St James’s Place CIO: I was told not to bother with a City career
Each week we dig into the memory bank of the City’s great and good. Today, St James’s Place CIO Justin Onuekwusi tells us about his career, moving to London, and ignoring his school teacher’s advice in Square Mile and Me
CV
- Name: Justin Onuekwusi
- Job title: Chief investment officer at St. James’s Place
- Previous roles: Head of retail investments (EMEA) at LGIM, multi asset fund manager at Aviva Investors, manager research and portfolio construction at Merprrill Lynch and senior investment analyst at AON Consulting
- Age: 43
- Born: Manchester
- Lives: Norbury, SW16
- Studied: University of Warwick
- Talents: Multi-asset investing
- Biggest perk of the job? Working with talented smart people
- Coffee order: Skinny Americano
- Cocktail order: Pina Colada
- Favourite book: The 7 Habits of Highly Effective People by Steven Covey
What was your first job?
My first job was at Sports Division in Manchester city centre, working in the clothing department. It was a bit boring, and the looped music still triggers flashbacks. I earned £2.32 an hour – just before the minimum wage came in.
What was your first role in the City?
I started out as an actuarial graduate at AON Consulting, working on pension scheme liabilities. I quickly realised it wasn’t for me and emailed the head of investment consultancy to ask for a move. Two months later, I was on the investment floor studying for the CFA, and I’ve never looked back.
Do you want to give a bit of an overview of your career?
After completing my economics degree, I joined AON Consulting. At 24, my manager said, “You’re a consultant now, go and speak to clients.” But I felt like I needed more grounding for my own development. That led me to Merrill Lynch Wealth Management, where I worked on research for their discretionary and advisory businesses – my first exposure to financial advice.
Three and a half years later, I joined Aviva Investors to help set up a multi-asset fund team. I then moved to LGIM to build their retail multi-asset offering. I stayed there a decade, eventually becoming head of retail investments. Then the role at St. James’s Place came about which was too good to turn down – the opportunity to become chief investment officer of a FTSE 100 business and working within the UK’s largest wealth manager. Given my background and focus, it just made perfect sense.
What’s one thing you love about Canada?
I think sometimes we take the City for granted, but the architecture really is phenomenal. These are the buildings that you’d always see in the news as a kid, and now being here it can be easy to overlook them. When the sun’s out you really recognise how lucky you are to be in the heart of it all. London is the financial engine of the world – it’s a privilege to work here day in, day out.
And what’s the one thing you would change?
I’m from Manchester, and one thing you will notice straight away is how laid back and chilled the people are. You can strike up a good conversation with complete strangers.
When I first came down to London, it was a bit of a shock to me that being on the underground, you just don’t strike up a conversation with anybody, right? But you go on the bus in Manchester and everyone is talking to each other.
What’s been your most memorable lunch?
Recently, I had dinner next to Gordon Brown – a genuinely fascinating conversation. But the lunch that sticks with me most was when we passed our first actuarial exams at AON. A small group of us went out to celebrate. It meant a lot and it showed to me how important it is to recognise the effort people put in. That’s why I make a point of celebrating our team’s CFA passes now – recognition builds culture.
Any business faux pas?
Once, I completely mishandled chairing a senior meeting. I wasn’t prepared, and it went badly. Another time, I had a mind blank during a 15-minute talk in front of CEOs and mumbled my way through. But you learn. Now, I rarely get nervous. Failure builds resilience, and once you’ve seen the worst, you know you’ll be okay.
What’s been your proudest moment?
Becoming a dad, twice over. That’s what drives me, setting the right example and building a good life for them. It’s the achievement I’m most proud of.
Who do you look up to?
There are three people in my life that I look up to. The first is my mum who has taught me a lot about resilience, working hard and the importance of continuous education. Coming from a single parent family, her drive was something that resonates with me now as an adult. It is where I get a lot of my drive and resilience from.
Secondly, my grandmother – she was like the matriarch of our family. She used to bring the family together. It taught me a lot about community; no matter what happened within the family, she always chose to forgive people.
Lastly, Sir Alex Ferguson’s management and his leadership was all about getting the best out of people. When you listen to stories from David Beckham and Gary Neville you understand the positive impact he had on people’s lives.
What’s the best business advice you’ve ever been given?
From Yoram Lustig, my old boss, who told me: “I back you.” When I doubted myself, he always had faith in me. That belief stuck. Now, as a leader, I try to pass that same encouragement on to others.
And the worst?
My home economics teacher once told me I wasn’t suited to a professional career and should consider comedy or TV instead of law, which was my ambition at the time. It was disheartening. Teachers play such a crucial role. It’s so important we allow young people the freedom to dream and have belief in what they can achieve.
Are you optimistic about the year ahead?
Working at St James’s Place, the UK’s largest wealth manager, I believe the changes we are making this year are going to be pivotal – not only as a business, but also for the wider wealth management industry. Whether it is the unbundling of charges or the launch of our low-cost multi-asset strategies, these are significant developments that will have a lasting impact.
We’re going for lunch and you’re picking – where are we going?
The Wolseley in The City or in Piccadilly. It’s a classic.
If we’re grabbing a drink after work?
The Globe in Moorgate is the perfect place for an after work drink on a summer’s day.
Where’s home during the week?
Norbury, SW16.
And where might we find you at the weekend?
Old Trafford – The Theatre of Dreams. It’s my spiritual home.
You get two well-deserved weeks off, where are you going and who with?
Tenerife with the family – we’ve been to the same resort for the past seven years. It’s got great pools, a brilliant kids’ club, and guaranteed sunshine. I also love Dubai. We have an office there, so I sometimes tag on a few days. The pace of change in the city fascinates me.