The Fiftyfaces Podcast

If you have heard the term abundance of riches, that is what we have been experiencing this year in terms of our guests. So we are very pleased to bring you this bonus series, sponsored by Sound Mark Partners, a women led real estate debt firm that exemplifies so much of what we endorse and promote in the investment industry. We learn about accidental career paths, innovative strategies such as funds focused on positive change, climate engagement, GP-led private equity secondaries and carbon credit trading. We hear from the CIO of a university endowment about the joy she derives from a role where a university's mission and investment agenda work as one, and about multiple private wealth experts about the challenges in representation in the industry and where they have found opportunities. We include career advice and wisdom for the ages. The guests in our bonus series are: Geeta Kapadia, Chief Investment Officer at Fordham University Apurva Schwartz, a portfolio specialist at Harding Loevner LP Kate Fox who is an Investment Manager at Baillie Gifford Katie Stitch a partner at W Capital Partners a private equity firm Shari Greco Reiches who is founder of Rappaport Reiches Capital Management Saira Malik who is Chief Investment Officer at Nuveen Sinead Faughan a financial advisor with UBS John Teahan, portfolio manager at Redwheel Jane Buchan of Martlet Asset Management and founder of PAAMCO Matt Sherwood, founder of Pothos Partners.

Apurva Schwartz is a portfolio specialist at Harding Loevner LP. She was previously a principal at Rocaton Investment Advisors, where she was a senior member of the investment team. Prior to that she held a series of roles in equity analysis and investing. Our conversation starts with her serendipitous start in finance and how that experience of picking stocks drove her to launch her own hedge fund. Her interest then expanded to analyzing managers themselves and a career in investment consulting. This came full circle then when she chose her next move, which was back into the investment management field. Apurva had a unique lens to apply when selecting her next move as she had spent years analyzing different investment firm cultures, and we spend some time discussing what it is that makes a successful investment company culture. She speaks about the perils of storytelling - of being carried away by the narrative, and of the importance of creating a culture that is conducive to a team's growth. This relates, in particular, to psychological safety and the safety to make mistakes while learning, without a culture of blame. We broaden the conversation then to discuss recent trends in asset allocation, the state of non-US investing and client's use of global portfolios as well as shifts in the industry in light of the rise of passive investing as well as ESG strategies. We end with reflections on the importance of learning from essentially everyone one encounters, the importance of humility and of learning from mistakes. It is a far reaching conversation that I hope you enjoy. This bonus series is kindly supported by Sound Mark Partners, Sound Mark Partners LLC is a women-owned and led private credit firm focused on commercial real estate.

Geeta Kapadia, the Chief Investment Officer at Fordham University since 2022, shares her fascinating journey from health care to finance. She discusses how she channels student ideas into investment strategies, including student-run funds linked to the university's mission. The conversation delves into aligning investments with sustainability and community impact, while also examining the importance of diversity in leadership. Geeta highlights how her experiences shape her approach, emphasizing collaboration and empathy within academia's investment landscape.

Cathie Wood is CEO of ARK Investment Management LLC (“ARK”). Prior to ARK, Cathie spent twelve years at AllianceBernstein as Chief Investment Officer of Global Thematic Strategies where she managed $5 billion. Cathie joined Alliance Capital from Tupelo Capital Management, a hedge fund she co-founded which, in 2000, where she managed $800 million in global thematic strategies. Prior to her tenure at Tupelo Capital, she worked for 18 years with Jennison Associates as Chief Economist, Equity Research Analyst, Portfolio Manager and Director. She started her career in Los Angeles, California at The Capital Group as an Assistant Economist. This was our second podcast recording together but the first for the Fiftyfaces Podcast. We started by tracing Cathie's upbringing and the fusion of innovation, entrepreneurship and travel that led to a peripatetic youth, including a spell in Ireland. We hear what drove her interest in finance and investing, and how she started her career. Our conversation moves then to the founding of ARK, and the almost spiritual reckoning that led to Cathie's decision to strike out on her own. We hear about her commitment to transparency and openness when it comes to research, and to the overarching importance of making their research open source. The team at ARK believes that this makes their process more robust, more resilient and adaptive, and they give the example of the evolution of their "autonomous cars" segment to embrace all of AI and how they have cross-checked some of their assumptions around growth in other sectors. Given how topical the subject is, we dive into a discussion about AI and its likely impact on the investment management industry. Cathie's thesis is an optimistic one, that should get the industry back to its original, forward-looking focus on themes and creativity. Finally we speak about pushback, criticism and debate that ARK and its theses have occasionally attracted. Series 5 of 2023 is kindly sponsored by With Intelligence, which has the mission of connecting investors and managers to the right people and data to raise and allocate assets effectively The music in this podcast series - provided by Julia Kwamya - is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1

