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A podcast about the business of running an asset management business. Topics extend beyond investment strategies and instead focus on efficient operations, best practices and risk management – all elements critical to the integrity of the investment management industry and the safeguarding of investor assets.
67 Episodes
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After 60 plus episodes and almost two years of covering the operational side of the investment management industry, the time has arrived. It's time to sign off. Thanks for listening. Thanks for being part of the Operational Leaders podcast. And thanks for helping make this the best podcast covering the ins and outs of running an investment management business. In the past, I was fortunate enough to work with an awesome set of people who were guided by the highest ethical principle of putting investors first. Now I have the opportunity to do it again. How lucky is that. In this final brief episode, I talk about how grateful I am to have meet so many outstanding people from the investment management business, how we’ve been able to tackle some of the thorniest issues in industry and how much I appreciate the support you gave me. Best of luck to you, and let’s keep in touch.
This past season and in prior seasons, guests have graciously lent their industry expertise. Many have also mentioned some very important charitable causes. In this episode, we conclude Season Three by welcoming Sumudu Waas, the Acting Executive Director at Help for Children (HFC). HFC is a global foundation supporting the prevention and treatment of child abuse. Sumudu joins this episode to talk about the mission of Help for Children and the foundation’s deep roots within the alternative investment community. She highlights some of the key issues surrounding child abuse. Sumudu also discusses the origins of HFC, how the foundation is organized and distributes grants, and her personal motivation for joining the foundation. To learn more about the foundation and to consider a contribution, please visit the Help for Children website. Thanks also to all of our Season Three guests and our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Sylvain Forté is passionate about artificial intelligence. In 2014, he took that passion and co-founded SESΛMm, a company that applies natural language processing – a subfield of artificial intelligence – to extract billions of articles and messages from the web and turn them into relevant insights for investors. In this episode, Sylvain explains the rise of artificial intelligence and big data and their use in the investment field. He discusses the various use cases for AI and his company’s natural language processing, from insights on public and private companies to ESG assessments. He also discusses the extent of his company’s data sets and how different types of clients make use of the information his company provides. In addition, Sylvain talks about how he started his business, some of the advantages of his company’s location in Paris and its expansion abroad, and the burgeoning FinTech community in France. To learn more about Sylvain and his company, please visit the SESΛMm website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
As the former Chief Architect at a leading private equity firm, Richard Change saw a gap in data standards, as well as limitations on how firms stored and tracked investment information. In 2012 he set out as co-founder to start PFA Solutions. The company now focuses on technology solutions for calculating GP carry allocations and tracking consolidated performance information across fund firms. Richard joins this episode to talk about the ongoing gap in industry-wide data standards and how that creates challenges and opportunities. He also shares his observations about investor demand for insight and transparency into fund performance and how that trend is driving the adoption of technology. Richard also discusses the commoditization of IT and the impact of the Cloud. In addition, he notes some limitations on the use of Excel spreadsheets. To learn more about Richard and his firm, please visit the website for PFA Solutions. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
John Brennan spent nearly 25 years on the buy-side of the alternative investment management industry, include most recently 10 years as the Chief Technology Officer at Highfields Capital. He now serves as the Chief Strategy Officer at Eze Castle Integration. John joined the podcast as our very first guest. He returns in this episode to talk about integrating new technologies and the importance of first understanding the underlying business environment. Along the way, John hits on a number of key topics, including the benefits of technology solutions and the advantage of using consulting firms to identify the best solutions, the importance of developing written technology plans that look to a firm’s future growth, and the need for guardrails when allowing employees to engage in their own coding projects. To learn more about John and his new firm, please visit the website for Eze Castle Integration. Finally, John updates us on some of the latest developments at AITEC, an organization that he co-founded to help technology professionals in the financial services field. You can learn more about this organization by visiting the AITEC website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Elaine Chim heads the private equity product for the Americas and APAC at the Apex Group. From her position, she maintains a unique view of the market for fund administration and a broader array of client services for private equity firms. In this episode, Elaine discusses the growing use of third-party administrators by private equity firms. She explains some of the trends behind this transition, including the importance of technology solutions that larger administrators can provide in scale, the ability to outsource functions that lead to cost savings and the need to follow an ever-increasing amount of regulations across multiple jurisdictions. Elaine also talks about future developments and her belief that monthly and quarterly letters will become obsolete and replaced with real-time reporting. She concludes the episode with a brief description of the ESG impact on private equity, some of the related Apex products, and a plug for the Apex partnership with the Eden Reforestation Projects. To learn more about Elaine and her firm. Please visit the Apex Group website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Jersey