Philip is Founder & Managing Partner of 90 North, a real estate investment manager headquartered in London, with offices in Chicago, Kuala Lumpur and Sydney. Recently celebrating it’s 7th birthday, 90 North was established with co-Founder Partner Nick Judd, with equity backing from James Caan CBE and Faisal Butt. 90 North has worked with both Middle Eastern and Malaysian equity looking for socially responsible and frequently Shari’ah compliant investments across the US, UK, Continental Europe and Australia.
Starting his career with Citigroup in the mid 90s, Philip has worked for both banks and investment managers, establishing Gatehouse Bank’s real estate investment team prior to establishing 90 North in 2011.
Q-What was your first job and what is the worst job you’ve ever done?
My first ever job was delivering free newspapers in the area on the weekends, which certainly kept me fit. My worst job as working on a supermarket checkout. Bright lights, smelly food and screaming children. A swift move to my local Halfords followed. Far more my scene.
Q-Was Tax [real estate?] your first career choice and what were you doing before?
Having studied Economics at university I achieved my goal of getting into banking, but wasn’t really sure where it would take me.
Q-Why did you choose a career in the commercial real estate sector?
It chose me really. I was a Risk Manager for the Italian, Austrian and French banks that Citigroup had dealing with and was keen to be the one creating the transaction in the first place, not the one signing it off. So I spoke to HR and they suggested an Analyst role with a new real estate team in Citigroup’s Private Bank, so I did that and liked what I found.
Q-Why do you enjoy the sector?
It’s the contrast between the relative simplicity of the real estate itself, which at the end of the day is simply a box that someone either lives, works or plays in, and the detail that we need to bolt on top to make an attractive and risk controlled investment. By the time the legal, finance, tax, Shari’ah structuring, etc. has been put on top, the real estate can feel rather distant, but one site visit and you remind yourself about the original motivation to invest. You can literally feel it.
Q-What’s a typical day like?
It can be rather long. Opening our Sydney office last year I try to catch up with Australia as early as possible so as not to impact too much on their evening. It’s then the European and UK business, before Chicago wakes up early afternoon. I try not to leave too late, but will be keeping an eye on the phone all evening…much to my wife’s annoyance! I don’t travel as much as most people imagine, but when I’m gone, I’m gone. So at least a week away when I travel and frequently two weeks if I’m visiting Australia.
Q-Who or what has had the biggest impact on your career?
It would have to be meeting my co-Founder Partner Nick. We nearly worked together, but then kept in touch and whilst neither of us ever mentioned it, we sort of knew that we’d end up starting a business together. We have different backgrounds and different work styles, but we share a common ethos of how business should be done and it’s truly made 90 North the success it is today. As 90 North’s brand promise states: “Doing great business. With a good conscience.”
Q-What advice would you give to people at different levels on developing their careers?
Keep pushing yourself and frankly, work hard. Particularly within a small team, if you do a good job new opportunities will be presented to you. Management wants people they can trust, so it’s really as simple as that. We look for three qualities when we recruit: Passion. Precision. Perseverance.
Q-Who inspires you and why?
My father. Growing up he instilled a strong work ethic in me and showed what can be achieved by pushing yourself. As I tell my boys, “Push. Push. Push.”
Q-What are your strengths and weaknesses?
I’d say I’m good at managing multiple items at the same time and being able to prioritise amongst them. I have to. Weaknesses? It used to be not delegating, which I’ve largely sorted, but still frequently decide to do something myself rather than leaving it with the person responsible, which may not always be the best use of my time.
Q-What do you think are the common qualities that the best leaders have?
You obviously need to know your business and sector so that others genuinely look up to you, but you also need empathy. You need to be able to recognise when someone is struggling or frustrated and be able offer some assistance or advice before the issue gets too big.
Q-What are you most proud of?
Having 90 North across the globe. That wasn’t the original plan when we set the business up in 2011, but step by step we’ve bolted new offices and new people on.
Q-Why do you feel championing inclusion and diversity is so important?
I’ve worked in environments in the past where looking back everyone was the same, which genuinely resulted in poor decisions. And why wouldn’t you want an inclusive and diverse working environment? Ethics matter.
Q-Where do you see the Real Estate sector in 10 years time?
10 years in a long time in real estate. Look at the changes that have occurred in 90 North’s 7 years. Co-working and co-living are encouraging a sharing culture, driven by technology which has shrunk what you need to live, work or play and provided the ability to get almost anything on demand. Retail is now about convenience, which isn’t always online. Whilst leisure, travel and events are highly important. This is all driving a move for consumers away from assets, or as they’re now being seen…liabilities. The human experience of real estate is an area we’re really focused on to futureproof our investments.
Q-What are key challenges for business directors/partners in 2018?
Some political stability would be nice!
Q-Finally, what do you do to relax?
I’m a car guy, or more specifically Porsches. Going away for the weekend with my father and eldest son to race the Boxster is a pure escape for me, whilst the pile of Porsche magazines provides distraction when my wife and boys allow.
