The Fiftyfaces Podcast

Joanne Donnelly is the CEO at the London Pensions Fund Authority, a role she has held since April of this year. She was previously Head of Pensions at the Local Government Association and prior to that worked in HM Treasury, the NHS and the UK Home Office.  Our conversation takes us from the big picture, starting with international law, which was Joanne’s original specialist area, to the local level, her current focus, and there were many fascinating stops in between. We hear about various roles in public agencies, and how this shaped her approach to governance and ultimately service. We hear about the paramount importance of communication early and often and how this forges the link with ultimate beneficiaries. Why we made this? Joanne is an emerging leader in the dynamic world of public pensions, which is particularly in focus in the UK today. Why we think you will like it? It is rare to find a leader who sets the standard in the challenging area of public pension funds. Joanne is one of these leaders, and we can learn a lot from her insights on governance, communication and transparency.  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Lauren Juliff is Climate and Sustainability Product Lead and Head of UK Institutional at Storebrand Asset Management UK. Her educational background is in science and she has a MSc in Climate Change: Environment, Science and Policy. We start our conversation with Lauren’s background and a passion for dance that she has carried throughout her life. We mention this as a reminder to take time to nurture health, and joy, even in the small moments. Moving then to her professional career we discuss the evolution of climate and sustainability products, and how she was motivated to pursue a post graduate degree in the area of climate change policy. We discuss then how this enriched her approach to product development and solution building and look at the outlook for this and similar strategies.  Why we made this? Lauren is a passionate industry member with a unique blend of an academic background in Climate Change, Environment, Science and Policy as well as an understanding as to how sustainability products are fashioned and delivered.  Why we think you may like it? A growing body of investors is interested in climate and sustainability products, and this podcast provides insights on product positioning, the evolving nature of client demand  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Jose Manuel Silva, who is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region. 

Jon Salstrom is Executive Director and Chief Investment Officer at the Cincinnati Retirement System, a role he has held for almost two years. He previously worked in a series of consulting and financial analyst roles. Our conversation starts by tracing his earlier career path, and particularly his roles in consulting which set him up well for the current role with the City of Cincinnati. We dive in then to what shifts he noticed in himself, and in his backdrop, when he made the move to public service, and explore the best practice in governance that is key to making progress and protecting capital in this area. Moving to mission and purpose we discuss the fund’s asset mix, key priorities as well as size and funding level, and the overarching sense of purpose that guides him and his team. "Strength in Unity" is the motto of the City of Cincinnati.  Why we made this? US public defined benefit funds are a key component of the US institutional landscape. Sitting at the intersection of politics and finance, these funds may have to wrestle with funding, cash flow and stakeholder issues that are complex, while often operating with lean teams. Jon Salstrom is a relatively new leader in this space, and we wanted to capture his perspectives and approach as an allocator in Cincinnati. Why you may find this useful? The discussion provides insight into what is top of mind for a  public fund allocator today, as well as an charming description of a shift from the private sector to embracing public sector mission and purpose. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

I am delighted to launch this bonus series featuring leading financial thinkers in Latin America with this podcast with Nicolás Dujovne, recorded live in Buenos Aires in late August. Nicolás is an Argentine economist and former Minister of the Treasury between 2017 and 2019 under the administration of Mauricio Macri. He has had a long career in financial markets, primarily as an economist, and since 2020 has been a partner of Tenac Asset Management, which recently won best Emerging Markets Macro Fund over two years as awarded by the Hedge Fund Journal.  Our conversation traces Nicolás's early interest in photography, and how this shaped his sense of perspective in his chose career as an economist. We dive in to his core beliefs as an economist and some of the "truths" that his experience in living and working through economic crises has taught him about the importance of fiscal discipline.We trace the evolution of the economic backdrop throughout his career, moving in to his time in the Treasury and his assessment of the current state of reforms being implemented under President Milei. With elections looming in September much remains to be seen, but we discuss potential paths and hopes for the future. Finally we turn to his current role at Tenac Asset Management, and examine some of the macro drivers in markets today and the level of difficulty in navigating them. This special series focused on South America will be released occasionally on a Friday. We welcome feedback, guest suggestions and more. 

Nadia Cobalovic is Senior Vice President at Northern Trust and Global Head of Omnium Services, where she oversees teams encompassing Middle Office Operations, Back Office Administration and Data Delivery. She also contributes to business growth, strategic initiatives and new initiatives. Our conversation starts with her early career aspirations to be a war correspondent and later, to work in U.S. government agencies. Delays and bottlenecks ultimately led to a forced—but serendipitous—pivot into financial services. What began as a temporary role at Citadel became the start of a dynamic 25+ year journey, one that now finds her leading Omnium Services at Northern Trust—still alongside some of the same colleagues who have been part of her career from the very beginning.We speak then about the evolving world of hedge fund services and how AI, cyber security concerns and changing investor and fund needs are shaping it. Moving to career reflections we discuss the importance of giving credit where it is due – sometimes to oneself, and the joys that working for a supportive team – and together – for over 25 years can bring. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

