[ C O V E R
I N T E R V I E W
and lack of depth in the midday
lull when markets open, before
ramping up for the close,” says
Muschamp. “There’re ways to work
around that but it’s not ideal con-
ditions. We agree with the business
case for shortening market hours,
but it’s a more positive devel-
opment in terms of the push for
greater diversity and emphasis on
well-being.”
Like many firms in the industry,
T. Rowe Price responded to the
London Stock Exchange’s consulta-
tion on shorter market hours, very
much in favour of the efforts. While
the benefits to market structure
and the liquidity landscape are
clear, the asset manager’s traders
point to the well-being and mental
health of those in the industry as a
central cause, alongside the need
for diversity.
T. Rowe has bolstered its efforts
to ensure the well-being of its
traders and staff in various ways.
Flexible working is welcomed, as
well as participation in educational
programs aimed at informing its
workers that it’s okay to not feel
ok. Ultimately creating an environ-
ment whereby the firm’s staff feel
confident and able to talk to a line
manager, or each other, if they are
struggling.
The traders agree that the role
of the buy-side trader is indeed
intense.
“It’s intense every minute of
the day, right? It’s the consistent
working hours, which goes back
to the shorter market hours issue,”
says Wilkes. “It will have a hugely
positive impact on our industry in
terms of well-being. It’s demand-
ing to have to concentrate on the
job every minute from 6.30am and
there’s no let-up. It’s a continuous
challenge of the role.”
On diversity, T. Rowe Price is
working on a ‘Women in Invest-
ments’ project and has a business
34 // TheTRADE // Spring 2020
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T.
R O W E
P R I C E ]
“We are conscious
that the photos for
this interview may
not necessarily
back up how
seriously we view
diversity.”
resource group for women across the
firm. Wilkes and Ellis both also sit on
various diversity committees exploring
the issue further. Ellis is mentoring
people outside of the industry as part
of the 30% Club scheme, which he
says has been eye-opening in terms of
getting a different perspective.
“We are conscious that the photos for
this interview may not necessarily back
up how seriously we view diversity, but
I think the message is that we are get-
JEREMY ELLIS, HEAD
ting better and better at our diversity
OF EUROPEAN EQUITY
efforts across the firm as a whole,” Ellis
TRADING, T. ROWE PRICE
explains.
“It’s central to the company. While
we may not look diverse, that doesn’t
mean we can’t proactively understand the issue and
have a positive impact to the broader company. That’s
where we are coming from at this stage. As I look
around, I see a lack of egos in this firm and that goes
right up to senior management who are approachable
and engaged in the business.”
Looking to the future, Ellis and his team concur that
the buy-side must provide relevance and value to cli-
ents, which T. Rowe is confident it is aligned to deliver.
But this is a constant evolution that the desk needs
to keep on top of, from the investment side, market
structure, regulation and execution. At the same time,
the battle for diversity continues as increased automa-
tion across the industry shifts the role of the buy-side
forever.
“In the future, there will be more layers of automa-
tion and the next hire to the execution team will have
a lot more of Evan’s skillset than mine,” Ellis explains.
“There are firms out there where execution is becom-
ing more operationalised, or TCA-led, but that’s cer-
tainly not the case here. The need for liquidity requires
a more nuanced approach than purley led by TCA.
Not all asset managers are created equally, as an active
manager we need to find solutions that both scaleable
and accommodate multiple challenges."
“We’ve also heard discussions around outsourced
trading, with quite a defensive response from the
buy-side, similarly defensive to the reactions we saw
to MiFID I, MiFID II and high-frequency trading.
I’m sure there is a use case for outsourced trading for
smaller asset managers, and possibly some of the larger
asset managers, but that sort but that sort of innovation
will continue to come through. If there’s one thing my
career so far has taught me, and the team here will
agree, it’s that you must evolve with the business.”