Features
28 Nov 2014 08:57am

Future Finance 50

We asked a panel of experts to find the brightest and best finance leaders, influencers and innovators of the next generation. Here, in no particular order, are the final 50, including academics, economists, investors, finance directors, chartered accountants, CFOs and entrepreneurs. These are the game changers and finance stars of the future

JACK DORSEY, chief executive officer, Square
Jack Dorsey 150At 13 years old, Dorsey developed an interest in how taxi and ambulance drivers stay in touch with fellow drivers while on the road. And at 15 he designed a type of software that allows fleets of vehicles to communicate with one another in real-time; it is still used by some taxi companies today. But he didn’t stop there. Dorsey, now a billionaire, went on to co-create Twitter (he also posted the first ever tweet: “just setting up my twttr”), which floated in 2013 valued at £19bn. His latest venture is fast becoming a household name too. Called Square, it is a small device that attaches to mobile phones and tablets allowing you to pay for things using a debit or credit card. Valued at £1.98bn in 2012, it is growing apace – and Dorsey claims not to be phased by Apple’s payment platform, Apple Pay. Dorsey has since earned himself a seat on the board of the Walt Disney Company. What next? Dorsey has hinted he has his sights set on the seat once filled by his role model, Michael Bloomberg, mayor of New York.

LUCY BALDWIN, managing director, Goldman Sachs
Barely 30 years old, Baldwin already has an enviable CV. Head of Goldman’s European retail and consumer equity research team, she is also co-business leader of the equity research consumer business unit in Europe, and is prized for her knowledge of the £180bn global luxury goods industry. In a shrewd career move, she changed from her initial role as a mergers and acquisitions analyst to equity research because she saw the opportunity. By all accounts she was impressed by how quickly young analysts in this field were allowed to have contact with executives of the companies they covered. Not bad for someone who 10 years ago was still an economics student at the University of Birmingham.

At the forefront of the fintech industry, Nick's strong track record and as founder of Nutmeg - one of the most exciting firms redefinining finance today - make him an ideal candidate for economia's future finance 50 list 

Jean Stephens on Nick Hungerford

KHALID ALKHUDAIR, founder and chief executive officer, Glowork
Another high-achieving youngster on the list, 31-year-old Alkhudair is the former chief operating officer for markets at KPMG Middle East and the man behind Glowork, a recruitment website for women in Saudi Arabia. His goal? To address the fact that women comprise just 15% of the Saudi workforce, despite the fact that more than 60% of university students are female. For his efforts, Alkhudair was made a young global shaper at the World Economic Forum, a member of the global agency council on the Middle East and North Africa, and awarded an Excellence in Entrepreneurship Award from the Global Thinkers Forum. What’s really impressive is that Glowork has already helped to create over 11,000 jobs for women in Saudi Arabia.

ANA PATRICIA BOTíN, chairman, Santander
Appointed chairman of Santander Group in September when her father Emilio, the former chairman, died, Botín has been named the UK’s third most powerful woman by BBC Radio 4. In 2009 when she was executive chairman of Banesto, now the fifth largest banking group in her native Spain, she was included in a Forbes list of the 50 most powerful women in the world. Since then she has become chief executive of Santander UK, and now chairman of the global group, bagging a place as a director on the Coca-Cola board along the way.

NICK HUNGERFORD, co-founder and chief executive officer, Nutmeg
A leading figure in the UK’s burgeoning fintech (financial technology) market, Nutmeg has 35,000 users and is growing at a rate of knots, having attracted some high-profile backers including Carphone Warehouse founder Charles Dunstone and ICAP chief executive Michael Spencer. Launched in 2012, it is a wealth manager that caters well for the nervous, with risk levels divided into 10 categories, from cautious to aggressive. As CEOs go, Hungerford is a safe bet, too. His achievements include an MBA from Stanford, an Entrepreneur of the Year Award from the Spears Wealth Management Awards, plus stints as a guest lecturer at Harvard, Stanford and London Business School. He is also a representative for UKTI around the world, promoting the benefits of doing business in Britain and also worked as a divisional director at Brewin Dolphin Securities, which he left, determined to create an investment company that was open and transparent.

