The Innovators’ Exchange by Oliver Wyman

In this episode of the Innovators Exchange, Hiten Patel and Magnus Burkl welcome Steffen Scheuble, founder and CEO of Solactive, a company specializing in developing and calculating financial indices. Steffen talks about the challenges and successes he faced while growing the company, and his insights on the current and future trends shaping the index industry.  The conversation touches on the impact of geopolitical factors, the increasing demand for customization in investment products, and the evolving role of technology, particularly artificial intelligence (AI), in index manufacturing. Key talking points: Background and motivation: Solactive specializes in calculating indices like the FTSE 100 and S&P 500, but with a focus on IT-driven efficiency and customization. Steffen's journey actually began as the first client of Solactive before it officially launched, driven by a need for efficient index solutions while working at Deutsche Bank. Geopolitical impact: Steffen talks about the current geopolitical landscape and its implications for the index industry, particularly the rising interest in European-centric investment strategies. He discusses a noticeable shift in focus from US-based indices to European opportunities, driven by changing global dynamics. Customization trends: The demand for customized indices is increasing as investors seek tailored solutions that align with their specific philosophies and regulatory requirements. Steffen shares how Solactive is committed to reducing the costs of index production to facilitate the launch of more personalized investment products. Future of the index industry: Steffen emphasizes the importance of staying attuned to emerging trends and being flexible in response to market demands.  Themes driving the rise in private market indices: Key factors include the growth of  private market indices, environmental, social, and governance (ESG) considerations, and the need for adaptability in a rapidly evolving market. While AI enhances efficiency in index production, Steffen emphasizes the current limitations in making long-term predictive investment decisions.  This episode was recorded in April 2025. This episode is part of the Innovators' Exchange series. Tune in to learn more about the evolution of AI, risk management, and entrepreneurial journeys.   

Hiten Patel meets Victoria Stevens, a partner and fund manager at Liontrust Asset Management. Victoria discusses her unique career journey from financial journalism to asset management, highlighting the value of seizing opportunities and learning from challenges. She shares insights about her role, investment philosophy, and the importance of mid-cap companies in driving economic growth. Victoria emphasizes the significance of supporting ambitious companies for overall economic development. She addresses the current state of the UK stock market, including its underperformance compared to global markets and the implications for investors. The conversation also touches on the characteristics of successful growth-stage companies and how corporate acquisitions in the public market impact the industry. Key topics include: Philosophy of investment and economic growth: Victoria discusses how mid-cap companies are vital for driving innovation and economic development, as they create a ripple effect by investing in products and services. She also emphasises the importance of identifying intangible asset strengths in businesses to ensure long-term competitive advantages and strong returns. UK stock market dynamics: The conversation dives into the UK market and how it has underperformed due to capital outflows and a lack of recognition of its potential, presenting opportunities for long-term investors. Active versus passive investing: The discussion highlights the need for active management in public markets, especially in identifying long-term growth opportunities. Corporate acquisitions: Victoria shares her view on the dual nature of acquisitions and how it could be both is a sign of success and a challenge for long-term investors due to valuation pressures. This episode is part of Innovators’ Exchange, a podcast series that explores the financial infrastructure and technology landscape. Tune in for an engaging discussion of key themes and opportunities for both professionals and retail investors, touching on the transformative potential of artificial intelligence (AI) in financial markets. 

