Those of you who are active on the European family office scene will likely have come across Ian Prideaux at some stage, whether at an event, on the road or at his base in London. The former CIO of Grosvenor, the family office of the Duke of Westminster, passed away at the age of 68 on January 24 while competing in a ski race in Switzerland.
Friends said he died as he lived, pushing himself to the very edge, while competing in the longest and largest downhill amateur ski race in the world.
A friend of Prideaux, Paul Reynolds of Thamesis — with whom he cycled the length of Great Britain from Land's End to John o' Groats — said he would have been devastated that the event was cancelled for the first time in its 82-year history because of the accident. And that is indicative of how he came across in conversation with those who knew and worked with him, an old school professional with integrity and determination above all else.
Known for his fearlessness, his leadership ability, his adventurous spirit and his love of wine, Prideaux brought a passion to everything he did, whether it was skiing, biking (with or without an engine), sailing, or managing investments for the family office. Reynolds, who started off as a client but became a colleague and a friend, told of how he approached his career in the same way he did his adventure seeking, with strong opinions and conviction. Prideaux famously hated the fee structure of hedge funds, Reynolds said, and was always willing to argue about the topic at length. But he was also always willing to listen to those with opposing views.
“Ian was someone who always had a story to tell. He had this way of getting people excited about what he was passionate about,” he said. “Being passionate is great by itself, but he was passionate and shared his passion in a way that made other people enjoy it.”
Prideaux joined Grosvenor in 2006 and stayed for just over 16 years before his retirement. Before that he spent several years at then-Price Waterhouse, including a stint in Abu Dhabi, and then at SG Warburg and HSBC Private Bank.
As CIO he was commended for his ability to see through marketing fluff, quickly working out what was actually being offered and establishing if it was really what the family would want to invest in.
Mark Shapley, CIO of Alder Investment Management and a long-time peer, said Prideaux was a true contrarian. “If you're in there with everybody else, it's the wrong time to be buying things,” he said. “Ian was very much able to spot the charlatans out there. Incredibly flexible, incredibly inquisitive, and always the first person to raise his hand when questions were being offered.”
Shapley recalled Prideaux’s generosity within the tight knit family office sector.
“If you suddenly take over a new family office and you walk into a room and don't know anyone, it's an incredibly difficult environment to break into,” he said. “Ian was always very helpful. He would always introduce people to me that he thought needed to be looked after, and I would do the same with him. He would always have a smile on his face.”
Prideaux was fiercely competitive, but will also be remembered as somebody who would fight for you.
Henrietta Gourlay, who worked under him at Grosvenor for four years, said that he “didn’t have a mean bone in his body, was very knowledgeable and had a wealth of institutional knowledge,” while pushing her to grow as an investor.
“Ian was one of the last bastions of traditional investors. Working lunches with nice food and wine, it was part of his lifestyle and he made good connections that way,” she said. “He was very old school and passionate about work. During his leaving speech at his retirement drinks he said that in all the years he had never not enjoyed a day of work, and that was him all over.”
From conversations with peers and friends it is his enthusiastic and infectious personality that stands out most. Prideaux was always the embodiment of the gentleman, she added. “Life was never dull with Ian.”
This article first appeared in Officium, Institutional Investor's family office newsletter. Find out more here.
