As we convene this year at what is now a key event on the UK mid-cap calendar, it gives me great pleasure to introduce this collection of sharp perspectives from the front lines of our turbulent, but opportunity-rich, markets.
James White, our Head of UK Sales, sets the tone: with market volatility testing nerves and the temptation for passive investing ever present, there is no substitute for human judgement and active engagement. The PH 250+ Conference is not just a calendar highlight but an antidote to digital fatigue—a rare chance to meet management teams, exchange ideas, and ground investment strategies in personal connection. James urges us to stay curious, diversify our thinking, and remember that the UK remains home to a wealth of opportunity, even as capital outflows and market ‘shrinkage’ present challenges.
Our Chief Economist Kallum Pickering brings a welcome dose of optimism as he considers the 21st century’s demographic and technological dilemmas. As the UK median age creeps ever higher, he warns of tough policy trade-offs—balancing pensions and healthcare with growth imperatives. But Kallum finds hope in our ongoing technological revolution as advances in AI, robotics, and healthcare offset the economic aches of an ageing society. With any luck, people will manage to work smarter for longer. For all the headlines about decline, history rewards the adaptable, and the intersection of demography and innovation offers an opportunity for reinvention.
Charlotte Carter, continental European sales, offers a timely reminder that the boundaries of ethical investing are not fixed. Her account of shifting investor attitudes—where geopolitical upheavals and market realities have prompted a reassessment of sectors once shunned—highlights the necessity of pragmatic adaptation. As the world and its values evolve, so too must investors, who find themselves navigating a nuanced landscape where ethical considerations are continually redefined in light of new circumstances. To optimise for a world in motion, flexibility and open-mindedness are paramount.
Sticking with the technology theme, our technology analyst Damindu Jayaweera argues that AI is our age’s own “discovery of fire”. He reminds us that great technologies are underhyped in their day and that transformative second-order effects cannot be properly reflected in contemporary forecasting. Today, AI is spreading with unprecedented speed, unlocking new knowledge and areas to enhance competitiveness. The opportunity for investors does not reside solely in the global titans, but also in the “picks and shovels” of local infrastructure, in vertical specialists with deep domain expertise, and in innovative fintech—the real-world veins through which this revolution will flow.
Brian Hanratty, our Head of ECM Investment Banking, meanwhile, highlights that London’s IPO engine has started up again. After a prolonged drought, the pipeline is gathering pace. With new, founder-led listings outperforming both continental and American rivals, and regulatory reforms levelling the playing field, the UK’s capital markets are once again attracting international attention. Brian’s advice is clear: early preparation and engagement are paramount for those seeking to ride this resurgence.
To round things off, our Head of Research Charles Hall’s examination of the UK pensions landscape underscores a pivotal moment for both savers and the wider economy. Pensions, nearly matching property as the nation’s largest asset, have for too long been a drag rather than a driver for UK growth and equity markets. But reforms and a renewed policy focus create an environment ripe for change, and the pensions industry sits at the cusp of transformation. If policymakers get it right, pension reforms can improve outcomes for retirees as well as re-energise UK capital markets. Unlocking this potential will take fresh thinking, greater risk appetite, and a more active embrace of home-grown investment opportunities.
Taken as a whole, this collection of ideas goes beyond offering simple reassurance. Instead it reflects a market—and indeed a world—that is alive with ambiguity, possibility, and a host of risk-taking opportunities.
Steven Fine,
Chief Executive Officer
