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

Stabilising and destabilising strategies

The social utility of an ever-expanding asset management industry is rarely discussed. In this note we distinguish between different strategy types on the basis of their impact on market stability. We argue that destabilising strategies impose a largely unrecognised negative externality on society.

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Defensive diversification

By treating diversification as an unmitigated good, investors by and large ignore the damage that it does to returns. We would do well to channel Buffett who once remarked that “diversification is protection against ignorance; it makes little sense if you know what you’re doing.” The outcome of an obsession with benchmark-relative performance together with principal-agent problems is “defensive diversification”.

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