Nomura Capital Management's Robert Stark - building a private credit business within a global bank
Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Value of building inside Nomura
Michael asks importance of Nomura as the home; Robert explains capital, stamina, global brand, and Japanese wealth experience.
Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into private credit and building an asset management business inside of a leading global bank.
We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.
Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.
Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.
Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:
- The state of the private credit market.
- How to build an asset management business.
- What it takes to work with the wealth channel.
- The entrepreneurial spirit of RIAs.
- Open architecture vs closed architecture in private credit.
- Keys to success in the evergreen fund space.
Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.
Show Notes
00:00 Message from Ultimus, our Sponsor
01:57 Welcome to the Alt Goes Mainstream Podcast
02:06 Guest Introduction: Robert Stark
03:18 Building an Asset Management Business
03:42 Evolution of Asset Management Industry
04:01 Regulatory Environment and Market Structure
05:12 Challenges in Asset Management
08:24 Importance of the Right People
08:44 Private Credit Business at Nomura
09:59 Diversification in Private Credit
10:47 Secular Trends in Private Credit
11:15 Client-Centric Solutions
19:00 Origination in Private Credit
20:07 Open vs. Closed Architecture
22:45 Product Development and Client Feedback
24:22 Early Stages of Private Credit Solutions
25:43 Future of Evergreen Funds
27:29 Investor Interests and Needs
27:47 Building a Trusted Brand
28:18 Challenges of Entrepreneurship
28:46 Capital and Talent Requirements
29:23 Nomura's Long-Term Vision
30:12 Nomura's Wealth Management Legacy
30:49 Expanding in the US Market
31:32 Japanese Investment Culture
32:07 Open Architecture Strategy
32:34 Global Network and Client Access
34:32 Challenges of Working with RIAs
36:19 Fiduciary Alignment
37:04 Partnerships and Client Success
37:56 Strategic Acquisitions
39:50 Evolution of the RIA Segment
44:44 Long-Term Business Planning
46:39 Future of Private Markets
Editing and post-production work for this episode was provided by The Podcast Consultant.
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