'I LOVE THE
INTRADAY
DYNAMICS OF
INVESTMENT
BANKING...'
16
talking heads
WHAT'S NewS Issue 5 May 1997
When Andries Mak van Waay joined the management of
Rabo Securities, a full subsidiary of Rl, last year the idea of
a strong expansion into investment banking had already
taken root. 'For me,' says the 20-year veteran of the
discipline, 'this was a tremendous step forward for the
bank as a whole, and especially for our own team here. It
gave us a frame of reference for future development.'
There's a hint of the 'red-
suspender' image to Andries
Mak van Waay, but it is only
skin-deep. With 20 years in the
business, he is very much the
kind of team player who is
crucial to building up this side
of the bank's investment
banking activities. At 39, he
may seem a little young to
have so many years experience,
but that is because at a very
early age he was 'intrigued by
this business,' he says. 'In fact,
I dropped out of college
temporarily because I wanted
to work.' He would go back
later, but the dies were actually
cast by the time he was 20. 'I
found out very quickly that I
loved the financial world, that
commercial banking was very
interesting, but the intra-day
dynamics of investment
banking is totally absorbing.'
Although he joined Amro with
the enthusiasm of youth and a
real sense of dedication, he
admits banking hadn't always
been his first career choice.
'When I joined Rabobank,' he
laughs, 'one of my brothers
called me and said: You finally
got where you wanted to be.
As a child, I'd wanted to be a
farmer. From a very young age,
8 or 9 years old, I worked
during summer vacations on a
farm.' Animals or crops?
'Animals, definitely,' he says. It
is a passion that has never left
him, but now it is expressed in
the form of short, but fairly
regular scuba-diving holidays.
'I like large marine animals,
sharks, whales that kind of
thing. Being 40 metres down is
a totally relaxing experience,
to me it feels almost natural. It
isn't, of course, and you can
never let yourself think it is.'
He agrees underwater is
fascinating, but potentially
dangerous 'unless you stick to
the rules.'
Asked if that is an analogy for
his job, he pauses before saying:
'I've never thought about it, but
perhaps subconsciously it may
be. Having said that, our job is
calculated risk-taking. Diving is
the opposite. You should never
come into a risk environment.
That would mean you were
doing the wrong thing.'
Another area where Mak van
Waay rarely does the wrong
thing is the environment. 'Fm
something of an environmental
terrorist,' he grins, 'but as a
diver you can't help but be
passionate about the natural
world. When I'm around water
- my other great hobby is
sailing - every single plastic cup
I see floating around offends
What does not offend Mak van
Waay is the idea of hard work.
'That kind of ethic is supposed
to be Calvinist,' he grins. 'I was
raised a Catholic, but somehow
it seems to have rubbed off on
me, along with a passion for
Carnival. The reason I love it
so much is that for a couple of
days a year, everyone is equal,
there is no social divide.' Mak
van Waay says this in a way
that precludes any hint of class
awareness. What you do piek
up is what appears to be an
inherent sense of responsibility.
His career has taken him to
senior positions on both sides
of the Atlantic, first with
Amro, then with First Boston,
Mak van Waay: '...Something of a bumpy ride for our organization.'
and again with ABN Amro,
before joining Rabo Securities^^
Although he is ready to laugh,
he is equally ready to be
serious when asked about his
first year with us.
'It has been something of a
bumpy ride,' he says frankly.
'Not for me personally, but for
the organization. I think it
would be fair to say that it has
been a truly challenging and
difficult period for our people.
There was quite a lot of
uncertainty in the early stages
of this operation, which was
created when an external unit
was acquired and merged with
the bank's existing securities
activities. Senior managers left^^
along with other staff. For
those who remain and who are
not directly in control, an
insecure situation like that can
be overwhelming. But what I
think is really amazing about
the people here is that they not
only stayed, but also worked
through a pretty deep trough
in 1996. Especially our back
office people. They have been
so tremendously supportive.
And what this means is that
we can now build on those
foundations.'
Rabo Securities may have had
a tough year, but Mak van
Waay is confident about the
future. 'Our market share is 4B
growing,' he says, 'we are
seeing more and more
opportunities, and we are
much more stable. I think the
smooth integration of the
Robeco Securities Bank team
shows how far we've grown
into a cohesive team in the
meantime.' He avoids the
word easy here. 'That is not a
word that comes to mind when
thinking about the last year,'
he grins. 'But it was tough at
times because there was a lack
of strategy. What we had to do
was build a new strategy and a
new team around it. I think
we're all really thrilled at the
idea of the bank's commitment
to investment banking. It has Êl
certainly created a frame of
1 reference, not only for the
I whole bank, but also for what
CL 7
1 we are trying to achieve here
I on the equity side.'