SBAI Podcast

In this episode, SBAI’s Brian Digney is joined by Chantal Berendsen, Partner and Senior Hedge Fund IDD Analyst at Albourne Partners, and Richard Lowther Managing Partner and Co-Founder of Integral ILS, to explore the fascinating world of insurance-linked securities (ILS).Chantal and Richard explain how ILS offers diversification benefits due to its low correlation with traditional capital markets, while also exploring the complexities, opacity, and relationship-driven nature of this niche asset class. They discuss the structure of the insurance and reinsurance ecosystem, the different segments of the ILS market, from catastrophe bonds to quota shares and retrocession, and the evolution of market transparency since major events like the 2017 hurricane season.Listeners will gain practical insights into:How institutional investors can access and benefit from ILS strategiesThe mechanics of catastrophe bonds and other ILS productsKey challenges such as trapped capital, loss creep, and valuation transparencyThe growing importance of climate risk, modelling accuracy, and emerging perils like cyber riskWhat investors and consultants look for in ILS managers, from governance and operational strength to transparency and due diligence.Ultimately, the discussion highlights how trust, transparency, and long-term perspective are essential to success in the insurance-linked investment space. Whether you’re an allocator exploring uncorrelated strategies or an asset manager seeking to understand this unique corner of the alternatives universe, this episode offers a clear, grounded introduction to ILS and how it fits within a modern investment portfolio. About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 11 trillion in assets.For more information, visit https://www.sbai.org/ For more information visit https://www.sbai.org/

In this episode, SBAI’s Brian Digney is joined by Ben Gedye and Josh Madeiros from K2 Credit to explore the rising role of portfolio credit insurance as a risk management tool in private credit and debt markets. As traditional banks scale back lending, private asset managers are stepping in — and with that shift comes the need for sophisticated ways to hedge credit risk.Ben and Josh explain how non-payment insurance works, its historical roots, and its evolving use beyond banks — highlighting how managers can leverage it to improve risk-adjusted returns, facilitate leverage, and reduce concentration risk. The conversation covers structural nuances, underwriting processes, common mistakes, claim settlement mechanics, and how insurers evaluate not just the portfolio, but the asset manager’s governance and transparency.Key takeaways include: Portfolio credit insurance is a tailored de-risking strategy, not just a traditional insurance product.Successful implementation hinges on strategic, portfolio-wide application, not opportunistic single-risk coverage.Asset managers and investors must engage with specialist brokers and underwriters, ensuring products are fit for purpose.With today's soft insurance market and increased capacity, now may be a prime time for managers to explore coverage. Whether you’re a fund manager looking to enhance resilience or an investor assessing risk frameworks, this episode provides a comprehensive, jargon-free guide to a powerful but often overlooked financial tool.About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 11tn in assets. For more information visit https://www.sbai.org/  For more information visit https://www.sbai.org/

In this episode of the SBAI podcast, Brian Digney sits down with Mike Butcher, Head Underwriter for Europe and Financial Institutions Underwriter at K2 International to explore the specialised insurance policies available for asset managers. The discussion covers key areas of coverage, including directors and officers, errors and omissions, crime, cyber, and employment practices liability, and highlights how these policies protect both firms and individuals.Mike explains the importance of understanding coverage limits, insurer expertise, and claims handling when selecting policies. The discussion takes a deep dive into trade error insurance, detailing how managers can proactively correct mistakes and still recover costs through mitigation clauses. They also examine regulatory investigations, the growing risks posed by cyber threats and AI (such as deepfakes and “AI-washing”), and the rise of employment-related claims in financial firms.Throughout, Mike emphasises best practices: notifying insurers promptly, reviewing contract clauses carefully, documenting HR policies, and engaging with insurers who understand the asset management business. The episode provides practical insights to help managers strengthen resilience, safeguard investors, and build long-term partnerships with their insurers.About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 11tn in assets.For more information visit https://www.sbai.org/ For more information visit https://www.sbai.org/

This episode is part of the ongoing SBAI and Morgan Lewis Regulatory Compliance podcast series, co-hosted by Christine Ayako Schleppegrell, Partner at Morgan Lewis, and Brian Digney, Research and Content Director at the SBAI.This collaboration offers timely insights into global regulatory developments affecting the alternative investment industry.In this episode, the discussion covers:- The SEC’s new leadership under Chair Paul Atkins and what his appointments and early decisions signal for enforcement and rulemaking.- The retailisation of private funds in the US and how it could open up the asset class to a broader base of investors.- Key developments in outbound investment restrictions from the US, including the recently enacted programme targeting investments in countries of concern such as China, Hong Kong, and Macau.- Practical guidance for managers and allocators on navigating outbound investment compliance obligations.- The UK’s proposed divergence from EU regulations with a restructured approach to AIFMD and what this might mean for UK-based fund managers and international investors.- How the FCA and UK Government aim to strike a balance between innovation, growth, and regulatory alignment with global standards. About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.  For more information visit https://www.sbai.org/

