Huw van Steenis

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Huw van Steenis
Huw van Steenis (born 1969) at Sustainable Development Impact Summit 2021.png
Van Steenis in 2021
Born (1969-09-27) 27 September 1969 (age 54)
NationalityBritish
Alma mater Trinity College, Oxford
Occupation Financier

Huw van Steenis (born 27 September 1969) is a British financier and vice chair at management consultancy firm Oliver Wyman. He was formerly senior adviser to the CEO at UBS. [1] He also chaired UBS' sustainable finance committee. [2]

Contents

He was senior Adviser to Mark Carney, the Governor of Bank of England [3] where he led a review on the future of finance. Before that, he was global head of strategy at Schroders, a British multinational asset management company, and Global Coordinator Banks and Diversified Financials within the Equity Research Division at investment bank Morgan Stanley. [4] [5] He is noted for his bearish forecasts prior to the global financial crisis and Eurozone crisis, [6] and views on the reshaping of the investment industry. [7]

Education

Van Steenis was educated at Trinity College, Oxford where he graduated in Politics, Philosophy and Economics. In 1994 he went to INSEAD Business School where he obtained an MBA. [8]

Career

In 2004, he coined the term the "Asset Management Barbell", [9] [10] [11] "which predicted that the bulk of assets would be invested in low-cost passive or index-hugging products such as ETFs, with a small but significant amount in high margin" [12] and "high alpha products, with intensifying pressure on the middle ground of more conventional asset management" [13] [14] [15]

In 2012, he coined the term "Balkanisation of Banking Markets", [16] to describe the breakdown in cross-border banking lending, as regulators looked to put up barriers to protect domestic markets and the policy challenge to rebuild a single market in lending within the Eurozone. [17] [18] [19]

On 1 May 2018, Huw was appointed, by Bank of England Governor Mark Carney, to lead a review of the UK's financial system intended "to strengthen the Bank’s agenda, toolkit and capabilities". [20] The Review [21] was published 20 June 2019 alongside the Bank's response to the Governor's Annual Mansion House Speech. [22] Recommendations included updating regulations for digital payments, considering opening up the Bank's balance sheet to new payment firms, a climate stress test for financial institutions and championing low carbon transition disclosures. [23] They also included far greater use of technology by regulators and new policies for financials institutions to use technology to improve their resilience. [24]

In 2020, van Steenis was appointed co-chair of the World Economic Forum's Global Future Council on Financial Services 2020-21. [25] He has commented favourably on several UK government policy initiatives, [26] including the UK housing scheme Help to Buy [27] with his colleague Charles Goodhart. [28] [29]

In 2015, van Steenis joined the Board of English National Opera. [30] In 2020, van Steenis was appointed to the University of Oxford Endowment Investment Committee. [31] In 2023 he was appointed to the Climate Advisory Board of NBIM, the Norwegian Sovereign Wealth Fund. [32]

Awards and recognition

In 2009, van Steenis was named "European Banker of the Quarter" for Q1 2009 by The Wall Street Journal's Financial News for his work on the banking crisis and policy response. The judges describing him as "one of the most well regarded and influential voices commenting on issues facing the industry … who has helped to position the US bank as an authority on the European policy response to the crisis". [33] Anthony Hilton, City Editor, Evening Standard called him as "one of the most authoritative banking analysts in Europe" [34] His awards include being voted the number one equity research analyst for Banks and Diversified Financials twelve times in institutional investor polls. [35]

He has won a number of forecasting awards including European "Stock Picker of the Year" for Banks and Financials in Reuter's Starmine twice. [36] In 2008, van Steenis was tipped as 'Rising Star Under 40' by Wall Street Journal's Financial News for the third time. The judges said: "He was early to spot the implications of the funding crisis and warned investors to steer clear of single-A banks, forecast the majority of the sectors rights issues and dividend cuts and the financials portfolio he runs for Morgan Stanley has outperformed the sector by over 25% for the year". [37]

Personal life

Van Steenis is married to journalist and life peer Camilla Cavendish. [38] He is the great nephew of Dutch botanist Cornelis Gijsbert Gerrit Jan van Steenis.

