Arno Kitts. Career model

Arno Kitts FFA/FIA: 1992 Company: Henderson Global Investors Role: Director of EMEA Business Other actuaries: There are several qualified actuaries working in Henderson.

First job: Forester Life

Key steps between first job and current one:

Forester Life:

• Investment Analyst
• Investment Manager
• Head of Investments
• General Manager (Finance & Investment)
• Chief Operating Officer (COO)
• Chief Executive (CEO)

JP Morgan (JPM):

• COO, Life Company
• Head of European Defined Contribution Business
• Chief Executive Officer, Life Company
• UK Institutional Investment Client Relationship Manager
• Head of UK Institutional Investment

Henderson:

• Director of UK Institutional Business
• Director of EMEA Institutional Business
• Director of EMEA Business

Current work

Henderson manages £59 billion of assets for institutional, wholesale and retail clients. These clients are invested in equity, fixed income, hedge fund, private equity and property products. As Director of EMEA Business, my activities encompass distribution strategy and management, marketing and relationship management and general business management.

Opportunities for others

Investment management is an area of opportunity for actuaries, with many functions requiring strong analytical skills together with other competencies and qualities. Besides marketing and relationship management and general business management, other areas in which actuaries might work include research, portfolio management, and risk management.

Hurdles to surmount

The actuarial brand is not recognised universally by investment management firms. Consequently, there is a need to focus on the competencies and qualities that you can offer potential employers.

Original reason for becoming an actuary

I have to confess I decided to become an actuary because, at a Bolton School careers evening, I was told that the profession was the highest paid. In the event, I have rarely done traditional actuarial work, and have ended up in a field where other qualifications are more common. Nevertheless, I firmly believe that I would have been less likely to have progressed so far so quickly had I not been an actuary.

Subsequent thoughts

At Southampton University, approaching graduation with a BSc in maths with actuarial studies and wanting to do some study in greater depth, rather than go straight into actuarial work as a junior student, I decided to stay to study for a PhD in social statistics. However, my interest in finance and investment had been sparked by courses in accounting and finance; and, while studying for my PhD, my interest in investment grew into a passion. I began to invest the little money I earned from giving tutorials first in privatisation shares, then in small company shares, and then in equity derivatives. A research fellowship funded by Skandia Life offered me the opportunity to do research to catch up with my contemporaries who had worked in actuarial roles while I was studying for my PhD.

Career history

In 1989 I joined what is now known as Forester Life. I chose a smaller company to get early broad exposure to business. By the time I qualified, I was head of investments, and was being given increasing general management responsibility. The following year, the organisation became subject to regulatory action. It was as a result of this that I came to face a choice between leaving to focus on investment management, or staying to become CEO of a life company requiring turnaround. I chose the latter - at 30, the challenge and responsibility of strategic and operational business management was an exciting and motivating opportunity to be seized.

In 1997, the opportunity to join JP Morgan arose, when a life company was being established. Initially, I was responsible for the development and implementation of "insurance" products for Europe, including defined-contribution (DC) and defined-benefit (DB) pension investment funds, as well as private client insurance investment products for several countries in Continental Europe. As the life company business developed, and the day-to-day operation required less of my time, I became responsible for European defined-contribution business development. In 1999, I became responsible for the UK Institutional Investment business, encompassing defined-benefit and defined-contribution pension, insurance reserves, and other institutional investment. Besides business and product strategy and profitability management, the position was directly responsible for the client and consultant relationship management, marketing and sales functions.

In 2003, I joined Henderson as Director, UK Institutional Business. In 2005, I became responsible for Institutional Business across Europe, Middle East and Africa (EMEA). In 2008, I became responsible for EMEA Distribution: hedge funds, institutional, wholesale, private equity placement; and general property.

In recent years I have become involved in industry matters: National Association of Pension Funds Investment Council Chairman; Investment Management Association Institutional Business Committee member.

Other comments

It is recognised that people are motivated by two things, primarily - responsibility and recognition - and this is certainly true for me. My advice to actuaries is the same as to anyone: choose an area you are genuinely interested in and people with whom you genuinely like to work - then you will be doing it for fun and learning.