5 minute read
PROFILE
from ASSET OCTOBER 2020
by ASSET
Sky’s the limit with right focus
After a globe-trotting career Fisher Funds’ Nilesh Mistry has returned to NZ to ‘give back’.
When not working, Nilesh Mistry, chief operating officer of Fisher Funds can be found tweaking his hi-fi sound system. Running wires from his speakers, changing the angle for a better sound boost, switching the needles on his vinyl record player to improve the audio quality. He is forever chasing that impossible goal of the ultimate sound reproduction. When asked if he is getting close to perfection Mistry replies, “you can never get close, but I think I’m in a pretty good spot”.
The use of technology to strive for
BY DANIEL SMITH
perfection is a character trait that has coloured Mistry’s journey throughout his career.
Mistry joined Fisher Funds in May of this year. The global situation during his first five months in the role has been tumultuous to say the least. But Mistry knows about working through times of crisis. He was deeply involved in the US banking sector during both the 9/11 attacks and multiple global financial crises. The issues thrown up by a global pandemic have been handled by Mistry’s singular focus: “First and foremost, focus on the wellbeing of [y]our staff. That's the most important thing. Get that right and then the rest of the business will follow.”
After finishing a degree in electrical engineering at Wellington’s Victoria University, Mistry moved to Sydney to work for Channel Seven – rolling out an emerging technology platform. In the early 90s Mistry joined NatWest Markets in a role providing technology services on the market trading floor. Mistry says that: “During that time, I was blown away by the use of technology. The NatWest global platforms really helped me develop a deep interest in
understanding real-time data exchange and financial markets in general.” During Mistry’s tenure, NatWest was acquired by Salomon Smith and later merged with Citicorp. He says: “The exposure and experiences provided by working under a large US multinational at quite a young age really set the course for the rest of my career.” After a short stint at Westpac, Mistry relocated to Singapore to join JPMorgan Chase in overseeing the technology needs for emerging markets throughout Asia, followed by being appointed their CTO for the entire Asia APAC region.
“I was very fortunate to work with some of the smartest people in the industry, I experienced many cultures and got to work in over 15 markets across the Asia Pacific region.”
Then from Asia to The Big Apple. Mistry relocated again to New York, helping JPMorgan Chase develop their retail banking platform as their digital CTO. These are memories he holds dear. “Ultimately, that was the best experience I ever had working for the best bank in what I would regard as the best city in the world.”
Mistry then relocated back to Singapore to build and lead the Asia Pacific region for worldwide technology, partnering with some of the largest multinational companies in the world to provide technology services. “This was really a unique opportunity where I was able to bring over 20 years of experience working on the buy side and transition my career to the sell side.”
Finally after 20 years of globe-trotting, Mistry made the decision to relocate permanently back to New Zealand and join Fisher Funds. “I really wanted my children to grow up in New Zealand. But more importantly, I wanted to give back as well. So I'd spent over 20 years outside of New Zealand and I felt that there was a lot that I can give back to New Zealand.”
Using skills learnt through decades in the financial sector to give back to his country is key for Mistry, who says that his whole career has been defined by strong values.
“I have a strong sense of purpose. Purpose to get the best out of others and also to give back. My values are based on trust and honesty. So whenever I start a new role or [am] assessing opportunity, [I] always reference these core values to ensure that there's strong alignment. I feel that this approach has always served me well.”
These values have been applied to Fisher Funds as they have been navigating the choppy waters of 2020. Mistry says that: “The key thing is just to have clarity around the strategy for the business during these times. Obviously, when there is a crisis it will impact different parts of your business. When I look at Covid, it has forced us to have quite a flexible workplace with the various lockdowns that we've experienced. So just making sure that there's clear communication and clear strategy so people can get on with their work.” The nature of the pandemic response and the way that businesses have had to drastically alter the way they function have actually played into Mistry’s strengths with his focus on technology. He says that: “In terms of bringing the teams together, and collaborating, technology has been key. I feel that it is challenging, working from home. But if you've got the right tools in place and the right team you can overcome it. Having a real open communication has been paramount during this time.” For Mistry, Fisher Funds’ “track record of beating markets in good times and bad, and the firm's commitment to providing high-quality advice for all Kiwis” have come to the fore during this pandemic. He points to their commitment to full active management and their investment team using the opportunity of falling prices to add new investments to portfolios and increase returns. But Mistry says that financial gains aren’t everything for a business facing crisis mode, “what I felt was really important and a real differentiator, was the firm's advice and communication stream that enabled clients to make good decisions during these stressful times”.
When asked about his proudest career moment, Mistry points towards his team’s achievements. He’s not one to rest on his laurels and discuss “proud moments” as though they are a thing of the past: he’s returned to New Zealand to give back. In his role at Fisher Funds he plans to do so. A
