Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Michael Sidgmore
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Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.

  1. EQT's Jean Eric Salata - reflections on leadership, culture, and values from one of the world's largest investment firms

    2D AGO

    EQT's Jean Eric Salata - reflections on leadership, culture, and values from one of the world's largest investment firms

    It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 2 features EQT's Jean Eric Salata. Jean Eric Salata is the Chairperson EQT Asia and Head of Private Capital Asia. Jean started the regional Asian private equity investment program for UK-based Baring Private Equity Partners Ltd in 1997 and later led the management buyout of this program in 2000 to establish BPEA as an independent Firm. He has since been responsible for the investment activity of BPEA until 2022, when the company joined forces with EQT and was renamed BPEA EQT. Prior to BPEA, Jean was a Director of Hong Kong-based AIG Global Investment Corporation (Asia) Ltd., the Asian private equity investment arm of AIG. Prior to that, Jean was the Executive Vice President of Finance of Shiu Wing Steel, a Hong Kong-based industrial concern, and prior to that a management consultant with Bain & Company based in Hong Kong, Sydney, and Boston. Jean holds a B.S. (Hons) in Finance and Economics from the Wharton School of the University of Pennsylvania, where he graduated magna cum laude. Please enjoy this conversation with one of the industry's leaders in Jean Eric Salata. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes00:00 Introduction: The DNA of Firms 00:34 Conversations with EQT Executives 01:05 Jean Salata: Chairperson of EQT Asia 01:32 Jean's Early Life and Career 02:26 Journey to Asia 03:28 Cultural Comparisons and Private Equity 04:45 The Asian Private Equity Market 05:09 Structural Alpha in Asia 06:12 Shareholder Activism in Japan 06:45 Liquidity in Indian Stock Market 08:10 Evolution of BPEA's Strategy 10:16 Challenges and Opportunities in Asia 11:42 EQT's Partnership and Culture 12:04 Building a Lasting Enterprise 13:23 Industry Consolidation Trends 14:54 Growth Opportunities in Asia 15:24 Rebalancing Capital to Asia 16:07 Underpenetration in Private Equity 18:17 Family Businesses and Generational Change 18:46 Wallenberg Heritage and EQT's Reputation 20:02 Long-term Growth in Asia 20:50 Mid-Market Growth Fund 21:21 Exit Market in Asia 23:01 Perceived vs. Actual Risk in Asia 23:49 Thematic Investing and Value Creation 24:32 Alpha in Asian Markets 25:35 Intellectual Stimulation in Asia 26:44 Leadership and Continuous Learning 28:38 Motivation and Career Development 31:12 Conclusion and Final Thoughts

    32 min
  2. Alts Pulse Ep. 18: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano

    3D AGO

    Alts Pulse Ep. 18: Taking the pulse of private markets with iCapital Chairman & CEO Lawrence Calcano

    Welcome to the 18th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream.  In the latest episode of the Alts Pulse, a live conversation in studio with Lawrence Calcano, the Chairman & CEO of iCapital, Lawrence and I go global. We discussed his recent trip to Asia to peer into the nuances of the different wealth management markets around the globe. As the leader of a platform with over $300B of assets that is responsible for the majority of individual and advisor-led investment flows into the alts space, Lawrence and iCapital have their finger on the pulse of what’s happening in private markets across the globe. Lawrence and I had a fascinating discussion. We covered: Lawrence’s recent trip to Asia and the pulse on the ground.Asia’s growing interest in private markets.How wealth management market structures differ across the globe and what it means for alternatives distribution.Data-driven personalization for investors.Thanks Lawrence for a great conversation … look forward to the next episode! Show Notes00:00 Introduction to the Latest Episode of the Alts Pulse 00:18 Insights from Asia 00:40 Comparing Asia and US in Private Markets 01:43 Wealth Management Market Structure 02:06 iCapital's Focus on Technology 02:49 Advisors' Allocation to Alternatives 03:13 Evergreen Products and Client Needs 03:53 HSBC and iCapital Surveys 04:22 Global Adoption of Evergreen Products 05:13 Distribution and Education in Private Markets 06:15 Model Portfolios and Custom Exposures 08:03 Strategic Distribution for GPs 08:19 Global Distribution Expansion 12:33 Personalization in Wealth Management 14:01 Data-Driven Personalization 14:45 Private Banks and Alternative Allocations 16:37 Thoughts About GPs and Distribution 17:24 Balancing Personalization and Scale

