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Black Monday Memories: Richard Buxton (briefly) quit the City

Black Monday Memories: Richard Buxton (briefly) quit the City

In the first of a new series, leading City figures give us their recollections of Black Monday, 30 years on from the great stock market crash of 1987. These are Old Mutual Global Investors chief executive Richard Buxton's memories of the day.

I was a UK equity fund manager at Brown Shipley Investment Management, running a couple of tiny unit trusts.

I did make it into work on the day from my flat in Clapham, as the Northern line was running, albeit passing several fallen trees on the way to the tube station. 

Most of my colleagues struggled to make it in. I think we toyed with buying some insurance companies’ shares, as they’d been heavily marked down, but I’m not sure we were able to execute.

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.

During the subsequent year’s academic research I discovered I kept in touch with the market and City friends, so much so that I gave up the degree and came back to the City in 1989. I was hooked!

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