The Gravy train is still at the station!

Muznich.PNG

This is a post from an asset manager. You cannot comment on the post as Muzinich has turned off the comments facility on Linked in.comments

I am wondering what the “appropriate” response to the post is.

Should it be

  1. Muzinich are big swinging dicks -being to be able to hire a large private room in one of London’s most expensive restaraunts.
  2. Muzinich didn’t get anyone to turn up (doesn’t look max capacity to me). This joke being corporate sabotage by a disgruntled employee.
  3. Muzinich got people to turn up but didn’t want to implicate them in this “freddy-freeloader” convention.
  4. Muzinich are showing their conspicuous consumption to impress us

Do people still think that it’s a good idea to advertise corporate excess , dressed up as a seminar – in a public place? Clearly the answer is “yes”. Clearly the answer should be “no”.


Who/where were the guests?

A perusal of the Bribery Act is all most people need not to be photographed attending a posh event like this. That Muzinich has attracted a max-out suggests that they have promised anonymity and….

  1. Bloody good food . wine and service
  2. CPD
  3. Networking with people who might offer you a better job

This is known – outside of financial services circles – as a gravy train. It is about as unlikely that we can know who attended, as that we can comment on the post.


Why this conspicuous consumption?

It isn’t hard to work out who paid for this event. If you want a clue try Muzinich’s linked in profile.  

Muzinich & Co. is a privately owned, institutional-focused investment firm specializing in public and private corporate credit.

This is an American company selling stuff into the UK to consultants and institutional buyers. The consumer will never know they are investing through Muzinich , through the DB pension scheme and consultancy community””

We know who Muzinich’s customers are, but it looks like us consumers are ultimately paying the bill.

Here is a picture of the leads of Muzinich’s London office (courtesy of their website)

loan-team

These are the guys who post the piss-up, “late cycle credit investing seminar” turn off the comments box and protect their customers and consultants from the likes of me.

Not a lot of diversity- huh!


This is where your money goes

This is part of the process i call fractional scamming. There are hundreds of Muzinichs out there. They hang out in 1 Lombard St and the Ned and all the other places only too pleased to receive your money.

Don’t be any doubt that it’s your money – these guys are spending. And whoever were in the room were eating and drinking away your life savings.

That Muzinich feel it appropriate to post their events on Linked in , suggests that the Bribery Act is a dead duck and that – for all the efforts of Chris Sier and Andy Agethangelou,  the gravy train is still at the station – at least for this lot,

 

 

 

About henry tapper

Founder of the Pension PlayPen, Director of First Actuarial, partner of Stella, father of Olly . I am the Pension Plowman
This entry was posted in Blogging, pensions and tagged , , , , . Bookmark the permalink.

3 Responses to The Gravy train is still at the station!

  1. George Kirrin says:

    Careful how you tread here, Henry.

    Not so long ago you were plugging a London Forum in November where “the hospitality functions at the event include lunch, an evening drinks reception and a gourmet dinner”.

    I do wish pension trustees (and no doubt a good few will be invited to that Forum) would imagine their members are “flies on the wall” at such events (although the only flies at such swanky venues are likely to be of the barfly variety).

    Like

    • henry tapper says:

      You’re right George- I give my fees for chairing to charity- agree about the subsequent meal. Waste of money. As with panel diversity- I’ve been on all male panels- I still compromise myself. Pension Playpen stands against excess- I agree with your point and will raise my game!

      Like

  2. Richard Bryan says:

    Henry, your point 1. Do these guys drink wine out of tumblers? And how about the silly table ornaments?

    Liked by 1 person

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