Finance celebrates its 20th year as a member organization formed to champion the competitive position of Jersey's finance industry. The celebration coincides with the Island of Jersey’s 60th anniversary as a leading finance center. In this episode, Jersey Finance Deputy CEO, Amy Bryant, and Legal and Technical Manager, Peggy Gielen, discuss the merits of Jersey for investment fund domiciliation. They talk about the origins of Jersey as a finance center and its investment funds focus. Amy and Peggy emphasize Jersey’s benefits, including professional expertise, political and fiscal stability and a consistent outlook from a regulatory, legal and economic perspective. Amy and Peggy note Jersey’s status as a UK crown dependency, but that it is a self-governing parliamentary democracy. As a result, Jersey avoided the UK consequences of Brexit and also provides a gateway into Europe and the rest of the world to access investors. To learn more about Amy, Peggy and their organization, please visit the Jersey Finance website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
The ability to raise capital is fundamental to the success of any investment management firm. Evan Katz often stands in the middle of that effort, serving as Managing Director of Crawford Ventures, a firm dedicated to helping hedge and PE funds grow, thrive and raise substantial investor capital. In this episode, Evan talks about his role advising firms looking to raise capital. He shares his observations about some basic fundraising principles, tips and best practices, and why some managers are much more successful than others. He discusses the importance of founders investing in the operational side of their business, including hiring the best possible fundraiser and the best possible executive team. He also notes the importance of targeting the right allocators for a manager’s size and strategy, rather than casting a broad net. Evan also describes why he thinks the use of a “Founders’ Class” is a bad idea. To learn more about his firm, please visit the Crawford Ventures website. Evan closes out the episode speaking about a very important charity where he volunteers his time and talents – Help for Children (aka Hedge Funds Care) – an organization focused on the prevention and treatment of child abuse. And as always, thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Shaun Murray helps lead Margin Reform, a UK-based consultancy focused on helping clients address margin, collateral and legal issues in the derivatives, repo and securities lending space. He joined Margin Reform as CEO in 2019, teaming up with former colleague Chetan Joshi, the firm’s founder and COO. In this episode, Shaun provides some background on the development of the derivatives market and particularly the impact of the 2008 financial crisis. He explains how the crisis led to increased regulation and transparency and also changed how firms viewed collateral and the use of margin. Shaun also discusses how firms manage risk through internal controls and how they internally track and allocate the costs of borrowing. Along the way, Shaun adds a few insights on building and running a successful consultancy. To learn more about Shaun and the firm, please visit the Margin Reform website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
In November 2019 James Newman and his business partner, Quentin Thom, left their in-house positions and founded perfORM Due Diligence Services. Their firm is an innovative, flexible and technology-driven ODD service, and the first of its kind in the UK. In this episode, James talks about how he and Quentin saw the need for an independent third-party ODD service and what led them to create perfORM. He also discusses the types of assignments investors request and how those assignments have become more customized over the past few years. James describes the impact of the COVID pandemic, how the ODD process responded and how some new aspects might be temporary and others permanent. In that light, he notes the increasing role of technology in the ODD process. James concludes the episode with a few tips on how managers can work with ODD teams to make the best possible impression. To learn more about James and his firm, please visit the website for perfORM Due Diligence Services or check out their LinkedIn page. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
More than twenty years ago, Brian Davis left his legal practice and became one of the top legal recruiters in the profession. He focused his talents on financial services and later became a recognized pioneer for concentrating his work in the alternative asset space. Today, Brian serves as the Managing Partner in New York for Major, Lindsey & Africa, the world’s premier legal executive search firm. In this episode, Brian shares his perspective on the alternative asset management industry. He discusses the hiring process for in-house counsel and the critical importance of finding the right cultural fit. He also describes the skills that make a candidate a successful hire, including the importance of listening. Brian observes some of the changing trends in the industry that are reflected in the demand for legal talent. He concludes with a few tips for both candidates and firms looking to hire. To learn more about Brian and his firm, please visit the website for Major, Lindsey and Africa. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
John Phinney has held almost every C-Suite position in the investment management industry. He has seen some of the best practices - and the worst - on the operational side of the business. In 2013, he left the in-house world behind and co-founded Convergence, Inc., a firm committed to filling a void in data, research and analytics coverage of the Alternative Investments space. In this episode, John shares experiences and insights from his noted career. He talks about the importance of “tone at the top” for any firm to achieve sustained success, the correlation between the quality of a firm’s regulatory filings and its commitment to operational soundness, and how financial crisis are typically brought on by bad actors exploiting regulatory cracks in the system. John also discusses how data and analytics can be a helpful tool in identifying potential problems and improving the efficiency of a firm’s internal operations. To learn more about John and his firm, please see the Convergence website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