    19 min
  3. EQT's Conni Jonsson - building a global private equity firm the Nordic way

    6D AGO

    EQT's Conni Jonsson - building a global private equity firm the Nordic way

    It all comes back to the DNA. The firms that know who they are will know who to be. You can learn a lot about an investment firm by listening to what they say. Alt Goes Mainstream’s AGM Originals Series - The DNA: Capturing Culture - is dedicated to capturing the DNA of a firm by listening to what they say. The first season of The DNA stars EQT. In Stockholm, at EQT’s AIM this past summer, I sat down for conversations with nine EQT executives. Each executive came from different parts of the firm — and different parts of the world. Each had fascinating backgrounds and stories about how they ended up in private markets and worked to build EQT. But there was a single throughline threaded throughout all of the discussions: the consistency and frequency that each executive talked about the firm’s mission, vision, culture, and values. That’s why it all comes back to the DNA. Episode 1 features EQT Founder and Chairperson Conni Jonsson.  Conni founded EQT Partners AB in 1994. He has been Managing Partner since the company's foundation and as from March 1, 2014, Conni is full time working Chairperson. Prior to founding EQT Partners AB, Conni was employed by the Wallenberg Family Holding Company for seven years as Executive Vice President. Conni Jonsson graduated from the University of Linkoping in 1984, Bachelor of Science with majors in Economic Analysis and Accounting & Finance, and he has participated in the Program for Management Development at the Harvard Business School. Please enjoy this conversation with one of the industry's leaders in Conni Jonsson. You can stream all the episodes on AGM’s YouTube channel at AltGoesMainstreamAGM. Show Notes   00:00 The DNA: Capturing Culture Episode 1 00:21 EQT's Origins and Global Reach 01:38 Conni Jonsson's Background and Journey 02:00 Founding EQT: Embracing Uniqueness 04:03 Balancing Responsibility and Financial Outcomes 05:09 The Wallenberg Family's Influence 06:36 Long-Term Thinking in Investing 07:20 Operationalizing Long-Term Values 08:13 EQT's Distinct Investment Approach 10:12 The Importance of Culture in Business 11:28 EQT's Focus on Core Competencies 12:53 Global Investment Strategies 13:20 Engaging with Institutional and Wealth Investors 14:15 Educating the Wealth Channel 17:10 Diversification and Global Exposure 18:19 Investing in Asia: Structural Alpha 20:40 Mitigating Political Risks 20:47 Future Skills in Private Markets 22:51 Aligning Good Business with Good Returns 24:38 Conclusion: The Winner Takes It All

    26 min
  4. Vista Equity Partners' David Breach - building a software investing powerhouse in the age of AI

    DEC 11

    Vista Equity Partners' David Breach - building a software investing powerhouse in the age of AI

