Hi, Justin! Who are you and what do you do?
I’m Justin Murray and I’m the founder and Executive Chairman of Murray & Co, an investment banking firm with offices in Auckland and Christchurch in New Zealand.
When and where did you join Rothschild & Co?
I joined the London HQ at St Swithin's Lane in February of 1995 when I was 26, and stayed for two and a half years. Prior to that I was a corporate lawyer in New Zealand and keen to move into banking. My wife is English, so we moved to the UK in late 1994. I was in the process of interviewing for a range of roles. A family connection led me to meet someone at Rothschild & Co. I had other offers, including one from Schroders, one of Rothschild & Co's competitors. But there was something very special about Rothschild & Co and I was fortunate to receive an offer, so I decided to join them. I started as an executive in the corporate finance division, which is now part of the Global Advisory business. I think it was the most junior professional title at the bank, so I really was the lowest of the low!
What sort of things were you doing day to day?
Writing briefing papers for directors. Preparing pitching documents. Working on M&A and ECM transactions, preparing financial models, marketing material and analysis, and doing a lot of research.
What can you remember from your first day?
I remember I had to go to the HR department to fill out some paperwork, so I didn’t arrive in my team’s room until about 9.30am. There was much hilarity because when I sat down at my desk – I didn't actually have a computer on my desk for the first week or so –there was an inflatable sheep underneath. I looked up, slightly bemused, because I was from the other side of the world and a bit nervous. They said: “None of us have been to New Zealand, but we know that you have more sheep than people, so we wanted you to feel at home.” That was typical of the sense of humour and camaraderie we all shared within that team. It characterised the firm as something that was very special. Of course we took the work very seriously, because the responsibility and consequences were serious, standards exacting and expectations high. But it was all pervaded with a sense of collegiality and enjoyment.
Did anything funny happen?
I arrived on the last day before the Christmas break in 1995 to find dozens of wrapped turkeys piled high in the courtyard, which the administrative staff then distributed around the different teams. I ended up with a pretty hefty turkey, and someone in jest – although I think he might have been serious – threatened to call HR, because my turkey was bigger than his, even though he was two rungs above me in the hierarchy. To mark another milestone, they delivered Champagne to everyone at home. Even as a junior executive, I got six bottles delivered to my little flat in North London. It was just a really nice, personalised gesture.
I also got to travel much more than I expected. I went to meet colleagues in the Rothschild & Co offices in Frankfurt, Madrid, Milan and Athens and joined them at client pitches. There were probably 60 people working in the London corporate finance division and everyone knew each other's names. We had nicknames for the senior directors – who would probably be called Managing Directors these days. There was The Major, because of his military manner, and The Pontiff, because he used to pontificate a lot. The Rottweiler, whose sage instructions were typically delivered in a barking cadence, and The Hairdresser, because he had a manicured quiff. I’m sure they knew they had nicknames because they seemed to play up to them. The manager of the English football team was Terry Venables, who the tabloids liked to call El Tel. So another director, who we thought had the demeanour of a football manager, was known as El Tel. The place had an array of colourful characters and brilliant eccentrics, some of whom were responsible for cutting-edge financial innovation of the day, including Rothschild & Co’s preeminent privatisation roles across Europe.
Did anything go wrong?
I’d only been there a few weeks and accidentally strayed onto the private floor of the bank’s Chairman at the time. I needed a quiet place to read through a prospectus and stumbled into one of his private meeting rooms. I was sitting there reading through this document and – he was a distinctly tall and imposing figure – I became aware of this presence in the doorway, looked up and it was him, and I'm not sure who was more confused.. In the end, he just looked at me, didn't say anything, and gestured as if to say: “carry on”. When I mentioned it to someone else, they said: “Oh my God, you were within a hair’s breadth of your career going down the gurgler, but you survived!”
Do you keep in contact with anyone you used to work with?
My team was led by John Deans, who is now a Partner and Chairman (UK) of Global Advisory at Rothschild & Co. He established an amazing culture, and remains a good friend. So I’m still in close contact with a lot of my original team, who were typically diverse and talented in terms of backgrounds and perspectives. We were all bonded by an interest in high finance. Clearly the people who worked there were smart and driven, but mostly very personable too. We have reunions every couple of years in London, where most of the original team still turns up. Some of us are in contact outside of those reunions as well. Even though my time at Rothschild & Co was relatively brief, it was a very formative period. I made some great friends and these relationships have lasted a career.
Are you a member of the Rothschild & Co Alumni Network?
I am! I'm a big believer in formalising networks, so I want to be supportive. I want to give others the perspective that working at Rothschild & Co can be formative and important in a way that maybe some of the younger alumni may not fully appreciate as yet. Some of my ex-colleagues are still at Rothschild & Co and now in very senior positions. When I return to London every couple of years, I typically visit the New Court building at St Swithin's Lane and see them in person. Sometimes there's a business aspect, but generally it’s a more of a catch-up. We know each other's families. In career terms we've grown up together, albeit not always at the same firm. So there’s quite a bond. Rothschild & Co is a unique firm and a very special place to work.
What do you miss the most about your time at Rothschild & Co?
Probably the sense of being so close to the centre of global finance, corporate strategy and impactful decision-making. I now work on transactions that are important locally in New Zealand and Australia. But when you're working at Rothschild & Co in London, you are really at the centre of global financial markets and corporate activity. So I miss that proximity.
How did your time at Rothschild & Co help you get where you are today?
There’s no question that the imprimatur of working there is gilt-edged and bolsters the CV. But the principles and values that are instilled in you whilst there are more meaningful. There are two things that have guided me through my career, which I’ve embedded within Murray & Co’s culture over our 21-year history. Above all else, we put our clients' interests first and prioritise relationships more than the next deal. Murray & Co is a client-first firm that invests in relationships and delivers a distinctly personalised service. I learned these values at Rothschild & Co and they have been important to me throughout my career.
If you could go back to your time working at Rothschild & Co, what advice would you give yourself?
I would say: you've got way more time than you realise. I was in my mid-20s, and impatient. But now I understand you can still be ambitious, but also patient and strategic. So I’d say: there’s plenty of time ahead of you as your career evolves. It’s more of a marathon than a sprint.
Do you think things have changed much at Rothschild & Co since your day?
I’m sure some aspects have changed beyond recognition, for example the use of technology and access to corporate and financial information. 30 years ago, if we were asked to write a report on a particular European company, we had to go down to the information centre in the basement of the old New Court building and speak to this impressively knowledgeable librariancalled Veronica Wootliff (now Veronica Kennard). She was responsible for a mechanical information storage contraption. Each company had a number. You’d punch a code into the machine, a steel arm would go up to a great height, grab a box, bring it down, and shoot it forward to you. Most likely, the box was covered in dust and hadn’t been looked at for years, but the relevant annual reports and analysis were all there in hard copy. Now, all that information is available on your screen at a couple of keystrokes. It’s amazing how much the world has changed, although I’m aware I’m starting to sound like a dinosaur!
What happened to the inflatable sheep? Are they still at Rothschild & Co, and did they get promoted above you?
I'm not quite sure on his or her career trajectory, but I would like to think that as the sheep deflated slowly, hopefully my career went the other way!