Enquire, the Investor Relations podcast

The small-cap market across Asia is seeing strong growth, with healthy company profits and an active IPO space in emerging markets like India, Vietnam, Indonesia, and the Philippines. To learn more about the equity scene in Asia and how to engage with global investors, we spoke with Gabriel Sacks, Investment Director at Aberdeen. Gabriel brings 17 years of emerging markets expertise and offers advice for all IR professionals working with global investors. Challenges and opportunities in the growing Asian market Gabriel started his career with Aberdeen back in 2008 as a research analyst and portfolio manager on a range of Emerging Markets equity funds, including a Frontier Markets strategy. Today, his primary responsibility is as lead manager on the Aberdeen Asia Focus investment trust, which aims to give investors exposure to a portfolio of high-quality smaller companies across Asia that are otherwise very difficult to access. We talk about the differences between many of the countries that Gabriel works with and the four primary variations that anyone working across Asian markets needs to know. Gabriel talks about how the markets are looking in today’s turbulent geopolitical climate, and why he’s optimistic about growth. We hear his advice on how to communicate with company boards and investors, why face-to-face meetings are still the best meeting option, and how he’s using AI as a productivity tool. In This Episode Gabriel explains the primary focus of the fund he manages The three things he looks for when selecting stocks Why Asia’s IPO market is particularly active The resources he turns to when researching companies How he interacts with companies and private investors The four variations across Asian markets that IROs need to know about Advice for management teams and IR on narratives and providing feedback Quotes: "Sometimes you don't need access to management if you have a very strong IR... they're often better at communicating than the management team." "Create a nice long-term narrative, but in the short term, maybe be a little bit more conservative on the guidance or at least very transparent and clear about what you're communicating." "Some of the best meetings are sometimes when you've never met a company... the management or IR just relay the business strategy and narrative in a very clear manner."Resources: Connect with Gabriel on LinkedIn

Is debt IR really that different from working in equity investor relations? While there are some key differences that make up a debt IROs typical role, there are more similarities than you might expect. Debt and Equity IROs Are On the Same Team (With Different Audiences) In this episode, we welcomed Angela Catlin, previously the Head of Investor Relations, Corporate Affairs and Brand at The Co-operative Bank and currently Chair of the Debt IR Steering Group of the Investor Relations Society. Joining her is Equitory’s Matt Lee, our Director of Investor Relations, to give his perspective on debt IR. Both have experience in equity and debt IR and share their thoughts on the key differences, how to manage relationships with rating agencies, and why an always-on approach is the best IR strategy. You’ll also hear about what an equity IRO would need to do to adapt to debt IR, and how measuring success on the debt side is typically easier. In This Episode Quotes: Resources: Connect with Angela on LinkedIn

Can you really build meaningful investor relationships through a screen? Zoom and Teams calls have been an invaluable tool in the past few years, but is there an overreliance on remote communication in IR today? Paul Measday, Head of Investor Relations, Ashmore Group plc, joins the podcast to talk about his career and thoughts on IR as a whole. In his view, IR is still a “contact sport,” and traditional relationship-building is critical to successful IR. IR in the digital age In this episode, Paul shares his perspective on IR as a team of one in his role at Ashmore Group plc. Previously working as an equity analyst with Cazenove/JP Morgan Cazenove, he qualified as a chartered accountant with Ernst & Young and has an MEng in Mechanical Engineering from Exeter University and the University of Liège. With experience across multiple areas of finance and capital markets, he brings knowledge and experience of equity research, covering banks through multiple market cycles. We hear his thoughts on the practical challenges of managing roadshows and proxy voting, and why he believes traditional relationship-building is critical, especially when building new relationships with investors. He discusses Ashmore Group’s strategic approach to investor targeting, their approach to conferences, analyst relations, and the importance of understanding your company’s investment story. His biggest tip for those thinking about a career in IR is to gain experience in different areas of capital markets and finance to bring something unique to the role and gain credibility across your company. In This Episode: Quotes: "Asset management, the capital markets, it's a contact sport, right? You need to meet people.""You can have a Zoom call or some other sort of virtual interaction with a fund manager. If they're a shareholder, it is a good tool because you've already built that relationship. But if you're trying to establish a relationship, everyone will be very polite on the video call, but I'm not sure it leads to anything meaningful.""In order to gain credibility, bringing some relevant experience and industry knowledge lets you carve out a slightly different role for yourself under the IR banner so that if you're in the meeting with the finance director and you've only been in IR for a year, you have a role to play in that meeting.”Resources: Connect with Paul on LinkedIn