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References

  1. ↑ "Oxford Uni adds van Steenis to investment team, partners with BlackRock". UBS.
  2. ↑ "Huw van Steenis joins UBS to chair new Sustainable Finance Committee and lead Investor Relations". UBS.
  3. ↑ "Huw van Steenis to join BoE as adviser to Carney". Financial Times. 2 May 2018.
  4. ↑ "Schroders appoints Global Head of Strategy". schroders.com. Retrieved 11 November 2016.
  5. ↑ "Morgan Stanley's van Steenis latest to flee for asset management". Financial Times. Retrieved 11 November 2016.
  6. ↑ "Interview: Huw van Steenis". London Business School. Retrieved 12 June 2017.
  7. ↑ "The balance of power (and regulation) is shifting from banks to asset managers". The Daily Telegraph. Retrieved 12 June 2017.
  8. ↑ Who's Who in the City, 2011, Caritas Data
  9. ↑ "No place for tradition in brave new world - FT.com". ft.com. Retrieved 28 July 2016.
  10. ↑ "Clue to trends found in M&A activity - FT.com". ft.com. Retrieved 28 July 2016.
  11. ↑ Skypala, Pauline (7 September 2008). "The barbell rings true for traditionals". Financial Times. Retrieved 14 July 2016.
  12. ↑ Grene, Sophia. "Who is tapping into the axes of growth?". Financial Times. Retrieved 14 July 2016.
  13. ↑ "Semper Fi". The Economist. Retrieved 14 July 2016.
  14. ↑ "IMA Asset Management Survey 2013-2014" (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 29 June 2015.
  15. ↑ Grene, Sophia. "Who is tapping into the axes of growth?". Financial Times. Retrieved 14 July 2016.
  16. ↑ "Euromoney Magazine" . Retrieved 14 July 2016.
  17. ↑ Schäfer, Daniel (11 April 2013). "Rules threaten global banks, reports say". Financial Times. Retrieved 14 July 2016.
  18. ↑ Jenkins, Patrick. "Banking union must halt Balkanisation". Financial Times. Retrieved 14 July 2016.
  19. ↑ Atkins, Ralph (3 September 2012). "Eurozone: Convergence in reverse". Financial Times. Retrieved 14 July 2016.
  20. ↑ "The Future of Finance Report".
  21. ↑ "The Future of Finance Report".
  22. ↑ "Huw van Steenis to join BoE as adviser to Carney". Financial Times. 2 May 2018. Retrieved 26 July 2019.
  23. ↑ "A chance for the Bank of England to rethink its priorities". Financial Times. 20 June 2019. Retrieved 26 July 2019.
  24. ↑ "Bank of England intends to open its vaults to tech companies". Financial Times. 20 June 2019. Retrieved 26 July 2019.
  25. ↑ "Global Future Council on Responsive Financial Systems". WEF.
  26. ↑ "Lords Hansard text for 24 Oct 2013 (pt 0001)" . Retrieved 14 July 2016.
  27. ↑ "Anthony Hilton: Help to Buy deserves to be permanent". 12 March 2014. Retrieved 14 July 2016.
  28. ↑ Steenis, Huw van; Goodhart, Charles (15 September 2013). "Make Help to Buy a permanent private sector scheme". Financial Times. Retrieved 14 July 2016.
  29. ↑ "How to lift Britain - The Sunday Times". The Sunday Times . Archived from the original on 24 March 2015. Retrieved 14 July 2016.
  30. ↑ "Huw van Steenis: high note". Financial Times. Retrieved 11 November 2016.
  31. ↑ "Oxford Uni adds van Steenis to investment team, partners with BlackRock". UBS.
  32. ↑ "Norges Bank Adds Huw van Steenis and Conoco Phillips director to climate advisory board". Norwegian Sovereign Wealth Fund.
  33. ↑ "Van Steenis builds reputation as policy insider". efinancialnews.com. Retrieved 28 July 2016.
  34. ↑ "Lend an ear to small firms' bank woes". London Evening Standard. 15 November 2011. Retrieved 14 July 2016.
  35. ↑ "Extel". extelsurveys.com. Retrieved 14 July 2016.
  36. ↑ "ERROR". excellence.thomsonreuters.com. Archived from the original on 13 April 2012. Retrieved 24 June 2013.
  37. ↑ "Sign in or Register - Financial News" . Retrieved 14 July 2016.[ permanent dead link ]
  38. ↑ Dorling, Danny (5 March 2015). "Danny Dorling on £6K fees: the 1% won't feel a thing". Times Higher Education. Retrieved 26 May 2015.
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