Douglas Fergusson
President and group CEO
Prudential Asia Investments
What did the Apec CEO Summit mean to you?
The summit provided a great opportunity to meet with one's peer group from the Apec region, to have exposure to both political as well as business leaders and learn more about the host country, New Zealand.
How did you stay in contact with your organisation while in New Zealand?
A modern telecommunications system, which New Zealand appears to have, makes it very simple through a combination of telephone, voicemail, e-mail ... there was no chance of getting away from the office!
What makes your day at work?
The usual combination of developing and implementing ideas and projects, solving the inevitable problems that come up in a broadly based multinational business environment, but perhaps most importantly, having enjoyed the company of your colleagues, your guests and clients during the day.
How did you get where you are today?
Like most things in life, a combination of luck and judgment.
The luck was being in the right place (Asia) at the right time (1970s for investment banking, my earlier career and 1980s/90s for direct investment and broader-based asset management).
Judgment - being able to choose who to work for! I have been privileged to work for and with absolutely first-class people.
What was the most important lesson you learned on your way up?
Although some of my friends and colleagues may not believe this, patience!
Many young "aspirants" tend to seek a timetable that transcends reality or ability ... and I certainly did.
At about three crucial junctures in my working life, and in each case with the counsel of those older and wiser, I held back from making a career decision, which in the short-term may have looked appealing but in the longer-term would have compromised my career progression. Another thing, to never compromise or be compromised on matters of ethics and integrity.
What advice would you give to a young person starting out in your field of business?
Never under-estimate the importance of broadening your personal and professional base - social/educational and technical. I advocate pursuing activities which may not necessarily, in the short-term, be "career-orientated" but in the long-term have their merits and whose contribution, both careerwise and personal, will prove to be very satisfying.
Once you are on the corporate treadmill, it is much harder to get off, so building that extra-curricular activity beforehand will never do any harm.
What is the biggest challenge to your organisation in the present economy?
Globalisation, efficiency and communication increasingly ensure that there is no hiding place for those who do not provide the service expected of them.
Providers of services, be they financial institutions like mine, manufacturing or others have changed from operating in an environment where the provider told the public what was available (ie, you can have any car you want so long as it is black) to a situation where the public tells the service provider what it requires ... and if it is not available from that service provider, there are many from whom it will be. This, however, should be viewed as much as an opportunity as a challenge.
What ambitions do you have?
I would like my company, Prudential Asia, to be viewed as a leader in asset management the Asian/Australasian region providing both a quality and quantity of services in a broad range in asset classes (private/public, debt/equity).
I would also like either myself or my son to be selected to play for the All Blacks ... we seem to have given sufficient New Zealanders employment in our Scottish Rugby XV to assume some reciprocity is appropriate.
How do you relax?
Despite "shredding" my knee skiing earlier this year, my primary relaxation is outdoors. Serious hiking, skiing and golf - when allowed. Losing weight, tennis and of course watching my favourite rugby video tapes, including the Barbarians vs All Blacks 1973. (Sorry, Kiwi readers, but my college mate was in the winning Ba Ba Team as the one uncapped player.)
• Douglas Fergusson talked with Susan Jennison.
This is the 4th in a series of APEC Talking Heads. Previously Susan Jennison has talked with Oleg Deripaska, chief executive officer of Sibirsky Aluminium Group, David Oskin, executive vice-president of International Paper and Robert Prieto, chairman of Parsons Brinckerhoff.
Seeing opportunities in challenges is vital
HERALD PICTURE / BASTIAAN BEENTJES