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode dives into the nuances of enterprise software and how to build a scaled specialist alternative asset manager. We sat down in Vista’s NYC office with David Breach, Vista’s President and Chief Operating Officer. David sits on Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction as well as the firm’s Private Equity Management and Vista’s Private Equity Funds’ Investment Committees. David is also the Co-CEO of VistaOne, Vista’s evergreen private equity vehicle, and serves on the Investment Committee and Board of Directors. He also sits on the boards of Vista portfolio companies Jamf, Solera, and Stats Perform. David, who has been instrumental in helping the firm chart its growth path to over $100B in AUM, joined Vista in 2014 after as a career as a Partner at law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. David was a member of K&E’s 15-person global executive management committee and a founding partner of its San Francisco office. David and I had a fascinating and thought-provoking conversation about private markets and Vista’s evolution as a firm:  How and why Vista has become a “scaled specialist.”The journey from $13B in AUM to $100B.The opportunity in enterprise software investing and how enterprise software is an expanding market opportunity.The reason why Vista decided to build out a dedicated wealth solutions business.How firms can differentiate in the wealth channel.How firms can be measured and thoughtful with how they build evergreen solutions.The opportunity for large companies to adopt GenAI for cost-savings and revenue generation.The skills that might be valuable in the age of AI.Thanks David for coming on the show to share your wisdom and expertise in private markets. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:59 Welcome to the Alt Goes Mainstream Podcast 02:07 Introducing David Breach 03:30 David Breach's Career Journey 05:22 Transition to Vista Equity Partners 06:03 Joining Vista and Initial Impressions 06:30 Vista's Vision and Growth 09:03 Operational Excellence at Vista 10:35 Investment Strategy and Alignment 13:27 Scaling Vista's Operations 16:44 Building Vista's Wealth Business 17:04 Vista's Core Values and DNA 19:29 Strategic Decisions in Wealth Management 20:19 Educating on the Wealth Space 20:46 Modeling and Investment Decisions 21:42 Hiring and Team Building 22:07 Balancing Opportunity and Capacity 22:29 Evaluating Firm's Commitment 23:47 Institutional Investors' Concerns 24:48 Addressing Investor Concerns 25:22 Industry Trends in Private Markets 26:16 The Growth of Private Software Companies 28:46 The Resilience of Software Businesses 29:36 Diversification in Software Investments 30:33 The Role of Generative AI in Software 32:54 Operational Improvements with GenAI 33:32 Product Enhancements with GenAI 33:49 Agentification of Software 34:51 Financial Impact of AI on Software Companies 36:41 GenAI in Middle Market Companies 37:25 Vista's Edge in GenAI 38:27 CEO Perspectives on GenAI 39:04 Encouraging AI Adoption in Companies 42:37 The Human Element in the Age of AI 43:26 Preparing Teams for AI Integration 45:37 Advising Wealth Managers on GenAI 48:26 Vista's Vision for the Future 49:49 Building a Software Investing Factory 50:42 Excitement for the Future Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.

    52 min
  5. ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

    DEC 9

    ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice. We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets. ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management. Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered: What Anneka means by “fast money versus slow money.”Why it’s important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth. Show Notes00:00 Message from our Sponsor, Ultimus 01:43 Welcome to the Alt Goes Mainstream Podcast 01:57 Introduction to Johan Kloeze and Anneka Treon 03:19 Guest Welcome and Backgrounds 04:05 Johan's Journey at ING 05:07 Anneka's Background and Ambitions 06:58 The Importance of Private Markets 07:56 Wealth Creation and Preservation 08:25 Building the Private Markets Business 14:55 Educational Approach to Private Markets 16:19 Making Private Markets Human 20:54 Curating the Right Managers 23:02 Slow Money vs Fast Money 24:07 The Bookcase Analogy 24:21 Cash Flow Dynamics 24:27 The Importance of a Stable Financial Foundation 24:53 The Role of Quality Managers in Investment 25:16 Motivations Behind Public vs. Private Markets 26:13 Educating Younger Clients on Slow Money 28:04 The Role of ING in Providing Diverse Investment Options 28:47 Challenges in Building a Private Markets Platform 29:46 The Success of Evergreen Vehicles 31:25 Anneka's Perspective on ING's Private Markets Strategy 32:18 Humanizing Private Markets 32:54 Opportunities in the ELTIF Space 34:24 Educating Clients on Private Markets 36:29 The Future of ING's Private Markets Platform 37:43 Balancing Digital and Human Approaches 38:49 The Importance of Simplifying Investment Concepts 38:57 The Role of Liquidity in Private Markets 39:53 Lessons Learned in Building an Investment Platform 41:38 The Entrepreneurial Spirit of ING's Clients 42:46 The Need for Harmonization in Private Markets 44:36 The Growth Roadmap for ING's Private Markets 45:07 The Future of Private Markets Investments Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.

    47 min
  6. Live from New York with Oaktree's Armen Panossian - "don't reach for risk to deliver the right return"

    DEC 4

    Live from New York with Oaktree's Armen Panossian - "don't reach for risk to deliver the right return"

