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Hi, everyone. Today we have the great pleasure of having Peter Harrison on the show.

Peter is the CEO of Schroedus, one of the biggest asset managers in Europe.

And amazingly, Schroedus has been in business for nearly or for roughly 200 years.

Peter, great to have you here. Thank you. Great pleasure.

Only 45 out of 1 million companies exist for 100 years and you've been doing it for 200 years.

What's the trick? So I think the key is committed ownership. We've got a family backing who takes a 20 year view of where we need to go.

And because of that, the business has changed and evolved. And we've been in lots of different

businesses in the finance sector throughout that time. But we've continued to change. And I think

that's only possible if you've got a committed long-term ownership structure, which allows that change.

If we do the last 10 years, what are the biggest changes you've seen in investment management?

Huge.

Yeah.

So massive growth of passive management, huge growth towards privates, a collapse of fees.

So just to, for the listeners, private is like private equity, passive is index funds.

Absolutely, and private debt.

The world is moving away from public companies towards private companies.

A revolution in governance, huge agenda on climate, collapse in fees. So wholesale changes. The industry is going through

a major disruption. Why are the Americans doing better? Are the Americans working harder? Are they

cleverer? What is it? No, no, they're not working harder. They're not cleverer, but they do have

some innate advantages of scale to start with. They had more partnerships type structures, which I think is a very

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