Resolution Capital intern

James Ardouin (left) and Max Marchione.


Resolution Capital’s internship program has forged ahead, despite the challenges presented by COVID-19. Two new interns are currently making their mark and gaining valuable knowledge and skills as they work closely with the investment team, both from home and, more recently, in the Sydney office.


James Ardouin recently completed a Bachelor of Arts (double majoring in Economics and Finance) at The University of Sydney, while Max Marchione is undertaking a Bachelor of Commerce and Bachelor of Laws (majoring in Finance) at the University of Sydney.


Here’s an insight into their experience with Resolution Capital to date.


What are some of the tasks you’ve been undertaking during the internship program?


James: “The team have been immensely helpful and welcoming. Under the leadership of Andrew Parsons, we’ve been working on several topics, however currently Max and I have been working on an industry overview and initiation report for several companies within the Timber REITs sector.


I’ve found that the strong culture of teamwork in ResCap has enabled Max and I to combine our different skillsets and backgrounds to achieve a really deep analysis.


How have the COVID restrictions impacted the internship?


Max: “The ResCap team made working from home in the first week of the internship unbelievably smooth sailing. They organised meetings, sent through learning materials and all introduced themselves personally.


“Despite working from home, the tight-knit culture of ResCap shone through. By chance, my home is only a 3-minute walk from the CIOs home office, so I was fortunate enough to spend a day there, learning from Andrew’s deep pool of knowledge and thinking heuristics.


So far, can you point out any interesting facts you’ve learnt about the REIT, Property or Real Assets sectors that have stood out?


James: “I think the thing which has become most apparent to us is the uniqueness of ResCap’s high-conviction approach to investing. This has been embedded in the culture of the company and has led to a ground-up process to really get into the nitty-gritty of what is going to be driving future cash flows.  To an apprentice analyst, it is so valuable to learn from an industry leader and to pick up such a successful methodology.”


Max: “Three points which have stood out as important learning for me; REITs can recognise earnings at market value in the US, some REITs derive the vast proportion of their income from operations that are not from property, REITs can ‘straight-line earnings’ in the US, where they apportion 5-10 years of earnings equally over those 5-10 years, even if actual earnings are different – creative accounting at its finest.”


Where to from here and do you have any career goals in mind?


James: “Since I’ve just finished my undergraduate degree, I’ve found myself at a pivotal moment in my career. I’ve really tried to spend some time identify what would be the greatest benefit to having a successful career as an equity analyst, whilst enabling maximum optionality.


“Based on the advice I’ve received from others in the industry; my current priority is to really build a solid foundation when it comes to identifying and valuing the fundamentals companies. This is such an important skill for any analyst, whether that be identifying high returning stocks on the buy-side, writing industry summaries on the sell-side or valuing an M&A transaction within an Investment Bank.


“I’m extraordinarily lucky to have an opportunity to work at ResCap, as their high-conviction approach to investing is very complimentary to the skills I’m seeking to build on.


“In addition, this year I’ll hopefully be starting postgraduate studies and doing the CFA level I exam. I look forward to continuing to grow as an apprentice analyst.”


Max: “I am deeply passionate about many different areas: equity investing, start-up investing, negotiation, sales, entrepreneurship, business growth and strategy, consulting, investment banking and property.


“On the upside, what this means is that I genuinely enjoy learning about things which some might see as banal. But on the other side of the coin, the fact that I would enjoy so many different careers makes it difficult to choose.


“What I do know is that I will choose a path where I am surrounded by like-minded people and where, in the long term, my hours and effort can meaningfully move the needle on results.”


For information on careers at Resolution Capital, email