JOANNA SHIELDS, chairman, Tech City UK
Baroness Shields, as she is now known, following the award of a life peerage on the recommendation of David Cameron in the summer of 2014, has spent the last 25 years hotfooting it between London and Silicon Valley. She has dual UK/US citizenship and has helped build some of the best-known technology companies both sides of the Atlantic. Her CV includes spells as vice president and managing director of Facebook in EMEA and managing director of Google EMEA. She is currently the government’s business ambassador for digital industries, a role for which she receives no remuneration, although she was awarded an OBE last year. Since stepping down as Tech City CEO and taking on the chairman’s role she has also taken a non-executive director position at the London Stock Exchange. Now she is focused on helping to build up Tech City, a government-backed investment group for tech start-ups. We can’t think of a better mentor.

RAJ CHETTY, professor of economics, Harvard University
After receiving his PhD from Harvard in 2003, aged 23, Chetty went on to be one of the youngest professors in the university’s history. He has since been awarded 18 honours, including the MacArthur Foundation “genius” Fellowship (in 2012) and been called “arguably the best applied microeconomist of his generation” by the American Economic Association. He specialises in how to give children from disadvantaged backgroundsMohammed Yunus a better chance of succeeding. Heavily decorated and worthy to boot.

MUHAMMAD YUNUS, co-founder, Grameen Bank
Since being awarded the Nobel Peace Prize jointly with Grameen Bank in 2006, Yunus has established himself as a world pioneer of the microcredit concept. To further his work in the sector, he also founded the Yunus Centre (formerly the Yunus Secretariat). It is a think tank based in Bangladesh but operating globally that supports social businesses that Yunus believes will address world problems he says are “not addressed within the present capitalist system”. The Poverty-Free World Campaign is one example. He has also been decorated with a clutch of other medals; including the Presidential Medal of Freedom, the Indira Gandhi Prize and the Congressional Gold Medal.

 

FINANCE LEADERS

CARRYN MCLAUGHLIN, vice president, JPMorgan Chase
At just 30 years old, McLaughlin manages £1.67bn of funds and assets for property moguls and their families at JPMorgan. Last year Forbes included her in their list of 30 under 30s to keep an eye on in finance.

JAMES VACCARO, head of strategy, Triodos Bank
Vaccaro manages equity investments and finance for renewable energy projects at Triodos. In what little spare time he has, he is non-executive director of community interest company Bristol Green Capital Partnership.

JEAN-MARC HUET, chief financial officer, Unilever
Also non-executive director of Delta Topco (which owns Formula One Group), Huet has a stellar CV that includes stints as CFO at Bristol-Myers Squibb Company and Numico.
Huet holds an MBA from INSEAD, Fontainebleau, France.

YINKA ODELEYE, director and head of corporate finance, Citi
Former vice president (corporate finance) at Citi, Nigeria-based Odeleye is one of the rising stars of African finance. “I went back to Nigeria because I thought I could contribute to its development,” he says.

MATTHEW DUNN, finance director, South African Breweries (SAB)
Promoted to FD in February, Dunn is a safe pair of hands for SAB, the beer company that, at last count, had a hefty 15% share of the global brewing market. He previously served as CFO of SABMiller in Asia.

KRIS MCCONKEY, forensic services partner, PwC
McConkey leads the Cyber and Insider Threat Intelligence Detection and Incident Response team within PwC’s cyber security practice. It was ranked number one by Gartner Professional Security Consulting Services’s competitive landscape report in 2013.

ECONOMISTS

 
BEN BROADBENT, deputy governor of monetary policy, Bank of England
Broadbent has an illustrious history in the public sector, private sector and academia, having been a lecturer at Columbia University in New York and a Fulbright Scholar at Harvard (he has a PhD in economics, and his first degree was from Cambridge); an economic adviser at the Treasury; and managing director at Goldman Sachs. Today he is the predominant voice on the future direction of mortgage and interest rates in the UK.

