gaim

It’s pouring, I’m late again. I jump in a cab. The driver’s friendly and says he’s from Mali. No work there, he sends money going back once a year. But now he’s wavering to return this year. His son wants matching soccer strips with numbers on the back for his team. It’s their passion but he hasn’t the cash and doesn’t want to disappoint. I tell him to go – it’s too important not too. The emotional toll on all these thousands, millions of migrant workers and their families must be crushing. I find myself saying deal is you book the ticket, I pay the strips. I get his number as we draw up to UBS, Avenue Of The Americas.

There, slightly damp I have a lovely relaxed lunch with Alex Erhlich, Global head of Prime Services, UBS. Formerly at Goldman Sachs he is well respected for being tremendously successful at growing the business substantially –and in no small measure for being an extremely nice guy. In a comfy banquette with shrimp salad we discuss the world and markets and life– not forgetting to press him for his favourite thinking spot away from daily travails and commuting. A low jutting crag on his property north of New York City doesn’t really do it justice but it is “simply the perfect place to become centred - from there you can see swamp to one side, forest on the other, and if your are still, grazing deer – just so peaceful and beautiful”.

Last meeting before JFK is with Brian Sears, (ex Merrill Lynch and former Gulf War naval veteran ) now Global Head of Distribution & Development Lehman Brothers covering both the asset management and securities side of the business including the alternatives platform as it relates to hedge funds. What I had not realised was the huge range of internal and external fund and businesses under this umbrella and unlike many other bank asset management businesses they are prepared to grow organically. For Brian, “the big story going forward is commodities (they own leading commodities fund Gresham ) emerging markets “and yes, quant funds such as their “fantastically successful GTAA funds under the brilliant CIO, Wai Lee.”