John D’Agostino is one of the industry’s leading experts on cryptocurrency. He sits on the board of several of the industry’s largest crypto-focused hedge funds, leads the Digital Asset Working Group for AIMA and much more. He is also the former Head of Strategy for the New York Mercantile Exchange. John joins this episode to provide an overview to digital currency. He explains what people typically mean when they refer to “crypto,” and why a single definition can prove elusive. John talks about the origin of digital assets, how the market has evolved and some basics mechanics behind investing in the asset class. He also shares his advice on the immediate steps a Chief Operating Office should take if his or her firm decides that it’s time to invest in cryptocurrencies. John can be contacted through LinkedIn. He’s the John D’Agostino with NYMEX blue in the background. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Michelle Noyes serves as a Managing Director and Head of the Americas at the Alternative Investment Management Association (or AIMA), where she has worked since 2012. In this episode, Michelle provides an inside look at the industry’s top global trade associations and some of the challenges the organization faced and overcame this past year. In particular, she describes the goals of AIMA and how the organization set about fulfilling them on a remote basis, AIMA’s quick pivot after COVID to the use of digital technology to provide critical information and quality content, and some of the trends AIMA is seeing on the operational side of their member firms. To contact Michelle and to learn more about AIMA, its content and events, please visit the AIMA website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
In 2001, David Lewis founded a one-person consulting practice that has since grown to become OperationsInc, one of the largest HR consulting practices in the U.S. When the COVID pandemic hit nearly twenty years later, David and his team set out to become nationally recognized experts on all matters related to managing companies through the crisis and its eventual aftermath. In this episode, David discusses the crisis and some critical early lessons. He then shares his thoughts on why compensation arrangements are harder to predict in the near term than in the medium term. David also talks about how COVID forced the move to a work-from-home model, why it will become a permanent option, how it changes the employer-employee dynamic, and why firms need to make the option a key consideration when it comes time to re-opening offices. To learn more about David and OperationsInc, please visit the firm’s website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
A key to every successful investment management firm is the ability to attract and retain capital. And that key begins with a story. Kathleen Muir, founder and CEO of the Muir Network brings her twenty plus years of experience in the alternatives industry to help managers develop and communicate their story or their brand. In this episode, Kathleen talks about lessons learned from her experience as both an in-house branding and marketing specialist as well as a trusted outside adviser. She explains the importance of developing a narrative that cuts through all the data, images and content, and helps form a personal connection with investors. She also provides advice on strategic steps for developing a strong brand and some of the pitfalls to avoid. To learn more about Kathleen and her consultancy, please visit the Muir Network website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Ron Biscardi has spent the better part of his career in finance focusing on connecting investors and managers. Along the way, he built the world's largest capital introduction conference. In 2020, Ron saw the impact of the global pandemic and the resulting food insecurities that impacted so many. He decided to combine his ability to connect people with charitable efforts to address hunger issues. The result was iConnections, a software platform that serves the alternative investment world bringing together allocators and managers. In this episode, Ron tells his story – how he got started in the alternatives industry, the challenges of building a business and the circumstances that led to the creation of iConnections. He also offers up a few insights along the way for start-up managers looking to raise capital. To learn more about iConnections and the firm’s upcoming charity event in May, titled Funds4Minds, please visit the iConnections website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Mark Fordyce had an idea to create a firm that provides a full suite of outsourced services to alternative investment managers. Then he executed on it. The result - in 2009 Mark co-founded Blue River Partners which has since grown to become the preeminent outsourced service provider to the alternative asset management industry. In this episode, Mark talks about starting and growing Blue River Partners and a key early decision to combine legal and compliance support with accounting and operations. He also discusses the advantages to outsourcing, the trend and gradual acceptance of the outsourcing option. Along the way, Mark describes the recent acquisition of Blue River Partners by global Investor Services provider IQ-EQ and what that will mean for Blue River and how it reflects ongoing changes in the industry. To learn more about Mark and Blue River, part of IQ-EQ, please visit the company’s website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
After spending the better part of his 20-year career at top multinational law firms, Rich Chen decided to strike out on his own. In 2019, he started the boutique law firm of Richard L. Chen PLLC. He focuses on providing legal and business advice to investment management firms. In this episode, Rich discusses his career path, the vision for his legal practice, and why he believes that leading his own firm offers the best way to channel his passion and expertise to help clients. Rich adds his thoughts about the potential advantages a boutique law firm can offer clients. He then makes some suggestions for how investment managers can find a firm that fits their needs. A two-time Harvard graduate, Rich switches gears a bit to describes how he uses technology to improve efficiency and better deliver client services. Outside the office, Rich participates in a number of charitable activities, including on the Board of Open Hands Legal Services. This not-for-profit organization provides free legal services to those in need in New York City. To learn more about the charity, please visit the Open Hands Legal Services’ website. To learn more about Rich and his practice, please visit his firm’s website.
