New start promised by Eadie

WHEN the rather pukka board of Henderson Administration Group, which is packed with ex-public school chaps, picked Dougald Eadie as the new managing director, members were deliberately making a break with the past, writes William Kay. But, until he addressed staff for the first time at the investment group's Broadgate headquarters on Thursday, they did not know quite what they were taking on.

Educated at Kirkcaldy High School and with an early career in computers at Vickers and ICL, Mr Eadie told them in his clipped Scots tones: "In today's society, work is a form of leisure activity. Think of it as a hobby for which you get paid."

While they were trying to digest that, he added: "Please do not bother to stay here if you do not enjoy it. Please do not waste time playing office politics - it will not work with me."

Mr Eadie, 50, read business studies at Edinburgh University before heading south, and still commutes weekly from Scotland to the City. He became interested in investment after working for Wood Mackenzie stockbrokers, now part of NatWest Securities, and helped to create the performance measurement tables that are treated as gospel in the financial world.

In his speech he made no bones about his intention to shake up what is regarded as one of the stuffiest fund managers in the City. It lost 20 pension fund accounts last year and has had little success in growing its £13bn in pensions, unit trusts and investment trusts.

Mr Eadie said later that he wanted the three legs of the group - investment, business management and administration - to eliminate internal rivalry and be proud of one another.

"I am passionate about equality in the workplace," he said, "as a result of my time at Vickers in the 1960s. That was the perfect example of how not to manage."