In this episode of the Innovators’ Exchange, Hiten Patel and his co-host Harriet Roberts welcome Daniel Maguire, CEO of the LCH Group and group head of London Stock Exchange Group (LSEG) Markets.  In their conversation, Daniel addresses the evolving role of London in the global financial ecosystem, particularly in light of recent geopolitical changes and market dynamics. He also discusses his extensive background in the financial industry, sharing insights into his entrepreneurial upbringing, his journey through various roles at LCH, and his current leadership position within LSEG. Amongst other things, he emphasizes the importance of truly understanding the details of the business while also highlighting the need for effective delegation and team empowerment.  Key talking points: Daniel’s background: Raised in a family-run engineering business, Daniel developed an entrepreneurial spirit early on, learning the value of hard work and initiative. As a teenager he took on various jobs — from paper rounds to working in pubs — and launched a small business selling free-range eggs. Career progression: Daniel joined LCH when it was a small organization of about 100-150 people. Starting in treasury operations, he built a solid foundation in financial markets and steadily rose through the ranks to become CEO of LCH Group. He also discussed how he navigated the shift from a mutual organization to becoming part of a public company under LSEG. London’s financial ecosystem: Daniel emphasized London’s resilience as a leading financial hub, citing regulatory reforms to boost competitiveness. He noted the global decline in IPOs and the parallel drop in London listings, while highlighting the rise of private markets and the need to bridge funding gaps as companies seek more flexible liquidity options. Future opportunities: Looking ahead, Daniel outlined LSEG’s strategy to stay globally relevant across asset classes. He stressed the growing role of data and technology in financial infrastructure, driving greater efficiency and smarter decision-making in an interconnected market landscape. 

In this episode of the Innovators' Exchange, Hiten Patel and Cosimo Schiavone interview Manish Gurukula, co-founder and CEO of Alacriti, a fintech company revolutionizing payment technologies. Manish shares his journey from software engineer to CEO, highlighting the importance of adaptability in today’s rapidly changing payments landscape.  Key topics include: Understanding payment ecosystems: Where Alacriti fits within the payment ecosystem and the critical technological infrastructure needed for seamless money movements. Career journey: From Manish’s education at IIT in India to modernizing payment technologies at Western Union and building Alacriti. Challenges in payment modernization: Obstacles financial institutions face in modernizing their payment infrastructures while navigating legacy systems. Future trends in payments: Emerging trends, including real-time payments, and the growing expectations of consumers and businesses for faster and more efficient financial interactions. 

In this episode of the Innovators Exchange, Hiten Patel interviews Almar Latour, CEO of Dow Jones and publisher of the Wall Street Journal. Latour discusses the evolution of Dow Jones from a traditional media company to an information services powerhouse, emphasizing the importance of reliable information in decision-making. He reflects on his diverse experiences as a journalist, his journey through digital transformation, and the current challenges posed by AI and generative technologies. Latour also shares personal insights on leadership, particularly in the context of advocating for justice.

In this episode, Hiten Patel and Archie Stebbings welcome Donal Smith, co-founder and chairman of Credit Benchmark, to discuss the role of aggregated credit data in the financial services industry. The conversation covers the evolution of credit ratings, the challenges faced by smaller companies in obtaining credit ratings, and the innovative approach Credit Benchmark takes to provide valuable insights from anonymized data collected from banks.Donal reflects on his career journey, the impact of data on capital markets, and the importance of persistence in entrepreneurship. He also shares thoughts on the future of data utilization in finance, particularly with the integration of artificial intelligence (AI).

In this episode of the Innovators Exchange, recorded live at the FIA Boca Raton conference, industry leaders Michael Syn, President, Singapore Exchange; Daniela Peterhoff, Chief Strategy and Transformation Officer, Nasdaq; and Anthony Attia, Global Head of Derivatives and Post-Trade, Euronext engage in a candid discussion about the evolving landscape of financial market infrastructures (FMIs) amid geopolitical uncertainties.They highlight a significant shift from a globalized to a more localized focus, with market participants increasingly concerned with regional issues rather than international dynamics. The conversation explores existential challenges facing FMIs, balancing shareholder returns with public policy responsibilities, and the need for a clear mission as they look toward the 2030s.

In this episode of the Innovators’ Exchange, David Benigson, the founder and CEO of Signal AI, meets with Hiten Patel and Archie Stebbings. David shares insights about his entrepreneurial journey, the inception of Signal AI, and the evolving landscape of risk management and compliance in the context of artificial intelligence (AI). He discusses the importance of external intelligence for large enterprises and how Signal AI leverages machine learning to provide actionable insights from diverse data sources. The conversation also explores the broader implications of AI technology, the challenges organizations face in adopting these solutions, and the future of augmented intelligence in business decision-making.

