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The Exchange by EW&L Private Wealth

Latest episodes

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Jun 8, 2023 • 1h 6min

Trevor Rowe – Lessons learned from one of Australia’s Most successful Investment bankers.

In this episode, Tim catches up with one of Australia’s most successful investment bankers Trevor Rowe. Mr Rowe is currently a Senior Advisor and was Executive Chairman (to 2019) of Rothschild & Co Australia Limited since November 2005. Prior thereto Mr Rowe was at Citigroup Global Markets and held numerous senior positions with Citigroup/Salomon Smith Barney/Salomon Brothers over a period from 1982 to 2005 living and working in New York, Asia, and Australia. He established Salomon Brothers offices in Australia in 1983. He has held numerous positions on the boards of listed companies and institutions including a stint as Chancellor of Bond university. He has been awarded a Member of the Order of Australia (AM) and an Officer of the order of Australia for his services to the financial sector. Tim & Trevor covered a number of topics spanning from Trevor’s upbringing to sharing stories of some of the deals he did and interesting people he has met along the way. Trevor also shares his insights as to the direction we should be taking in regard to our closest trade partners and his views on what will happen in markets this year.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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Jun 1, 2023 • 60min

Let trend be your friend – how do you trade 200 markets at one time?

Investing in the current climate is not at all easy. Particularly given the events of 2022, coupled with the enormous list of investor concerns. There weren’t many fund managers who made a positive return during 2022. Aspect Capital was one of those very rare funds on the planet that was able to. In this episode, Craig Emanuel holds an in-depth discussion with Anthony Todd, the Founder of one of the World’s largest, longest running and most prominent hedge funds (via managed futures), managing more than AUD$12 billion. Aspect Capital actively trades and invests and investing across more than 200 markets globally, 24 hours a day, seven days a week.Anthony co-founded Aspect Capital in 1997 and is headquartered in London. Anthony is the CEO of Aspect, the Chair of Aspect’s Executive Board and the Chair of Aspect’s Investment Committee and takes Board level responsibility for investment risk and model risk management.  Before establishing Aspect, Mr Todd worked for five years (from March 1992 to October 1997) at Adam, Harding and Lueck Limited (AHL) initially as Director of Financial Engineering and Product Development, before moving to Switzerland as Director of Marketing and Institutional Sales.  Prior to this role, Mr Todd was a strategy consultant at Mars & Co., a Paris-based consultancy, from September 1990 to March 1992. From July 1989 to July 1990, Mr. Todd studied at INSEAD in France, and from September 1982 to June 1989 he was with UBS, an international investment bank, in London as Assistant Director in the International Government Bond Group.  Mr Todd holds a B.A. in Physics from Oxford University and an M.B.A. from INSEAD in France.During this podcast, Craig discusses topics such as the hugely successful philosophy and trading strategies employed by Aspect, through to the importance of behavioural finance and how herd mentality (emergence of trends) can create amazing opportunities in markets. It is these dislocations in valuations which creates those opportunities which Aspect has very successfully exploited over almost three decades to generate high returns. No matter what traditional markets or other asset classes return. Key to Aspect’s strategy is the thesis that investment markets are in fact, not efficient. Anthony’s podcast was very kindly coordinated by CFS, who are responsible to manage Aspect Capital’s distribution in the Australian market.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 23, 2023 • 38min

Partners Episode: Inflation (still), Earnings Season & Budget Implications

In this episode, Craig Tim and Ryan discuss what has transpired in the past 6 weeks in the market. They discuss their views on where interest rates and markets are heading, the implications on the debt ceiling, the recent earnings season and the Annual EWL Investor luncheon they recently hosted at the Calile Hotel in Brisbane (Sydney to follow).Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 21, 2023 • 55min

Andrew Mitchell (Ophir Asset Management) - Finding 10 Baggers in Small Caps

In today’s episode, we speak to the Co-Founder of Ophir Asset Management about investing in small cap market. We talk about Andrew’s path to lead one of Australia’s most successful small cap funds, the importance of having skin in the game for an asset manager and how they identify and invest in the best companies of tomorrow.  Ophir manages over 1bn dollars in client capital in small cap strategies both in the US and Australia. Andrew has over 20 years of experience in financial markets covering portfolio management, investment research and economic analysis. Prior to co-founding Ophir ‘Andrew worked as a portfolio manager at Paradise investment management which is another small cap manager covering stocks outside the ASX 150. Prior to this Andrew worked at Commsec as an institutional small cap manager and prior to that he worked as an economist for the Department of Treasury.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 16, 2023 • 1h 22min

Frank Danieli: The value-add of operational expertise – MA Financials’ Credit and Real Estate capability.