Grace Reyes has become one of the most prominent voices in finance when it comes to promoting diversity and inclusion in the investment industry. In 2020 she founded The Investment Diversity Exchange (TIDE) to focus on these goals and create a united voice for diversity. In this episode, Grace talks about her career in finance and some of her experiences that lead to the creation of TIDE. She also discusses a core mission of TIDE to connect asset owner with managers to expand the scope of investment considerations. In addition Grace provides some helpful advice on networking and the importance of authenticity. TIDE promotes its mission through regular conference events, including its annual event in June. To learn more about Grace, TIDE and upcoming conferences featuring some the investment industry’s biggest movers and shakers, please visit the TIDE website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Alan Meaney stands at the forefront of the fintech movement that’s changing the operational side of investment management firms. He serves as the CEO and was co-founder of Fund Recs, a company originally built to automate the trade and transactions reconciliation process. Now Fund Recs is venturing out to help firms automate their internal process. In this episode, Alan talks about the fund reconciliation problem he and his co-founder saw when they started Fund Recs in 2013. He discusses the challenges in trying to develop industry-wide standards for the creation and transmission of data, and how that created opportunities for Fund Recs. Alan also describes a key early decision to rely on the Cloud rather than local solutions. He then turns to talk about new initiatives to help the buy-side and weighs in on the promise of future no-code solutions for simplifying the automation of all sorts of processes. To learn more about Alan and Fund Recs, please visit the company website. Thanks also to our sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Gary Berger has spent over 30 years providing audit services and business advice to the private fund industry. Along the way, he became a trusted advisor to existing managers and a “first call” for start-up managers seeking a range of advice from organization structures to economic and tax issues. In this episode, Gary discusses how he got started in the accounting profession, his early days auditing hedge funds and some of the key changes to both the private fund industry and the auditing business. He also talks about his recent decision to join CohnReznick, and what it’s like to change firms. In addition, Gary provides some common-sense advice for aspiring new managers and wraps up with a few thoughts about the future of the private fund industry. To learn more about Gary’s practice, CohnReznick, and the firm’s resources for the private fund managers, please visit the CohnReznick website. Thanks also to our podcast sponsor, DiligenceVault, creators of the first two-sided digital ecosystem for asset managers and allocators.
Dan Nathan was a trader in the hedge fund business before pivoting his career to become a business advisor and market commentator, including his noted position as a regular panelist on CNBC’s Fast Money. He returns to the Operational Leaders podcast this week for the second part of a special two-part bonus episode. In part 2, Dan flips the script on host Terrance O’Malley and gets Terrance to open up and share some of his experiences and thoughts on the investment management business. Along the way they discuss the current launch environment and barriers to entry for private fund managers, the impact of technology, the importance of culture and some of the latest trends impacting the investment management business. You can learn more about Dan, his business and his new podcast, On The Tape, by checking out his RiskReversal website.
Before RiskReversal.com and RiskReversal Advisors, before the regular panelist role on CNBC’s Fast Money, Dan Nathan was a trader in the hedge fund business. He joins the Operational Leaders podcast for a special two-part bonus episode. Dan and host Terrance O’Malley swap personal stories about their experience in the asset management business and share insights into the private fund sector. In Part 1, Dan describes his early days as a hedge fund trader, and how he later pivoted to the next phase of his career as a business advisor and market commentator. Dan also shares a behind-the-scenes look at his time on Fast Money, as well as his current perspective on the private fund business. In addition, Dan talks about his new podcast, On The Tape, that goes in-depth on the most important financial stories of the week. You can learn more about Dan, RiskReversal and On The Tape by checking out his RiskReversal website.
After the election comes the governing. Few have been as innovative and successful as Martin O’Malley who served as the mayor of Baltimore and two terms as governor of the great state of Maryland. Many of the lessons he learned – chronicled in his new book, Smarter Government: How to Govern for Results in the Information Age – apply equally to running a smarter business. Governor O’Malley explains how he became an early adopter of technology and data-driven systems of performance management. He talks about how this approach brought greater efficiency, transparency and accountability. Governor O’Malley also gives his thoughts on leadership, change management, the benefits and limitations of technology and many more topics. Along the way, he describes some of his current endeavors including teaching, charitable work, and serving as Senior Adviser on Smarter Governance at the top consulting firm of Grant Thornton. To learn more about Governor O’Malley and his book, Smarter Government, please visit the book’s dedicated website.
