Peel Hunt founder: We’ve stopped taking enough risks in the UK
We dig into the memory bank of the City’s great and good. Today, Tim Cockroft, founder of Singer Capital Markets and Peel Hunt, tells us about his career in this week’s Square Mile and Me
CV
- Name: Tim Cockroft
- Job title: Executive chair at Singer Capital Markets
- Previous roles: CEO of Peel Hunt (2004-2006) then CEO of Singer Capital Markets (2006 – 2002)
- Age: 57
- Born: 23/06/67
- Lives: West Berkshire
- Studied: Not much
- Talents: Doing the opposite of everyone else? Not worrying about what has happened, numbers, and being good at ball sports – who knows!
- Motto: Every hill ends
- Biggest perk of the job? Meeting people
- Coffee order: Double espresso
- Favourite film: The Pursuit of Happyness
- Favourite book: Atlas Shrugged
What was your first job?
Working in a menswear shop in Wokingham, it’s amazing how many people like dark shirts and dark ties.
What was your first role in the City?
Full-time – working at Pinchin Denny as a Blue Button on the old Stock Exchange floor. 570 was our dealing number. Before that, I worked at Spicer and Pegler for six months to earn money to play cricket – in the end, I proved better at finance.
When did you know you wanted to build a career in the City?
My first job at Spicer and Pegler was working on the PCW Lloyd’s fraud, which was fascinating and made me realise that my grasp of numbers was better than most. I was lucky to get lifts into work with the senior partners of Ackroyd and Smithers – listening to them in the car made me think that I wanted to be in their world.
What’s one thing you love about the City of London?
The people and the excitement – always an interesting mix. My first boss was a trader who had a runner in the Grand National, drove a gold Rolls-Royce, yet lived humbly with his parents in a council house – that wouldn’t happen now.
And one thing you would change?
We’ve stopped taking enough risk, so removing regulation could help.
What’s been your most memorable business job interview?
Charlie Peel said I should always give him a call if I needed a job – which I did! We went to the Pavilion in Finsbury Circus for the interview. We left four hours later; I had a job but couldn’t remember much else – but it was fun and the start of a great business relationship.
And any business faux pas?
Wearing brown shoes on the Stock Exchange floor – one of the senior dealers asked if I was heading to the countryside later on…
What’s been your proudest moment?
I’m split on this – being involved in floating Peel Hunt was a proud moment. I have a photo of Charlie and me at the LSE on the day – I look about 12! Starting Singer has been a different journey, but it’s all been interesting. I’m proudest when someone we’ve helped succeeds – and remembers that we helped!
And who do you look up to?
So many – in the City, there are countless incredible people. The best often hide it very well, but when you find them, they’re absolute nuggets. Charlie Peel was definitely the most influential for me. We worked very closely and argued every day.
In sport, John Thompson was an early mentor. I initially dismissed his advice – until someone pointed out that he had played county cricket, won the British Amateur Doubles at Rackets 11 times and represented England in squash! I later equalled his Amateur Doubles record at Marlborough, where he taught, and his wife was in the gallery. It still gives me goosebumps – I was so proud that she was there.
Lastly, Chris Potter from Wellington – he has the rare ability to make you feel like a champion, even when you’ve just lost.
What’s the best business advice you’ve ever been given?
Roy Keeble at Pinchin was a brilliant trader who instilled a deep respect for the market and the importance of always paying attention to what’s happening. Hope, he would say, is not a strategy. “If you have a limit that’s in the money – deal!”
And the worse?
I never bother thinking about things in the past, move on and never bear a grudge.
Are you optimistic for the year ahead?
Yes – we have a great ecosystem, despite years of poor government policy and regulatory decisions. Generally, bright people find a way to succeed – my job is to find and follow those bright people.
We’re going for lunch, and you’re picking – where are we going?
I don’t really do lunch, but George Club would be my pick.
And if we’re grabbing a drink after work?
I don’t like drinking until 7pm, so preferably work late or play some sport and then have a drink. After my early 20s, I never drank beer because I was always training – so I can only manage one pint, but I quite like it. I am a keen wine collector so most likely a good bottle of red at home.
Where’s home during the week?
I am too old to commute, so I’m up in London during the week, but I’m a home bird so when I can, I like to get home, walk around the garden (I love roses) and see our dogs – Roger and Rafa (left-handed working cocker).
And where might we find you at the weekend?
Anywhere I can play golf – most likely The Berkshire. Otherwise cycling around home, skiing, in my garden or playing tennis. If it’s light, I want to be doing something, so I love summer – and obviously, with my wife Charlotte.
You’ve got a well-deserved two weeks off. Where are you going and who with?
If Charlotte is reading this, then Cornwall for a week followed by Grimaud in the South of France. If not, then I would squeeze in golf with my friends at Royal St George’s or at the R&A, a day’s jump racing in the winter or flat in the summer, and some ski touring in the Alps!