place
that is like a microcosm of the town
itself: traditional, charming, unpre-
tentious and welcoming. There is
nothing particularly showy or extrav-
agant about Klosters; rather, it is sim-
ply nice and everything works.
Within an hour of arriving follow-
ing a seamless train journey from
Zurich, consisting of a couple of
unusually stress-free interchanges I
found myself serenely accepting these
Swiss stereotypes. The angst of rush-
hour London Bridge station and its
signal failures felt like a lifetime ago,
as I took in the sight of the awesome
surrounding mountains from my
hotel balcony.
During the summer months, the
snow having melted, the hills around
Davos become ideal for hiking and
This kind of ambitious feel-good
capitalism is in evidence around
Davos, too, as we visit a small cheese
factory that has been built up a hill in
the middle of where the cows graze
So we dont have to transport the
milk or the cows: its better this way
as well as what Im promised is the
highest brewery in Europe, at Davos
Monstein.
Walking to both, we often found
ourselves a few hundred yards
beneath a local, who would be effort-
lessly sky gliding in the clear blue
space above our heads. As they calmly
sailed through the air, and the cows
mooed, and I sipped on the bottle of
locally brewed beer that Id guilt-
tripped the guide into buying me, it
became obvious why Formula One
drivers and wealthy financiers move
to the Swiss Alps. It may be expensive,
but this part of the world really does
have an awful lot going for it and
not just during the skiing season.
cycling. Ready-made paths run along
the side of the hills, so one isnt bur-
dened too much by constant climbs
or drops.
On a spirit-lifting sun-drenched
Friday we hiked to the nearby
Schlappin valley where we met
Rudolf Wotzel, a former M&A banker
at UBS, Deutsche Bank and Lehman
Brothers. Wotzel has become known
for his dramatic exit from the world
of finance, which involved an isolated
trek across the Alps (from Germany to
France) followed by a book Across
the Mountains to Myself and finally
buying and opening a hostel and
restaurant in this postcard-perfect lit-
tle valley.
Wotzel stresses he has not turned
his back on capitalism, but rather
opted for a different type. This is not
an indulgence project, he tells me.
We have a business plan and are
looking to break into profit this year
or next.
Getting to Klosters / Davos
n There are many flights from
London to Zurich. Swiss offer daily
services from Heathrow and City
airports, while EasyJet go there
from Gatwick. Flights on Swiss start
from 119 return.
n Train journeys from Zurich take
around two hours, switching at
Landquart. For simplicity, a Swiss
Transfer Ticket covers a round-trip
between the airport and your
destination. Prices are 90 in second
class and 142 in first class.
For more information visit:
www.MySwitzerland.com,
call the Switzerland Travel Centre
on 00800 100 200 30 or
email, for information:
info.uk@myswitzerland.com.
For packages, trains and air tickets
email sales@stc.co.uk
NEED TO KNOW
The conference
may be unattractive
but Davos in the
summer is beautiful