Thanks for listening to Season Two of the Operational Leaders podcast! To wrap up the season on a lighter note, we put together a brief episode featuring outtakes and bloopers. Enjoy. And please check out our season finale on Wednesday, January 6th. We’ll be joined by a very special guest who will discuss data driven systems of performance management, change integration and leadership. We’ll see you again a few weeks later for the start of Season Three. In the meantime, you can find all of the Operational Leaders episodes at the podcast website.
For almost twenty years, Nida Panchee worked in-house for private equity firms on both the investment and the operations sides. Then she decided to take a step back. But she soon found herself with growing list of projects and clients. From that beginning, she founded Panchee Advisory, an up-and-coming outsourcing firm. In this episode, Nida discusses her professional experience and how she has grown Panchee Advisory. She also shares insights on where the demand for outsourced services is coming. In addition, she describes a growing trend to outsource even the “Chief of Staff” position tasked with coordinating all other service providers. Finally, Nida reveals one of the surprising places where she finds experienced professionals to join her consulting firm. To learn more about Nida Panchee and Panchee Advisory, please visit the firm’s website.
Perhaps no area in the investment management business evolves as quickly, constantly or significantly as information technology. Yohan Kim and his team at RFA are among the industry’s leaders in responding to these changes and providing clients with tailored IT solutions. Yohan currently serves as President and CEO of RFA. He joins the podcast to talk about how the IT business has evolved over the past decade or more, including some of the major themes. In particular, he highlights the use of data, both as an investment research tool and as a means for the efficient operation of asset management firms. He explains how IT facilitates the ability to gather, filter and best utilize data. Yohan also shares some thoughts on business-practice changes brought on by COVID and why some are likely to become part of the permanent business landscape. To learn more about Yohan and RFA, please visit the firm’s website.
Ingrid Pierce is one of the world’s top fund attorneys. She serves as the Global Managing Partner at Walkers and heads the firm’s Cayman Investment Funds Group. In this episode, Ingrid answers the fundamental question, why Cayman? She explains the reasons behind the use of offshore fund vehicles and how Cayman – with its well establish set of regulations, stability and cadre of resident experts – has become the jurisdiction of choice for offshore fund formation. Ingrid also discusses the importance of Cayman maintaining regulations that meet international standards while also taking into consideration commercial expectations of the business community. Along the way, she adds some business insights and advice. Ingrid concludes the discussion by mentioning a favorite charity, Help for Children. This international organization focuses on the prevention and treatment of child abuse. To learn more about Ingrid and Walkers, please visit the firm’s website. To learn more about Help for Children, please visit the charity’s website.
Bill Salus has spent the past 30 years in the fund administration business, and previously served as Global Chief Executive Officer for Apex Fund Services. He is now the CEO and Founder of Paddock Consultancy, a firm that advises asset, fund, and investment servicing firms on engagements across the investment management ecosystem. In this episode, Bill adds his unique and independent perspective on the state of the fund administration business. He explains how fund accounting remains at the heart of the business, but that it is transforming to more of a data-oriented business. In addition, he sees fund administration firms playing a bigger role in providing a broader range of outsourced expertise and services. Bill also explains how administrators distinguish themselves from one another in a global industry with nearly 700 firms. He emphasizes that the ability to attract and retain customers is based not just on technical ability to service clients but also trust and relationships. Finally, Bill discusses some of the current acquisition activity in the administration space, what is driving it, and what it might mean for managers. To learn more about Bill and Paddock Consultancy, please visit the firm’s website.
There has to be a better way to invest in alternative funds. Meredith Moss and her team at Finomial have found one. Meredith has been leading Finomial as CEO since its start in 2011. The company has created a client lifecycle management platform enabling digital client onboarding for investors and their fund managers and administrators. In this episode, Meredith explains the persistent problem with a paper-based system for completing investor subscription documents and why it has been such an industry challenge to automate the process. She also talks about how regulation and compliance requirements drive automation developments at Finomial. In addition, Meredith tells why her firm embraces each manager’s unique set of forms rather than trying to create an unrealistic standardized set of forms. To learn more about Meredith and Finomial, please visit the company’s website.