In this episode, Hiten Patel and Marcus Hoddinott interview Francois Cazor, the chairman of Kpler, a company that provides transparency in the commodities data space. Francois shares his journey from a corporate trading background to entrepreneurship, detailing the journey taken by Kpler in its early years, including a pivot from carbon credits to the more lucrative LNG (liquified natural gas) market.The conversation highlights Kpler's focus on product-market fit, the importance of customer feedback, and the company's cultural values of humility and ambition. Francois also reflects on the commodities market's evolution, data's role in democratizing access, and his personal transition from CEO to executive chairman.

Hiten Patel interviews Tara Anand Carter, partner at Hg, a private equity firm specializing in European and transatlantic B2B software and services. Tara discusses the evolving investor interest in data, emphasizing the importance of strong intellectual property and recurring revenue. She addresses the balance between recurring and one-off revenue streams and highlights the similarities between advising and investing. The conversation also explores the future of data markets, particularly in energy and commodities, driven by volatility and regulatory changes.

Hiten Patel and Magnus Burkl meet Christian Kromann, CEO of SimCorp, to discuss recent changes in the financial technology landscape and its future outlook.

In this episode, Hiten Patel interviews Christian Nentwich, founder and board member of Duco. They discuss the evolution of technology, particularly in the financial services sector, the challenges of data reconciliation, and the "low code, no code" movement.

Hiten Patel welcomes Madhumita Murgia, the artificial intelligence (AI) editor at the Financial Times (FT) and author of “Code Dependent.”Madhumita discusses her book, in which she explores the human impact of AI, conducting interviews with individuals across 10 countries to understand how AI is changing lives today. Madhumita also shares her thoughts on the state of AI, and discusses the economic implications of AI, as well as the impact of AI on the media industry.

In this episode of the Innovators Exchange, Hiten is joined by his colleague Cosimo Schiavone and Mike Engle, the co-founder of 1Kosmos. 1Kosmos provides individuals with secure digital identities for a purpose of protecting and fighting identity fraud. He discusses the challenges of the current identity system, such as poor user experience and credential control challenges and explains how 1Kosmos aims to provide a single, secure identity for individuals.

Hiten Patel meets Sherry Coutu, an entrepreneur and angel investor, to discuss her experiences in both the for-profit and not-for-profit sectors, her journey as an entrepreneur, her involvement in boards of publicly listed companies, her philanthropic work, and her views on the importance of relationships and problem-solving in business.

In this episode of Innovators’ Exchange, Hiten Patel and Peter Clarke interview Jeff Glass, the CEO and co-founder of Hometap. Hometap is a Boston-based fintech company that helps make homeownership more accessible and less stressful by providing homeowners with an alternative to debt.

In this episode, Hiten Patel and Cosimo Schiavone interview Jouk Pleiter, the CEO and founder of Backbase. Backbase is a global banking technology company that provides engagement banking for financial institutions. Jouk shares insights about his role at Backbase and the company's journey from a small startup to a global enterprise with more than 2,000 employees. He also delves into the challenges faced by banks in their digital transformations, emphasizing the importance of organizational structure and leadership in driving these transformations successfully. The conversation covers the future of banking technology, including the role of artificial intelligence (AI) and what that could look like for different organizations.

In this episode of Innovators’ Exchange, our host Hiten Patel meets Junta Nakai, the global head of financial services at Databricks, a data and artificial intelligence (AI) company that offers a cloud-based data intelligence software for more than 10,000 customers. During the discussion, Junta explains that Databricks helps companies get the most out of their data by providing a platform for data visualization, data movement, data curation, along with advanced AI capabilities.

In this episode of the Innovators’ Exchange, Hiten Patel and Sean Farrar interview Rob Mackay, the CEO of Regnology. Regnology is a financial technology business specializing in regulatory and tax reporting for supervisory authorities, banks, corporates and insurance companies. In the conversation they discuss Rob's journey in the industry, the current state of technology in regulatory reporting, and the future trends in the industry.

In this episode of Innovator’s Exchange, Hiten interviews Charlie Kerr, the CEO of With Intelligence, a data analytics business. Charlie shares the journey of With Intelligence, from a small B2B publisher to a company helping limited partners (LPs) allocate capital and general partners (GPs) raise assets effectively. During the conversation, Charlie discusses the power of data in the financial industry, particularly in private markets and emphasizes the importance of continuous learning and curiosity in entrepreneurship.