Phil is a co-founder and Chief Executive of Ricardo Research. He manages the business, contributes to the development of new intellectual capital and acts as a consultant to large institutional investors.

Phil has over 15 years’ experience in the pensions and investment industry. Before co-founding Ricardo Research, Phil was a Partner and Global Director of Strategic Research at Mercer. In that role, Phil had responsibility for developing intellectual capital on strategic and dynamic asset allocation, new asset class ideas and broad themes relating to the economic environment. Phil has worked with large institutional investors in many countries to help them address a wide range of investment challenges.

Phil is a regular speaker at conferences and industry events and is often quoted in the press. Phil holds a first class degree in Mathematics from the University of Warwick and is a Fellow of the Institute and Faculty of Actuaries.

Our Latest Idea

Innovation and shirking in financial markets

Innovation is usually viewed by economists as a productivity-enhancing force, powering economic growth in modern capitalist societies. This is just as true in the investment industry, where new products are assumed to help consumers meet their individual financial needs. This optimistic view ignores the damage that can be done by innovations, especially in the financial sector, where agency issues create the potential for negligence and rent extraction.

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Asset mispricing: the ignored externality

The externalities of greatest interest in contemporary discussion typically fall under the E, S and G headings. However, this leaves a critically important externality – that of asset mispricing – largely ignored. Asset owners should broaden their awareness of the externalities that arise from their investment approach.

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