The Fiftyfaces Podcast

Andy Ayim, MBE is an investor and founder based in the UK, and runs an Angel Investing School designed to “teach people how to invest small tickets in start-ups effortlessly.” He has run the School since January 2020, and is a venture partner and board member of numerous technology companies. Passionate about financial education and entrepreneurship, he has held been entrepreneur in residence at accelerators such as Entrepreneur First, and OneTech and spent time as Managing Director at the London Accelerator Backstage Capital, which focuses on supporting underrepresented founders. He was awarded an MBE in 2020 for services to diversity in technology. Our conversation starts with Andy’s early interest in finance and investing and he describes how his family had to order the Financial Times specially to their local newsagent in Tottenham. He became an entrepreneur at an early age and became fascinated by the business of investing and building a business. We trace this through his love of music and then hear about how he entered an accelerator program. Andy describes what makes an accelerator program successful and he stresses the importance for him of building deep relationships and trust at the early stages of an entrepreneurial venture. We turn then to the Angel Investing School and bust some myths about what it is to be an angel investor and what the curriculum taught at the school entails. We conclude with a discussion of the upcoming London Tech Week and what it offers for entrepreneurs and budding angel investors. Learn more about The Angel Investing School: https://angelinvestingschool.com/ Sign up to Andy’s weekly newsletter here: https://andyayim.com/ LTW: https://londontechweek.com/ Connect with Andy on Linkedin: https://www.linkedin.com/in/andyayim/ This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the “reverse enquiry” form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers.

Tom Raber is the founder and Managing Director of London-based Alvine Capital, a reverse enquiry solutions firm that Tom founded in 2005, with a particular focus on finding solutions for institutional investors in alternative assets.  Originally from Sweden, he previously held leadership roles at Key Asset Management  and a series of investment banks.  We start by discussing Tom's path and education and the determination that he showed to get a job on "Wall Street" where he ultimately arrived via a role in investment banking in London. We chart that path, then learn what led to his move to a fund of hedge funds fund raising during the hedge fund peak and ultimately to founding Alvine Capital. Alvine Capital was, in my view, the pioneer of the "reverse enquiry" form of capital raising. Instead of relying on a push strategy for alternative products it derived a pull strategy from its many relationships with providers of institutional capital. It was a strategy perhaps initially necessitated by the requirement to stay efficient as a small, boutique operator. Ultimately, though, it became a differentiator and value proposition. I asked Tom about how he learned to succeed in sales, and about the need for a thick skin and techniques to actually seal the deal. What follows is a series of insights on preparation, reading the room, reading the client and ultimately finding the moment at which a decision is likely and bringing that decision around, whatever it might be. We discuss the importance of preparation and follow up, two areas which may not always be receiving the right focus. Finally we bring our discussion to the human side of sales, the need to adapt, shift habits, pace oneself. It is a rich discussion with one of the best there is. This podcast is kindly supported by Tom and Alvine Capital who have supported Fiftyfaces Productions every year since its inception by sponsoring a podcast series. This year they are sponsoring Series 4. There is more information about Alvine Capital on the website: alvinecapital.com

Colin Robertson is an independent advisor to two LGPS funds – London Borough of Tower Hamlets and London Borough of Harrow, within a portfolio career that he has had since 2013. He previously held the role of Global Head of Asset Allocation for Aon Hewitt and previously at Mercury Asset Management. He has extensive experience in working with a wide range of institutional clients.  In this podcast we go on a journey from Scotland to the University of California – Berkeley around the end of the Flower Power era. It was there that Colin studied for a year and focused on Game Theory, a subject that he likens to risk management. Colin describes the evolution of his investment beliefs and how they have evolved to incorporate more behavioural aspects.  We cycle through the various roles that Colin has had, in which he spent time working on both equity and fixed income investments before becoming a Chief Investment Officer. He subsequently decided to focus on economics and asset allocation, holding major global positions. After retiring from full time employment, he has taken on independent advisory work amongst other roles. We examine what it takes to be an independent advisor and the level of challenge that is appropriate.   Returning to the topic of behavioural science, we examine what it is that makes people lose some of their over-confidence and arrogance in the investment arena over time. Colin discusses how the role of interpreting the mass of data we have out there is more important than ever and reflects on the satisfaction he has enjoyed from being able to innovate throughout his career.  This podcast is part of a special collaboration with Crispin Derby Limited. 

Paul Guilliotti is Assistant Director – Financial Services – at Richmond and Wandsworth Councils. He has had a long career in local government and is a frequent participant in discussions around leveling up and LGPS pooling. Our conversation starts with Paul’s childhood where he spent some time in Zambia during his early school years. We speak about any take-aways from that time and then dig into the origins of his unusual name a little. We then trace his long years of service in public service, and how he ended up in a pension fund role and the investment beliefs that he developed over the years.  We then cycle through many topics, including leveling up, local investing, the origins and success of local government pooling and the challenges facing pension plans such as his today. We talk about managing a funding level that is now over 100% and Paul’s interest in getting ahead of the pools when it comes to renewable energy investment. We speak also about a certain lack of diversity in the investment industry particularly as it relates to socio-economic diversity and mobility.  The last part of our discussion is dedicated to Paul’s side passion which is for football and we learn that he is a hugely devoted volunteer to a League 2 football team, Sutton United. Paul does a range of different roles for that team and it is now gaining traction although has not yet attracted the Hollywood star wattage of Wrexham. While we hope that this Fiftyfaces Podcast can achieve that, we are not, at this stage certain it can go quite that far – but it is a start.  This podcast is part of a special collaboration with Crispin Derby Limited. 

