The Fiftyfaces Podcast

Anna McDonald has a dual role at Moneta, a St. Louis based RIA with over $32 billion in assets under management. She supports athletes in all aspects of their financial lives, preparing them for sustained success beyond their athletic careers. She knows this segment well as she previously spent six years as an ESPN reporter, covering Major League Baseball and the National Football League. During this time she was a spokesperson around health and safety concerns of the NFL.  In addition to her work with athletes, she also serves as Moneta’s Director of Family Learning. In this capacity, she works at the net as client facing teams to facilitate learning programs for families to transfer wealth to younger generations.Having bridged both journalism and financial advice, we start with the mysterious world of professional sports and reporting on them.  Anna describes how she won the trust of athletes, getting them to open up to her as a reporter, and discusses how meeting them at their level of discussion in terms of technical knowledge was the key to rising above some of the “fluff” in sports coverage.  She translated this counseling and advisory capacity into a broader desire to work with athletes to plan their lives beyond their financial careers and her role at Moneta was born.The profile of professional athletes is unique in terms of earning – and can resemble the inverse of a J curve – in that earnings can be front end loaded but can taper off once a career recedes or retirement occurs.  This underscores the importance of planning, budgeting and preparing for a career beyond elite sports, and we discuss the educational and practical components of this.Series 3 of 2024 is supported by Ruffer and Nuveen. Ruffer is a London based asset manager - founded in 1994 - managing over $25 billion for institutions, pension funds, charities and individuals. They have a single investment approach that aims to deliver positive returns across the full range of market conditions.  Nuveen has provided investment excellence for 125 years. With expertise across income and alternatives, Nuveen continues to expand its capabilities while maintaining its legacy as a leading investment manager. Visit Nuveen.com to learn more. Investing involves risk; loss of principal is possible.

Nicci Take featured in our first Pride series in 2021 and shared her story as a prominent transgender advocate, inspirational speaker and coach.  We have watched Nicci’s presence grow and thrive over the past 3 years, she posts frequent inspirational content on Linked IN and we we wanted to ask her back onto the podcast to share some of that wisdom  - particularly as we get ready to launch our pride series of 2024 in coming weeks. Now global head coach at MMC Marsh McLennan, Nicci works with teams to help the company secure more deals.  We speak about the dynamics of being memorable in these presentations, and how prioritizing the needs of the audience is paramount.  We discuss the poor retention levels of audiences, citing the Ebbinghaus Curve of Forgetting and the staggering amount of information that is forgotten as time passes from the date of acquiring it.  This reinforces the importance of repetition and follow up.  Nicci cites the “day, week, month” mantra for follow up, which sets the cadence for interactions after the initial meeting, and a host of other tips for making presentations memorable, including that it really is not about the presenter.  

Varun Laijawalla is a Portfolio Manager at Ninety One, where he manages long only EM and EM ex-China portfolios.  He started his career as a consultant and moved into stockpicking via Asia focused sales.Our conversation starts with his international background, which saw his family move from India to Holland when Varun was only 4 years old, and the imprint that that multi-cultural yet well-integrated backdrop provided. We hear then about his career journey, which saw him move from management consulting into investing via a serendipitous meeting and reading material, which encouraged him to “follow his dream”.A move to Hong Kong followed, and a career in emerging market investing unfolded, with all of the travel, variety and intellectual stimuli that such a career would suggest. We discuss the features of emerging market investing, the rout that it has experienced over the past few years and the increased investor interest in emerging markets ex-China portfolios.  Finally we reflect on some of the most insightful investor letters that Varun has enjoyed receiving because they provide insights as to how to think. We return to the exhortation to “follow the dream” and examine what makes it worthwhile.  Series 3 of 2024 is supported by Ruffer and Nuveen. Ruffer is a London based asset manager - founded in 1994 - managing over $25 billion for institutions, pension funds, charities and individuals. They have a single investment approach that aims to deliver positive returns across the full range of market conditions.  Nuveen has provided investment excellence for 125 years. With expertise across income and alternatives, Nuveen continues to expand its capabilities while maintaining its legacy as a leading investment manager. Visit Nuveen.com to learn more. Investing involves risk; loss of principal is possible.  

