AYU Member Spotlight: Teresa Durso of Berry Street Capital Management LLP.
Teresa Durso, Partner and CEO/COO of Berry Street Capital.
Teresa Durso is a Partner and the CEO/COO of Berry Street Capital Management LLP. She joined at inception in July 2019 to set up and manage the operational aspects of the business. On a day-to-day basis, Teresa oversees all non-investment activities and personnel. In December of 2022, she was also appointed as the Firm’s CEO with a purview of raising the profile of Berry Street and focusing more on business development and strategy. Additionally, she serves as a Director on the Board of the Berry Street Cayman and Delaware Funds and GP.
Teresa has approximately 17 years of experience in the financial services industry. She is a member of the Chartered Institute of Securities and Investments and although is not practising, was admitted to the Bar in 2006 after completing the Barristers Vocational exams and receiving an LLB Bachelor of Law Honours degree.
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Hi Teresa, what are you working on today?
Hi, as always, many things at once! We are a small team and so my role is very much hands-on but outside of the usual daily functions, I am currently focussing on our business profile/growth strategy. It is a challenging time in the investment space, but I think positioning ourselves correctly is important so that we are in the right place when the cycle turns. My other area of focus is our working environment and ensuring our staff and the partners are supported in the best way possible in their day-to-day roles.
How did you get to where you are now?
I try not to shy away from a challenge or problem. I started my career in regulatory consulting after my law exams. In 2011 I was offered a role to go in-house at Paulson Europe. This gave me my first real taste of the HF world. From the get-go, as a small office, the remit was broader than just the legal and compliance aspects, providing me with valuable experience across many of the other business functions. Later, when it came to launching Berry Street, although daunting, I spent a lot of time understanding any gaps in my knowledge and asking questions about anything I had less experience with. I have also been very lucky to have worked with some great people and to have a very supportive husband and family who have championed me immensely throughout my career.
What attracted you to this business?
Following my legal training, it was more fortuitous rather than a conscious choice to move into finance. In terms of the impetus to join Berry Street, it was a no-brainer. I had worked with the core team for many years prior so had built a lot of trust. I knew we had the right skill set and I just felt it was the right time in my career to take on this kind of opportunity.
What has been the most pivotal moment of your career so far?
I would say it was at the end of July 2019 when Orkun (Berry Street’s Founding Partner) asked me to join the new venture and set me a challenge: "I want to launch a fund & SMA by November”. I’m pretty sure everyone thought it would be impossible. August is always a quiet month and difficult to get anything done as most service providers are out for the summer holidays. That just left September and October to organise staff, an office, set up our legal, regulatory, and operational infrastructure, a fund and SMA! It was a baptism of fire, but we made it happen and launched in November 2019. The rest, as they say, is history. I am proud of the work put in during that time and am thankful to Orkun for his unwavering support and faith in me. The amount of knowledge and growth I have gained is immeasurable.
What aspect of our industry excites you the most?
Honestly, the people. In my role, I have had the privilege of meeting and working with the most wonderful individuals. Some have really made a difference in how I think about both my work and personal life. I’ve also recently become involved with a charity that inspires young women to get into the asset management industry through mentoring, career support and opportunities. I’m excited to champion the next generation of entry-level candidates in our industry.
What would you change?
I’m not sure I would change anything in hindsight (even difficult moments can be times of learning and growth) but looking forward I would like to see a more stable economic and political environment. From a personal perspective, I am trying to ensure I keep a good balance between work and home life and am learning to delegate more.
What do you invest in personally?
I try to spend as much time as I can with my family. I think nurturing important personal relationships is always a good “investment” for the heart and mind.
From a financial perspective, I think it makes sense to save into an ISA given its tax efficiency. Longer term, I think investing in your own home is worthwhile.
Where do you celebrate?
Usually, I am the person planning the party, so most likely in my garden during the summer months or in Spain with my family. (I am Spanish by heritage).
What is at the top of your bucket list right now?
I would love to start a charitable foundation. I have also always had a dream of designing my own home and having it built.
What does success mean to you?
Some say success is a moving target, but I measure success by what defines my happiness and helps me find purpose. Professionally, managing a business provides intentionality to my life and seeing it thrive over the long term would be incredibly fulfilling. Personally, being a mother brings me happiness and a different sense of purpose. Raising my children to be happy and well-adjusted individuals would certainly be a measure of success for me.
What’s the best piece of advice you’ve ever been given?
Although not so much advice given to me, I read this quote a while back by Doe Zantamata which I quite like:
“Some days are better, some days are worse, look for the blessing instead of the curse.
Be positive, stay strong and get enough rest, you can’t do it all, but you can do your best”.