Every IR team wants to hear good feedback from investors. But it’s the negative feedback that has the most value. In this episode, you’ll hear Dan Homan, Investor Relations Director at Currys plc, explain why honesty and genuine two-way conversations between IR and investors are a must to achieve continuous improvement in IR efforts. Investors value honesty above all else Prior to joining Currys, Dan was a Director at Citi Investment Research where he was a lead analyst on top-ranked teams covering the European Retail sector. Alongside Investor Relations, Dan has responsibility for UK strategy, property and the Group's defined benefit pension scheme. He joins Enquire, the Investor Relations Podcast to shed light on Currys’ approach to investor relations, communication with the board, and hosting capital market events. We hear about the challenges that his team and Currys has faced over the past few years, including a takeover bid from Elliot Advisors and company restructures. Coming from the sell-side and now working alongside other departments such as property, Dan brings a lot of additional insight into different areas of the business that he says make him better at IR. Dan shares his approach to shareholder management, working with brokers and analysts, and why he actively seeks negative feedback from investors. He also explains his thoughts on what makes someone good at IR and advice for anyone considering it as a career. In This Episode: Quotes: “A number of listed companies forget to tell their equity story regularly enough. At full year updates and interims, they’d just be giving an update on results and assuming everyone knew what they were trying to do as a company.” “I’m very interested in the negative feedback. It can sometimes be difficult to hear, but it’s the most important stuff that we can action.” "You need a ruthless focus on simplicity. The simpler you can make the message for the market, the more that investors are going to appreciate you."Resources: Connect with Dan Homan

When done right, the collaboration between analysts and investor relations professionals can transform how a company's story is told, understood, and valued by investors. In this episode, we speak with Ciarán Donnelly, Technology & Media Equity Research Analyst at Berenberg to hear his insights of the technology, media, and telecommunications (TMT) sector. Consistency, Availability, and Proactivity: An Analyst’s IR Wish List Ciarán shares stories from his decade-long career in investment banking. You’ll hear what a typical day looks like for him, from dissecting results day announcements to communicating with IR to running global roadshows. We hear what Ciarán would most like to see from IROs when it comes to assessing his modelling approach and why he thinks that IR should be involved far earlier in the process when it comes to an IPO. While there’s been some negativity about the UK market, Ciarán is confident that things are looking up and explains why many analysts like him have an optimistic view of UK equities. As a topic that affects Ciarán’s sector a great deal, we discuss how AI is impacting both his role internally and the companies he researches. We hear his take on AI in the wider TNT market and why it can be a productivity enhancer. In This Episode Quotes: "We are starting to see practical examples of where [AI] is either benefitting or changing business models." “The equity story is hugely important to whether or not an IPO gets done. If an IR professional can be in situ in a private company even 12 months in advance, I think that is a really good opportunity.” "There's always going to be demand for quality assets and there is a lot of quality assets in the UK. So we think you're likely to see that trend continue in 2025 and beyond." Resources: Connect with Ciarán Donnelly