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode was filmed live at an event during a Brookfield Oaktree Wealth Solutions RIA Council meeting in New York. Armen Panossian, the Co-CEO and Head of Performing Credit at Oaktree, and I sat down for a conversation in a Brookfield-owned building with a group of RIAs in the audience. Armen, who joined Oaktree in 2007, has been an integral part of scaling Oaktree to over $209B in AUM. Oaktree, a storied firm, particularly in distressed credit, was recently fully acquired by Brookfield, the $1T AUM alternative asset manager. Armen has a wealth of experience across different areas of credit. He is the Head of Performing Credit, where his responsibilities include oversight of the firm’s liquid and private credit strategies and as a portfolio manager within the Global Private Debt and Global Credit strategies. He also led the development of Oaktree’s CLO business. Armen and I had a fascinating and thought-provoking conversation. We covered: The evolution of Oaktree’s business.How the acquisition by Brookfield has helped scale Oaktree’s business.Why private credit is more than direct lending.The nuances of asset-based finance.The current state of the credit markets.How Oaktree has approached distressed credit investing.What Armen’s memo would be if he were to write a memo like his colleague Howard Marks. And, why his memo might be titled “this is not your grandma’s private credit” or “don’t reach for risk to deliver the right return.”Thanks Armen and the Brookfield Oaktree Wealth Solutions team for a fantastic night and Armen for sharing your wisdom and expertise with us. Show Notes00:00 Message from Ultimus, our Sponsor 01:59 Welcome to the Alt Goes Mainstream Podcast 04:02 Armen Panossian’s Background 04:22 Early Career and Education 05:42 Transition to Finance 08:04 Joining Oaktree 08:25 Oaktree's Early Days 09:25 Investment Philosophy and Growth 12:05 Balancing Pessimism and Business Building 14:49 Private Credit Market Overview 15:45 Core vs. Alpha in Private Credit 20:06 Public vs. Private Credit 21:39 Technicals and Fundamentals in Credit Markets 24:17 Valuation and Risk Management 25:22 Consumer Impact on Private Credit 25:46 Public Markets as Indicators 26:38 Oaktree's Historical Success 26:48 Howard Marks' Investment Philosophy 26:58 Market Dynamics and Investment Strategies 27:18 Opportunities in Life Sciences 27:58 Public vs. Private Market Solutions 28:27 Understanding Private Credit Risks 29:05 Credit Market Technicals 29:41 Fraud Vigilance in Credit Markets 30:07 Oaktree's Opportunistic Credit Approach 31:56 Rescue Lending and Sector-Specific Opportunities 32:37 Asset-Backed Finance Explained 34:52 Impact of Banking Regulations 35:24 Current Trends in Asset-Backed Finance 39:47 Navigating the Private Credit Ecosystem 40:50 Brookfield and Oaktree Partnership 42:09 Wealth Channel Investment Strategies 43:40 Brookfield and Oaktree: A Unique Partnership 45:45 Concerns in Private Credit 48:03 Advisors' Guide to Private Credit 50:47 Howard's Memos and Investment Philosophy 52:44 Evolving Private Credit Landscape 53:48 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.

    54 min
  7. Franklin Templeton's George Stephan - bringing public and private together