ROBERT AKERLOF, economist, University of Warwick
That Akerlof is the son of Federal Reserve chairman Janet Yellen and Nobel-prize winning economist, George Akerlof, was a concern for some of our judges. But the fact he was a Harvard presidential scholar and has won a clutch of awards, including the prizes for best record in economics and best record in mathematics at Yale, is proof that he earned his place on this list on merit.

MATTHEW GENTZKOW, professor of economics, University of Chicago
“He has emerged as a leader in a new generation of microeconomists applying economic methods to analyse questions that were historically analysed by non-economists.” So said the judges who awarded Gentzkow the John Bates Clark medal last year for his work on the changing role of the media in a digital environment.

ESTHER DUFLO, professor of poverty alleviation and development economics, Massachusetts Institute of Technology
Awarded a John Bates Clark medal in 2010 and, like Chetty (see p51), a MacArthur Foundation Fellow, Duflo specialises in microeconomic issues in developing economies. She is also founder and director of the Abdul Latif Jameel Poverty Action Lab at MIT.

 

TECH PIONEERS

KATHRYN PARSONS, co-founder, Decoded Katherine Parsons 150
A star of Silicon Roundabout, Parsons has a clutch of impressive awards to her name including the Women of the Future Award for Technology, and a place in the Sunday Times Top 30 Female Power List 2014. These are all in honour of Decoded, her technology company that teaches computer programming.

FADI GHANDOUR, founder and vice chairman, Aramex
Previously, Ghandour created Maktoob, an internet services company that Yahoo! acquired for £53m in 2009. Six years on, he is at the helm of the first company in the Arab world to be listed on the American stock exchange, and is co-founder of a capital investment company for early-stage tech businesses.

TOM ILUBE, co-founder and chief executive officer, Crossword Cybersecurity
Tech entrepreneur and founder of cybersecurity company Crossword, Ilube trained at the London Stock Exchange and later at PwC and Goldman Sachs. He is also founder of Garlik, an online company that protects against identity fraud and, in what spare time he has, he serves as chairman of the African Gifted Foundation in London.

FRED EHRSAM, co-founder, Coinbase
It’s easy to forget Ehrsam is just 25 years old. He’s a former trader at Goldman Sachs New York; former BlackRock employee; and now founder of Coinbase, a bitcoin wallet and exchange service. No wonder he was listed among Time magazine’s “30 people under 30 changing the world”.

MICHAEL KENT, co-founder and chief executive officer, Azimo
Founder of money transfer company Azimo, Kent is also the man behind Small World Financial Services, Europe’s largest payments services provider, with a £2bn turnover.

CROWDFUNDERS

LUKE LANG and DARREN WESTLAKE, co-founders, Crowdcube
Since establishing Crowdcube in 2010, Lang, a former marketing consultant and Westlake, a former product manager, have built it into a crowdfunding service to be reckoned with; with £42.3m funded and almost 100,000 so-called “armchair investors” registered at last count.

AYAN MITRA, founder and chief executive officer, CrowdBnk
Mitra spent 15 years designing and implementing consumer platforms for First Direct, Orange, Marks & Spencer and more, before establishing this equity crowdfunding platform in 2013, with a diverse range of fundraisers; from a medical device company to a Viennese deli.

BILL MORROW, co-founder, Angels Den
Morrow, former CEO of Morgan Chase, is the man behind the first integrated crowdfunding and angel investing platform. Established in 2007, it has 6,000 investors and raised £16m in its first six years. He started out as an accountant at Virgin before moving into investment banking.

INNOVATORS

JACK MA, founder and executive chairman, Alibaba
Chinese entrepreneur Ma has lofty ambitions. He has said: “If Alibaba can’t become a Microsoft or Wal-Mart, I will regret it for the rest of my life.” And given that when the ecommerce powerhouse floated last year it raised £13.5bn, the biggest IPO in US history, he may just meet his goal.

ELON MUSK, founder, Tesla Motors
Musk made his fortune by co-founding PayPal, but he has dabbled in many ventures since. One is Tesla Motors, a luxury electronic carmaker. Then there’s SolarCity, the solar panel company, and SpaceX, a spacecraft maker that has a £990m contract with NASA.

