Each week we ask a City figure to take a trip down memory lane. This week, Gene Salerno, chief investment officer at SG Kleinwort Hambros, tells us about meeting Bill Clinton, an awkward reception dinner, and swapping New York for London.
What was your first job?
As an apprentice at the US Air Force Office of Scientific Research, over high school summer breaks. There happened to be this massive research facility at a Cold War-era airbase near my otherwise small hometown in upstate New York.
What was your first role in finance or business?
After university, I joined Raytheon (now RTX) and was assigned to the project developing a next-gen Patriot missile. The work was interesting, and the team was great, yet I couldn’t see myself holed up in a secret lab for the next 10-20 years. I took a job with Thomson Financial, more because it was walking distance from my flat in Boston, rather than part of any master plan.
When did you know you wanted to build a career in the City?
My business unit at Thomson was developing electronic trading networks, and I was travelling regularly to trading floors in Manhattan, London and San Francisco. It was simply a lot of fun, but it also opened my eyes to the wider industry of finance and investments.
What’s one thing you love about the City of London?
The diversity of people and progressive culture. That may sound cliche or contrived today, but that’s what struck me in the late ‘90s when first visiting London, and it was a big factor in deciding to relocate in 2002.
And one thing you would change?
Controversial, but I’d pedestrianize more of the City and further prioritise public transport (whether through incentives or outright bans on private transport).
What’s been your most memorable lunch or event?
One memory that sticks with me was attending a private gathering to hear Bill Clinton speak. There must have been over a hundred people in the venue, yet he had this ability to make you feel he was speaking with you directly. When he’d finished, the secret service parted the audience for him to walk out shaking hands. I happened to be near the front, but then someone muscled me out of the way. When he made it up the line to me, he overtly reached over that person to shake my hand instead. It was such a small act, and I figured he did such things effortlessly. Nonetheless, I was struck by his presence and awareness of everything going on in a room. It was remarkable.
And any City faux pas?
Ugh. Several years ago, I won a scholarship from Merrill Lynch on the back of an essay I’d written about the future of markets. It should have set me up for a summer job and maybe more. At a reception dinner, I was sat next to the Merrill MD running the fixed income business. It was an area I knew little about, and from my position of ignorance, I misperceived it as being a bit dull. When asked if I had any questions, I led with, “How do you not find the work boring?” or something like that. It was more a matter of my awkwardness than malice, but still… just horrible on multiple levels. Needless to say, I never heard from them again. And for the avoidance of doubt, I don’t think fixed income is boring!
What’s been your proudest moment?
There is no one moment. I’m most proud of my children, who regularly give me moments of pride.
And who do you look up to?
I’ve enjoyed working with several amazing people, but I’d look to my life partner. Her interactions with others are reliably unassuming and empathetic, and I admire that.
Are you optimistic for the year ahead?
Very much so… and this is despite being a sceptical investor by nature. Always, there are risks lurking in dark corners if not in plain sight. But when you stand back from the short-term noise currently, you see the global economy is finding its footing, and all sorts of technological progress continue at pace.
We’re going for lunch, and you’re picking – where are we going?
Something Japanese and unrushed.
And if we’re grabbing a drink after work?
Anyplace reasonably quiet or outside. The point is to speak with you.
Where’s home during the week?
Kentish Town/central London. My partner was born and raised in north London, and her immediate family remains close by.
And where might we find you at the weekend?
Ferrying children between sports and music lessons, interspersed with fleeting attempts at gardening. I’ve always enjoyed growing things, especially from seeds or cuttings that I’ve brought back from a memorable place.
You’ve got a well-deserved two weeks off. Where are you going?
Most likely any place remote, outdoors and low stress. I think this summer will be a trip down the length of Norway.
Quickfire
Favourite book: Orwell’s 1984
Favourite film: Apocalypse Now (a pattern here?!)
Favourite artist/musician: John Singer Sargent
Favourite place in London: Hampstead Heath
Cocktail order: “I’ll have the same”
Coffee order: Cafe latte