Michael Nelson turned Reuters into a financial news powerhouse

Reuters managing director Gerald Long liked to discuss the fine points of French cuisine with Michelin star chefs, but it was Michael Nelson who made the bread.

He beavered away in the background to turn Reuters into a financial news powerhouse that listed in the London Stock Exchange in 1984, enriching the company’s British, Australian and New Zealand newspaper shareholders.

He ran Reuters Economic Services but was proud of his general news beginnings. Assigned to Bangkok in the 1950s, he fondly recalled how he reported the news as well as sold it to Thailand’s media and trading houses.  

He was also protective of Reuters independence. 

I was Reuters chief correspondent in Spain in the 1970s during General Franco’s dictatorship.  Reuters and the Spanish news agency EFE ran a lucrative joint venture called Comtelsa, which provided the Spanish-speaking world with its main economic news service. At a Comtelsa board meeting, EFE’s managing director complained about my reporting, claiming it was biased against the government.  “Point taken,” Nelson said and moved on to the next item on the agenda.  This was recounted to me by a member of the Spanish delegation, but I heard nothing more about it from Nelson or my editorial bosses.

Reuters had two divisions in the early 1970s -- General News (GND) and Economic Services (RES) and there was some rivalry between them. Both contributed to my salary when I was chief representative for Mexico and Central America. 

After a year in Mexico, I received a letter typical of the down-to-earth Nelson. “Thank you for opening up Central America to Reuters Economic Services,” he said. “There is now sufficient revenue to justify the posting of an RES salesman to Mexico City.  We are therefore withdrawing our contribution to your salary.”  My salary remained the same, but GND had to pay it all, reducing the budget for regional reporting trips.

Nelson did not forget old friends.  He arranged for retired Thailand manager Maitri Sirichotiratana to come to London for a Reuter pensioners’ lunch in the 1980s and took him home for a family dinner. 

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