Mike Freno, Chairman & CEO of Barings, discusses the evolution of the company, importance of insurance ownership, strategic investing, organizational culture, client concerns, growth strategies, personal hobbies, and life lessons learned in his career.
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Quick takeaways
Barings' strategic growth focuses on serving institutional clients with fixed income, real assets, and capital solutions.
Insurance ownership influences Bearings' stability, long-term perspective, and strategic decisions towards downside protection and cash flow generation.
Deep dives
Mike Frino's Career Journey and Path to CEO at Bearings
Mike Frino shares his career path from starting in accounting to becoming the Chairman and CEO at Bearings. Beginning from audit to tax roles, moving to a small startup hedge fund, his career evolved into managing high yield portfolios and forming global high yield groups, ultimately leading to his current role. Frino explains the historical evolution of Bearings as a part of Mass Mutual and the strategic acquisitions that shaped its current $400 billion asset management business.
Bearings' Strategy and Focus on Diverse Capabilities
Bearings' strategy focuses on serving institutional clients and intermediaries with fixed income, real assets, and capital solutions. With a strong heritage in fixed income and real estate lending, Bearings leverages its expertise in originating unique assets and complex investments to provide alpha generation for clients. The balance between liquidity in public markets and expanding private assets remains critical for Bearings' growth.
Insurance Ownership Influence and Long-Term Focus at Bearings
Being owned by Mass Mutual, Bearings' strategic decisions are influenced by the stability and long-term perspective of insurance ownership. The focus on downside protection, cash flow-generating investments, and stability align with the needs of policyholders. This ownership structure allows Bearings to take a long-term approach, build private credit and emerging market businesses, and lead with a patient, disciplined investment style.
Cultural Values and Leadership Approach at Bearings
At Bearings, the culture emphasizes confident humility, respect, and teamwork across all functions. The leadership approach prioritizes transparency, information sharing, and collective decision-making. Mike Frino's management style encourages decentralized decision-making, focusing on building a culture of collaboration and investment in operations and technology to support long-term business growth.
Mike Freno is the Chairman & CEO of Barings, a $400 billion global manager that invests across public and private fixed income, real assets, and capital solutions on behalf of its insurance company parent MassMutual and other institutions. Barings emerged from a combination of four investment brands in 2016 and has expanded its capabilities by acquiring partners with complementary skills that fit into its culture. Our conversation covers Mike's path to the CEO seat, the creation of the modern Barings, the power of insurance ownership, and lessons from leading, acquiring, and integrating asset managers.