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J U L I E N   G A R R A N

Founding Partner


T:  +44 (0) 20 7030 3980

T:  +44 (0) 20 7627 0635

James graduated with a MA in Economics from Edinburgh University. He has over 25 years of experience as a stockbroker, sector analyst and macro-economic strategist. He is a founding partner of MacroStrategy Partnership and previousy held the position of Head of Strategy at Westhouse Securities Limited and Chief Strategist at Pali International. He formerly held a variety of positions, predominantly covering the Japanese market at investment banks Nomura, Robert Fleming, SBC Warburg, Dresdner Kleinwort and Mitsubishi Securities, based in London and Tokyo.


Drawing on a background in Japan, James is currently looking at the western banking crisis and the implications of policy responses for economic growth prospects. James believes that an appreciation of the Japanese experience, the build up and breaking of the western crisis is critical to steering a safe course through a multi-year resolution period.


A regular contributor to Money Week since 2004, He has made frequent appearances on the BBC TV and radio news, as well as Sky TV, Channel 4 and Bloomberg TV commenting on economic, banking and investment matters; including co-hosting both CNBC’s Squawk Box and Worldwide Exchange programmes.

After five years as a consultant with CRU, the commodities research unit, Julien joined ABN AMRO as their global commodities & mining strategist. He then took on a role as head of European equity strategy at the same institution, following that with a global macro strategy role on the hedge fund desk. Julien moved to Legal & General in 2005 as Head of Asset Allocation, and he launched and managed its global macro fund, focussing on achieving absolute returns, uncorrelated with the S&P. Julien spent a brief time at the Sofaer group of hedge funds, running their global macro and resources books, before joining UBS in late 2009. At UBS, Julien was head of global commodity strategy on the research side and he ran the European mining team.


Julien's focus is on the global liquidity cycle and its implications for commodities, emerging markets and broader asset allocation. Julien joined the MacroStategy Partnership in September, 2015.


With an average of 20 years experience in investment banking and/or fund management, our team has a wealth of knowledge covering areas such as derivatives, commodities and equities.

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A N D Y   L E E S

Founding Partner

T:  +44 (0) 1403 218 883

Andrew started on the buy side just in time for London’s Big Bang in 1986 and the crash the following year.  He moved to Warburg - (subsequently taken over by Swiss bank and then UBS) - in 1992/93 on equity derivative sales, focusing on macro and sector themes. From 2005 he ran a small macro research team, and then went independent at the start of 2012 with AML Macro Limited, which then morphed into The Macro Strategy Partnership.


Andy is probably best known today for his work on the relationship between energy and the economy, as well as his work on total factor productivity, interpreting what’s going on in the real economy and how that is then reflected in the financial markets and in economic policy.  He first moved to prominence at the end of the 1990’s and early 2000’s focussing on the life and pension fund solvency problems across Europe, understanding the management of actuarial and business risk and how this would result in major capital flows. It is this focus on these underlying issues of how businesses, macro and risk really work that distinguishes Andy from the main stream research. Andy’s client base is global, including hedge funds, institutions, family offices and central banks.


Andy’s education is in economics, physics and maths and statistics. It is probably these latter disciplines that best explain his approach to understanding how systems work. His professional qualifications are the Stock Exchange exams and the Society of Investment Analysts exams, which later became the Chartered Financial Analysts

Read Andy's latest book:  

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V I C T O R I A   L O V E D A Y

Accounts & Office Support

T:  +44 (0) 1245 461 339

Victoria has a background in education as a Careers Adviser working with young people and adults in secondary schools and colleges in London. Opportunities lead Victoria to Canada, where she worked as an Administrative Assistant at the Elementary Teachers’ Federation of Ontario. She worked for two Executive Assistants in a fast-paced environment providing administrative support including preparing executive memos and proof-reading published material. She also worked for a team who developed professional learning conferences and courses for teachers across the province.


Victoria works alongside Michael, Nick and Clive in an administrative and accounts capacity on a part-time basis.

M I C H A E L   W I L S O N

Head of Sales

T:  +44 (0) 1245 461 339

Michael has over 10 years of experience in sales of macro and economic related subscription based products. He has dealt extensively with fund managers and financial institutions in both Europe and the United States with investment criteria spanning across the capital structure. For a large portion of his career, Michael worked at Capital Economics, holding positions of Senior Sales executive in Europe and Head of Sales North America, where he managed the North American office based in Toronto, Canada. Michael relocated back to the UK and joined MacroStrategy Partnership to build up, and manage the sales department.

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N I C K   S O L E


T:  +44 (0) 7528 481 689

Nick has over 30 years of cumulative experience in the equity markets of the UK, US, Japan, Australia and Emerging Markets.


While working at Nomura International London and Nomura Bahrain he was responsible for selling Japanese equity/equity derivatives to fund managers and hedge funds. At Edmond de Rothschild he specialised in selling Emerging Markets closed end funds to clients in the UK, US and Europe.


Nick works with Michael in promoting MacroStrategy Partnership research product globally.


C L I V E   S T E V E N S

Office Manager

T:  +44 (0) 1403 217 298

Following a 30 year career in both trading and sales and covering commodities, foreign exchange and equities, Clive retired from Tudor Capital in 2013.


Clives works with MacroStrategy Partnership on a part-time basis in both a sales and administrative role.

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