Pete Cherecwich serves as the President of Northern Trust Asset Servicing where he oversees 10,000 employees and multiple business lines. From this position, he has a unique perspective on the asset management business. In this episode, Pete provides background on the evolution of the asset servicing business from custodian to fund administration and to outsourced services such as data analytics and trading. He also provides his views on the future of the buy side firm and what he sees as the inevitable trend toward the core functions of portfolio management and distribution. In between, he shares some thoughts on how to grow and successfully manage a 10,000 employee organization. To learn more about Pete, Northern Trust Asset Servicing, and Pete’s industry blog called “Face Value,” please see his page on the Northern Trust website.
The quest for alternative data has grown exponentially over the past few years, and so have the challenges of identifying and assessing the value of alternative data sources. Rado Lipuš and his team at Neudata have been at the forefront of helping investment management clients find, evaluate and select new data sources that will advance their investment processes. In this episode, Rado shares his experience working in the alternative data field. He explains what constitutes alternative data, how it's identified, and who uses it. He also discusses some recent trends involving the use of alternative data, and offers some advice about the dataset on-boarding process. In between, Rado notes how he saw an opportunity to start his own firm in 2016 by bringing alternative data users unbiased evaluations and advice that could help them make better investments. To learn more about Rado and Neudata, please visit the company website.
Over the course of his 40-year career in FinTech, Mike DeSanti has been at the forefront of almost every technological advance in the business. He believes we are in the midst of another great movement forward. In this episode, Mike talks about his role as President of LightPoint Financial Technology, a firm he joined in 2017 to help build a flexible and modern trading, risk and accounting platform using the latest software design and infrastructure technologies. He explains some of the key drivers – including open source software and the cloud – propelling the ability to create an integrated system for multiple middle and back office functions. Mike also discusses the inherent challenges in replacing fragmented legacy systems, when it may be time to replace those legacy systems and the advantages startups have in adopting new systems from the outset. To learn more about Mike and LightPoint, please visit the company’s website.
For the past 20 years, Melissa Kelley-Hilton learned her investigative skills in a variety of roles and increasing leadership positions. She recently decided to strike out on her own and start Hilton Global Associates, an investigative due diligence firm. In this episode, Melissa talks about her experience in the business, what lead her to start her own firm and the types of assignments her firm performs in the investment management space. She is also joined in this episode by her firm’s new Chief Operating Officer, Randy Shain. No stranger to the asset management industry, Randy has more than 30 years of experience and authored the industry-defining book Hedge Fund Due Diligence: Professional Tools to Investigate Hedge Fund Managers. Together, Melissa and Randy talk about investigative due diligence – what it means, why it’s done and what clients should expect. To learn more about Melissa, Randy and Hilton Global Associates, please visit the firm’s website.
In 2003, Frank Byrd served as co-portfolio manager for one of the year’s biggest hedge fund launches. Today he is the Founder and CEO of Fielder Capital Group, a firm that serves as an outsourced family office. In this episode, Frank discusses his journey and transition to an outsourced family office, including some of the key moments along the way. He also explains why he is excited about the financial advisory role that he plays at Fielder Capital, the advantages he sees in the family office model, and the importance of being an independent, fee-only fiduciary. He also expresses his conviction in the need for top-end fee-only family office advisory services. To learn more about Frank, his team and Fielder Capital Group, please visit the firm’s website.
Leslie Picker spends her days steeped in the investment management industry looking for the next big story – whether breaking news, identifying an emerging theme or landing an exclusive interview. In this episode, Leslie talks about her career and how this rising star went from Kansas to New York City. She discusses her passion for journalism, her transition from print media to television and digital media, and how reporting through different formats requires slightly different skill sets. She also explains how an interesting story and quality research remain at the heart of all good journalism. In addition, Leslie reveals a few observations about the asset management business, including the correlation between a manager’s ability to successfully engage with the press and a manager's ability to raise assets. Leslie appears almost every day on CNBC and you can follow her on Twitter using @LesliePicker.
Sometimes the decision to make an investment can turn on the contents of a fund’s offering documents. Few people understand that better than Ed Kless. Ed has been a trusted advisor to some of the nation’s top endowments and other leading institutional allocators for over 25 years. He has held the position of General Counsel at the University of Virginia Investment Management Company, and for the past five years, he has served his clients as outside counsel and partner at the Hirschler law firm. In this episode, Ed covers a wide-range of topics involving investment agreements, including a review of top issues allocators worry most about and why the fiduciary-duty standard is such a key provision. He also explains why basic terms in agreements tend to be the same across the hedge fund industry – from large, established managers to new entrants – and why that doesn’t always make sense. In addition, Ed weighs in on private equity documents and the significance of an allocator’s leverage, or lack thereof. He concludes with some observations about changes to key provisions in fund documents over the past 10 years and some of the more significant issues that industry is grappling with now. To learn more about Ed Klees and the Hirschler Law Firm, please visit his webpage.
