Good news from Fiske Plc today (February 19th), of which I am a director, in a nice little article in the newspaper of record for the capital, and the daily read on the way home to those who still work in ‘The City’ of London, the Evening Standard. Despite the good half-year results, my father Clive’s quote is as judicious as ever.
AIM-LISTED Fiske, which is one of the City’s few remaining independent stockbroking and investment managers, said its results for the six months to November 30 showed continued improvement after its operating loss narrowed to £21,000. Total revenues of £2.8 million were an 11% increase on a year earlier, with investment management fees up 14%. Chairman Clive Fiske Harrison said the company retained a “healthy degree of caution regarding the immediate outlook for markets“. Shares rose 5p to 70p.
It makes me particularly proud to see that my father’s 50th anniversary in the City of London is makes headlines courtesy of the City Editor of the capital’s great newspaper.
CLIVE’S 50 NOT OUT IN THE CITY
26th September 2012
Today saw the annual general meeting of Fiske & Co, the stockbroker and investment bank.
It also marks the day 50 years ago when Fiske’s chairman, Clive Fiske Harrison, joined Panmure Gordon, then one of the leading brokers. A fellow junior colleague in Panmure at that time was David Mayhew. He, like Fiske Harrison, has survived the intervening years of change rather better than has Panmure. (Mayhew stood down as chairman of J. P. Morgan Cazenove at the end of last year.)
In those relaxed days, the market opened at 9.30am, the partners drank gin or whisky (starting often not much later) and the office workers beer. Hardly anybody drank wine. This was of course before the 1970s market collapse, 1980s Big Bang and 1990s explosion of regulation.
But some things haven’t changed, Fiske Harrison told his shareholders. When he started in 1962, Greek bonds traded at the equivalent of 30p in the pound!
Well done, Clive! I doubt there are many of the current City take who will match your half century.