Millward smiled, without triumph. ‘There’s only so long that we
can hold the dogs off. I think from all perspectives it would be pref-erable if you can have left before Lord Stanbrook returns this
evening. I’ve taken the liberty of purchasing a ticket from Liverpool Street for this afternoon.’ He took the piece of card from his pocket.
‘We will of course have your trunk sent on to your lodging address, which is on this piece of paper, as are the details of Mr Brown’s nursery. He will expect to see you next Monday.’ He placed a neatly
typed note, together with the ticket, on the table beside the cheque.
Roy looked at him with undisguised hostility, which the other
man either did not see or chose to ignore.
‘Good,’ said Millward with a smile. ‘I think that’s settled, then.’
He proffered his hand, but Roy looked away at that moment. ‘Well,
I must be on my way to the House. Good of you to be so
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reasonable, Roy. If you could please leave your keys with Mr Per-
cival. I’ll let him know.’
He stood and left.
Bloody bastards, thought Roy. Every single one of them. Bloody
bastards. But he picked up the cheque, the ticket and the note and
went to his room to pack.
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1
Vincent arrives with his solicitous expression, all furrowed brow
and concern. His M&S suit exudes neither opulence nor poverty.
‘I won’t insult your intelligence, Mrs McLeish,’ he says, after the preliminaries and by way of introduction to his script.
‘Betty.’
He looks at her for a moment, perplexed.
‘Thank you, Betty. I see you were an academic. You’d be sur-
prised how much my job consists of spelling things out to clients in words of one syllable that would seem to be self- evident to you and me. Clients like Mr Courtnay excepted, of course. So I don’t intend to insult your intelligence. Please stop me and ask if you have any questions, though. And you too, sir.’
Vincent looks shyly across the table at them.
‘Stephen,’ says Betty. ‘First names, please. That way we’ll all feel far more comfortable. And perhaps you would be better off treating
me like the most unintelligent client you’ve ever come across. I’m a total ignoramus in financial matters.’ She simpers cheerfully.
‘Well then. This is the point at which in my normal consultations I read you a description of my role as an independent financial adviser and tell you my responsibilities under the law to the Financial Services Authority. Then I give you a form and ask you to sign it. But I understand from Mr Courtnay that you would prefer to forgo all of that.’
Roy has been studiously looking at his hands. He looks up now
but says nothing.
‘That’s right. Roy said he trusts you. I don’t see the bureaucratic mumbo- jumbo adds any value.’
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‘OK. But if you’d like to go through the due process now is the
moment to say.’ He pauses and no one speaks. ‘In one sense this is
good timing.’
‘Why?’ asks Stephen.
‘Because certain of the investment options I’ve recommended
are . . . unconventional. They fall outside the scope of the normal UK regulations, which have yet to catch up with market develop-ments. And they’re beyond the jurisdiction of the FSA.’
‘Because they’re illegal?’
‘No, sir – sorry, Stephen. Absolutely not. I wouldn’t deal in unethical or unlawful products. The position is this: I have access to
unorthodox international streams of investment and financial
instruments that are, if you like, leading edge. The industry has yet to catch up. That’s why the prospective returns are higher than you might normally expect.’
‘What kinds of returns?’
‘It’s difficult to be precise, Betty. Obviously the value of investments can fluctuate. But with the spread of investments I’m
proposing, tied up for a five- year minimum period, I’d estimate an annual return of 15 per cent at the most pessimistic prediction,
which would see your capital over the five- year period appreciating by around 100 per cent. Much more likely is a return of 25 to 30 per cent per annum, and your investment in those circumstances would
appreciate almost fourfold.’
‘But there is risk?’ asks Betty.
‘There’s risk in everything,’ says Roy. ‘Even in crossing the road.’
Vincent looks at him for a moment. ‘There is risk, yes, within cer-
tain tolerances. Clearly I can’t look into a crystal ball, but I can assure you these investments are at the risk- averse end of the scale.
This is a prudent way of saving. Would you like to know more?’
‘Yes, please.’
‘You’ll have heard of the fast- growing economies of developing
nations. You may have heard the acronym BRIC?’
‘No.’
‘The BRIC economies are Brazil, Russia, India and China. I’m
not suggesting investing there. Brazil has suffered in the recession.
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The Chinese government is attempting to hold down growth to
reduce indebtedness. Russia is beset by corruption and political
issues. Their bubbles haven’t burst, far from it. You could make
decent returns still. But nothing like what could once be achieved, and the risk profile has ratcheted up. So I wouldn’t recommend
them. I’m turning more and more to other countries.’
‘Such as?’
‘Turkey, Malaysia and Indonesia. Nigeria possibly. These are
economies on the up. Largely down to three things: population
growth, an aspirational younger generation and enlightened eco-
nomic policies in government. Now, investments in these countries
aren’t for the novice. There are issues with each – corruption, for example. I’ve found the need to deal with a great degree of caution and discretion. I’ve recommended a spread of investments to
Mr Courtnay across all of these countries. I’ve recommended put-
ting less into Nigeria quite specifically because of issues of
corruption and fraud. You’ll be aware of the various crude scams
done by letter or email?’
‘Yes.’
‘Good. Then let me assure you again that I proceed with great
caution. One thing I do have to point out is the need for confiden-
tiality. The products and investments I’m about to describe aren’t
generally available. The institutions with which I’m working are
publicity- shy. None of this is unethical. What we’re doing when it comes down to it is assisting the growth of underdeveloped nations.
But it’s a matter regarded by those countries as private. I can’t stress this enough.’
He pauses and leans back to let them assimilate what he has said.
‘Now,’ he continues eventually, ‘I’ve had a preliminary look at the table of assets that you kindly filled out. I genuinely believe your assets could do better for you than your current portfolio. And I
think there are things I could well offer you.’