Bruno Kaiser is CFO at Smile CDR Inc, a digital health company based in Toronto. He previously spent over 20 years in a series of investment banking leadership roles with a particular focus on the Metals and Mining Sector. We were classmates at INSEAD from 1999-2000. Our conversation takes a journey from the old economy to the new economy – starting with Bruno’s upbringing in Canada, his path into investment banking and ultimately the field of metals and mining. We discuss valuation dynamics in this field, the evolution of the area, what it takes to deliver value as an investment banker in this arena and how the companies are responding to growing ESG demands. We turn then to something totally different, which is the field of digital health, where Bruno is currently focused. The capacity for data and artificial intelligence to improve the user experience within healthcare is immense and we discuss what that will mean for cost structures as well as the balance between telehealth and in-person interactions. We finish with a discussion about the move from being a banker to a CFO and how that transition looked, and reflect on how bankers can sometimes be pigeon-holed and have challenges in moving to industry. Bruno discusses how this can be countered – through building strong relationships with clients, reading around the industries one works in and really focused on specific rather than generic industry problems. Series 5 of 2023 is sponsored by With Intelligence, which connects investors and managers to the right people and data to raise and allocate assets effectively. The music in this podcast series – provided by Julia Kwamya – is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1

We are delighted to bring you this lively bonus episode of a live conversation with the legendary Steven Eisman, who became famous for shorting Collateralized Debt Obligations in the run up to the 2008 financial crisis. He was featured in the film adaptation of The Big Short under the name of Mark Baum, and portrayed by Steve Carell. In September 2014, he joined Neuberger Berman in the Private Asset Management division. The group, run by partners including his parents, Elliott and Lillian Eisman, manages portfolios of stocks for wealthy clients If history does not repeat, but instead rhymes, I was intrigued to hear what lessons were learned in the run up to the crisis of 2008 that might be applied today. Steven and I discuss his roots and early familiarity with risk taking that grew from having two parents in the brokerage business. We explore the backdrop to the crisis of 2008 and the frailties of the financial business models as well as the, sometimes blind, faith that management had in them. His response to the abusive and risky practices of some of the lenders and financial architects was, admittedly, an emotional one - and we have a short diversion into the presence of emotion in almost all investment decisions. Moving to today, we look at the opportunity in infrastructure investing and some of the humility that market forces have a tendency to cause. "Peacock Today, Feather Duster Tomorrow" was a famous phrase of Steven's father and we discuss it as an essential "check" on the dangers of hubris and over-confidence. Warm, amusing, self-deprecating and brilliant original thinker - please enjoy my conversation with Steven Eisman.

We have brought you this story to showcase an extraordinary physical challenge - the world's toughest row - that one of our own - investment manager Laura Langton - is about to embark upon. We examine what motivates a person to take on something so extreme and so obviously strenuous and physically taxing. We look at the preparation and mental journey that is involved, and ask what it teaches her and how she brings these learnings into the workplace. Laura Langton an investment manager at JM Finn. She was previously involved in developing partnerships and revenue streams in financial services. Our conversation starts with her very sporty upbringing in the idyllic Cotswolds. Her mother was a jockey and Laura found rowing had its own rich history within her family. We move then to her professional journey to her experience with financial services and how she found herself growing into an advisor role. We discuss what is on clients minds today and how the nature of the financial advisory business is evolving. Finally we get to the topic of the upcoming row - with Laura and her 3 teammates in an all women team poised to start in December. The row is a 3000 mile unsupported row across the Atlantic Ocean from the Canary Islands to Antigua. It involves rowing in 2 hour shifts (2 hours on/2 hours off) on a 24 hour basis in what is technically a race. Naturally I wanted to dive in to the preparation required for something so extraordinary. We looked at the importance of training for adversity - harrowing adversity - and how team dynamics evolve. The psychological journey has already started for Laura and her team, and we discuss what she has learned so far. You can read more about Laura's race here: https://www.worldstoughestrow.com/the-atlantic/2023-race-entrants/ Her sponsors are and if her sponsorship page is here: https://www.teamaceofblades.com/charities Series 5 of 2023 is sponsored by With Intelligence, which connects investors and managers to the right people and data to raise and allocate assets effectively. The music in this podcast series – provided by Julia Kwamya – is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1

