NAME: Andrew Strachan
INDUSTRY POSITION: Inspector, Compliance Commission; chairman of the board of directors, Bahamas International Securities Exchange (BISX).
EDUCATION & TRAINING: BA, MA, economics, Concordia University Montreal; New York Institute of Finance; CFA Institute; management training, Credit Suisse; over 25 years of experience in international private banking, portfolio management, and relationship management.
CAREER HISTORY: Investment management, private banking, regulation.
PERSONAL: Past president of the CFA Society of The Bahamas; married to Gigi Strachan; one daughter, Ariana; active member of Holy Spirit Anglican Church.

What attracted you to the sector?
During the summer breaks while completing my first degree, I worked at RoyWest, one of the largest trust and banking companies on the island at that time. Fortunately, the management of RoyWest respected my abilities and they had a desk waiting for me in the investment department after completion of graduate school. I was assigned to manage the mutual fund desk and produced consistently notable performance, outperforming comparable benchmarks. I already had a great interest in economics, in particular economic research, and combined this with a passion for financial markets based on my exposure to investment management at RoyWest.

How long have you been involved in financial services? What keeps you motivated?
Many, many years! In addition to my time with RoyWest, I have held senior positions at Clariden Leu Nassau Branch and at Credit Suisse. In actual fact, for a few years I worked on two jobs. My weeks were long with frequent client and staff presentations, plus trading.

One day my boss came to me and said, "Andrew you are very good at investments, but if you stay in your office all day trading you will never run the bank". I was sent to our head office in Zurich and worked in every department in the bank to gain a full understanding of how the bank operated. Eventually, I became deputy to the managing director. Credit Suisse and then Clariden Leu provided excellent compliance training for senior managers and staff, and later the knowledge I gained focusing on this part of the business would come in handy. Currently, I am still engaged within the sector, as an industry regulator with the Compliance Commission.

As for my motivation, I set high standards for myself and that keeps me motivated, as I strive to live up to these principles and values.

Why do you think you have been successful?
I attribute my success to persistence, confidence, my ability to overcome setbacks and a strong work ethic. The path to success is not without challenges. Sometimes one has to navigate around difficult people or someone who may not like you or doesn't recognize the talent you possess. Accordingly, one has to be patient and demonstrate the high quality of performance until it becomes an undeniable fact.

No one is perfect and we all have weaknesses, but it is important to focus on positive qualities and not get sidetracked by one or two detractors. That's life - we all have them. I prefer to allow my reputation and accomplishments to speak for me.

Did mentoring play a part in your success?
Yes, very much so. Most of my private banking and investment management clients were professional investors. I was afforded the opportunity to meet most of the top clients of the bank and discuss investment philosophy and strategy. I developed very close relationships with some of them, and learned a great deal. However, while I respected their opinions I developed my own line of reasoning and my own ideas. I constantly challenged my own thinking and views.

What qualifications do you feel are the most useful in helping you perform in the sector?
On the investment side I would say that the ability to think independently, being unafraid of taking risks and being a perceptive thinker are critical. Importantly one has to be mindful of Warren Buffet's famous saying about risk: "Never test the bottom of the river with both feet". There are many persons in the industry with many high level academic qualifications. I think the way to stand above the crowd is through better performance, attitude, and quality of work.

What has been the biggest challenge in your career and/or industry? How did you overcome it?
We had a merger resulting in a redefining of job duties and an uncertain future. I had accomplished most of the goals I set for myself, and given the changing dynamics in the industry felt that this was a good time to seek out other opportunities. My current job as inspector of the Compliance Commission allows me to utilize all of the knowledge that I learned as a practitioner to now apply such in the regulatory environment.

In July 2015, the financial secretary in the Ministry of Finance delegated the duties of the competent authority and designated the inspector of the Compliance Commission to act on his behalf in The Bahamas with respect to matters relating to FATCA. My team and I did have some challenges relating to implementing the FATCA legislation, but actually this was a lot of fun and we efficiently put in place the necessary procedures and training necessary to make this a success.

What advice would you give young people just starting out in the industry?
Always be yourself and think independently. Focus on your goals and not what other people are doing. Try to gain access to wise people, because these discussions will be highly beneficial. Develop the fine art of networking. I was able to build up a network of close contacts, including existing clients and leveraged these relationships for success.

I focused on common interests and sincerity, rather than those networking events where you hand out cards and hustle for relationships. I always tell the story of a person I met once at a seminar and we had a few interesting conversations about life, politics, economics and the markets. We met for lunch several times during the next year, and while I mentioned the bank whenever appropriate I simply allowed our relationship to develop. Approximately one year later, this person visited the bank and opened my largest ever account!

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