A conversation with Monson is both refreshing and compelling. There’s no time for cheap words — he goes straight to the meat of the global economy. ‘In managing key asset allocation decisions for our private clients,’ he says, ‘there are three priorities: analysing the people behind the decisions — central bankers in particular; analysing their banking philosophy; and understanding the political realities that lie behind the key fiscal and monetary decisions. ‘Our feeling is that global central banks, and ultimately their political paymasters, would pay a high price to ensure the world does not slip back into debt-induced deflation,’ he adds. He maintains that portfolios are underpinned by client engagement, saying any product ‘where you are distanced from the ultimate strategy is really what we stand against’.