Billion Dollar Backstory

Fund buyers know investing is more of an art than a math equation.  Not convinced? After listening to this interview with Doug Huber, VP of Investment Strategy at Wealth Enhancement Group, you will be.  Get a glimpse inside the mind of an allocator in part 3 of our Ask an Allocator series, where Stacy and Doug discuss:  His Backstory – from car fanatic and aspiring engineer to earning a dual degree in finance and economics and becoming an $83B Investment StrategistRed flags that drive allocators away (even if you have an impressive track) Why he analyzes boutiques very differently than he does big firms – and the importance of conveying your value as a partner, NOT the perfect investor  About Doug Huber:  Doug leads the firm’s Investment Strategy Group, which consists of three teams focused on external manager research (across both traditional and alternative investment strategies), fundamental equity research, and fixed-income research. He joined Wealth Enhancement Group in 2021 through the North American Management merger, where he was the Director of Manager Research. Before joining North American Management, he was a Senior Research Analyst at Federal Street Advisors, where he led the alternative investment program. Doug is an avid golfer and lives in Lincoln, MA with his wife and two children.Resources Mentioned in This Episode: Songs: AC/DC - Thunderstruck, Billy Squier - Lonely Is The Night Book: I Love Capitalism! by Ken Langone  ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

There's room for everyone at the table in the fund world—not just the bigs, but have fund buyers gotten the memo?  Thanks to champions like Dani Hristova, who are relentless about spotlighting the underdogs, fund buyers can thrive.  As CEO of the Independent Investment Management Initiative–a networking group representing 45 firms and $500B in assets–Dani gives small shop owners a platform to bring the specialized brilliance of small shops to the center stage.  In this episode, Stacy and Dani discuss: Dani's Backstory –  from earning a psychology degree to discovering her passion for finance at SchrodersRedefining the word ‘boutique’ – why Dani believes it’s not a dirty word but a superpowerWhy ‘putting your cards on the table’ and sharing the story behind the performance builds trust from a human psych perspective About Dani Hristova:Dani Hristova is CEO of the Independent Investment Management Initiative (IIMI), the member-led industry think tank representing investment boutiques. In 2023, she was also appointed Non-Executive Director at Spring Capital Partners. Dani began her career in financial services at Legal & General Investment Management in 2015 within the defined benefit pension scheme client team; she later joined Schroders Investment Management, with responsibility for some of the firm's largest pension scheme clients. Dani also worked for Nordea Asset Management, leading its UK insurance efforts until May 2023.Resources Mentioned in This Episode: Song: Red Hot Chili Peppers - Can't StopBook: Save Your Acorns by Robert Gardner ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

If your analytical brain needs FACTS to back up the power of left-brain growth tactics, you’re in luck. Today's guest, Hunter Hayes, combines his classical piano training with impressive business sense, showing that there’s real power in combining art and science to edge ahead in the fund world.  In this episode, he and Stacy discuss: His journey from pianist and D1 track star to successful fund managerThe differentiation playbook that boosted Intrepid Income Fund (ICMUX) from $50M to $550M AUMHow he spotted inefficiencies in the small-cap fixed-income world, giving Intrepid a competitive edgeThe simple habits that helped him gain traction in the fund worldHis top tips for new fund managers  About Hunter Hayes:  Hunter Hayes is the Chief Investment Officer at Intrepid Capital, which he joined in 2017 after working in credit at Eaton Vance (now Morgan Stanley) and consulting at Deloitte.  Hunter wears lots of hats at Intrepid, which has AUM of ~$900 million, but is primarily a portfolio manager of the Intrepid Income Fund (ICMUX) and the separately managed Intrepid Income portfolio, which has collectively grown from ~$50 million of AUM in 2019 to ~$550 million of AUM today. Hunter focuses mainly on liquid, small-cap credit investments and was previously a research analyst covering small-cap securities. He received his Bachelor of Science in Business Administration degree in Finance and his Bachelor of Music degree in Performance Piano from Auburn University, where he also competed as a scholarship track and field athlete. Outside of work, he is an avid runner and musician.Resources Mentioned in This Episode: Books: Once a Runner by John L. Parker Jr. , How My Heart Sings by Bill Evans Songs: Nas - N.Y. State of Mind ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