It has been an exciting summer, but we have managed to squeeze in a set of global guests for Series 4 of our 2025 Fiftyfaces Podcast – which takes us from the evolving world of hedge funds and the support infrastructure needed, to emerging market equities to late-stage venture capital to public pension pooling.We start with hearing from Nadia Cobalovic, and the evolving world of hedge fund operations, then turn to Jon Salstrom, one of two Cincinnati investors on this Series, who describes the mission with which the Cincinnati employees retirement system runs their pension scheme. Staying with local government we change gears to the UK and the fast-paced set of changes occurring there, hearing from Jo Donnelly, CEO of LPFA. We revert to sustainability, with a side of dance, in a joyful discussion with Lauren Juliff of Storebrand, and then move to our first foray into Emerging Markets this series with an in-person interview with Jose Manuel Silva, conducted live in Santiago, his base. We then go back to Cincinnati, to check in with Karl Scheer, CIO of the University of Cincinnati endowment. It is back to Emerging Markets then, with an interview with James Fletcher, founder of Ethos Investment Management, and from emerging markets to emerging sectors, we then hear what excites Karey Barker of Crosscreek ventures, also based in Salt Lake City about the current opportunity set in innovation.Because we like to hear of movers and shakers who are forcing us to think differently about how we show up in work, an engaging discussion with Candice Richards, will remind you to “buy your own baubles” and let your authenticity shine through at work, and finally are back to picks and shovels, with a discussion with Sam Garetano of Brookfield Asset Management on the appeal of data center investing.  Thank you to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is an asset management boutique that seeks out game-changing companies and other assets that can sustain long-term growth and remain resilient in a changing world. As an investment manager, it aims to deliver strong returns for its clients while supporting the firms that are backed on their behalf to succeed.

Lisa Laird is CIO at Mercy Investment Services in St. Louis. She has previously held senior strategist roles as well as other healthcare leadership roles, and currently holds a number of additional board roles. Our conversation starts with her dream to become a ballet dancer, and how this ultimately required a serious pivot, and we then hear about a series of financial services roles that ultimately culminated in her current CIO role for a religious institution. Having not had many guests with this connection on our podcast before it was interesting to dig into some of the unique characteristics of this type of role, which in Lisa’s case includes a commitment to impactful investments. We discuss the definition of impact in this case, and how it is implemented and complementary to some of the charity and philanthropic work done by this institution. Finally we reflect on the importance of kindness and how it can be a touchstone through one’s career and life. Thank you to GCM Grosvenor and Resolute Investment Managers, Inc. for sponsoring Series 3 of 2025. GCM Grosvenor is a global alternative asset management firm with a longstanding commitment to supporting small, emerging, and diverse investment managers. For over 30 years, the firm has developed expertise in funding and guiding these managers as part of its broader activity across alternative investments. With over $20 billion in AUM dedicated to small and emerging managers and $16 billion in AUM dedicated to diverse managers, GCM Grosvenor leverages its experienced team, broad network, and proprietary sourcing capabilities to support their success. Through the Small, Emerging, and Diverse Manager Program, the firm creates opportunities for investors to access a wide range of talent while seeking to drive strong returns and impact. For more information, visit www.gcmgrosvenor.com Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners.

Nick Spencer is a senior consultant and sustainability risk specialist in the Milliman Life and Financial Services practice based in London. He is a Fellow of the Institute and Faculty of Actuaries and past Chair of its Sustainability Board and a past Council Member. He has written extensively on the integration of climate risks into actuarial work as well as on natural capital, biodiversity and broadly on aspects of the climate transition. Our sweeping discussion starts with risk, which, as an actuary, has been the backbone of Nick’s career – analyzing it, measuring it, mitigating it. We look at the challenge of sustainability through a risk lens, and ask whether carbon should remain at the forefront of the discussion or whether it is more critical now to expand the list of priorities. Staying on the topic of risk we speak about standards, reporting and mitigation, and circle into adjacent areas such as the challenge of biodiversity loss, renewable agriculture and the hydrology cycle.  Naturally, some of these seem to be at times insurmountable challenges, and we assess the right mindset for staying in this industry long term.Nick suggested the following resources - see fiftyfaceshub for more details.   Sustainability Accelerator - Chatham House   https://donellameadows.org/systems-thinking-resources/   https://www.gov.uk/government/publications/final-report-the-economics-of-biodiversity-the-dasgupta-review  https://global-tipping-points.org/resources-gtp/Planetary Solvency – Finding Our Balance with Nature and  Planetary Solvency Dashboard ; Thank you to GCM Grosvenor and Resolute Investment Managers, Inc. for sponsoring Series 3 of 2025. GCM Grosvenor is a global alternative asset management firm with a longstanding commitment to supporting small, emerging, and diverse investment managers. For over 30 years, the firm has developed expertise in funding and guiding these managers as part of its broader activity across alternative investments. With over $20 billion in AUM dedicated to small and emerging managers and $16 billion in AUM dedicated to diverse managers, GCM Grosvenor leverages its experienced team, broad network, and proprietary sourcing capabilities to support their success. Through the Small, Emerging, and Diverse Manager Program, the firm creates opportunities for investors to access a wide range of talent while seeking to drive strong returns and impact. For more information, visit www.gcmgrosvenor.com Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners.

In Part 1 of this special series focused on our brain power and whether we are losing our minds, we addressed the slide we are reported to be experiencing in terms of attention span and critical thinking capacity.  Now In Part 2 we ask what we can do now to address slide. We are joined again by Carolina Pacheco-Punceles. She is a Behavioral Economist, AI Survival Kit Creator, Executive Function Strategist and her Linked In bio states that she is Equipping Humans with the Skills to Think Clearly, Lead Wisely & Thrive in a Disrupted World We suggest that the first step is acknowledging the problem – we then discuss the idea of training our minds and “going to the mental gym”, and look at strategies from those discussed by Niall Ferguson – creating an analogue study system where books are read in paper form and discussed without the use of electronic devices, to hybrid strateiges that encourage us to harness AI without relying it on exclusively. If you enjoyed this short podcast series please send us your ideas for addressing the slide in our cognitive capacities.