 Davies lectured at the University of Strathclyde and became an advisor to George Thomas, Viscount Tonypandy, when the latter was Secretary of State for Wales.In 1970 he became the first Sir Julian Hodge Professor of Banking and Finance at UWIST, Cardiff, a post he held until his retirement in 1985.Davies was born in Aberbeegnear Abertillery, where his father was a miner.