In this episode of the SBAI podcast, Brian Digney sits down with Nic Miller from Aedile Consulting to explore the evolving cyber threat landscape facing asset managers. With a background at GCHQ and extensive experience advising investment firms, Nic breaks down the most pressing cybersecurity risks and misconceptions — from the real impact of opportunistic attacks to the limitations of outsourcing IT and relying on "box-ticking" solutions like standard penetration tests. Listeners will gain practical advice on strengthening cyber and information security strategies, ensuring operational resilience, and conducting more meaningful due diligence on third-party providers. Nic also shares why cultural attitudes toward security and risk ownership matter just as much as technical controls — especially for small to mid-sized firms with limited resources.Whether you're an investor, a manager, or part of a risk oversight team, this episode delivers clear, actionable takeaways to help your organisation better navigate the complex world of cybersecurity.About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets. For more information visit https://www.sbai.org/

In this episode, Ryan McNelley, Managing Director and EMEA Portfolio Valuation Leader at Kroll, joins Brian Digney, Research and Content Director at the SBAI, to discuss the evolving landscape of private market valuation from the perspective of the independent valuation agent. Their conversation covers:Valuation Matters – Even for Illiquid Assets: Interim valuations influence investor decisions, allocations, manager compensation, and fundraising—even in closed-end funds.Regulators Are Increasing Scrutiny: The FCA and others are focusing on the independence, transparency, and commercial relationships of valuation providers, not just technical methods.Not All Valuation Services Are Equal: Ryan describes the broad spectrum of services that valuation agents can provide, as we hear, not all services could be considered to be truly independent.Conflicts of Interest Are Inherent but Manageable: Valuers are paid by managers, but independence can be maintained.Valuation Differences Are Common and Often Reasonable: Divergent views on the same asset can stem from different data, instruments, or assumptions, especially in distressed or venture scenarios.Technology and AI Will Play a Bigger Role – Carefully: Automation can enhance efficiency and scale but cannot replace accountability; human oversight remains essential for credible valuations.This episode provides valuable insights for both allocators seeking to strengthen their due diligence processes and managers aiming to meet the evolving expectations of institutional investors.About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.  For more information visit https://www.sbai.org/

In this episode, Jean-François Mauvis, former Head of Operational Due Diligence (ODD) at Pantheon Ventures, joins Brian Digney, Research and Content Director at the SBAI, to discuss the evolving role of ODD practitioners and the findings from the SBAI’s recent ODD practices survey. The conversation explores:• How ODD teams within investors are resourced and who they report to.• The shift from hedge funds to broader private markets, including private equity, private debt, infrastructure, and venture capital.• The increasing consultative role of ODD practitioners in helping investment managers evolve and improve operational processes.• The impact of independence in ODD reporting structures and the risks of undue influence on investment decisions.• The growing role of technology in streamlining ODD processes and alleviating resource pressures. About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.For more information visit https://www.sbai.org/ For more information visit https://www.sbai.org/

This is the inaugural episode from the newly launched SBAI and Morgan Lewis Regulatory Compliance podcast series. It is co-hosted by Christine Ayako Schleppegrell, Partner at Morgan Lewis and Brian Digney, Research and Content Director at the SBAI. This new collaboration aims to provide valuable insights into regulatory developments impacting the alternative investment industry. In this episode, the discussion covers: • The evolving regulatory landscape under a new U.S. administration and its potential impact on the SEC.• The legacy of the Private Fund Advisor Rule, its recent repeal, and how managers continue to adapt.• Key compliance challenges, including new AML regulations, marketing rules, and enforcement priorities.• Global regulatory trends, including upcoming FCA reviews on private market valuation practices.• The role of industry standards, transparency, and best practices in navigating regulatory change.  About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.For more information visit https://www.sbai.org/ For more information visit https://www.sbai.org/

In this episode, Mario Therrien, the former Chair of the SBAI and Head of Investment Funds at CDPQ, reflects on his tenure, while Jane Buchan, CEO of Martlet Asset Management and the new SBAI Chair, shares her vision for the future. Hosted by Brian Digney, Research and Content Director at the SBAI, this conversation covers:The evolution of the SBAI over the past four years, including its global expansion and increased industry collaboration.Reflections on key industry shifts, from hedge fund institutionalization to the growing role of private markets.The importance of governance, transparency, and alignment in alternative investments.Emerging challenges and opportunities, including AI, private credit, and new regulatory frameworks.Jane Buchan's priorities as Chair and her perspective on the future of the SBAI and the industry. About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets. For more information visit https://www.sbai.org/