In this episode, Ryan Loehr speaks in detail with Frank Danieli, Head of Lending and Credit at MA Financial, formerly known as Moelis Australia. Frank has been with the firm for over a decade and responsible for MA’s Global Credit Solutions platform – covering asset-backed lending, corporate debt, bonds and credit opportunity verticals. Frank also has strategic oversight of the firm’s lending businesses, which include non-bank lending and financial technology platforms and its principal credit initiatives. Frank has a substantial background in corporate advisory, focused on special situations, M&A and financial services transactions.For those not familiar with MA Financial, it's one of the most interesting financial services businesses in the country. It has earned a strong reputation in local investment banking ranks, which should come as little surprise given this business is a legacy of veteran investment banker and Billionaire Ken Moelis, and Andrew Pridham who at only 28 went on to become a UBS Head of Investment Banking, and thereafter Executive Chairman of Investment Banking at JP Morgan. Then UBS colleagues Chris Wyke and Julian Biggins coming together to now co-lead the firm. Both the founders and senior executives in the MA business have deep expertise in real estate, with several local pioneers in what A-REITs are today, and by nature of that, private credit and lending which complements it.We talk to the types of investments and opportunities that the MA Business focuses on and reflect on how its team has delivered strong returns for investors – often by leveraging their operational expertise to drive additional returns. Examples include how the Redcape and MA Hotels business, owned by MA Financial have helped improve pubs and hotels operations and profitability; how acquiring Finsure a mortgage aggregator, has given the MA credit arm a unique set of data to monitor the health of Australia’s lending ecosystem; or how Retpro has given it’s real asset investments an operational expertise in managing retail property.We touch on macro and financial conditions, MA Financial’s expected returns across different types of credit; and recent acquisitions including of US Credit Manager Blue Elephant; and the largest set of Marina’s in the Australian east coast from Balmain and Goldman Sachs. It’s a well-rounded and in-depth conversation for anyone learning about MA, particularly the history it has in driving operational value of assets and investments, but also, for those wanting to understand some of the benefits – and key considerations across the MA asset management product suite.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 14, 2023 • 35min

Drew Burden & Justin Walsh (MBS Life Insurance Webinar) – Why you should review your life insurance policies

MBS was founded in 2006 as a Life Insurance advisory practice supporting accounting firms, some of which had extended their offering to include wealth management. Maintaining a specialist focus on insurance, and recognising the value of expertise, MBS Insurance steadily grew over the next decade to proudly call more than 100 financial services firms their referring partners.Today, MBS Insurance is one of the largest advice producers and portfolio managers of life insurance across Australia with offices across Sydney Melbourne, Perth & Brisbane.We speak with both Drew Burden who is the founding partner of MBS Insurance with over 15 years experience in insurance markets and Justin Walsh who has nearly a decade in financial markets and more recently specialising in risk markets, Justin looks after their Queensland relationships. Life insurance is a critical part of the wealth planning pie, so it gives us great pleasure to announce that we have partnered with MBS to sit on our panel of life insurance advisory services and ensure that our clients have access to great quality advice,  not only on their investments but on their insurance policies also.Disclaimer: Emanuel Whybourne & Loehr may receive a financial benefit for any clients referred into MBS Insurance.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 12, 2023 • 1h 4min

Brendan Lyons: Investing Patient Capital In Times of Illiquidity.

