BusinessPeople In BusinessOn the money with Gavin Hinks

On the money with Gavin Hinks

Philip Broadley, the taciturn former finance director at the Prudential, is back in the bear pit

Gavin Hinks, editor of AccountancyAge

Earlier this year the former head of the Hundred Group of FDs quietly backed
out of his job at the Pru having smoothly handed over to the insurance world’s
new boy wonder Tidjane Thiam. There was little or no talk of why Broadley was
leaving, only high praise from the Pru’s powers that be for his work.

One could only have thought that Broadley, considered a heavy hitter in the
City, would go off looking for a nice portfolio lifestyle checking into
boardrooms around the country to share his experience and knowledge.

But no, it seems Broadley missed the scrap of being an FD and has thrown
himself back in the crucible by joining Old Mutual. That’s quite a score for Old
Mutual which finds itself with the sale of life products down 4%, after nine
months, and funds under management sliding 9% though remaining at an impressive
£254bn.

The business has had to support its US operations with an injection of more
than £300m to cover losses.

That gives Broadley something to get his teeth into. I suspect he’ll like
that. Though don’t expect him to make a song and dance about it. Broadley’s the
sort of finance director who likes to wield his formidable abilities on the
quiet and away from the glare of publicity.

Having said that Old Mutual may need to show some fight to investors and that
may mean wheeling out Broadley to demonstrate his iron grip on the numbers.

He’ll show he’s not totally introverted, but don’t ask him to deviate from
the agreed agenda. I did once. He told me it wasn’t relevant and changed the
subject. He’s certainly a single minded man which is probably what Old Mutual
requires right now.

Gavin Hinks is the editor of Accountancy Age

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