In this bonus episode we meet with fellow INSEAD alumna Avivah Wittenberg-Cox advocates for new thinking in generational and gender balance. She is a consultant, coach and speaker on the rising impact of longevity on the people and on the workplace and provides advice to help businesses thrive. She is the author of seven books on gender, leadership and longevity and the host of the podcast 4-Quarter lives, where she applauds podcasts as a way to create “real conversations in a very noisy world”.   In this very real conversation we talk about Avivah’s path to coaching and the importance of rethinking what we thought we knew about our lifespans, employment trajectories and retirement path. She draws upon her analogy of life having four quarters, and makes the point that most of us have discounted the potential of the third quarter – the years between 50 and 75.  We discuss the perils of trying to compress too much into the second quarter in particular – to try to “have it all” instead of spreading out goals and achievements.  We look at the endless potential of this phase and ask how employers can embrace this and in so doing promote more diversity in the workplace and more sustainable employment practices.  Given that Avivah is a coach we discuss the role of coaching and how it might be integrated into careers at an earlier stage than currently.  We also discuss continuing education and how universities and other institutions should adapt to the demand for lifelong learning.  Finally we look at the role of intuition, and how trusting one’s instincts can be central to career success.   

Jim McNamee, is President of the National Public Pension Fund Association.  He is director of Stonegate Insurance, Unique Insurance Company and Resolute Global Partners as well as the Illinois Public Pension Fund Association which he founded in 1985. He was formerly a police officer.Our conversation starts with the school of hard knocks – a strict Catholic schooling outside Chicago, and we trace Jim’s early years, which weren’t always easy within the school system. After dropping out of high school he joined the military and this was the regulation that he needed to calm down and develop a plan.  He spent decades in the police and there became interested in the pension system and protections in place for beneficiaries.This sparked a second career as a connector, Trustee and advocate for public pension funds around the US, and the founding of first the Illinois Public Pension Funds Association and then the National Public Pension Funds Association. We talk about the challenges and priorities for public pension funds today and the way that advocates, officers and trustees are beginning to tackle them.Series 3 of 2024 is supported by Ruffer and Nuveen. Ruffer is a London based asset manager - founded in 1994 - managing over $25 billion for institutions, pension funds, charities and individuals. They have a single investment approach that aims to deliver positive returns across the full range of market conditions.  Nuveen has provided investment excellence for 125 years. With expertise across income and alternatives, Nuveen continues to expand its capabilities while maintaining its legacy as a leading investment manager. Visit Nuveen.com to learn more. Investing involves risk; loss of principal is possible. 

Stephanie Drescher is Chief Client and Product Development Officer at Apollo.  She started her career in the Alternative Investment Group at JP Morgan and is a Board Member at ADT.  We start our discussion with a tribute to Stephanie’s grandmother who taught her about stocks and the markets, sowing the seeds of an interest in finance that has been lifelong. We trace her education in a women’s college, through to her entry into finance and her progression through the ranks of an investment bank.We move then to discuss the evolving nature of institutional and private wealth product demand, and how it has changed over recent years.  We speak in particular about the role of alternative assets and the culture of firms that endure. Series 3 of 2024 is supported by Ruffer and Nuveen. Ruffer is a London based asset manager - founded in 1994 - managing over $25 billion for institutions, pension funds, charities and individuals. They have a single investment approach that aims to deliver positive returns across the full range of market conditions.  Nuveen has provided investment excellence for 125 years. With expertise across income and alternatives, Nuveen continues to expand its capabilities while maintaining its legacy as a leading investment manager. Visit Nuveen.com to learn more. Investing involves risk; loss of principal is possible.