TAAVET HINRIKUS and KRISTO KAARMANN, co-founders, TransferWise
Hinrikus and Käärmann came up with the idea for TransferWise because Hinrikus lived in London, but worked for Skype Estonia and was paid in euros; while Käärmann lived in Estonia but worked in London so was paid in pounds. They set up TransferWise to transfer money between countries without fees.

DAMIAN KIMMELMAN, founder and chief executive officer, DueDil
Internet entrepreneur Kimmelman is an impressive innovator. He set up a peer-to-peer Chinese gaming platform, as well as a digital agency whose clients included the BBC, Virgin and General Motors. He is also a start-up mentor, consultant to UK government agencies, and founder of DueDil, an information database used by 75% of FTSE 100 companies.

DOUG RICHARD, founder, School for Startups
Known for School for Startups, teaching entrepreneurship, Richard previously won an honorary Queen’s Award for Enterprise Promotion. Also non-exec director of Brightpearl, a business management cloud app, and founder of Visual Software and ITAL computers.

ANIL STOCKER, co-founder, MarketInvoice
Launched in 2011, MarketInvoice taps into the £300bn-a-year invoice finance industry in the UK, allowing companies to sell outstanding invoices. In 2013 it was growing 20% month on month (in October that year it beat its own records and traded £10m in a single month), largely thanks to Stocker, who has a double first in economics from Cambridge and was named the Federation of Small Business Young Business Person of the Year 2013.

DIVINIA KNOWLES, president and chief financial officer, Mind Candy
No one can deny that computer game Moshi Monsters – and the company behind it, Mind Candy – is business genius. In 2012 Mind Candy reported revenues of £46.9m, up more than 60% from the previous year and dominated by Moshi Monsters subscription and merchandise licensing. Since joining in 2006, Knowles has had a pivotal role in transforming a start-up into a £156m-turnover company.

INNOVATIVE THINKERS

SALMAN KHAN, founder, Khan Academy
Superachiever Khan has three degrees from MIT, an MBA from Harvard and a jam-packed CV including a stint as a hedge fund manager. His latest venture, a non-profit organisation, allows people to get an education from wherever they are in the world, via YouTube tutorials. By 2013 it had 10 million student users a month. His mission is to “accelerate learning for students of all ages. With this in mind, we want to share our content with whoever may find it useful.”

MICHAEL MANN, distinguished professor of meteorology, Penn State University
Co-founder of realclimate.org, Mann uses theoretical models and observational data to understand the earth’s climate system. He has earned a clutch of awards for his efforts, including the Hans Oeschger Medal of the European Geosciences Union and, he contributed to the reports of the Intergovernmental Panel on Climate Change (IPCC), which was awarded the 2007 Nobel Peace Prize.

PAUL DONOVAN and JULIE HUDSON, authors of From Red to Green?
Donovan and Hudson are both managing directors at UBS. Their well-received book, From Red to Green? How the Financial Credit Crunch Could Bankrupt the Environment, has been described as the most detailed examination of the environmental impact of the credit crunch. It argues that policymakers need to be more flexible in their responses to credit problems.

TONY GREENHAM, head of finance and business, New Economics Foundation
The New Economics Foundation is just one of the many interests to which Greenham devotes his energies. He is also a member of the Regional Growth Fund Advisory Panel at the Department of Business, Innovation and Skills, and was previously on the international board of auditors of Slow Food, a non-profit organisation devoted to food that is “good, clean and fair”.

JAMES DEAR and CHRISTOPH RIECHE, co-founders, iwoca
If you haven’t heard of iwoca yet, we’re betting you soon will. It’s a credit facility for small businesses and, at its core, is a data-driven risk model that looks at new metrics. Before they launched it in 2012, the well-placed founders Rieche and Dear were vice presidents at Goldman Sachs and Deutsche Bank respectively.

BRETT SCOTT, alternative finance explorer
Scott’s colourful job title certainly caught the attention of our judges. But dig deeper and you’ll find that he is a serious and well-respected thinker and academic too, having written the Heretic’s Guide to Global Finance, served as fellow of the Finance Innovation Lab, and having been a Magdalene Mandela scholar at the University of Cambridge, working on issues related to environmental sustainability geopolitics.