The impressively bold mindset that drove Chad Willardson to leave behind a million-dollar salary and a top 1% client base to build his own firm from scratch is the same mindset that grew his firm to $1.5B AUM and earned him the status of 5X bestselling author. In fact, Chad’s story is proof that thinking like an entrepreneur can take you far in the fund world–and beyond. But can this mindset be learned and developed? Find out in today’s episode. Plus, hear Chad’s full backstory and learn: Why advisors who think like entrepreneurs stand out to high-net-worth clients The hidden benefit of his LinkedIn presence: how he’s able to pass off sales meetings to his team almost entirely thanks to the strong trust he’s built on social His tips and tricks for balancing entrepreneurship and family life  About Chad Willardson: Chad Willardson is the President and Founder of Platinum Elevated, an exclusive coaching program where he helps entrepreneurs enjoy increased lifestyle and financial freedom by removing their stress about money, increasing their cash flow, and freeing up a ton of their time.In 2011, Chad founded Pacific Capital, a family office specializing in wealth management for high-net-worth entrepreneurs. Chad's currently responsible for investing $1.5 billion dollars as a fiduciary. Before founding Pacific Capital, he spent nine years at Merrill Lynch, ranking in the top 2% of over 16,000 advisors nationwide. Chad is a 5X best-selling author and Co-Host of The Smart Money Parenting Show, a podcast ranking in at #2 Apple for Parenting, Kids & Family. He is a Certified Financial Fiduciary® and Accredited Wealth Manager who also writes for Entrepreneur and Forbes. Chad earned his degree in Economics from Brigham Young University Resources Mentioned in This Episode: Books: Wealth Wired Differently by Chad Willardson,10x Is Easier than 2x: by Dan Sullivan, Dr. Benjamin Hardy, et al. Songs: Imagine Dragons - Thunder, Guns N' Roses - Paradise City  ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

With a $70 million seed investment and a vision, Rodney Herenton and his co-founder Wendell Mackey launched Channing Capital Management.  This isn’t your typical startup story.  This episode is a masterclass on differentiation, defying the odds, and the power of effective collaboration. Listen in as Rodney and Stacy discuss:  ●     The birth of Channing Capital Management: Two Harvard graduates team up and launch an investment firm●     How the demands of fatherhood pushed Rodney to innovate as a founder●     The unique strategy behind Channing’s 20-year success as specialists in small- and mid-cap investments●     Channing’s contrarian “best ideas” approach that delivers competitive, long-term results and high alpha  About Rodney Herenton Founder, Co-Chief Executive Officer, Chief Business Development & Strategy OfficerRodney co-founded Channing Capital Management in 2003 with Wendell E. Mackey, CFA. In the years leading up to this endeavor, he honed his wealth management skills as First Vice-President of the Private Fund Group at Morgan Keegan & Company, Inc. and in associate roles at Bear Stearns’ Investment Banking Department and Lehman Brothers’ Corporate Finance Department. Rodney received a B.A. in finance from Morehouse College (Phi Beta Kappa) and an M.B.A. from Harvard Business School. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