Ciara Hurley is an investment committee member at the Trinity College Dublin Endowment. Ciara recently retired from Quilter Cheviot, where she was a financial advisor for over 20 years.  She has worked as a portfolio manager, as well as serving in various director and Board roles. Our conversation charts both Ciara’s career and the evolution of wealth management in Ireland over that 30 year period. We discuss how she developed her own identity and risk tolerance as a financial advisor, and the way that she encouraged clients to “walk with her” during turbulent market conditions to ensure that their portfolios were resilient. We conclude by discussing Ciara’s next chapter now, post retirement, which will involve a lot of travel and pursuit of her love of art and art history in particular.  We speak about what she has learned from studying this area and the enhanced perspective and insight it provides. Series 3 of 2024 is supported by Ruffer and Nuveen. Ruffer is a London based asset manager - founded in 1994 - managing over $25 billion for institutions, pension funds, charities and individuals. They have a single investment approach that aims to deliver positive returns across the full range of market conditions.  Nuveen has provided investment excellence for 125 years. With expertise across income and alternatives, Nuveen continues to expand its capabilities while maintaining its legacy as a leading investment manager. Visit Nuveen.com to learn more.Investing involves risk; loss of principal is possible.

Marcie Frost is the Chief Executive Officer of CalPERS, the largest pension fund in the US with over $400 billion in assets under management and serving over 2 million members in its retirement system. She was recently elected to the board of the Toigo Foundation.Our conversation starts with her very early days in public service, and how typing and softball were an unusual combination that led to an opening opportunity.  She recalls how she rose through the ranks in Washington State, ultimately running the Department of Retirement Systems and chairing the Washington State Investment Board. She notes that what people say about you you in the form of endorsement can be more effective than what you say about yourself.We move then to her role at CalPERS and the change that it involved and ask what is at the forefront of her mind today.  We discuss a wide range of topics from the challenges of funding, stakeholder management and flexing the muscle around change that steering this level of assets.  Topics that CalPERS is particularly active around include climate change - and it has committed $100 bn to climate innovation as well as diverse managers, where it has contributed $4 bn just in recent allocations. We conclude with a broad discussion on pension fund governance, the challenges and opportunities of working in the public arena and the mindset that sets one up for success. Series 3 of the 2024 Fiftyfaces Podcast is sponsored by Ruffer and Nuveen. 

Summer is coming, and so is Series 3 of the 2024 Fiftyfaces Podcast, and this series is filled with themes that we have not touched in as much depth before. The notion of service, and in particular serving public funds – whether in an officer, trustee or consultant capacity is explored in depth – we look at the mindset required, the rewards that accrue, and how to attract new talent into this segment.We move then to private wealth to discuss the unique ways to serve clients such as athetesOur guests on Series 3 of 2024 are Marcie Frost, CEO of Calpers, Kevin Leonard of NEPC, and Kurt Summers of Blackstone, all of whom talk about their work lives in public funds and the satisfaction they derive from this.  Staying with pension funds we chat with Jim McNamee about his career in the police and his transition into pension funds. We move from there to Canada to catch up with Derek Walker of CPP Investments about the total return approach that they espouse. Moving then to private wealth, we speak with the legendary Ciara Hurley about her 30 years in private wealth in Ireland, Stephanie Drescher of Apollo about the massive opportunity for growth in this segment, and Anna McDonald from Moneta talks about her practice with professional athletes. We cycle back to asset management then to hear about the case for Emerging Markets from Varun Laijawalla, as well as the culture of culture at Golub Capital, as told by David Golub. Series 3 of 2024 is sponsored by Ruffer Investment Management. 

Carina Diamond is a wealth management leader with particular experience in growing and building businesses. Late last year, she founded Stella Secunda Partners, a consulting firm that helps financial services locate and retain next generation talent and guide business owners through succession planning. She is a motivational speaker and coach, as well as the founder of Diversitas, a national education program at The University of Akron designed to expand diversity in wealth management.Our conversation starts with her early career, and the philosophy of abundance v. scarcity that informed her approach to growing a firm and financial planning. We move then to talk about the evolution of financial planning, to invoke more psychology, sociology, focus on financial literacy and human centricity. This is a recurring theme in the industry recently. On the topic of the next generation and succession, we speak then about the impact of Diversitas, and how targeting education programs in this way can be so pivotal to inspire an interest in wealth management as well as creating a network of support and motivation.This podcast is kindly supported by Resolute Investment Managers, Inc. and Ninety One Asset Management.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. Ninety One Asset Management is a global asset manager with emerging markets roots that brings a different perspective to active and sustainable investing.