Back in 2006, Daniel Sheard was working at an asset manager in London when he heard from an old colleague with a new opportunity.

We met up at a coffee shop in the Royal Exchange in the heart of the city, and he was looking for a co-manager to help him run a significant pool of money. At the time,

it was about three billion euros with a pretty much go-anywhere mandate. Sounded a lot of fun.

This old colleague was a guy named Tim Haywood. I'd known Tim many years before and we'd got on.

And that combined with sort of the bureaucracy

and slow-moving nature of where I was working at the time, really was an attractive offer.

So Daniel took the job, and for a while he was happy in this new position.

He says that he and Tim grew to be seen as guardians of this fund that they ran together.

There was a standing joke within the sales and marketing team that we were basically the mother

and the father of the absolute return fund.

And, you know, you know how husband and wife argue.

Well, sometimes we argued, but usually I won.

Though they'd known each other for a long time, Daniel says he felt like they approached

their work differently.

Tim was very much a risk taker.

Tim was always looking for the outside odds opportunity, very much like an equity investor looking for

the fabled 10-bagger. So very, perhaps diametrically opposed approaches to investment. But perhaps

that's why we worked together so well for such a long time. You might think that Daniel and Tim made good counterweights to each other.

That is, until about a decade in, when a new investor became involved with their firm called Gam.

This new investor's name was Lex Greensell, of Greenill Capital.

This is, of course, the Green Cell.

Years later, the FT would expose the firm's shaky business model. Green Sill would eventually collapse, losing investors

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