Julia Kwamya is an associate at Tikehau Capital, the global alternative asset manager, where she is based in NYC.  She has trained as an actor, musician and voiceover artist and has released her first album “Feel Good about Feeling Bad”.  We are featuring songs from this album on this entire Series 5 of 2023.  She has been Creator in Residence at Kickstarter, as well as a casting assistant among other roles in the entertainment industry.  She studied economics at Pepperdine University. We start with discussing her upbringing, her Ghanaian/Ugandan heritage and the early interest she developed in the arts as a child. We trace this then into her choice of college major and into her early career which saw her rotate through various creative roles. This was abruptly ended by a tragic set-back which saw her forced into a period of medical rehabilitation and overcoming paralysis, and ultimately led to a pivot into a different career path, which saw her move into alternative asset management. Now a business development professional, we discuss how her training in the arts prepared her for this role and reflect on the role of music as the soundtrack of our lives. Ultimately it all comes down to "attitude, belief and determination". Series 5 of 2023 is sponsored by With Intelligence, which connects investors and managers to the right people and data to raise and allocate assets effectively. The music in this podcast series – provided by Julia Kwamya – is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1

Ben Phillips is Head of Asset Management Global Advisory Services at Broadridge Financial Solutions, based in New York, He has had a long background in consulting at firms such as Casey, Quirk, Deloitte and Cerulli Associates and has focused for much of his career on the dynamics and evolution of the asset management industry. I asked Ben here to let us look over his shoulder into his crystal ball to chart the future course of the asset management industry. First Ben draws on the experience of his career in asset management consulting which has spanned over a quarter century. We look at factors such as the: ·   Growing demand for customization of product ·   Generational changes and how this affects client demand ·   What role “mission or purpose” plays in this evolution of demand and what this means for sustainable investment solutions. ·   The evolution of Mutual Funds ·   The key role of data and data-driven approaches in the evolution of the industry. ·  What role AI will play and whether we will see the birth of the new, more intelligent robo-advisor? We look then at the evolution of asset management as a service industry rather than simply as a provider of product, and look at the importance of a dynamic client development function. Series 5 of 2023 is sponsored by With Intelligence, which connects investors and managers to the right people and data to raise and allocate assets effectively. The music in this podcast series – provided by Julia Kwamya – is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1

Melanie Pickett is Executive VP and Head of Asset Owners, Americas at Northern Trust, based in the Chicago area.  She oversees the Alternative Asset Servicing Group and directs the firm’s strategy , growth and delivery of all firmwide products for asset owners and allocators in the America’s region. She was named 2021 Top 40 Women in Fintech and the 2021 Global Banking & Finance US Business Woman of the Year. She previously was Chief Operating Officer and Managing Director of Emory Investment Management at Emory University and prior to that spent over 10 years at Morgan Stanley.  After we trace her path into her current role, we dive in to how the function of an alternative asset servicing group is changing to meet shifting client demand as well as to cater to new product types. We look at the emergence of human centered design and the impact of AI and machine learning and then turn to the rising volume of ESG related data and its accuracy and comprehensiveness.  This leads us to diversity, and we refer back to Melanie’s long career to look at the improvement metrics around diversity in financial services, and we reflect on some of the supports that have made a positive difference in mentoring and leadership.  Staying on the topic of leadership and managing teams, Melanie refers to the adage of A players hiring As, and B players hiring Cs, we look at the formative phase that the early years in financial services can be, and overall study the impact of a very strong team and how leading one can be a high point of one’s career.   Series 5 of 2023 is sponsored by With Intelligence, which connects investors and managers to the right people and data to raise and allocate assets effectively. The music in this podcast series – provided by Julia Kwamya – is available on her album on Spotify: Feel Good about Feeling Bad https://open.spotify.com/album/7lTQWSHeaVo3xHuF9q8ilv?si=uvGJZX7FQ9-2wX-0e951ZA&nd=1