Capital International’s Jersey business has expanded significantly in recent years, with a series of acquisitions helping to strengthen the firm’s presence in the Island. In the latest episode of the Bailiwick Podcast, managing director of Capital International (Jersey) Limited and group head of asset management Antony Kelsey reflects on his career, the business’s growth and the leadership lessons he has picked up on the way
THIS year marks Capital International Group’s 30th anniversary, which has naturally prompted a bit of reflection.
I’ve been with the business since 2010 and, over that time, I’ve had the opportunity to see it grow in ways I probably couldn’t have imagined when I first joined. I started in a business development role, helping to promote a newly launched product, before moving on to lead our business development and marketing teams.
One of the most memorable parts of that journey was being involved in the launch of Capital International Bank in the Isle of Man, the first new bank established there in 30 years. More recently, my focus has been on leading our asset management business across the group while also serving as managing director of our Jersey office.
Looking back, one thing that has become clear is that growth rarely follows a neat, predictable path. Businesses evolve through a combination of planning, opportunity and being willing to adapt when circumstances change.
Building a presence in Jersey
Capital International has always grown steadily, but in recent years we’ve also explored opportunities to expand through acquisitions.
When I took over responsibility for the asset management business, I carried out a strategic review and one of the areas that stood out was the potential for growth in Jersey.
That ultimately led to the acquisitions of Martello Asset Management and the investment arm of Affinity Private Wealth.
Those acquisitions have been an important part of our development and have helped establish a stronger presence in the Island. Today, our asset management operations across Jersey and the Isle of Man oversee around £1.5 billion in assets.
Of course, growth isn’t only about numbers. One of the challenges for any business is finding ways to expand while holding on to the qualities that clients and colleagues value most. As organisations become larger, maintaining a sense of connection and a personal approach can become more difficult, but arguably more important.
Lessons from different leaders
Over the years I’ve been asked who has influenced my leadership style.
The answer is usually that there isn’t one person. I’ve always found myself taking inspiration from people in very different walks of life.
Sir Richard Branson has always interested me because of his ability to create a distinctive brand and personality around a business. Having spent a number of years working in marketing and business development, that’s something I’ve always appreciated.
As someone who grew up playing rugby, I’ve also admired Martin Johnson. What stood out was less about results and more about the way he seemed to lead from the front. There was a sense that he was sharing the same challenges as the rest of the team.
I’ve also long admired Angela Merkel. I studied German and have always been interested in Germany, but what struck me during her time as chancellor was her ability to deal with complicated situations calmly and pragmatically. In financial markets there are periods when uncertainty is unavoidable, and I think there is something valuable in remaining measured when others are looking for quick answers.
Steve Jobs is another figure who comes to mind. People often focus on innovation when they talk about him, but what interests me is the resilience and conviction required to continue pursuing an idea when it isn’t necessarily popular.
Perhaps the most unexpected influence is Florence Nightingale. What I find fascinating is not only her commitment to caring for people, but also the systems and structures she put in place to support that care. It serves as a reminder that clients remain central to our efforts and intentions alone are not enough. Organisations need the right client-centric environment and framework to succeed.
The role of empathy
One theme that has become more important to me over time is empathy.
Financial services is often associated with numbers, markets and performance. Those things are clearly important, but they aren’t the whole story.
Behind every investment portfolio is a person, a family, a business or a long-term goal. People can feel excited, anxious, optimistic or concerned depending on what’s happening in their lives or in the markets.
I’ve found that some of the strongest relationships, whether with clients or colleagues, tend to come from understanding that broader context rather than focusing solely on outcomes.
The same applies within teams. Every individual brings their own experiences, motivations and challenges to work. Having an awareness of that and using empathetic understanding can make a significant difference to how teams function and how people work together.
What makes a strong team?
Throughout my career I’ve spent a lot of time working with teams, and one thing I’ve observed is that high-performing teams are rarely built around one individual.
In investment management there can sometimes be a perception that success is driven by a single portfolio manager making brilliant decisions. The reality is usually much broader than that.
Behind investment decisions are researchers, analysts, risk specialists, operations teams and many others who all play a role in the outcome.
What has always interested me is how teams create a rhythm around what they do. The strongest teams I’ve worked with tend to have clarity around their responsibilities, good communication and a shared sense of accountability. They also create an environment where ideas can be challenged constructively.
Investment management depends on research, discussion and sometimes disagreement. Good ideas often improve when they’ve been tested from different angles.
At the same time, there comes a point where decisions need to be made. Finding that balance between debate and decisiveness is something every team has to navigate.
Leading across different locations
Over the past few years, I’ve also spent more time leading teams across different jurisdictions, particularly between Jersey and the Isle of Man.
Technology has made many aspects of that easier, but there are still differences between managing a team in person and managing one remotely.
One thing you miss is the informal interaction that takes place in offices every day. The conversations before meetings, the quick discussions in corridors and the chance observations that help you understand how people are feeling.
I’ve learned that maintaining communication becomes even more important when teams are spread across different locations.
Equally, every office develops its own culture and history, even when the locations themselves appear quite similar.
It’s been interesting to see how different teams can approach challenges in slightly different ways while still working towards the same objectives.
Communicating through uncertainty
Markets have a habit of reminding people that certainty is never guaranteed.
Anyone who has spent time in investment management will have experienced periods when markets are performing strongly and other periods when conditions are more challenging.
One lesson I’ve taken from those experiences is that communication tends to become more important during difficult periods rather than less important.
The natural instinct when facing pressure can sometimes be to retreat and focus inwardly. Looking back, I’ve often found that the most productive conversations happen when people remain open, continue asking questions and seek perspectives from others.
The same applies to client relationships. During periods of market volatility, people understandably want reassurance, context and information. They want to understand what is happening and how decisions are being made.
While that doesn’t remove uncertainty and the results may still not be palatable, proactive communication helps build and retain trust.
Looking ahead
As Capital International Group reaches its 30th year, there is plenty to be proud of. The business has grown significantly, we’ve expanded into new jurisdictions and we’ve welcomed new teams into the organisation.
At the same time, many of the themes that stand out when I reflect on the journey so far are not really about growth figures or acquisitions.
They’re about people, relationships, communication and building teams that can work through challenges together.
The business looks very different today from the one I joined in 2010, but those principles have remained surprisingly consistent throughout.
To hear more from Antony Kelsey on leadership, acquisitions, team culture and the growth of Capital International’s asset management business, listen to the latest episode of the Bailiwick Podcasts.
The views, thoughts and opinions expressed within this article are those of the author, and not those of Capital International Group Limited (Group) and/or any of its subsidiary companies and as such are neither given nor endorsed by the Group or any company within the Group.
Information in this article does not constitute investment advice or an offer or an invitation by or on behalf of any company within the Group to buy or sell any product or security or to make a bank deposit.
Any reference to past performance is not necessarily a guide to the future. The value of investments may go down as well as up and may be adversely affected by currency fluctuations.
The Group, its subsidiary companies, clients, and officers may have a position in, or engage in transactions in any of the investments mentioned. Opinions constitute views as at the date of issue thereof and are subject to change.
Capital International (Jersey) Limited is a subsidiary of Capital International Group Limited and is regulated by the Jersey Financial Services Commission for the conduct of Investment Business and Fund Services Business.
