Capital Allocators – Inside the Institutional Investment Industry

[REPLAY] Steve Rattner – Overseeing Michael Bloomberg’s Family Office (Capital Allocators, EP.113)

Oct 21, 2024

Steve Rattner, Chairman and CEO of Willett Advisors and former journalist, shares his unique journey from the New York Times to investment banking and government service. He discusses the complexities of managing Michael Bloomberg’s family office, emphasizing team building and a nuanced approach to investments in private equity and hedge funds. Rattner offers insights into navigating emerging markets like China, the challenges of corporate stewardship, and the impact of political polarization on investment strategies. Personal anecdotes add a reflective touch to his investment philosophy.

52:49

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Steve Rattner

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Quick takeaways

Steve Rattner's diverse career trajectory demonstrates the unique intersections of journalism, investment banking, private equity, and public service to inform his current role.

At Willett Advisors, Rattner employs an endowment model focusing on diversification and long-term growth while prioritizing thorough manager selection and internal expertise.

Rattner maintains a positive outlook on investing in China, emphasizing local partnerships for success despite geopolitical tensions and emerging market challenges.

Deep dives

Career Journey and Shifts

Steve Ratner's multifaceted career demonstrates significant transitions between journalism, investment banking, private equity, and public service. Starting as a journalist with the New York Times, he evolved into an economics correspondent, gaining valuable insights into market dynamics. His move into investment banking at Lehman Brothers involved overcoming initial challenges, including a lack of formal training. This experience laid the groundwork for establishing his own private equity firm, where he focused on media investments, ultimately leading him to a pivotal role in the restructuring of the automobile industry during the financial crisis.

Intro

6min

From Journalism to Finance: A Career Transformation

11min

Navigating Wealth Management: Insights from a Family Office

11min

Insights Gained from General Partner Experiences

2min

Navigating Hedge Funds and Emerging Markets

18min

Corporate Stewardship and the Role of Companies in Society

3min

Navigating the Landscape of Political Polarization

2min

Personal Insights and Life Lessons in Investing

4min

Steve Rattner is the Chairman and CEO of Willett Advisors, which invests former New York Mayor Michael Bloomberg’s personal and philanthropic assets. Steve’s career has ranged from a journalist for the New York Times to investment banking at Lehman Brothers, Morgan Stanley and Lazard Freres, to founding private equity firm Quadrangle Group, and lastly to serving in the Obama Administration as head of the successful restructure of the automobile industry after the financial crisis. He returned to oversee Willett Advisors after his work in the government.

Our conversations starts with a quick tour through each of Steve’s careers, and then turns to his work investing the assets of Michael Bloomberg’s family office, including selecting an investment model, building a team of specialists, using internal management to supplement external managers, and thinking through private equity, hedge funds, public equity, and the manager selection process. We close with Steve’s perspectives on China and his ongoing engagement in politics.

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