Bryce Cottril was the senior partner of Phillips and Drew for whom I worked. He was charming always smiling and full of good cheer. I never worked directly with him so I do not know what his specific business skills were like but he had a good reputation. As senior partner he was ideal as he kept all egos and self interest in its place by behaving well to everyone in the firm from top to bottom. He had been wounded in the second world war and walked with a slight limp. He was known as someone who would say something that on reflection the recipient might consider he had been given a message. Let me give you an example. Phillips and Drew were an understated lot and fashion was low on the agenda. One day I wore a very nice Hermes tie to work, a Christmas present. I met Bryce in the corridor. ‘Hello Dennis’ he said “I am hearing very positive things about you” and then. “that’s a very nice tie you are wearing”. As I walked away I was left wondering was Bryce telling me my tie is a bit flash?. Everyone had similar experiences and every conversation with him seemed to develop hidden meetings. It could of course just as well him being pleasant we will never know.
Any way the mighty UBS came to court the partners of Phillips and Drew. Switzerlands largest and most powerful institution with an open check book!!. Now as many will know military service is compulsory in Switzerland and I suppose not surprisingly the most powerful army officers were all in senior positions in the bank. the CEO of UBS, Robert Studer, was also the commander in chief and General of the army. Switzerlands military is superbly equipped but to date it has never ever fought a war.
The partners of Phillips and Drew were summoned to Zurich for a grand dinner. The following day the deal itself was to be signed and the final price agreed. The UBS board sat in its self administered glory as dinner was served and Herr Studer made a speech of welcome. The speech was full of the power of UBS its ambition, its potential and its plans. All very grand.
Up got Bryce. ‘I feel very humble’ he stated ‘ a mere second lieutenant in the British Army addressing some five star Generals”. The look on Studer’s face was a picture. Bryce had given him a message too. You may be a five star General sir but I am the one who has actually fought a war and I have even been wounded.!! Now again whether Bryce intended this message we will never know but Robert Studer himself once told me of the huge respect he and his fellow Swiss had for Bryce on account of that speech. By the way the final price Bryce agreed for the sake was way above the expected levels. Yes it was probably peanuts to UBS but it made the partners and staff at Phillips and Drew very happy.
I worked with Richard Watkins in New York. His back ground had been in corporate finance and he had joined Phillips and Drew form London rivals Hoare Govett who had been bought by Calafornia’s most powerful bank Security Pacific. (All this buying was due to a reorganisations in the securities industry in the 1980s.) Richard had negotiated the deal for Hoare with Secpac. He was descended from elevated stock and was one of the most stylish men I have ever met. He would attend client meetings always immaculately dressed. He would take notes on foolscap yellow paper and write with a huge Mont Blanc fountain pen-black ink of course. He would make notes that all could read with double underlinings if the client had wanted to make a specific point. It was pure theatre, the Americans loved him.
Any way he told me the story of the purchase of Hoare by Sec Pac. The average Hoare partner had no idea how to negotiate a deal and Watkins was sent to do the job, a minimum price was agreed and Richard set off to LA. In those days the most prestigious hotel in LA was The Beverly Wiltshire along with its many starred Michelin restaurant. As Richard arrived at the front door the doorman opened the taxi door and out stepped Richard. ‘What is your name’ he said to the doorman. “Charles” was the reply. ( Big US hotels all have their own main door man. It is a very prestigious position and the man himself has great influence in the hotel. They make a living out of tips and tend to guard their turf with great care and work incredibly long hours) any way Richard produced a one hundred dollar bill and placed it in Charles’ hand. Looking him in the eye he announced ‘ good evening Charles my name is Watkins, you want forget that will you?’ ‘No sir’ Charles responded and he called a bell hop to carry Richard’s top of the line ‘Lark’ luggage.
Richard settled in his room then called the CEO of Secpac. ‘Hello’ said Richard ” Richard Watkins here I wonder of you and your CFO (Chief Financial Officer) would consider joining me for dinner so we can discuss the deal. I believe the restaurant in my hotel has a great reputation, I chose the Beverly Wiltshire as I had heard so much about it” The CEO readily agreed and Richard suggested he drive by Secpacs headquarters, have a look around and then take the two men over to his hotel. Secpacs HQ was magnificent but these two senior men were no match for Britains finest. He took a tour of the offices before escorting the two men to his waiting limousine and then back to the hotel. The car drove up outside. Richard allowed the CEO and CFO to get out first and as they stood on the pavement after a tactical pause he emerged. Charles was waiting to do his stuff. ‘Good Evening Mr Watkins, how are you this evening” ‘ Very well thank you Charles said Richard. The two men looked on and instantly were on the back foot. They moved into the restaurant where Richard was able to further demonstrate his style by discussing the appropriate French Wines with the sommelier. The negotiations that followed were straight forward and Richard claims he achieved £10 million pounds more than the expected price. I would not doubt it for one second. That hundred dollar tip-cheap!!
Tales of a Life Well Lived 