City stalwart and industry legend Brian Winterflood, founding member of Winterflood Securities, has passed away at the age of 86.
“Brian will be fondly missed by all of us that knew him, and the City of London has lost a true character and pioneer. We also express our deepest condolences to his family,” a Winterflood Securities spokesperson said.
Much missed
Industry response has been universal. “A true Giant of the City and a brilliant character,” said Rupert Ireland, COO of Emstream&Emsurge, in a social media post.
“A true legend! It was an absolute pleasure to work with such a Gentleman or Mr USM as he was known at Bisgood Bishop,” said Tony Jarmyn, former CEO at Novus Capital Markets
“A true legend and a ‘Gentleman stockbroker’. He was held in high esteem by everyone in the market. There is no more fitting tribute or legacy,” added Can Bitirim, partner, Northcross Capital.
Stacey Parsons, head of fixed income strategy at Winterflood Securities, said: “A true city gentleman, a friend and mentor to us all, right up to recently. Rest in peace Mr Winterflood, I am wholly grateful for the opportunities you afforded me and so many others in Financial Services.”
Fond memories
BEST EXECUTION spoke to Stephen Pinner, managing director at Goodacre UK and director of the Securities Industry Management Association (SIMA), who knew him well.
“I knew Brian for many years and when I started the stockbroking firm City Deal Services in the early 90’s, Winterflood Securities became one of our busiest market making counterparts,” he reminisced. “At our peak, we were onboarding several thousand clients a month and daily trade volumes were rocketing. Winterflood Securities coped to ensure that we delivered the best possible trading prices for our clients, and I got to know Brian well.
“I encouraged Brian to join the board of the Securities Industry Management Association, the ‘not for profit’ group of City professionals where he later became Life President and where he was an excellent ambassador. We went to many City meetings together and one I recall was attended by around 1,000 senior investment executives who listened to a very dull presenter who droned on for over an hour before asking the audience for questions. Brian piped up and said “Yes sir, I have a question, can we go home now?!”
Brian maintained close links with the London Stock Exchange and enjoyed contact with the various CEO’s, notably Xavier Rolet. Pinner recalls that on one occasion, having been invited to perform the opening ceremony, he was given a bell to ring… and when he shook it, the clapper flew out across the balcony – narrowly missing those attending.
“Brian had no time for those not adhering to the Dictum Meum Pactum Stock Exchange standard or those in the business who did not provide the level of service to which he aspired,” said Pinner.
“He will be so greatly missed by us all.”
A life well lived
Brian began his career as a messenger for stockbrokers Greener Dreyfus & Co in 1953. He became a member of the London Stock Exchange in 1966 and was instrumental in setting up the Unlisted Securities Market which launched in November 1980 – so instrumental, in fact, that he was known as ‘Mr USM’. Starting with 10 stocks, the market rapidly grew to 500 by 1987, before being replaced by the Alternative Investment Market (AIM) in 1995 – a transformation in which Brian again played a leading role.
He founded Winterflood Securities in 1988, a bespoke ‘stock jobber’ or market maker firm dedicated to the needs of the investor on the street, offering liquidity to regulated counterparties, with the aim that investing reached all parts of society. The firm was acquired by Close Brothers Group in 1993 and Brian stayed on as non-executive director until January 2016, before retiring in January 2017.
He became Chairman of the Gilt-Edged Market Makers (GEMMS) community in 1994, joined the Secondary Market Committee in 1996, and became a Freeman of the City of London in 2002 as part of the Livery of the Worshipful Company of International Bankers. In 2012 he was made a Member of the British Empire (MBE) for services to the financial industry.
Known for his involvement in supporting charities, Brian was also a committee member of the October Club in 1986, Stock Exchange Benevolent Fund Trustee from 1995 until 2016, Save the Children VP from 2004 to 2009, and a frequent supporter of the Lord Mayor’s appeal over his career, among others. More recently, he also acted as a patron to the Natural History Museum, Museum of London, and The Science Museum.
In 2000, more than 20 years ago, he said (in an interview with efinancialcareers:) “I wouldn’t change a day regarding this business. I always said I’d like my epitaph to read: ‘Please can I go around again.’”
We hope, Mr Winterflood, that you do. Rest in Peace.
©Markets Media Europe 2023