Christine Chang has spent the better part of her career in the investment management business, and a significant amount of that time working in family office organizations. Most recently, she held the position of Chief Executive Officer. In this episode, Christine recaps her career. She explains how, with a liberal arts background, she rose to the position of CEO by consistently seeking out roles involving the most quantitative challenges. She also talks about her experience in family offices, including how they operate, how they invest and how they vary from one office to the next. In addition, she discusses some of the latest trends in the family office space. Christine is also an active supporter of several charities. One of her favorites - where she served as past Chairperson - is Bottomless Closet, a not-for-profit empowering women in NYC to achieve financial self-sufficiency. To learn more Bottomless Closet, please visit the organization’s website.
Jason Duffy started selling insurance to hedge funds in 2000. At about the same time, he founded Fieldstone Investment Group, a specialized insurance and benefits brokerage focusing primarily on alternative asset managers, as well as family offices, investment advisors and other professional firms. His firm brokers a full range of insurance products. In this episode, Jason take time to discuss one of the more critical but complicated products – employee health insurance. He provides an overview of the product and explains the market’s evolution, including the rise of the professional employer organization (or “PEO”). He also offers insights on how to choose a provider, how providers differ (or don’t), when it makes sense to change providers or stick with the current one, and how to get the best rates. Jason starts off the episode telling how this army veteran got his start in insurance and ultimately decided to found his own firm. To learn more about Jason Duffy and Fieldstone Investment Group, please visit the company website.
In 2005, Anthony Scaramucci founded the investment management firm SkyBridge Capital. It was the culmination of 15 years in the industry that began at Goldman Sachs. Since then, Anthony and his team have weathered the ups and downs of the financial markets to turn SkyBridge into one of the industry’s leading firms specializing in fund of hedge funds products and hedge fund advisory solutions. In this episode, Anthony talks about his career in the investment management industry and some of the lessons he learned along the way. He discusses the impact of getting fired from his first job at Goldman Sachs, reveals a key piece of advice that led him to start his first investment management firm, and explains the importance of striving to have best-practice operations. He also talks about establishing a compliance-first culture, maintaining a strong team over an extended period of time, and the importance of creating a broad professional network. Anthony wraps up the discussion with a few stories about his renown SALT Conference, and his firm’s new initiatives for responding to the limitations of Covid by creating SALT Talks, an ongoing series of digital interviews with the world's foremost investors, creators and thinkers. To hear these complimentary interviews, please visit the SALT Talks website.
Gregory Zuckerman has spent more than twenty-five years covering some of the biggest stories in the private fund industry. Along the way, he developed a keen interest in the incredible investing prowess of Jim Simons and his firm Renaissance Technologies. And Greg wanted to write a book about it. Though reluctant at first, Simons and dozens of current and former Renaissance employees eventually gave Greg unprecedented access. The result was his latest book and New York Times Best Seller, “The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution.” In this episode, Greg talks about the process of writing the book, some of the biggest surprises and hurdles he encountered along the way, and the reaction he’s gotten since its publication. He also talks about his own career and shares some of his insights about the broader private fund industry. To learn more about the book and obtain a copy of The Man Who Solved the Market, please visit Greg Zuckerman’s website.
Thanks for listening to Season One of the Operational Leaders podcast. To wrap things up on a lighter note, we put together a brief episode featuring outtakes and bloopers. Enjoy. And please check back over the summer for the occasional pop-up episode. We’ll see you again in the fall for Season Two.
Over the past two plus decades, the alternative fund industry has seen its share of changes, including on the operational side of the business. Michael C. Neus has been there to help guide some of the top firms through these changes. He has served as a General Counsel, a Chief Compliance Officer and a Chief Operating Officer. And he recently co-authored/edited a book, “The Insiders’ Guide to Hedge Funds: Successfully Managing the Middle and Back Office.” In this episode, Mike shares his views on the state of the alternatives industry as one of the most respected and influential voices on the business of running the business. He discusses a range of topics, including what investors should look for on the operational side of the business, as well as factors that he considers when looking for a new vendor or a new employee. Mike also provides some advice to prospective new managers or how to build out the middle and back office. And of course, Mike concludes with a few thoughts on the future of the industry. To learn more about Mike’s book, The Insiders’ Guide to Hedge Funds, please visit the book’s website
For more than two decades, Katherine Burton has been a groundbreaking journalist for Bloomberg News. She has been at the forefront of every major story involving the alternative fund business, often breaking major stories of the day. She also wrote a watershed book chronicling some of the leading managers in the 2000’s and their response to the 2008 financial crisis, Hedge Hunters, After the Credit Crisis: How Hedge Fund Masters Survived. In this episode, Kathy brings her unique perspective to describing the rise and maturation of the alternative fund business. She discusses the role of the journalist and what makes a potential story interesting, highlights some of the industry’s key moments over the past twenty years, and offers sage advice for dealing with the media. She also provides a few thoughts on what the future might hold for the industry. To follow Kathy’s articles, please check out the Bloomberg RSS feed.