The second generation in wealthy families could choose a safe path within the family business. But today's guest, Khaled Said, dared to pave his own way, co-founding Capital Generation Partners, a $4B London-based family office. While his choice to take the leap paid off, he didn’t gain success overnight. His backstory is filled with twists and turns and valuable lessons for any boutique founder.   Listen in as Khaled and Stacy discuss:  ●     His backstory — from searching for the perfect-fit firm to manage his family’s assets in Europe to coming up short and filling the gap by setting up his own shop ●     What nobody tells you about the slow burn of starting up in asset management ●     His tried-and-true litmus test for keeping integrity at the forefront of client service at CapGen●     CapGen’s differentiation playbook: how they’re writing a new narrative in serving ultra-high net worth families About Khaled Said:  Khaled is Managing Partner of Capital Generation Partners, a wealth management business based in London.  Khaled is the voice of the client within CapGen setting the standards he believes clients deserve.  Having managed his own family money, Khaled is an experienced investor and has particular insight into the problems families face when trying to get the best from the investment management industry. Clients benefit hugely from Khaled’s principled and commercial approach to investing and his commitment to ensuring that client portfolios are managed by people who think like principals not agents.  Khaled chairs the Client Portfolio Committee which is tasked with making the final decisions on the content of client portfolios and sits on the Asset Allocation, Investment and Risk Committees. Khaled started his career as a strategy consultant at Bain & Company where he specialised in private equity. Khaled is involved with various charities: he sits on the Boards of Saïd Foundation and Turquoise Mountain.  He has a degree in Law from Oxford University, a Masters in History from Harvard and an MBA (Dean’s List) from INSEAD.Resources Mentioned in This Episode: Songs: Eye Of The Tiger - Survivor, Billy Joel – Piano ManBooks: Talking to Strangers: What We Should Know about the People We Don't Know Kindle Edition by Malcolm Gladwell  ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Get a glimpse inside the mind of an allocator in part 2 of our Ask an Allocator series. Today, you’ll hear from Paul Bodnar, CIO of CM Wealth, a $1.78B Family Office.  Listen in as Paul and Stacy discuss: ●      His backstory - from college intern at a tech start-up to CIO●      The power of being candid about challenges and failures in meetings ●      A common pitfall in the M&A and RIA space: not keeping clients first when scaling  About Paul Bodnar: Paul is Chief Investment Officer of CM Wealth, a multi-family office with $1.8 billion under management. Paul’s career in asset management started in equity research at Longbow Research in 2003 where he rose to a Vice President and Senior Equity Analyst role covering industrials. While in that role, he was named to the Wall Street Journal’s 'Best on the Street" Analysts in 2011 and received a similar award from the Financial Times in 2010.  He left Longbow in 2012 to co-found Incremental Insights, an emerging markets-focused investment research firm. Paul has a degree in Business Management with a minor concentration in International Economics from Case Western Reserve University. In his spare time, he enjoys skiing, playing lacrosse, and mountain biking. Paul is married with one daughter, a hardcore Chelsea FC fan, and a follower of Cleveland sports.  Resources Mentioned in This Episode:Songs: Pixies - Here Comes Your Man , Lou Reed - Vicious, Fugazi - Waiting RoomBooks: King: A Life by Jonathan Eig, Same As Ever by Morgan Housel ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Imagine this: you've sold your biz and landed what many would consider their dream job at a multi-billion dollar firm. It’s secure and you’re coasting at the top of your game.  Now, imagine what it would take to trade it all in to leap back into the great unknown of entrepreneurship and build a boutique from scratch.  Guts. That’s what. Today’s guest, Adrian Clayton, had the guts to leap back into entrepreneurship when an unexpected tragedy shook him and reminded him of what his heart wanted all along - to sit in the founder’s seat again.  Listen in as Adrian and Stacy discuss: His backstory - From fresh-faced and hungry for a break in the investment world to chasing his passion and building Northstar Asset Management The Three Pillar Business Model for success in financial management: Operational excellence, investment management skills, and the distribution market, and why they’re importantThe secret to striking a balance between the two key components of investment management risk-taking and risk management About Adrian Clayton: Adrian joined the asset management industry in 1995 and has acted in the capacity of analyst, portfolio manager, CIO, board member, and CEO over his career.   After 13 years of successfully managing the top performing PSG Balanced fund as well as being the CEO of PSG Asset Management, he reluctantly decided to resign in late 2012 as a rare opportunity arose to acquire Northstar Asset Management.     Since then, Adrian has been following his dream of building a long-only, research-driven specialist asset manager with a powerful global skill-set.  Northstar has grown from R600m to R9bn or $500m over this time period, it now has a deep research DNA with a full research team working within the business. Adrian has a commercial background with a Masters in Finance and Strategy.Resources Mentioned in This Episode: Books: Into Thin Air by John Krakauer, Red Notice by Bill Browder

Bill Harding, CIO of Jackson National, shares insights on qualitative due diligence in asset management, importance of culture, and team dynamics. He discusses the transition from a financial analyst to an investment career, Jackson's investment strategy, and the significance of personal connections. The conversation also touches on innovative approaches in benchmarking and casual conversations on favorite songs and retirement goals.

Can classic value investing and AI coexist? Today, Jim Falbe is coming on the show to share his playbook for blending timeless strategies with AI WITHOUT losing the personal touch allocators love.  In this episode, Jim and Stacy cover:   His backstory:   o How losing his mom at 13 sparked his passion for financial management   o Why he left an investment giant to follow his dream of building his own firm Why AI isn’t just a trend: What he’s learned from 10 years in the data science gameThe secret sauce to building a company culture that’s built to last through challenging seasons Grab your popcorn and your Kleenex because Jim isn’t holding back in this episode. He’s sharing the raw emotion involved in foundership, and As you listen, you’ll feel like you’re talking to a friend that’s not afraid to dive into the real talk about life. From navigating grief to leading the charge in modernizing value investing – this episode will solidify one thing for you – you’re not alone in the ups and downs of entrepreneurship and life. About Jim Falbe: Jim is passionate about mentorship and investing. As the Founder of Saguaro Capital Management, he lives these passions daily.Jim was previously a Principal and Portfolio Manager at Vulcan Value Partners. With the Senior Investment Team, he was responsible for portfolio management, coverage of both portfolio and watch list names, and seeking out new investment opportunities. Before Equity Research, Jim was a humanitarian worker in the Middle East/North Africa region. Starting as an English teacher in Jordan, he taught over 800 students and finished by helping run a training center that educated over 1,500 students per year. His team of fourteen was on the ground during the Arab Spring and helped build a network for international aid efforts in Egypt and Libya.Jim is a CFA® Charterholder and earned his MBA in Investments from the University of Notre Dame. He also holds an MDiv in Theology and a BA as a University Scholar from Baylor University.Married with four energetic kids, Jim loves science fiction, history, long walks, chess, and Baylor Football.