In this episode of Enquire, Clara is joined by Andrew Foster, Chairman of Corporate Broking at Morgan Stanley, to unpack how the UK’s uniquely British corporate broking model has evolved, and what that evolution means for boards, IR teams and listed companies today. Drawing on a career that spans regulation, investment banking and decades advising FTSE 100 companies, Andrew offers a clear-eyed view of what corporate brokers can and crucially cannot do in modern equity markets.

What you'll learn in this episode:

• How corporate broking has changed since the “Big Bang” and MiFID
• Why sales force size and research coverage matter less than they used to
• What brokers can realistically deliver and what they can’t
• Why IR teams must own the equity story
• How to think about investor targeting and time allocation
• When and how to engage with hedge funds and short sellers
• How activism and takeover risk really develop
• What makes an effective broker and advisory line-up
• Why IR must sit at the centre of strategy
• How to align shareholders with long-term corporate objectives

Quotes:

• “The question companies should ask is not what their broker promises, but what they can actually control.”
• “IR should be absolutely front and centre in the strategic direction of the business.”
• “You want critical friends, not people who just tell you what you want to hear.”
• “Every interaction with the market should reinforce the long-term story.”

Resources:

Connect with Andrew on LinkedIn

In this episode of Enquire, Ross Hawley reflects on a 34-year career spanning banking, hedge funds, sustainability and senior IR roles across multiple FTSE companies. Now leading IR at Zigup plc, Ross discusses how credibility is built through judgment, clarity and a deep understanding of the business. He shares practical insights on crisis communication, capital markets days, narrative development, and why the IRO must balance facilitation with authoritative communication. The conversation also explores how AI is reshaping investor behaviour, what companies must do to make disclosures machine-readable, and why authenticity and long-term thinking remain central to effective IR.

What you'll learn in this episode:

• How a diverse career across banking, hedge funds and sustainability shaped Ross’s approach to IR
• What the “dual role” of the IRO really means in practice
• Why authenticity and structure define successful capital markets events
• How to communicate effectively in times of crisis
• What it takes to explain a complex business model clearly and consistently
• Practical tools for simplifying disclosure and enhancing accessibility
• How the buy side is adopting AI and what that means for corporate communication
• Why companies should avoid drafting with AI but embrace it for thinking and workflow
• Lessons from Zigup’s IR programme, rebrand and website transformation
• Advice for aspiring IR professionals and those moving from the sell side

Quotes:

• “When your CEO or CFO is in the room, you’re the quiet facilitator. When they leave, you are the representative of the company.”
• “Answer the phone. How you sound really matters.”
• “AI will help you think, but it shouldn’t write your CEO statement.”

Resources:

Connect with Ross on LinkedIn

In this episode of Enquire, Rae shares insights from 36 years as an analyst covering both financial and tobacco stocks. He discusses how regulation, ESG pressures and shifting investor psychology have reshaped the market, and why clarity of messaging remains critical for listed companies. Rae explains what fund managers truly value, how AI is changing research, and why the UK market needs a re-rating to stay competitive. From pre-IPO preparation to effective results-day communication, this conversation offers practical guidance for IR teams and candid reflections on the future of equity research.

In this Episode:

• How years in fund management and broking shaped Rae’s perspective on markets
• The real impact of MiFID II and why UK equities continue to lag
  • What needs to happen for the UK market to achieve a meaningful re-rating
• Why tobacco remains a compelling investment case despite ESG pressures
• How investor psychology drives valuations more than quarterly numbers
• The three financial metrics analysts focus on first every time
• What makes IR communication stand out on results day
• The limits of AI-generated research and where human judgement still wins
• Common pre-IPO pitfalls and how to prepare a story investors will buy
• Why site visits and candid conversations still matter in a digital world

Quotes:

• "AI can summarise numbers, but it can’t have a view. It can’t take a CEO to lunch."
• “Clarity, consistency and communication. That’s what supports a higher multiple.”

Resources:

Connect with Rae on LinkedIn