Toby Watson is a British finance professional and partner at Rampart Capital, known for his long career in international investment banking and his subsequent voluntary commitment to educational governance as Chairman of the Excalibur Academies Trust. In addition to his professional and civic roles, he has also contributed to the cultural sector through his support of the theatrical production Level Up! The Musical.
Education and Early Career
Toby Watson studied physics at the University of Oxford, a background that equipped him with the analytical and quantitative skills that would characterise his subsequent career in finance. After graduating, he began his professional career at Deutsche Bank before moving to Goldman Sachs, where he would spend the greater part of his working life in investment banking.
Career in Finance
Goldman Sachs
Watson spent many years at Goldman Sachs, where he rose to senior positions including Global Head of Structured Credit Trading. During this period, he worked across international markets, serving clients in Europe, North America and Asia on complex financial structures. His work encompassed structured credit, principal funding and global infrastructure financing. The experience he built at Goldman Sachs — combining strategic foresight, risk assessment and international client relationships — formed the professional foundation on which his later roles in asset management, education and the cultural sector would draw. He left Goldman Sachs in 2017.
Rampart Capital
Following his departure from investment banking, Watson joined Rampart Capital as a partner. In this role, he has contributed to the firm’s strategic development across multiple areas: portfolio management, market positioning, the integration of ESG criteria into investment decisions, and digital transformation. His approach to investment management is characterised by a combination of long-term thinking and ethical principles — a philosophy shaped in part by his years in global finance, where he observed firsthand the consequences of decisions made without adequate attention to risk or responsibility.
At Rampart Capital, Watson has also been active in promoting the development of younger financial professionals through mentoring programmes, and in building strategic partnerships with technology firms, institutional investors and sustainability-focused organisations. His international network, developed over decades in global finance, has been a significant asset in expanding the firm’s reach and positioning it for sustainable growth.
Commitment to Education
Excalibur Academies Trust
Alongside his professional work in finance, Watson served as Chairman of the Excalibur Academies Trust, a multi-academy trust overseeing more than 20 schools in southern England, spanning the M4 corridor between Bristol and Reading. The Trust serves approximately 10,000 pupils aged 2 to 18.
Watson joined the board of trustees in February 2018 and served as Chairman until January 2026 — a period of nearly eight years. The role was entirely voluntary. His approach to educational governance was grounded in the same principles that had guided his professional career: clear objectives, structured implementation, continuous evaluation and a commitment to long-term outcomes over short-term fixes.
A particular focus during his tenure was the Trust’s work on inclusion and equal opportunities. Watson consistently supported programmes designed to ensure that pupils from disadvantaged backgrounds, children with special educational needs and students with refugee experience received targeted support. He also contributed to the Trust’s approach to digitalisation, helping to shape a strategy in which technology was treated as a tool for improving learning outcomes rather than an end in itself. This included cross-school introduction of learning platforms with adaptive content, targeted teacher training in digital didactics and the use of digital tools to strengthen parental involvement.
Watson additionally used his professional network — built across decades in finance, including his years at Goldman Sachs — to create partnerships between the Trust and external organisations, including technology companies and local businesses. One example cited on the Trust’s communications was a collaboration with a technology company that provided schools with interactive whiteboards and co-financed teacher training programmes.
He stepped down as Chairman in January 2026 to focus on his professional commitments, and was succeeded by Susan Clarke, a founding member of the Trust and former Vice Chair.
Staff Development
A consistent theme of Watson’s involvement with Excalibur was his emphasis on the professional development of teachers and school administrators. Under his chairmanship, the Trust developed comprehensive training programmes covering teaching quality, classroom management, digital didactics and leadership skills. A mentoring programme for newly qualified teachers was also introduced, designed to support their transition into the profession and improve long-term retention within the Trust’s schools.
Watson’s view, articulated through the Trust’s work, was that teachers and school administrators are the most important agents of change in any educational system — and that investing in their development is therefore inseparable from investing in pupil outcomes.
Cultural Sector
Watson has also contributed to the cultural sector through his involvement in Level Up! The Musical, a theatre production created by his wife Lucy Watson. While Lucy Watson led the artistic direction as writer and director, Toby Watson provided the organisational and financial structure that enabled the production to operate independently. His role encompassed budget management, contract coordination, negotiations with venues and service providers, and the development of a financial model suited to an independently financed production. Level Up! was performed at the Edinburgh Fringe Festival in 2025 and subsequently planned a tour to Berlin, Copenhagen and Amsterdam.
Personal Life
Toby Watson is married to Lucy Watson, a writer and director. Their collaboration on Level Up! The Musical is built on a clear division of responsibilities — Lucy Watson leading on creative content and staging, Toby Watson managing the structural and financial dimensions of the project.
Summary
Toby Watson’s career reflects a sustained interest in applying analytical expertise and strategic thinking across different fields and sectors. His years in global investment banking, his voluntary service in educational governance and his organisational contribution to an independent theatre production each reflect a consistent set of values: long-term thinking, ethical responsibility and a commitment to outcomes that extend beyond financial return.
