Where are they now? Mike Crivelli on his disruptive career

Mike Crivelli has had a long and distinguished career in financial services, including a 20 year stint at BT before co-founding Perennial Investment Partners in 1996. Now as the chair of Perennial Value, he looks back on a career that has been defined by disruption.

Why did you leave your executive role in financial services?

At 72 (three years ago), I figured after nearly 50 years in the business I should take a break!

Where are you now?

Perennial Value Limited where I am non-executive chairman.

In what way is your new role different to your previous role/s?

It is different in the same way as being a non-executive vs an executive director in any organisation is different.

A bit of background here: I started working in investment management in London in the investment department of Pearl Assurance in 1965, then joined Darling & Co (now Schroders) in 1967, then BT in 1974 and finally left in 1996 to start Perennial.

For several years from that time I was a non-executive director of a number of investment related groups including State Super Financial Services, TWU Super Fund, IOOF, Colonial Agricultural and Statewide Roads. I found the job of a non-executive director unfulfilling, particularly so when following the establishment of Perennial I became an executive director of IOOF and realised how little real understanding one had of the workings of the company as a non-executive. As I have been an executive director of Perennial Value since inception, I feel very comfortable that I have a pretty good grip on how the company works.

What do you like about your new role/s?

Obviously, I have much more free time as a non-executive. It enables me to put in time to help others, for example as a director of The Wayside Chapel.

My career has really been about disruption.

We didn't call it that when I started working at BT with Chris Corrigan and Rob Ferguson, but that is what it was. Life Offices dominated the investment scene. Investment returns to super funds were poor. We were able to get between the life offices and their customers by offering a better deal.

Later, we started Perennial in order to get between the major fund managers and their customers.That has worked pretty well.

Now, following the GFC there is a need on the part of many investors for a different approach to mitigating equity market downside risk. The recently established Perennial Wealth Defender approach is designed to meet that need and it should be a rewarding exercise for investment clients (and Perennial Value). It's exciting to be part of it.

So, disruption continues.

What don't you like about about your new role/s?

I am pretty happy in the service!

What have you learnt in previous roles that has helped you in your new role/s?

One thing that stands out is that from the outside, investment management looks easy to many people. Particularly senior execs/directors of institutional investors. It was/is ever thus. The wrong levers get pulled over and over again. It should be put to music. It provides the opportunity for insiders to exercise disruptive highly profitable activity at the expense of the shareholders of institutional investors.

What do you miss about financial services?

The excitement.

Would you go back to an executive role in financial services?

If I was 55 I might!