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The Manchester Evening News
The Salford Advertiser
Thursday 8 July 2010
The godfather of the UK hedge fund industry Stanley Fink Hedge has predicted a return to economic growth, but ‘only after four or five years of austerity.’
Speaking at the annual Hugh Oldham lecture at The Manchester Grammar School, the Crumpsall born multi-millionaire turned philanthropist, said: I do not think there will not be a double dip recession but I do not think we will return to the 3% or 4% annual growth we saw in the golden era.
He added: Any investor should be wary of anyone promising such returns above inflation. However, I do believe in four or five years time we will see a return to consistent positive growth, though no government can ever avoid the inevitable downturns of the economic cycle.
He added: I do not think we will ever sustain those exceptional levels of economic growth again because of greater life expectancy the need to care for the elderly, the diminution of the Earth’s natural resources and the lack of cheap energy.
Born and brought up in Crumpsall, Stanley Fink was a scholarship pupil at The Manchester Grammar School and the first member of his family ever to go to university, winning an Exhibition to study Law at Cambridge.
Over the last two decades, he has been instrumental in transforming the MAN Group, from an agricultural commodity trading business, with small operations in future broking, to become the largest quoted hedge fund manager in the world, with a stock market capitalisation of US$20 billion and managing alternative assets of US$80 billion.
A committed philanthropist, Stanley is Chairman of ARK (Absolute Return for Kids), a Trustee of the Mayor’s Fund for London and Chairman of the 2009 Lord Mayor’s Appeal.
He was also chairman of the successful campaign by the Evelina Children’s Hospital Appeal to raise £10 million to assist in equipping the new hospital.
His lecture was the culmination of a series of economic seminars delivered by top industry experts to sixth formers from across Greater Manchester and beyond.
Stanley said: I think Britain should continue to back its financial sector but must look to develop new jobs in engineering and hi tech manufacturing and I would encourage young people to take up careers in industries where there are new applications of modern technology.
He also predicted an inevitable widening of the gap between the rich and the poor and said that new service sectors would emerge, ‘particularly in the leisure and tourism industries’ and that new professions would emerge such as ‘lifestyle coaching.’
Of his philanthropic work, he said: When I am asked what I have done for philanthropy, I respond the more important question is what philanthropy has done for me.
He added: If you have done well in your chosen profession, reached the top and been rewarded well, you have a duty to send the elevator down to help others make their way up.
The Hugh Oldham Lecture was introduced in 2005 by MGS High Master, Dr Christopher Ray, to enrich sixth form students not only from MGS, but from as many local schools and colleges in the area as possible.
Each year around 500 students, teaching staff and members of the public attend the Lecture and the many seminars which precede it, named after the school’s founder in 1515, to hear such eminent speakers as the Astronomer Royal, Professor Sir Martin Rees; television historian Michael Wood; British evolutionary biologist Professor Richard Dawkins; fertility expert Professor Lord Robert Winston and last year former Foreign Secretary Lord Hurd of Westwell.
Dr Ray said: Stanley Fink’s success in the financial world is legendary, and his account of the ‘hedge fund’ industry and how he achieved so much was fascinating. I am delighted that Stanley has been keen to share that success with others in need.
CAPTION ONE: Stanley Fink is pictured with from left to right Manchester Grammar School Sixth Form Officers: Phil Morris, David Rowland, Paddy McCrudden and Safdar Sarwar
CAPTION TWO: Phil Morris, Paddy McCrudden, Safdar Sarwar and David Rowland
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