News

14:47 Thursday 11 Aug 2016 Sue Pelling/AAMCWBuoyant times for Finance Challenge

Photo Paul Wyeth/AAMCW

The Aberdeen Asset Management Finance Challenge, which was first introduced within the Sunsail class in 2014, is now one of the most popular events at Aberdeen Asset Management Cowes Week.

The idea of the Finance Challenge was to encourage financial institutions to race against one another in friendly, yet competitive racing within the regatta. So popular was the one-day event in its debut year however, that the challenge was extended to a five day series and this year has attracted 14 top quality teams including Cazenove, Deloitte, and Tenzing Private Equity to name a few.

The Challenge, open to any companies involved in the Finance Industry, offers competitors superb networking opportunities with the other participating financial companies during the regatta.

Last year’s Challenge was won by the hosts – Aberdeen Asset Management. Although the victorious team were unable to compete, and therefore defend their title this year, the competition this week has been exceptional.

The current leader with two days to go is the Sailing Forever team closely followed by Red Funnel, and Cyberark who are just two points off the leaders.

As well as networking opportunities, these high profile companies now recognise The Finance Challenge at Aberdeen Asset Management Cowes Week as a prime platform for team-building.

Team Cyberark (software provider) scored their second win of the week yesterday, which put them in third overall. Matt Middleton-Leal, Cyberark’s skipper/team boss and regional director for UK and Ireland, commented on the importance of the event: “I think the reason we decided on Cowes Week was we wanted to find a way to spend quality time with our customers in a fun environment but also put people under pressure in a positive way.

Ian Ashworth – Cyberark Channel Manager UK and Ireland, who is experiencing sailing for the first time this week, said: “This is the first time ever in a boat, let alone racing. I am absolutely sold on it. Love it. I think the main thing I have learnt over the five days I’ve been here is that you have to have the confidence to be able to jump in [not overboard!], get involved and help out other team members.

“The first day was trying to make sense of things I’d been directed to do. I was grinding but had no idea of the effect it made on performance. A few days on, it all becomes clear that the rope I was pulling was hoisting the spinnaker.

Ashworth says that as a first timer on a race boat it is clear how important how team interaction is: “Teamwork is important, but I’d say communication is almost more important because you have to ensure everyone understand the jobs they are doing regardless of what rank they are at work; customers or partners. You all have a job to do and they are equally as important. Unless you can gel as a team and have that level of communication you are not going to win anyway. That is why I think this event is so good.”

And will they be back next year? Middleton-Leal concluded: “As long as we can continue to get guests of the quality that we need to validate the spend, then we’ll be back for sure.”

 List of competing companies

• Deloitte
• Malcolm Hollis
• Cazenove
• Cyberark
• Howden
• Red Funnel Day Sailors
• National Grid
• Tenzig Private Equity
• Collinson Group
• Travis Perkins
• Red Funnel
• First Title
• Lyceum Capital
• Allianz 1 & 2