In this episode of “Wealth Actually”, I speak with George Hubbard. George is the Managing Partner and Chief Investment Officer of Algonquin Advisors, a Registered Investment Adviser that focusses on large families, foundations, endowments and other pools of money. He and his firm bring a unique approach to family investment management that uses tried and true institutional principles.

Pay special attention to our discussion around alternative assets and the role of the asset class for family investments. George also talks about bringing “trustee” principles to investment implementation.

And in honor of the U.S. Open at Winged Foot, we talk about what his dream foursome would be and where it would be played.

Introduction

Algonquin Advisors

T21 Trustees

What are the differences between institutional investment thinking and HNW thinking?

Taxation Issues

Time horizons

Liquidity needs (Yale model)

Return expectations

Access/Deal Flow

Position sizing

“Real” Due Diligence (how much time/resources should one expect to expend in researching a manager/deal?)

The power of concentration to build wealth

Where alternatives fit in asset allocation

Function of
Alternatives

Diversification

Other types of risk the traditional investor is missing?

The ultimate importance of having the private equity portion of a portfolio fund future vintages out of current private equity distributions. (While this is obvious in the institutional world, this kind of thinking is largely absent from most advice to investors who are “sold” private equity!).

What can be borrowed
from institutional processes to help Individuals make fewer rookie
mistakes?

Starting at the Beginning: The Investment Policy Statement and The Asset Allocation

The Importance of a “Forensic Review”

What comprises a “Forensic Review”?

The Importance of “Intentional” Investment Decisions

How should a trustee think about these things in a true “fiduciary” capacity?

Importance of cash management, lock-ups, multiple time horizons, multiple beneficiaries, multiple interests

What are the Alternative Asset Classes that investors are focussing on now?

-Private Equity (LBO,
Venture)

-Private Credit

-Hedge Funds /
derivatives

-Managed Futures

-Commodities

-Real Estate

-Infrastructure

-Collectibles

-Insurance

T21 and the Importance of Getting the Right People into Fiduciary Roles for Families

George’s Golf Dream Foursome

How do we keep track of George and the firms?

ALGONQUIN ADVISORS

GHUBBARD@ALGADV.COM

T21 TRUSTEES

GHUBBARD@T21TRUSTEES.COM

https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

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The Breakfast Club

Outro

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