Where are they now? Stephen O'Brien on education and opportunity in Africa

Brought up in rural India, Stephen O'Brien had insight into how people live in places where few of us venture. Stephen's 25 years in financial services - including almost 5 years as CEO of Deutsche AM - have given him the opportunity to realise some long-cherished plans to make a difference. He talks to Industry Moves about his former life in financial services, and a valuable educational organisation that is dear to his heart.

Why did you leave financial services?

I started in financial services in 1987 (20th October) with a newly established research and advisory firm, ipac securities. As a 21 year old I wasn't quite sure what to expect. Day 1 turned out to be memorable indeed - it was Black Monday, of the '87 Crash. Amid the dramatic events of that day were great lessons, as explained to me by ipac's founder, Arun Abey - 'markets are driven by fear and greed, with fear being the stronger of the emotions'. This psychological dimension of the exciting new world I had just entered had me hooked, as I'd thought investment was really just about numbers. I knew I was going to enjoy it. Over the next quarter of a century I certainly did enjoy my time, and worked with some great people and organisations.

Events earlier in my life had shaped my plans which would one day mean leaving financial services. I was born in rural India and saw, growing up there, what I later realised was what Warren Buffett called the Ovarian Lottery. Some people were lucky, just by birth, and some had been dealt a tougher hand. Surely things could be done to balance things out, somehow. Both my parents were 'educators' and it became clear that this was the key and one day I needed to do my part to help.

Where are you now?

In 2005 when a great friend came back from a humanitarian mission in Africa and explained he needed some urgent help with the 50 children he'd just 'rescued' in Kibera, Nairobi, I knew it was time to act on my childhood commitment. I joined Kim and several other close friends as a Director in the new charity, Oasis Africa. On a part time basis we set about raising funds needed to develop a primary school in the slum. So far, with enormous amounts of hard work by our project team, some serendipity and a wonderful group of like minded people helping with time and money, we have seen 8000 children from the slum given a chance to get that education which luck alone may not have given them, as it had given us.

With this growth has come more and more need. The little ones are growing fast, with Oasis Africa's community of friends now supporting 72 secondary school scholarships. We are also preparing for the next natural step as our first 'Kibera children' are about to enter University. We are like proud parents at the moment.

Oasis Africa is at a critical stage in its growth path now so more effort and funding is required. The team is providing both operational and financial support to several new projects as well, including a 10 acre farm with one school. In time the sale of crops will fund this school and the associated orphanage in the Soweto slum.

What do you like about your new role?

I had no doubt I'd love the involvement with the amazing children in Kenya and working on something so special with the team from Oasis Africa. What has really stuck me, however, is the depth of the joy experienced by others we connect with who are keen to get involved and help in any way they can. On a serious note, in countries like Australia, and in industries like financial services, where we are all 'Ovarian lottery winners', there are huge problems with 'happiness' and mental health. Recently we've all been alarmed at the data showing the magnitude, and cost of this problem in our society, and specifically the impact on super funds and their members.

The reason I mention this is that one of the clear solutions to addressing the problem is to get people involved in organisations such as Oasis Africa. Any research on Happiness highlights the benefits, so while I thought the work with Oasis Africa was about breaking the poverty cycle through education, it is equally about helping Australians with mental health by providing an avenue.

Australians are lucky, and generous by nature and want to help. Exactly how to help and who to trust has proven to be an obstacle. 'I'm not sure where the money goes' is the most common reason Australians don't get as involved as they could. Recognising this, and keen to share the joy of being involved, we do all we can to work with people and find creative paths. As an example, we took 40 players from the Warringah Rats Rugby club to help out at our project in Kenya in what was Australia's first rugby tour to that country. Artists and entertainers, plus business people and families have also come with us to see exactly where the money goes and the impact it is having. Our financial records are open for all to interrogate should they wish. Transparency is critical, and required by law.

What don't you like about your new role?

Having spent more than 25 years raising funds in the investment management industry I'm hardened to the fact that not everyone will say 'yes' when presented with a 'compelling investment case'. Persistence is needed in this endeavour as well.

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

The essence of both charities and investment management is the allocation of scarce resources with the goal of improving lives. For super funds, a long term goal. And for Oasis Africa and others, shorter term, Maslovian needs.

On a practical level though, as we are dealing with money and trust issues governance is king. Anyone who has completed the Company Directors Course, run by the AICD will be acutely aware that the duties and responsibilities of Directors of Charities are identical to those of public corporations. In fact the case study we worked through at the end of the one week course, bringing together all of the learnings (governance, compliance, development plans, due diligence, risk management, solvency, delegated responsibilities etc) features a local charity with 'high risk' operations offshore.

The parallels are clear. Perhaps it's one of the reasons so many great people from the investment world do get involved in charity work and make a huge difference.

What do you miss about financial services?

The people.

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

One never says never. I'd look at exactly the right opportunity. But I'll always stay connected with the lessons of my early childhood and help out in any way I can. This work is a guaranteed win / win for recipients and givers!

Stephen is an accomplished photographer and his beautiful fine art images show the joy and hope brought to local children as a result of donations to Oasis Africa. In limited numbered editions, these images are available for purchase as single prints or as a complete set. The three images above, from top to bottom, are details from 'This Way', 'My Way' & 'What's For Lunch'. For more information, download the Limited Edition Photography & Ciclee Print Catalogue 2014

Click here to find out more about the work of Oasis Africa and how you can get involved.