Rae Maile has over 35 years of City experience as both a fund manager and as a stockbroker. He has been following the tobacco industry for most of that time, beginning with BAT Industries in the aftermath of the Hoylake bid for the company at the end of the 1980s.

As a fund manager, Maile was a veteran of the “tobacco wars”of U.S. litigation in the early 1990s and of “Marlboro Friday.” As a stockbroker, he was intimately involved in the demerger of BAT Industries in 1998 and the subsequent merger with Rothmans as well as in transforming the share registers of R.J. Reynolds and then Reynolds American. His coverage is global, but he has followed the U.K. and U.S. tobacco companies for longer than any other current analyst. Regularly quoted in the media, he has been termed a “veteran” analyst by The Times, which really means he is old.