FT.COM/MAGAZINE APRIL 4/ 52020 15
atwist: he did not hail fromamoneyedback-
ground of land and City interests.His parents
wereimmigrants: his father wasageneralpracti-
tioner inatough part of Southampton–O’Grady
speculatesthat this mayhavehelpedgivethe
chancellor his“compassionate”manner–and his
mother ranalocal chemist.Later,her sonwould
help to do the accounts.
Sunak, who declinedtobeinterviewedfor
this article, attributeshisConservativeinstincts
to his parents and their determination to get on
and makeabetter life for their family.“Mypar-
ents sacrificedagreat dealsoIcould attend good
schools,”he sayson hiswebsite. He took the Win-
chester scholarshipexam but did not winafull
scholarship; his parents sent him thereanyway.
He wasbornin 1980.His Indiangrandpar-
ents emigratedtoBritainfromeast Africa about
60 years ago and the chancellor proudlyrecalls
taking his grandfather aroundWestminster
shortlyafter he was electedan MP in 2015. “He
took his phone out to takeapicture,”Sunak told
theBBC’sPoliticalThinkingpodcast lastyear.
“Thereweretears in hiseyes.”
Theyoung Rishi, known as Rish to his friends,
spokeEnglish at home and grew up passionate
about cricket,SouthamptonFCand its football-
ing genius MattLeTissier.Apractising Hindu,
Sunakrecalled: “I’dbeatthe templeattheweek-
end...butI’dalsobeattheSaintsgameaswellona
Saturday.”Hewasthetargetofoccasionalracism,
mentioningtotheBBChow“itstung”whenhewas
abusedasa“Paki” inalocal fast foodrestaurant.
After graduating from Oxford,Sunak starteda
jobatGoldmanSachs,whereheworkedasajunior
analystinthemerchantbankingdivisionforthree
years.One colleaguesayshe“stoodout”earlyon,
recalling anawaydayatLord’scricket ground.
Sunak was“byfarandawaytheyoungestand the
most junior guy” present but “took itvery seri-
ouslyinavery pleasant way–he was showing us
what to do”.Sunakdoesnot mention his time at
Goldman on his“about me”web page.
Starting in 2005, he spentayearasaFulbright
Scholar at StanfordUniversity,studying for an
MBA.When hereturnedtoLondon, hebegan
working in hedge funds.In2 006 ,hejoinedthe
aggressiveactivist-fund TCI, foundedbybillion-
aireChris Hohn and known for its controversial
campaign at ABN Amrothat ledtothe Dutch
bank’ssale toRoyalBank of Scotland, Santander
andFortis.The deal was seen asacritical factor
behindRBS’sdownfall during the financial crisis.
Hohn has previouslytold the FT that Sunak
had no involvement in the ABN Amrocampaign –
“He had nothing to do withthe bank investment,
Iledthat”–and praisedhim for his“strong ana-
lytical skills,high integrityandlowego”.Sunak’s
time at TCI, oneofLondon’sbiggesthedge funds,
wasasuccessfulifdemandingone.Hohnisknown
asatoughboss.“He’snobody’sfool, hewouldn’t
havesurvivedlong with Chris Hohn if hewere,”
saysoneformer colleague.
After leavingTCI in 2009,Sunak joinedThel-
emePartnerswithaformerTCIcolleague,Patrick
Degorce. His timetherecoincidedwith another
controversy:Degorce was orderedto payback
about £8m in tax followingatribunal in 2013▶‘Heissmart,he’senergeticandhelistens.
It’salotofresponsibilityonyoung
shoulders.Thingsarehappeningreally
fast,judgmentsarebeingmadefast’
FrancesO’Grady,TUCheadArriving ataNo10pressconference with
primeminister BorisJohnson,March