    DEC 2

    Franklin Templeton's George Stephan - bringing public and private together

    Welcome back to the Alt Goes Mainstream podcast. Today’s episode brings the perspective of an asset management veteran who has sat on both sides of the table. We sat down in Franklin Templeton’s New York City office with George Stephan, COO of Global Wealth Management Alternatives at Franklin Templeton. George joined Franklin to continue the buildout of the firm’s Alternatives capabilities, which boasts over $264B AUM in private markets strategies that include Lexington Partners, Benefit Street Partners, and Clarion Partners. George came from KKR, where he was Head of Strategy and Business Development for the firm’s Global Client Solutions business and was also COO and Head of Investor Relations for KKR’s Global Wealth Solutions business in the Americas. Prior to KKR, George spent nine years in Morgan Stanley’s wealth management division. George is also a Board Observer at CAIS. George and I had a fascinating conversation about how to build a wealth solutions business and how advisors approach private markets. We discussed: How has the adoption of private markets by the wealth channel evolved over the course of George’s career?The benefits and challenges of being a traditional asset manager building out its private markets capabilities.The breadth and depth of Franklin Templeton’s reach as a firm and how that brand and history have helped Franklin partner with the wealth channel in private markets.How has Franklin Templeton’s family of specialists enabled the firm to leverage the expertise of specialist alternative asset managers within a larger platform?How does the wealth channel approach private markets?How will model portfolios be constructed and adopted by the wealth channel?Will evergreen funds be the structure of choice for most advisors?Thanks George for coming on the show to share your expertise and wisdom at the intersection of private markets and private wealth. Show Notes00:00 Introduction to our Sponsor, Ultimus 01:55 Welcome to the Podcast 02:03 Guest Introduction: George Stephan 03:59 George's Career Journey 04:12 Building Wealth Solutions at Franklin Templeton 06:06 Key Pillars for Success in Wealth Management 07:31 Client Service and Operational Excellence 09:04 Strategic Approach to Wealth Management 10:15 Convergence of Public and Private Markets 10:48 Advisor Needs and Solutions 13:31 Franklin Templeton's Private Markets Business 14:23 Unifying Private Markets Business 15:01 Cross Collaboration and Investment Decisions 15:43 Cultural Alignment in Acquisitions 16:35 Franklin Templeton's Core Principles 17:15 Heritage and Long-Term Thinking 21:30 Brand Evolution and Market Perception 24:19 Strategic Partnerships in Private Markets 25:56 Future of Partnerships and Acquisitions 26:57 Winners and Losers in Partnerships 27:10 Advisor's Perspective on Productization 27:43 Allocating to Public and Private Markets 28:21 Innovation in Private Markets 29:05 Challenges and Opportunities in Wealth Management 29:56 The Future of Multi-Asset Solutions 30:17 Operational Complexity in Private Markets 31:27 The Need for Digital Transformation 31:59 Adoption of Distributed Ledger Technology (DLT) 32:46 Evolving Technology in Wealth Management 33:49 Impact of Market Efficiency on Returns 35:13 Dispersion in Private Markets Performance 37:17 Scale and Investment Integrity 38:44 Building Capabilities in Franklin Alternatives 40:10 Partnering with Asset Managers 41:36 Keys to Building a Wealth Solutions Business 42:16 Hiring for Private Markets Expertise 43:39 Educating the Industry on Private Markets 45:48 Evergreen Structures in Private Markets 49:45 Exciting Trends in Private Markets Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.

    52 min
  8. iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

    NOV 19

    iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

    Welcome back to the Alt Goes Mainstream podcast. Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today. Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B. Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi. Bill and I had a fascinating conversation about wealth management and private markets. We covered: The evolution of wealthtech.What advisors are looking for when it comes to technology.How technology can help advisors deliver a high-quality experience to clients.Why private markets are now playing such a big role in the business of wealth management.What is missing in private markets infrastructure.The role of AI in financial planning.Why Bill wanted to go back to building again.What is in store for iAltA.Thanks Bill for sharing your wisdom and expertise on private wealth and private markets. Show Notes00:00 Introduction to Early Technology 00:12 Sponsorship Message from Ultimus 02:09 Welcome to the Alt Goes Mainstream Podcast 02:12 Introduction to Bill Crager 04:19 Building Envestnet and Early Challenges 05:06 Evolution of Wealth Management 07:00 Adoption of Technology in Wealth Management 08:39 Private Equity's Role in Wealth Management 10:17 Horizontal vs. Vertical Solutions 14:11 Challenges in Wealth Management Technology 16:22 Data and Technology in Wealth Management 22:41 Customization and Future of UMA 24:30 Impact of Data on Private Markets 26:30 Evergreen Funds and UMAs 27:45 Fusion of Public and Private Markets 28:07 Data Inputs for Financial Advice 28:33 Building Financial Plans at Scale 28:59 The Need for Holistic Financial Connectivity 29:35 Challenges in Data Flow and Infrastructure 30:29 The Role of AI in Financial Planning 30:49 Balancing Machine Learning with Human Assurance 31:35 AI's Impact on Financial Advice 32:40 Future of Financial Planning with AI 35:06 Trust in Technology vs. Human Advisors 35:19 The Emotional Component of Financial Advice 36:31 The Evolution of Wealth Management 37:02 Tokenization in Wealth Management 37:46 Adoption Challenges of Tokenization 38:56 Leveraging Technology in Wealth Management 39:27 The Future of Financial Advisors 40:59 Advice for Young Financial Advisors 42:10 The Role of Technology in Private Markets 43:48 The Vision Behind iAltA 44:46 Building Horizontal Solutions 46:14 Creating Bridges in Financial Infrastructure 51:00 The Future of Financial Advice Industry Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.

    54 min
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Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.

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