The world of listed derivatives and futures is a place not well known to many in the asset management industry. For those on the outside, it can seem quite distant and opaque. Tim O’Shea joins this episode to help shed light on listed derivatives and the futures market. Tim has spent the better part of 30 year in the business and now serves as President and Chief Operating Officer of Thalēs Trading Solutions. He provides a broad overview of financial instruments falling in the category of listed derivatives (including futures), presents a framework for understanding how the futures market works, and offers instructive comparisons to the equities market. To learn more about Tim, Thalēs Trading Solutions and its affiliated companies, please visit the Thalēs website.
The journalists who write the stories are often as interesting as the industry they cover. They can also help shape public perceptions about firms, managers and investors. This episode marks the first in a series of periodic interviews with leading journalists who cover the alternative fund business. In this episode, we hear from three top professionals at HFM: Jennifer Banzaca, the Compliance Editor, Michael Paterakis, the Investment Editor, and Thomas Duffell, the U.S. News Editor. Each has a different segment in which they describe how they got started in the business, reveal some of their favorite stories, offer advice about dealing with the media, and add a few other interesting details about their careers. Jennifer starts the episode, with Mike following at the 8:18 mark and Tom taking the anchor leg at the 17:22 mark. Jennifer, Mike and Tom also will be panel moderators at the upcoming HFM Billion Dollar Club Virtual Summit 2020. The BDC Summit will deliver valuable content, strategic insights and networking opportunities for the hedge fund community. To learn more about the June 24th event, please visit the BDC Summit website.
Technology can be a great thing. But harnessing its possibilities requires the right professionals and the right protections. Bart McDonough, the CEO and Founder of Agio, has spent more than 20 years working in cybersecurity, business development and IT management within the alternative fund industry. Ten years ago, he founded Agio a hybrid managed IT and cybersecurity services provider for the financial services industry. He also launched his debut book, Cyber Smart: Five Habits to Protect Your Family, Money, and Identity from Cyber Criminals, in early 2019. In this episode, Bart discusses managed IT and cybersecurity, where they overlap, how they differ and why he believes it’s important to offer both services. He also talks about cyber vulnerabilities in a remote-working environment. In addition, Bart explains some misunderstanding about the “cloud”, offers advice to new managers on mistakes to avoid, and looks to some key trends for the future. To learn more about Agio, please visit the company’s website. And to learn more about Bart, his book, and speaking engagements, please visit bartmcd.com.
It all rolls up to the Chief Operating Officer. For over 15 years, Joe Signorile has held the COO position in the private fund industry. He also founded Our Peer Group (“OPG”), a leading best-in-class private network of COOs and CFOs that enables peer-to-peer communications. Joe joins this episode to discuss the responsibilities and challenges presented by the Chief Operating Officer role. He talks about the qualities that make a good COO - understand all areas of the business, managing people and gaining the confidence of the portfolio manager/owner. He also offers some thoughts for vendors on the importance of developing long-term relationships. In addition, Joe sounds a word of caution on outsourcing. Joe concludes with some background on OPG, including its origins, the services it provides and where he hopes to see it grow in the future. For more information about OPG, please visit the organization’s website.
Trading agreements are lengthy and complicated. The consequences of missing an issue or getting bad terms can be significant, particularly in times of turbulent markets. Getting the best terms requires focus, dedication and deep industry knowledge that is not always easy to find. Attorney and business person, Poseidon Retsinas, saw an opportunity. In 2019, he launched a law firm called HedgeLegal that specializes in helping the buy side negotiate its trading agreements. In this episode, Poseidon talks about some of the factors that led him to launch HedgeLegal. He also talks about his business model and how his experience, focus and efficiency allow his firm to charge on a per-agreement (rather than hourly basis) basis. In addition, Poseidon offers some insights on the terms that the buyside should give the most attention, as well as common pitfalls that the buyside should avoid. To learn more about Poseidon and HedgeLegal, please see the firm’s website.
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