A harmonious alliance between the music industry and private equity

A flourishing collaboration between Mark Redman and Keith Burstein, HSBC’s senior economic adviser raises eyebrows with an opinion piece

Tuneful transaction

Alliances between the music industry and private equity aren’t always harmonious — take Guy Hands’ ill-fated takeover of EMI. But Capital is happy to reveal a flourishing collaboration between Mark Redman, the outgoing global private equity head of Canadian pension fund Ontario Municipal Employees Retirement System (Omers), and classical music composer Keith Burstein. The pair met through renowned conductor Vladimir Ashkenazy, who is also the president of the London Chamber Orchestra (LCO). Redman is one of the orchestra’s donors. ‘I commission work from Keith and l pay him — that’s the normal way,” says Redman. “Keith asked me if I wouldn’t mind listening to his music and I was blown away by it,” he adds. “We got on very well and it struck me [as] a great opportunity to commission some music from him. I’ve commissioned a couple of violin pieces from Keith as well as Memories of Bonn, Symphonic Poem No 1.” The latter work, composed to mark the 250th anniversary of Ludwig van Beethoven’s birth, will be performed by the LCO at the Cadogan Hall in Chelsea on 25 March.

Redman adds musical patronage and dealmaking are not too far removed from each other: “The sense of achievement [from classical music], it’s a little bit like a transaction. You work together and go through a number of iterations before you get to the finished product. It’s a wonderful creative process.” Burstein is considered controversial for rejecting the atonal style popular in classical music circles. “Keith and I believe in the same thing – music that is tonal and accessible that people enjoy and want to listen to, which is not always the case with classical music today,” said Redman. Their artistic relationship has deepened, with patron and artist now collaborating on their own composition. “Mark also writes music,” said Burstein. “He played me a piece and I have used it and developed it.” Fantasia on an Elegy in D Minor will be premiered in due course and the pair, according to Redman, have been working on a symphony and “talking about writing an opera as well”. Encore!

King tut

There is plenty of gallows humour at HSBC as the bank reels from a restructuring that will shed 35,000 jobs in the next three years. A recent opinion piece in the Evening Standard by Stephen King, HSBC’s senior economic adviser, has raised eyebrows inside the bank’s Canary Wharf office. Commenting on the art of predictive forecasting, King wrote: “While pundits often tell a good story… they don’t learn from their mistakes because they’re simply not aware of them.” Some at HSBC felt the concept of not learning from mistakes one is not aware of was a little too close to home, given the bank’s recent restructuring, but friends of King insist he did not have his employer in mind. King did not get back to Capital for comment.

Hats off

Tottenham Hotspur footballer Dele Alli has been charged with misconduct by the Football Association for joking on social media about the coronavirus. Less controversially, the star set up fashion company Leo Fortis in November 2018 to sell snapback caps and trucker hats. There is just one problem. Leo Fortis is currently not selling any hats on its website. Punters wanting to buy hats are met with a message reading: “Sorry, there are no products in this collection.” A source close to the situation said that Alli remains fully committed to Leo Fortis and it is understood new commercial deals are in the pipeline.

City dweller

Did Sajid Javid’s abrupt resignation as chancellor save the political career of John Glen MP, economic secretary to the Treasury and City minister? According to well-placed sources, Rishi Sunak stepping up from chief secretary to the Treasury to replace Javid as chancellor derailed prime minister Boris Johnson’s earlier reshuffle plan, under which Glen would have left the Treasury. But Javid’s departure and Sunak’s promotion at such short notice created a Treasury ministerial vacancy, ensuring Glen’s position was safe. The Treasury referred us to 10 Downing Street, which did not wish to comment. Glen did not respond to a comment request.

Miller’s tale

City campaigner Gina Miller was joined by Tory MP Kevin Hollinrake, who chairs the all-party parliamentary group on fair business banking, at the launch of her report calling for a review into former Financial Conduct Authority chief executive Andrew Bailey’s appointment as governor of the Bank of England. “There is a search going on now for a future chief executive of the FCA,” Hollinrake declared at the event. “It’s hugely important we get that right. My personal idea is that it should be Gina Miller.” Notwithstanding that Miller is distinctly persona non grata within the FCA for her criticisms of the regulatory body, she duly ruled herself out of contention, saying, “I’ve got enough going on…”

Source: Financial News

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