Betty smiles. ‘Well, that’s good news.’
‘Yes. I’ll need to go through all of your finances with you with
a fine- tooth comb, however. I hope you won’t find that too
intrusive.’
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‘I’m sure not, Vincent.’
‘One final thing.’
‘Yes?’
‘Something for you to think about. And Mr Courtnay too. There
is a way in which we can reduce the overheads and streamline the
whole investment. If you and Mr Courtnay were to build up a joint
portfolio we could limit introduction charges, transaction fees and administrative costs. They can mount up.’
‘I see,’ says Betty.
‘As I say, something to consider. It doesn’t change the advice I give you. It’s simply another thing to think about when making your
final decision. You can choose to invest separately or together.
Entirely up to you. Now, if I could run through this long list of
questions with you. Please interrupt if anything is unclear.’
2
‘I’m not really sure,’ says Stephen.
‘Nor am I,’ said Betty.
‘You’ve not had a lot of involvement in money matters,’ says Roy.
‘It’s natural you feel a little uneasy.’
Vincent has gone. They are looking at the sheaves of projections
and brochures he has left with them.
‘It’s all a bit bewildering,’ says Betty.
‘Hmm,’ says Stephen.
‘You trust Vincent, Roy?’ asks Betty.
‘With my life, Betty. As far as I’d trust anyone. I’m not stupid, you know.’
‘No, you’re not.’
‘It’s terribly difficult, I know. But I’ve never known Vincent’s
judgement to be wrong. He’s prudent. He spreads investments
between safe options and speculative ones. Perhaps the returns
don’t end up as spectacular as some, but at least you’re not staking all your money at the roulette wheel.’
‘That’s what it feels like,’ interjects Stephen.
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Roy passes him a sidelong glare but his voice carries a different
tone. ‘Of course you’re right. Of course that’s exactly how it will seem. But this is highly scientific, you know. Vincent has explained to me all about his logarithms and his computer programs. He
knows what he’s doing.’
‘Isn’t that what the bankers said before the crash?’
Roy sighed. ‘I think you’ll find that Vincent and his clients came
out of the crash rather well. Vincent’s not a herd animal. He does
the legwork and comes up with his own conclusions.’
‘So he doesn’t follow orthodox wisdom? That in itself sounds
risky to me.’
‘Perhaps you’d just better give your grandmother the space to
make up her own mind.’
‘No,’ says Betty. ‘I want to hear Stephen’s opinion. In fact if I go ahead I’d like Stephen to be fully involved. I’d like him to read all the prospectuses and other literature. I’d like him to apply his young
mind to things that my old one might miss.’
‘Of course, Betty. I didn’t mean to –’
‘No, of course not. It doesn’t matter. But Stephen needs to be
involved. What’s your feeling, dear?’
‘I feel uneasy. No doubt Vincent’s very good at what he does and
Roy’s right to have faith in him. But you’re comfortably enough off without this, aren’t you?’
‘I suppose so. A little more wouldn’t go amiss. And I would like
to be able to leave something more substantial to you, your sister
and your parents, and to a couple of good causes.’
‘I’m sure we wouldn’t want it. We’re not interested in your
money. It’s only money, after all.’
‘Only money. Pah.’ It seems to spurt involuntarily from Roy.
‘There speaks someone who’s never been short.’
‘Quite,’ says Betty. ‘I understand your reservations, Stephen, but
I’m minded to go ahead. I’ll sleep on it. But unless I change my
mind overnight I think I’d like you to set things in motion with Vincent. Go through the literature, read the forms for me and make
sure I’m signing the right things, please.’
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She stands and crosses the kitchen to fill the kettle and switch
it on.
‘Cup of tea?’ she says brightly.
Roy casts Stephen a sly smirk. Stephen looks back equably.
3
It is quiet at last in the house. Stephen has left them and Betty has prepared a light sandwich supper. It is rare that either of them can manage a full meal these days.
‘Stephen’s quite right, you know,’ says Roy. ‘Concerned for your
best interests. You must be proud to have a grandson who cares so
much.’
She pours the tea. ‘Yes. But I’ve made up my mind.’
‘I thought you needed to think about it overnight.’
‘That was really for Stephen’s benefit. What Vincent said makes
absolute sense.’
‘Good. I wouldn’t want you churning it over in your mind
through the night. We’ll need to discuss what Vincent was saying
about a joint pot.’
‘It does seem to make sense, doesn’t it?’
‘Oh yes. I think so.’
‘I just need to be absolutely certain it’s the right thing.’
‘Of course. There was something else I wanted to talk about
with you.’
‘Yes?’
‘It’s timely, I think, as we embark on this joint venture. I thought we might wish to cement our relationship further.’
‘What do you mean?’ she asks quickly.
‘I’m not about to propose marriage, if that’s what you’re afraid
of,’ he says with a smile. ‘I reckon we’re both a bit long in the tooth for that kind of business. No, I was thinking we might take a leaf
out of these youngsters’ book and be a bit wild.’
‘In what way?’
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‘I was wondering whether we might think about sharing the big
bedroom. After all, when you’re in sight of the finishing post it’s nice to feel a little human warmth. I certainly miss that, of a night.
The sound of another’s breathing, even if you can’t sleep yourself.
It’s somehow soothing. It makes you feel all’s right with the world.’
She looks alarmed.
‘Oh no, not that,’ he continues. ‘Goodness me. Certainly not
that. That was over a long time ago, for me. No lead left in that particular pencil. Pardon me for my crudeness. I was just thinking,
sometimes I feel lonely. You must too. We can do each other a
favour and comfort each other. A nice cuddle in bed every so often