Times Colonist Victoria, British Columbia, Canada Thursday, July 06, 1972 - Page 14
Chess Match Financier Led Chequered Career
London (CP) — Jim Slater, the millionaire investment banker whose $125,000 contribution saved the world chess championship from an early collapse, is a master of the game himself.
Slater, 43, is already a legendary figure in British financial circles after an astonishing rise during the 60s from an obscure position in industry to chairman of Slater Walker Securities—an international investment banking firm.
He established himself as an outstanding chess player at age 11 when he captured the British boys' championship and drew with the adult champion, Sir George Thomas.
“But I gave up chess after that; it was too all-consuming and I wanted to become an accountant, and it wasn't until the last five years or so that I started playing again,” Slater said in an interview.
Likes Blind Chess
Apart from chess, most of Slater's leisure hours are spent with his wife and three children. “But my wife likes chess, too, so we have no trouble agreeing how to spend our free time.”
Now he often played blindfolded because “it intensifies the mental concentration which I'm forced to use and it adds a whole new spirit to the game.”
A well-worn chess board now stands in his office beside St. Paul's Cathedral and young, ambitious directors of his rapidly-expanding firm are frequently invited to match their skill against Slater. Would a director who won too often be out of favor, he was asked.
“Hell, no. I'd promote him. It doesn't happen that often.”
Tall, sharp-featured and charming, Slater says he decided to contribute $125,000 to double the prize money in the world chess championships in Reykjavik, Iceland because the &lduqo;game's the thing and if money is the only way to have it played, then I have it to give.”
His donation took the form of a direct challenge to Bobby Fischer of the United States to show up in Iceland for his scheduled game with Russia's Boris Spassky, defending world champion.
Slater was already well known as co-sponsor of the annual Hastings International chess competition.
Friends say Slater was neither particularly bright nor ambitious in school. In his early years he was obsessed with chess.
Got Drive In Army
He was called up in the army after the Second World War and his experience in the ranks with many men who saw no prospects of success in their lives gave him the urge to push ahead, says Slater.
He formed his present company early in the 1960s in partnership with Peter Walker, now housing minister in the Conservative government and out of the business.
By the end of the decade, Slater Walker was Britain's 75th largest company with market capital of about $210 million.
“My ambition is to build it into one of the biggest industrial investment companies in the world,” says Slater who, despite his responsibilities, works only four 7½-hour days a week. He takes eight weeks holidays a year.
Had he ever regretted going into business instead of devoting his full time to chess?
“Well, I love chess. But, you see, business is an even more challenging game.”
Chess Match Financier Led Chequered Career 06 Jul 1972, Thu Times Colonist (Victoria, British Columbia, Canada) Newspapers.com
