The importance of maintaining a curious mind: Q&A with First State Super's new Head of Investment Strategy
Michael Winchester initially drifted after uni before a chance encounter led to him being 'hooked' by the world of finance. After carving out a very successful career, this week he was named as the head of Investment strategy for one of Australia's biggest funds, $84 billion First State Super. Michael tells Industry Moves about his plans for the role over the coming year, shares his learnings about the effectiveness of simple investments and highlights the importance of asking lots of questions - even if it drives your boss nuts!
Michael Winchester initially drifted after uni before a chance encounter led to him being 'hooked' by the world of finance. After carving out a very successful career, this week he was named as the head of Investment strategy for one of Australia's biggest funds, $84 billion First State Super. Michael tells Industry Moves about his plans for the role over the coming year, shares his learnings about the effectiveness of simple investments and highlights the importance of asking lots of questions - even if it drives your boss nuts!
What initially drew you towards a career in finance?
I was drifting a little after university, still in Adelaide and not quite sure which direction to take with my career. In '99 ran into an old friend from school days who had moved to Melbourne and was working in the finance industry. Hearing his exciting stories of the markets intrigued me, and I immediately started applying for jobs in Sydney. I was very fortunate to start my investment career at Macquarie and from that point on I was hooked.
What are you most looking forward to in taking on your new role as First State Super's Head of Investment Strategy?
It's a really exciting time at First State Super as we look to bed down the integration with StatePlus. We have a great team and a huge opportunity to further develop our investment offering across both funds.
What are your goals within this role over the next 12 months?
A key focus will be on making sure we continue to make good asset allocation decisions across the funds, aligned to our members' risk profiles. With most asset prices at relatively elevated levels and fairly aggressive risk seeking behaviour amongst investors globally, it's really important that we don't overreach for returns.
What has been your most memorable investment? (for either positive or negative reasons)
Investing during the Global Financial Crisis was certainly memorable and there were plenty of lessons learned. We had a few investments which did well and others which didn't, but often it was the simple things which did best. Sometimes I think we overcomplicate things in this industry, so stopping to check yourself every now and then to make sure you're not trying to be too smart is probably a good thing.
Who has had the biggest influence on your career so far?
I'd say Dominic McCormick, who was the CIO at Select Asset Management. I joined Select from Macquarie and we spent nine years investing multi-asset portfolios through some particularly interesting times in markets. I asked lots of questions, challenged everything and drove him nuts.
What's the best piece of advice that you've received?
You'll never be a good footballer.
...and what advice would you offer to an industry newcomer?
Always be curious. There's a lot to learn and the best thing you can do throughout your career is to keep asking questions, even if it does drive your boss nuts!
What was your very first job?
Collecting empty glasses and at a nightclub in Adelaide, an awful job but good money for a teenager.
If you weren't working in finance, where do you think you'd be?
Hard to say...certainly not collecting glasses. If I'm not working because I won the lottery then probably somewhere on a beach.
