BBA 2024 Winner Profile: Entrepreneur of the Year – Astris Advisory Japan

Since its establishment in 2018, Astris Advisory Japan has faced unprecedented challenges, including stunted business growth stemming from the COVID-19 pandemic. But the securities and advisory firm has overcome them all to scoop a British Business Award (BBA) this year, much to the delight of founder and CEO David Shirt.

Shirt was recognised at the red-carpet gala of the British Chamber of Commerce in Japan (BCCJ), in November, for his entrepreneurialism and role in driving the commercial success of Astris through an entrepreneurial spirit.

He admits the path to today has been a struggle but believes it has been worth it: “This is the most exciting thing I have ever done,” he said of developing Astris Advisory. “It’s important for me to create something, and I can feel the growth. And on Friday at 5pm, I don’t want work to stop; we’ve built so much momentum by the end of the week,” he said.

Reflecting on the BBA win, Shirt said he welcomes the recognition it brings his team and expressed his hope that he could use it as a springboard to meet more people and for Astris Advisory to become more involved in the BCCJ.

Securing growth

A fully licensed securities firm, Astris Advisory works across the corporate advisory, M&A, investment research and placement agency businesses, servicing a select group of companies, institutions and funds. It helps offshore companies and funds access the Japanese market while supporting Japanese companies to tap into global investment opportunities, acting as a bridge that connects international firms to Japan’s investors and assets, while simultaneously assisting Japanese companies in their international expansion.

With a background in the equity market, working at institutions such as JP Morgan Securities, Jefferies Japan and Macquarie Capital Securities Japan, Shirt had the ideal experience to kick start Astris Advisory. But his plans were hampered by the travel bans introduced in March 2020 to curb the spread of the pandemic.

“We thought we could market offshore funds into Tokyo through [the online video call platform] Zoom, that it would be efficient. But we soon realised that people don’t want to part with large amounts of cash for investments that way,” he said.

Closing major deals and generating sufficient revenue, therefore, became a significant challenge for Astris Advisory, leading Shirt to bootstrap the company during the worst years of the pandemic.

In December 2023, he made the decision to raise external capital for the first time, conscious that the timing was right.

“I was aware that Japan was becoming red-hot in finance. Everyone was interested in coming to Japan, and there had been big changes in corporate governance, which were spurred on by the Tokyo Stock Exchange,” he said, adding that he believed these conditions would lead to “a reasonably good price.”

By autumn 2024, he had successfully sold 13% of the company to new investors, bringing in 12 new shareholders. The capital infusion has provided Astris Advisory with the resources and platform to scale its operations.

“Raising the capital is testament that we have built a decent-sized platform to grow further. We’re at a sustainable level now where our cash flow is positive, and we can build on that in 2025,” he said.

Astris Advisory’s new hires in 2024 will play a key role in driving the ongoing growth of the company, according to Shirt, who increased the headcount by 60%, growing the team from 18 to 31 employees. In an effort to diversify his workplace, several of the new team members are from younger age groups not previously well represented at the company, which Shirt hopes will bring in new skills and fresh perspectives.

“We don’t do quotas but we’ve always had a good balance of men and women on the team. However, we weren’t doing well on age diversity; I thought that was poor and it was holding me back this year,” he said. Hiring four younger people this year has “changed us as a company, and continues to change us,” he continued, noting that improved diversity will lead to greater sustainability in the company.

Seeking opportunities

Efforts toward building a more dynamic team align with Shirt’s broader goal that Astris Advisory continues to grow and evolve by innovating and adapting.

“People tell me that being an entrepreneur is about two things: persistence and pivoting,” he said. “What I love about this business is that we’re still small enough at 31 people that we can twist things, and I’m excited about that.”

With this in mind, Shirt has departed on a two-week tour of Europe, to meet with large overseas companies and offer to bring them to Japan and introduce them to asset managers, financial institutions and other services. Describing the brand line-up as his “dream schedule,” he said the mid-November trip is “corporate advisory in a way that Astris has never done before,” adding that he is “always looking for new ideas.”

He also eagerly anticipates growing Astris Advisory’s fund placement business, to help offshore companies raise capital in Japan by introducing public and private investments. “It takes a long time to sell funds in Japan, but we’ve put a lot of leg work in, so we hope that pays dividends in 2025,” he said.

Regardless, Astris Advisory has enjoyed strong growth so far, doubling its revenues in 2024, and is on track to more than double them again in 2025. The increased workforce, capital injection, expanded business lines, and establishment of major partnerships in the past 12 months are set to aid the company’s continued success.

Shirt’s next goal is to achieve greater accountability among the team by delegating responsibility and fostering a sense of ownership. “For a while there was a view [among the team] that it was my business, that they could simply run alongside me and see where things went … I want them all to drive it now,” he said.