Ronald moved into Capital Markets in his third year with Morgan Stanley, having spent his first two years in M&A. He currently works on the UK desk of the financial institutions group (FIG), which provides the full range of financing products (equity, hybrid capital, secured and unsecured debt, derivatives) to UK banks and insurers. Ronald is a graduate of Oxford University, where he read French and German.
Q: What does an associate in global capital markets do?
We help clients with everything from finding solutions to fund and manage their pension deficits, to structuring and executing financing for acquisitions. I help to originate and execute business, and prepare and analyse data for presentations.
Q: Why did you choose to work in capital markets?
It’s very broad and, in the banking and insurance sector, in particular, clients are very sophisticated in terms of the financial instruments they use. I also get to speak to clients a lot earlier than I would be able to if I were working purely in an M&A role. I’m closer to the trading floor, which creates a certain dynamism and, although the hours can be long, they’re more predictable than in M&A. I regularly work 12-hour days during the week, and longer when we’re executing a transaction, but I rarely work weekends.
Q: What are you working on now?
A hybrid capital transaction for a European financial institution that’s looking to optimise its capital structure given the developments in its business model and in the industry’s regulatory framework.
Q: What part of the job could you do without?
Days are often extremely hectic given the trading floor feel of the capital markets environment. Keeping your focus and concentration is a challenge. However it’s also an integral part ofthe “buzz” of the job.
Q: What makes a great capital markets banker?
You need to enjoy interacting with people, to be able to handle several projects at once, often with their own conflicting schedules, and to have the ability to think logically and present your thoughts simply and accurately.
Ronald’s tips- Keep a keen interest in current affairs – capital markets bankers need to be very close to the financial markets.
- You need to be able to follow what’s going on across a broad range of fields, from the equity markets, to the debt markets and M&A.
- If you don’t read the financial press, I’d say you are at a disadvantage.
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