DARIO KENNER, founder, Why Green Economy?
Founded in 2013, Kenner’s organisation is a space to share new ideas for a new economic model to tackle climate change and protect the environment. Impeccably placed for such a feat, Kenner was previously a researcher on climate finance at watchdog the Bretton Woods Project. He was also formerly responsible for international communications at the Bolivian Climate Change Platform.

10 INVESTORS AND P2P LENDERS


JEFF LYNN, co-founder and chief executive officer, Seedrs
One of the founders of Seedrs, an online platform for discovering and investing in start-ups, Lynn is an Oxford-educated lawyer who’s also NED of Companies House and founding chairman of the Coalition for a Digital Economy.

JAMES MWORIA, managing director and chief executive officer, Centum Investment
Head of one of East Africa’s largest private equity firms since 2008, Mworia has helped increase its asset base from £43m to £217m.

RICHARD AKED, director, Syndico
Former equity trader Aked leads Syndico, a peer-to-peer finance space with a roll-call of exciting and innovative products, including Cycle Syndicate, a new insurance model and alternative to cycle insurance.

GILES ANDREWS, co-founder and chief executive officer, Zopa
Since Andrews established online peer-to-peer lending and borrowing marketplace Zopa in 2005, it has lent more than £661m. He is also one of the co-founders of Funding Circle.

 

"As the career path for successful CFOs continues to flourish, one of the next stars continues to shine. As a third time FTSE 100 equivalent CFO already, with a NED role at Heineken, the longer-term options for Jean-Marc are increasing. A wonderful example of how hard work and excellence can combine to lead to world-class achievements. And a great example to all the other aspiring finance leaders out there”
Mark Freebairn on Jean-Marc Huet"
Will King on Giles Andrews/ Samir Desai


SAMIR DESAI, co-founder and director, Funding Circle
One of the four founders of Funding Circle, an online lending platform that has lent £290m to 5,500 businesses since 2010.

CATHRINE DE CONINCK-SMITH, Threadneedle Investments
Part of Threadneedle’s governance and responsible investment team, De Coninck-Smith is responsible for its environmental and social integrated research.

ANNA SOFAT, founder and managing director, Addidi
Sofat is the woman behind Addidi, a pioneering female-oriented angel investment club for start-ups and small growth businesses with a goal of addressing key problems in the community.

SHERRY COUTU, entrepreneur
An angel investor and board member of the London Stock Exchange, Coutu was awarded a CBE for her services to entrepreneurship in 2013 and was named the best CEO mentor in Europe by TechCrunch.

EILEEN BURBIDGE, partner, Passion Capital
Burbidge co-established this early stage venture capital firm in 2011, having previously worked in product development at an impressive line-up of companies including Yahoo!, Skype and Sun Microsystems.

YNGVE SLYNGSTAD, chief executive officer, Norges Bank Investment Management
The man at the head of the world’s largest and richest sovereign wealth fund, it has reported assets worth £487bn.

THE JUDGING PANEL

GAY COLEY director of public programmes, Royal Botanic Gardens, Kew
RICHARD CREE editor-in-chief, economia (chairman)
MARK FREEBAIRN partner and head of financial management practice, Odgers Berndtson
WILL KING founder, King of Shaves
HILARY LINDSAY vice president, ICAEW
GILLY LORD partner and head of regulatory affairs, PwC*
PAUL PALMER associate dean for ethics, sustainability and engagement, Cass Business School
SACHA ROMANOVITCH partner and head of people and culture, Grant Thornton**
RICHARD SPENSCER head of sustainability, ICAEW
JEAN STEPHENS chief executive officer, RSM International
ELIZABETH VARLEY co-founder and chief executive officer, TechHub
*Represented by Kirsty Ward, partner at PwC, at the judging panel
**Represented by Sarah Bell, partner, Grant Thornton, at the judging panel

 

This article has been amended: Michael Mann did not win the 2007 Nobel Peace Prize. He contributed to the reports of the IPCC, which was awarded the prize.

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