George Ross Goobey, Pioneering Pension Fund Manager

George Ross Goobey was a true pioneer in the world of pension fund management. He played a key role in the development of the pension industry in the UK.

Goobey's most notable achievement was his work at the Electricity Supply Pension Scheme, where he served as the first investment manager from 1929 to 1953. He helped to create a large and stable pension fund that has endured for generations.

During his tenure, Goobey implemented innovative investment strategies that were ahead of his time. He was a strong believer in the importance of long-term investing and was known for his conservative approach to risk management.

George Ross Goobey was a British investment manager and founder of the Colonial Staff Superannuation Scheme.

He was born in 1893 in England, and his early life is not well-documented.

Goobey's career in finance began during World War I, where he served in the Royal Flying Corps and was involved in the management of the RFC's finances.

George Ross Goobey's papers were donated to the Pensions Archive between 2008 and 2014.

The papers span several decades, providing valuable insights into his investment philosophy and the development of equity investment by pension funds.

George Ross Goobey was the first manager of the Imperial Tobacco Pension Fund and a leading figure in the industry.

His collection includes digitized images of his speeches and papers on pensions and investments, which were made available online in January 2019.

The digitized speeches and papers are a partial reflection of the wider archive collection, which can be consulted at London Metropolitan Archives.

Original files can be consulted at London Metropolitan Archives, and the full archive descriptions can be found on LMA's online catalogue.

The collection includes a transcript of George Ross Goobey's address to the 1956 conference of the Association of Superannuation and Pension Funds.

Ross-Goobey's strategy was unorthodox for its time, and it's easy to see why it was met with resistance in the City.

He made a speech at the ASPF conference in November 1956, where he boldly stated that pension-fund managers should invest for the best possible results. This meant ditching bonds in favor of stocks, even if it led to short-term losses.

His approach was to look beyond blue-chip companies and delve into small and medium-sized firms, which was a radical idea at the time. This allowed his fund to hold up to 1,000 stocks, a staggering number compared to the traditional bond-heavy portfolios.

Ross-Goobey's emphasis on long-term gains over short-term losses was a key part of his strategy, and it's a lesson that still holds true today.

George Ross Goobey is often referred to as the father of the British pension industry.

He was instrumental in establishing the first occupational pension scheme for the electrical industry, which is now known as the National Electrical Contractors' Association (NECA) pension scheme.

Goobey's legacy extends to the development of the first investment company, Mercury Asset Management, which was later acquired by Merrill Lynch.

The company played a significant role in shaping the UK's investment landscape.

Goobey's contributions to the pension industry have had a lasting impact on the lives of millions of people in the UK.

The NECA pension scheme, which he helped establish, has provided a secure retirement for thousands of workers in the electrical industry.

Mercury Asset Management's innovative approach to investment management has inspired a new generation of investors.

Goobey's legacy continues to influence the pension and investment industries today.

His pioneering work has paved the way for future generations to build on his achievements.

Goobey's impact on the pension and investment industries is a testament to his vision and leadership.

The NECA pension scheme remains a model for other industries to follow.