Paul is a second generation Maltese, his father was born in Malta in 1908 and left in 1948/9 in order to marry my an English woman. Paul was born in Kensington, London in 1951. He attended Harrow School before going to Oxford, where he read Modern Languages. After leaving Oxford he joined Colegrave for a career in private client fund management. In 1975 he joined Rowe & Pitman as a Portfolio Manager and four years later moved to Hill Samuel to run unit trusts. In his time at Hill Samuel Paul managed a variety of General funds including the Trades Union Unit Trust and Hill Samuel Life's funds and was later appointed as head of all smaller company investment.
In 1983 Paul joined Touche Remnant to manage TR Smaller Companies Investment Trust and TR Industrial and General. In 1987 he was appointed vice chairman of Touche Remnant with special responsibility for Group strategy. In 1989 he engineered a £50 m takeover by Société Générale of France and was made Group CEO. Touche Remnant was subsequently merged with Henderson in 1992 to create the largest investment trust management group and Paul became Group Deputy Managing Director.
In May 1994 Paul joined Threadneedle Asset Management Limited as its founding Chief Executive. He was also a director of Eagle Star and Allied Dunbar, Threadneedle's sister companies in Zurich Financial Services (UKISA) Limited, and Chairman of Gresham Trust, the group’s venture capital company. From the beginning of 1998 Paul was head of Europe for Scudder Kemper Inc and a member of Scudder’s Management Committee. After leaving Threadneedle in April 1999 Paul took up the position of Chief Executive at Rothschild Asset Management in September 1999.
Paul is a past Chairman of the Association of Investment Trust Companies and was a member of the Takeover Panel. He is also a member of the Executive Committee of the Fund Managers' Association and sits as an investment adviser on the Universities Superannuation Scheme, one of the UK's largest independent pension funds. He is Chairman of the FTSE 100 TRAINS, a new way for institutional investors to buy the FTSE 100 Index without using futures, and is a director of Henderson Smaller Companies Investment Trust.