Following a dramatic change in central bank rhetoric in 2022, and one of fastest shifts in interest rate policy in history – small, high growth, and emerging businesses saw their valuation reset. Now, enter 2023...a market with much higher costs of capital, much scarcer liquidity, and generally cautious investor sentiment. Should investors be considering investment in these businesses? While seemingly uncomfortable, the best private market vintages usually favour conditions like those experienced in 2022 and now 2023. In this episode, I speak to Brendon Lyons, Head of Private Investments and Portfolio Manager of the Perennial Private Investments team. The Perennial team manages approximately $7.4B across Australian public and private markets. They have an experienced team of 66 professionals, with 16 of those sitting across private markets and listed small and micro caps. Within our industry, Perennial is renown for its expertise across small and micro-cap investing and with the number of high growth businesses choosing to stay private for longer, it was natural for Perennial to move into this market.  We talk to how the macroeconomic environment has changed over the last 12-18 months, particularly with regards to lower levels of liquidity, as the cost and availability of capital becomes more expensive and scarcer, and creating opportunities in high growth, smaller and emerging businesses. The Perennial team are arguably the pioneers of Australian private to public investing, helping to professionalise and prepare private businesses for an eventual public listing and to ensure they are as ‘market ready’ as possible. Brendon highlights how the number of companies they are seeing has grown from around 300 to now 900 annually, how the types of businesses they invest in are either profitable, or at break even, and how a decades long track record has enabled the Perennial brand to attract some of the best founders, and structure deals that many others can’t.  Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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May 7, 2023 • 43min

Finding Earnings Resilience in Australian Equities

In this episode of the Exchange podcast, we sat down with Casey McLean to discuss all things Australian Equities. Casey is the portfolio manager for the Fidelity Australian Opportunities Fund and has worked with Fidelity since 2015. Prior to commanding the Australian strategy, he was the director of equities in Hong Kong where he specialised in Chinese equities and energy. With more than 19 years of asset management experience, his unique insights make for a very interesting conversation about what lies ahead for markets and the relative value of Australian equities.With rates likely to remain elevated for longer, McLean highlights the potential risk of re-inflation throughout 2024. Despite this, he talks at length about how Australia's strong track record during periods of moderating global growth, coupled with China's re-opening and demand for commodities, is expected to drive counter-cyclical growth opportunities. As a higher cost of capital widens the divergence of winners and losers, Casey provides context to how investors should be thinking to capitalise on market dislocations.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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Apr 20, 2023 • 1h 3min

Simon Kuestenmacher (The Demographics Group) – Predicting the Future

In this episode, we talk with Simon Kuestenmacher from the Demographics group about what Australia and the world will look like over the next 5, 10 and 50 years. We talk about the sustainability of living in concentrated cities, the impact artificial intelligence will have on the workforce, the future of property prices in the major cities and the likely hood of geopolitical tensions escalating globally. Simon and Bernard Salt co-founded The Demographics Group in 2017. The group provides specialist advice on demographic, consumer, and social trends for business. Simon has presented to numerous corporate and industry audiences across Australia and overseas on demographic trends, consumer insights and cultural change in Australia.  His presentations and quirky observations are enjoyed by groups from the financial services, property, government, education, technology, retail, and professional services industries, among others.Simon is a columnist for The New Daily newspaper and a contributor to The Australian newspaper and he is a media commentator on demographic and data matters. Simon has amassed 300,000  global followers on social media, reaches over 25 million people every month and ranks as one of the world’s Top 10 influencers in data visualisation. If you can’t get enough data that explains how the world works, make sure to follow him on Twitter or any of his other social channels.If you would like to engage Simon or Bernard directly you can reach them here: The Demographics Group - Insights In Demography (tdgp.com.au)Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.
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Apr 13, 2023 • 40min

Jason Orthman – Why investing in growth makes sense in all cycles with the Hyperion Funds Management

In this episode, we speak with Jason Orthman from Brisbane-based fund manager Hyperion. We discussed everything from why we should be investing in growth mandates throughout the cycle, the outlook for inflation and the recent short-selling attack on listed company Block.Hyperion Asset Management was founded in 1996 with the aim to grow the wealth of high-net-worth individuals and enhance their family’s futures. Hyperion now manages over $10 billion for industry and public funds as well as many private investors. The moneys are invested in Australian and/or global equities either through large individual mandates or our three publicly available managed funds. Jason joined Hyperion in 2008 as an Investment Analyst and was promoted to Portfolio Manager in 2009. Prior to this, Jason gained 6 years of industry experience as a Senior Research Analyst with a stockbroker, Wilsons. He has covered a wide range of sectors including mining services, retail, manufacturing, and waste. Jason has a Bachelor of Chemical Engineering (1st Class Honours) and a Bachelor of Business Management from the University of Queensland. He also completed a Graduate Diploma of Applied Finance and Investment from the Australian professional body (now called FINSIA). Jason is a CFA Charterholder and a significant shareholder of Hyperion.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

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