Seismic shifts in the markets and the wider geopolitical environment have become top discussion points for IR, fund managers, and investment companies. But are these shifts the norm or simply blips? Mitesh Sheth, CIO of Multi-Asset at Newton Investment Management Group (“Newton”), discusses his take on the current markets in this episode. Expect the Unexpected in the Market Mitesh’s varied career has given him unique insight across different areas of investment management. Beginning as an actuary, he later moved into roles including Head of Fixed Income and Director of Business Innovation at Henderson Global Investors and then Director of Strategy and CEO at Redington. As the Chief Investment Officer of Multi-Asset at Newton, Mitesh has oversight of Newton’s multi-asset and fixed-income teams based in London, as well as Newton’s quantitative multi-asset solutions team in San Francisco. Mitesh shares his perspective on what he describes as the new macro regime and explains that while volatility has brought big changes to markets, change has always been inevitable. His warning for anyone in investment management is to not become complacent with what the “norm” is, because it’s changing all the time. Mitesh also shares advice for IR professionals on how to communicate better with investors and fund managers and how to protect against volatility expected through the rest of 2025. In This Episode Quotes: "You're not trying to predict the future. You're trying to prepare for different future scenarios and ensure that clients' assets are protected, and their goals are met somewhat regardless of different scenarios." "The best IR professionals are meaningfully additive to the share price." “Trust is more important than ever before... And ultimately trust comes down to not over-promising.” Resources: Connect with Mitesh Sheth

Are we overlooking the UK equity market? It hasn’t incited the same level of excitement as the growth in the US market, but that doesn’t mean investors should disregard it. As Wes McCoy explains in this episode, even long market cycles come to an end, so are you prepared for what’s next? Is UK Equity Due for a Comeback? Wes is the Senior Investment Director at abrdn and has over 20 years’ experience in various roles within UK equity. He sits down with us to talk about why he thinks the UK market is overlooked but also why this could pose a great opportunity for investors planning for the long term. We hear a bit of Wes’ backstory as he takes us through the highlights of his career journey to where he is today and how he came to build his fund that oversees 35 stocks. Wes explains the realities of market cycles and tells us the best and worst investments he’s made over the years; plus the biggest lessons each experience taught him. Wes also shares some important advice for IR professionals on how to communicate better with investors and why trying to be everything for everyone is the wrong move. In This Episode Quotes: “I’m a believer in value versus expensive.” “Look out for a manager who owns their mistakes and attributes some of their success to luck. That's usually the right blend, not the other way around.” “If companies can explain [their value] to you exceedingly well, it usually means they explain it well to customers and employees. The people that nail that are the people that have authenticity and don't put on different faces and masks for different audiences.” Resources: Connect with Wes McCoy

What can we expect in 2025 when it comes to the UK equity market? While there have been challenges and volatility over the past few years, 2025 seems to be a promising start for companies, investors and IR professionals alike. Are Things Looking Up in UK Equity? Joining this episode is James Lowen, a Senior Fund Manager with 30 years’ industry experience at J O Hambro Capital Management, where he co-manages the J O Hambro Capital Management UK Equity Income Fund. James offers a broad perspective on the UK equity market in its current state and shares four key reasons why we should be optimistic this year. We discuss the various geopolitical issues impacting the market and his advice for IR professionals and companies trying to navigate the changes. We hear James’ view of what makes a perfect shareholder meeting, his advice for companies presenting to current and potential investors, and what IR managers can do to form greater relationships with investors. In This Episode Quotes: “I think companies have to be audacious in this world of low valuation.” “I think this is the most interesting time, probably in the 20 years we've been operating, and that's why we're quite fired up at the moment.” “More communication is good. We don't like where companies just pop out their results meeting twice a year. We'd like them to do things in the middle.” Resources: Connect with James LowenThe Long & The Low of it

£20 billion is the estimated outflow from of UK equities in the last three to four years, with almost half originating from small-mid cap equities. So, what separates companies that retain investor confidence and interest vs. those that don’t? The Right Guidance and Communication Strategy to Weather the Storm UK fund managers have been kept very busy over the past few years. Economic turbulence, sweeping political shifts, and the financial impacts of a pandemic have all contributed to the uncertainty around UK equities, affecting UK fund growth and performance. In this episode, we hear the fund manager’s perspective from Siddarth Chand Lall, the Lead Fund Manager of the Marlborough Multi Cap Income Fund at Canaccord Genuity Wealth Management. We explore the ways companies can improve their communication approach with investors and what needs to change to attract investment back to UK equities. Siddarth shares his perspective on the most influential changes in the market and his advice for investors, IR professionals and fund managers for this year. In This Episode Quotes: "When communicating with shareholders, they are partial owners. They are on your side, and there can be a partnership. They want you to do well, so it doesn't need to be combative." “To under promise and over deliver is so important. It really is one of the golden rules in any listed entity. If you can do that, that's where you protect the share price. “When you start off by saying everything's great and we're okay, and then at the end, you say, 'Oh, by the way, there's this negative thing to tell you about,' hoping that maybe some people wouldn't care about it... that really irritates investors." Resources: Connect with Siddarth Lall

