PwC promoted Mark Pugh to asset management leader in the UK in July. He took over the role from Paula Smith, who returned to the US after her secondment to the UK firm. Pugh has been in financial services for 20 years, the last 10 spent as an assurance partner at PwC.
What did you want to be when you grew up?
I was born in Wales and went to boarding school in Brecon, so like 90% the boys in the school I wanted to be a professional rugby player.
What was your favourite subject at school and why?
English. I love reading and my English teacher was probably the most inspiring and fun teacher I had.
What was your first paid role?
A summer job for BBC Enterprises in White City. My first paid role was selling mugs and t-shirts for the Wogan Show. I then progressed to selling t-shirts at Top of the Pops.
How did you end up working in investment?
I spent the first few years of my career trying out different paths. Then in 1993 I joined Price Waterhouse with the expectation I would qualify as an accountant and then join a bank. However, I really enjoyed the variety, personal development and comradery of working at PW – so I stayed.
What are your priorities for the new role?
In a nutshell, I want PwC to be the ‘go-to’ professional services firm for the asset management industry. I have always admired leaders who have had an unwavering focus on building trust through long-term relationships and outstanding client service.
What is the biggest hurdle for institutional investors to overcome?
How to properly restructure portfolios to participate in the asset allocation shift post financial crisis. In particular to: a) more broadly diversified portfolios; b) that provide long-term return; and c) are unconstrained in nature. Without this portfolio modification, many could suffer poor returns due to traditional asset classes not yielding at levels they did pre-financial crisis.
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