Rothschild & Co’s Giles Douglas: From London to Johannesburg—28 years of corporate finance insight

As Managing Directors and Co-Heads of Global Advisory at Rothschild & Co South Africa, their careers have been shaped by diverse experiences—Paul, a Chartered Accountant, honed his skills at Fieldstone Private Capital before joining Rothschild & Co in 2006, while Giles, also a Chartered Accountant, started at Coopers & Lybrand in London before building a career in private equity and venture capital. Giles first joined Rothschild & Co in London in 1996 and returned to the South African operations in 2014, cementing a 28-year career in corporate finance.

In this Q&A, Paul and Giles reflect on 25 years of M&A in sub-Saharan Africa, the transformations they’ve witnessed, and their outlook for the future of deal-making on the continent.

Giles, what initially drew you to the world of corporate finance and M&A?

I grew up in Swaziland and later studied business science at UCT. After that, I found my way to the City of London and joined Rothschild in 1996. I was particularly inspired by Russell Edey, a South African who was vice chairman of Rothschild in London at the time.

You both took over from Martin Kingston as co-heads. How have you divided roles and responsibilities, Giles?

We make a cohesive team by dividing responsibilities by sector. I focus on extractive and regulated industries such as mining, oil and gas, and financial services. Paul handles consumer products, healthcare, industrials, and similar sectors. We also support each other behind the scenes as needed.

Giles, what shared values guide your approach to deal-making?

Rothschild values independence, thoughtfulness, and creativity. As advisors, it’s our duty to provide principled, objective, and innovative advice—even when it’s not what others want to hear. These values are at the core of our practice.

Giles, what deal has defined your career?

The managed separation of Old Mutual stands out. Breaking up a 170-year-old company into four businesses listed in three jurisdictions was a monumental task. Another defining deal was advising Chevron on the sale of Caltex in South Africa—a transaction we handled three times as the downstream industry evolved.

Giles, how has ESG influenced deal-making?

Sustainability is now central to transactions. For example, energy transitions require critical minerals, which create a balance between sustainability and practicality. It’s crucial to anticipate unintended consequences, especially in capital expenditure cycles.

Giles, reflecting on 25 years of dealmaking, how has the industry evolved?

The scope of stakeholder engagement has expanded significantly. Today, employees, unions, regulators, and politicians all play a role in transactions. Additionally, B-BBEE has become a cornerstone of South African deals, contributing to a more inclusive economy.

Giles, what trends do you foresee in structuring deals over the next few years?

Confidence drives M&A, and tools like W&I (warranty and indemnity) insurance are becoming standard for managing transaction risks. AI might simplify some processes but could also introduce new complexities. Experienced advisors will remain essential.

Giles, what advice would you give your younger self?

Enjoy the journey. This is an intense but rewarding career. Be patient and embrace the lessons from both successful and failed deals—they’re equally valuable.