As a business model unique to the UK, we dive into what it’s like managing investor relations for a royalty-based company that invests in the mining industry in this episode. Geoff Callow, Head of Investor Relations at Ecora Resources, joins the podcast to share his insights into his role. IR Strategies in a Royalty-Based Business Model Geoff gives us the background on his 20-year career, from accountancy to financial PR and eventually to IR. He highlights the top learnings from his previous roles and discusses the importance of having both financial skills and strong communication abilities. The conversation then explores Ecora Resources' distinctive business model as a royalty-based investor in mining projects. Geoff explains how this structure impacts IR strategies, including the challenges and benefits of managing investor communications for a globally dispersed business. We hear how he communicates with the board and analysts and why and how he leverages external advisors and brokers to explore a broader market perspective. In This Episode Quotes: “It's all data. The analysis and the data lead us in directions to try and capitalise on who the right buyers are.” “Being a small company, which doesn't have operational control, the two things the chief exec says we can do well are, we can invest our money smartly. And then we can tell a good IR story.” “It's [IR] not just talking to investors but it's actually, I think if it's done well, understanding the opinion in the market, bringing that back in and when you bring that information back into the business and help the business then to make better decisions and more informed decisions, I think that's where it really becomes valuable and people are starting to see the value in that.” Resources: Connect with Geoff CallowEcora Resources

Is financial acumen or simply good communication the most important ingredient to succeeding in investor relations? Communication and the ability to build rapport with investors is often highlighted as the one thing that sets great IR professionals apart. But in this episode, Karen Keyes, Head of IR at Canadian Tire Corporation (‘CTC’), explains why financial knowledge is crucial when communicating well with investors. Don’t Underestimate the Need for Good Financial Knowledge Karen joins the podcast to discuss her 20+ years of experience in IR across different industries and countries. We hear about the challenges of managing major corporate events such as acquisitions and shareholder activism, economic downturns, and adjusting to different IR practices in the UK and Canada. As we talk about her current role at Canadian Tire Corporation, Karen explains how she manages investor perspectives while representing a beloved national brand. She shares her must-have IR tools, how her team is experimenting with AI, and her thoughts on how IR has changed throughout her career. In This Episode Quotes: “One of the mistakes people sometimes make in IR is getting very fixated on the market and the investor and analyst audience. I think it's really important, to be successful, to be able to transition and think about stakeholder relations.” “The biggest feedback for people trying to explore AI for IR would be that it's really about the prompts and it's about human intelligence and learning. So there's no substitute for knowing IR and then using the tool to help you be more efficient.” “I think the most transferable skill has been the skill that you acquire by being part of the finance team, how to think about a P&L and a balance sheet, how to think about valuation. You need to be able to sit in a finance leadership meeting and listen for the right information.” Resources: Connect with Karen Keyes

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: Connect with Paul Hewlett

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: Connect with Deb Wasser

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: Connect with Edward Westropp

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: Connect with Phil Griffith

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: Connect with Maria Elena Drew

To kick things off for our new podcast, we are very excited to have a conversation with our friend and colleague, Geoff Callow, who works as a director here at Equitory! As with the rest of this season, our goal for today is to have an illuminating conversation with a senior investor relations professional, and we could not think of a better candidate to get things rolling than Geoff! He has many years of experience in the field and joined Equitory a year ago, bringing his wealth of wisdom...