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:

• Edward explains his previous roles and varied experience
• Tips for entry-level IR professionals
• What led Edward to move from a consulting role based in London to an in-house investor relations role in Geneva
• What surprised Edward about switching to an in-house role
• His experience working in-house during an IPO vs. as an external consultant
• How working on debt IR programmes differed from equity IR
• Edward’s approach to managing his time and responsibilities in a busy role
• Why Edward uses meeting notes with investors as data insights
• The role of AI in investor relations
• How IR professionals can measure success

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:

• Phil takes us through his career history
• An average day in equity sales
• What Phil looks for when a company comes in to present
• How can companies be more creative in their messaging?
• Touchpoints with investors during a typical day
• What makes a good analyst stand out
• Phil’s take on the MiFID 2 regulations
• Why Phil thinks we’ll see more mergers in the future
• Common frustrations in Phil’s role

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:

• Maria takes us through her career history
• How she began to learn more about ESG issues
• What investors want to know about ESG
• How her team operates
• The challenges of ESG
• Metrics her team looks at when assessing high-risk companies
• How T. Rowe Price measures environmental impact
• Why ESG exclusions could be harming sustainability goals
• Engagement between companies and PMs
• The current trends in ESG benchmarks and investing

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