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Black Monday Memories: 15 experiences of the day

Wealth Manager has been collected memories from a range of top investment professionals on the 1987 crash.  

Richard Buxton (briefly) quit the City

‘I was concerned it would impact investors’ appetite for equities, so decided to do what I’d been thinking about – going back to Oxford to do a second degree, which I did in 1988.’

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Richard Buxton (briefly) quit the City

‘I was concerned it would impact investors’ appetite for equities, so decided to do what I’d been thinking about – going back to Oxford to do a second degree, which I did in 1988.’

For the full story click here

John Spiers on being the 'last man standing'

‘I just focused on making my business as sharp as possible, so that at least I would be the last man standing.’

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Giles Hargreave braving the storm in his battered Bentley

‘I made it into our offices in Mount Street in Mayfair though, in the very battered old Bentley I was driving at the time, and I was watching what was happening in the market and thinking this was all pretty alarming.'

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Why Paul Mumford didn't start stockpiling beans

‘By '87 I had learned not to fear these sorts of market movements - in a strange way I almost welcomed it, as there was a once in a lifetime opportunity to pick up incredibly cheap stocks.’

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Lansdown on why he didn't jump off a bridge

‘It was a frightening experience. I do remember a guy, a client, Mr Pearce, phoned me up and his first comment to me was 'I’m surprised to get hold of you, I thought you’d have jumped off the suspension bridge.'

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Saker Nusseibeh's '19th century apprenticeship'

‘I remember the sheer panic. But more importantly, I remember the reaction of my 'uncle' James D'Albiac (an uncle was a senior portfolio manager a graduate was apprenticed to, so to speak).’

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Kyprianou's 'improvised self-help group'

As the young new kid who only just started at the firm I thought my career as a fixed income fund manager had ended before it had even got properly going.

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Hendrik du Toit saved from life as an economist!

‘It added to my fascination with financial markets. The fact that I made money by investing when everyone was panicking, encouraged me hugely.’

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RLAM's CEO on lessons from his first bear market

‘The trauma of seeing a lot of colleagues made redundant in the fall out possibly made me less risk taking in my career.’

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Ian Armitage's lost job opportunity

‘I was head of 3i, Ireland, but about to move to another firm, which withdrew the offer post-crash!’

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Lazard's Bill Smith on the impact of instant communication

‘I was speaking at a conference in Amsterdam. My main recollection is that the mood was very gloomy and we were receiving updates throughout the day on market behaviour – in the days before email and iPhones’

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Why Dan Fuss was punching the air in joy

‘So I walked back to the office, not even a mile, and I went into the office all rosy, thinking boy what a great market.’

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David Jacob on 'near-death' market experiences

‘I remember the face of the head of equity as we went down in the lift together. He was stunned. He understood not just what it meant for clients, but also what it meant for the health of our firm at the time.’

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Zurich's Thompson: 'We moved to daily pricing that day!'

‘We had originally planned to have price files available by about 4pm, completion was nearer to 10pm and I still remember one of the new recruits looking at me around 8pm, and asking if the process would be like this every day?’

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Alan Steel told to 'duck down'

‘Managers were sitting with their feet up at their desks. Phones were off the hook. It’s a crash said one confidently. It’s a vacuum explained another and then they all buggered off to an Italian restaurant across the road.’

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