Money manager Paul Marshall warns London is in danger of becoming “Jurassic Park” – a cemetery for heritage businesses
< Is London Really Becoming a Bone Yard?
With news that BenevolentAI is headed to Amsterdam, it’s hard not to think about money manager Paul Marshall’s recent warning that London is at risk of becoming “Jurassic Park” – a cemetery for legacy businesses that are stagnant to make pensioners a reality. Pleases, but pays dwindling, dividends. (Let’s ignore Marshall’s awkward reading of the Spielberg classic for now.)
BenevolentAI is the latest UK technology success story made public overseas. Other high-profile recent examples include Cashew, Arrival and Babylon Health.
Notably, all of the above has gone public through SPAC: Cash Shell is a pioneer in the US and quickly adopted by Amsterdam. London is playing catch-up.
The rules are being reformed, but it will not help. Marshall’s point is that the investor, as much as the market, is as much an issue. Tech owners have complained to years of frosty reception they received from risk-averse money managers in London who don’t understand how the internet can outgrow old business models and create new ones.
Not everyone agrees with Marshall. Some people think that it exaggerates the importance of the income fund. And several big tech businesses have actually chosen to list in London: Wise and Darktrace Spring to Mind.
Still, it is difficult to make the case that London is in sync with New York. The Dow Jones is up 75% over the past five years, while the FTSE has remained more or less flat. It is clear which market prioritizes growth.