In this episode, Jean-François Mauvis, former Head of Operational Due Diligence (ODD) at Pantheon Ventures, joins Brian Digney, Research and Content Director at the SBAI, to share his expert insights into how ODD practitioners assess investment manager valuation practices in private markets. The discussion covers:The impact of different asset classes and fund structures on valuation risk profiles.Key considerations in evaluating valuation policies and methodologies.The role of segregation of duties and the importance of independence in valuations.Regional differences in valuation practices and regulatory frameworks.Advice for private market managers seeking institutional allocations.About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 150 asset managers and supported by around 100 institutional investors – in short, we solve for better.To find out more, visit sbai.org or contact us at info@sbai.org. For more information visit https://www.sbai.org/

In this episode, Nicolas Roth, Managing Director and Head of Private Markets Advisory at UBP, shares his insights on private markets from an investment practitioner's perspective. Hosted by Brian Digney, Research and Content Director at the SBAI, the discussion explores:Valuation challenges in private markets.The impact of economic shifts, including rising interest rates.Emerging opportunities in private credit and secondaries.The role of transparency and best practices for managers.About the SBAI:We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 150 asset managers and supported by around 100 institutional investors – in short, we solve for better.To find out more, visit sbai.org or contact us at info@sbai.org For more information visit https://www.sbai.org/

Michael Cappucci (Managing Director for Sustainable Investing, Harvard Management Company), David Gulkowitz (COO, DSC Meridian Capital) and Pierre Lenders (Head of Sustainability, Capital Fund Management) discuss sustainability and its impact in alternative investments, including the role that derivatives and short positions play in managing GHG-Emission risk and supporting the climate transition. They also talk about measuring carbon as a useful quantitative approach to addressing sustainability outcomes and other approaches that go beyond conventional carbon footprinting. For more information visit https://www.sbai.org/

In this podcast episode from our Founder series, Mario Therrien (SBAI Chair and Head of Investment Funds and External Management, CDPQ) is joined by Wayne Cohen (President and Chief Operating Officer of Sculptor Capital Management) whose firm is one of the founders of the SBAI. They look back at how it all started and how the industry is evolving. They discuss the SBAI, private and public markets, embracing technology, diversity and more. For more information visit https://www.sbai.org/

In this  episode from our Founder series, Poul Winslow (until recently Global Head of Capital Markets and Factor Investing at CPP Investments and an SBAI Trustee) is joined by SBAI Trustee Stuart Fiertz (President of Cheyne Capital – one of the founders of the SBAI) to look back at how it all started and how the industry is evolving. They discuss the SBAI, the case for alternatives, ESG and more.About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/

In the first of our Founder series podcasts, one of our newest Trustees Paula Volent (CIO of Rockefeller University) is joined by our Deputy Chair Luke Ellis (CEO of Man Group – one of the founders of the SBAI) to look back at how it all started and how the industry is evolving. They discuss the SBAI, where to find alpha, diversity and more.About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/

Alvin Fan (CEO, OPIM) and Mark Smith (Principal and Head of Business Development, Northwest Investment Management) discuss all things China in episode 4 of the SBAI Podcast series. Discussion topics include how the market has changed as well as both the opportunities and the risks. About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/

Mario Therrien (SBAI Chair; Head of Investment Funds and External Management, CDPQ) and Dame Amelia Fawcett (Lead Independent Director, State Street Corporation), discuss diversity from the perspectives of a board member and an institutional allocator. The discussion focuses on why culture and diversity are important and the role of board members and allocators in helping to improve culture and diversity in the alternative investment industry. About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/

Sara Razmpa (Director, Head of Responsible Investment, Portfolio Manager, Equities, Unigestion) and Rob Sachs (Head Of Business Development, Whitebox Advisors LLC) touch upon producing carbon footprints for firms and portfolios, the state of ESG data, and the frequency and content for investor reporting. About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/

Barbara Bernstein (Chief HR Officer, Magnetar Capital) and Amanda Cherry (Director of HR, Aspect Capital) discuss measuring and evidencing the culture of a firm - a difficult concept that many alternative investment firms are currently grappling with. Also covered is the shifting cultural focuses due to the pandemic, and some practical tips on forming an inclusive culture in the workplace. About the SBAI: We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 140 asset managers and supported by around 90 institutional investors – in short we solve for better. To find out more visit https://www.sbai.org/  or contact us at info@sbai.org For more information visit https://www.sbai.org/