Betsy Cohen has built financial businesses for her whole career. She is the Co-Founder and Chairman of Cohen Circle, a growth stage investment firm focused on the fintech and impact spaces. She was previously CEO at The Bancorp Bank, which she founded in 2000 and previously worked at Jefferson Bank for 26 years. She sits on numerous boards and has received several awards being named a Forbes 2022 Most Powerful Self-Made Woman, 25 outstanding women bankers and many more. Betsy is Executive Committee member and Secretary of Asia Society; Founding Member of the Asia Society Policy Institute; Trustee of The Brookings Institute; Honorary Trustee of the Metropolitan Museum of Art; and Treasurer, Managing Director, and Finance Committee member of The Metropolitan Opera. Our conversation covers the “series of opportunities” that have characterized Betsy’s arc, which she doesn’t define as a career, strictly speaking. Therein lies the most vivid depiction of her approach to seizing opportunities throughout her career and building businesses where there was “white space”. We look at the fundamentals of financial institutions as well as the opportunity now in fintech, and how she developed an ability to go up and down the capital structure stack at Cohen Circle including launching a SPAC practice. Our discussion then moves to her large number of Board roles and examine what it is that she brings to these roles and what it takes to be successful in them. We end with reflections on a remarkable and ground-breaking path that Betsy has forged through the world of financial institutions and then FinTech, her belief in needing to think on ones feet and not always wait for the precedent and the ability to learn at every stage. This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the “reverse enquiry” form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers

Brian Portnoy is the founder of Shaping Wealth, a learning technology platform transforming the human experience of money. It combines science and story to show people how to underwrite a meaningful life, and is the source of the term “funded contentment". He previously led investor education across a series of investment firms and prior to that was head of manager selection at a Chicago-based fund of hedge funds. Our conversation starts with a quick summary of Brian's background, his academic journey through politics, economics and sociology and his love of teaching. We trace this speciality into his career in investing, which always involved a deep involvement in learning and education, and then examine his research around wealth, and in particular the study of the goals of wealth management. Brian is credited with coining the term "funded contentment" and we establish what this is, and why the concept has resonated so well with his audience. We also dissect the current state of behavioral science and in particular examine the type of behavior that a chief behavioral officer might focus on. Brian asks whether we should be focusing on the "who" and not simply the "why" when it comes to analyzing a client's objectives. He posits that everyone has multiple versions of themselves now and in the future. He suggests that a really, really good financial plan is going to tap into those multiple identities and that requires the adviser to have some good questions prepared and some thinking on this topic. This is a robust and stimulating discussion about what matters for financial advisors, their clients and the future evolution of the industry. There is more information about Shaping Wealth and their Outsourced Chief Behavioral Officer program here: https://www.shapingwealth.com/ This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the “reverse enquiry” form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers.

Jennifer Barry is an investment advisor at Aaron Wealth Advisors in Chicago. She previously spent over 26 years at Citi, where she held a series of roles and focused on institutional equity sales most recently. We start with Jenn's upbringing in the suburbs of Detroit and the culture of owning restaurants in her family that instilled in her the value of a dollar, and a habit of hard work. We follow her love of sports (and volleyball in particular), discuss the coaches and support team that believed in her, and trace her path into finance. After a career in finance that was fast-paced and intense Jenn felt the need to make a change and after 26 years changed gears to become an investment advisor. We discuss how the focus of that has shifted from advising clients on their finances to advising them on their lives. We look at what this entails and how the role of a financial advisor is evolving to incorporate behavior - both of the advisor and the clients. There is a shoutout to the Building the Behavioral Advisor program hosted by our mutual friend - and upcoming podcast guest - Brian Portnoy and his team at Shaping Wealth and a discussion of how women in particular are serviced in the wealth advisory business. This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the “reverse enquiry” form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers Aaron Wealth Advisors LLC is registered as an investment adviser with the Securities and Exchange Commission (SEC). Aaron Wealth Advisors LLC only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the adviser has attained a particular level of skill or ability. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Howard Fischer was the original founder of Basso Capital hedge fund and the co-founder of the Gratitude Railroad initiative in 2013. He is now the Chairman Emeritus of Basso Capital and “Chief Evangelist” at The Gratitude Railroad. The Gratitude Railroad is an initiative that unites 9 “tracks” or different concepts using capitalism to solve a social or environmental problem. Our conversation starts by tracing Howard's route into finance and some of the serendipity and chance that led to his first training in the field. We follow this through the areas of merger arbitrage, convertible bond arbitrage and special situations and hear about what led to his founding of his own firm, Basso Capital. We discuss then the deeply humbling process of capital raising and learn about some of its ups and downs. Market volatility has been a constant backing sound track to the years that Basso Capital has been in business and Howard discusses the impact of particularly difficult market periods such as 2008 and the mindset that assisted him in navigating it. We move then to Howard's current evangelical passion - with the Gratitude Railroad. We discuss how it originated, following his participation in the Harvard Leadership Initiative - https://www.advancedleadership.harvard.edu/, which is designed to unleash the potential of experienced leaders to help solve society's most pressing challenges. The Gratitude Railroad (https://gratituderailroad.com/) has various intersecting strategies focused on impact and includes direct venture capital, incubation, education, collaboration and partnerships. In the discussion we discuss what impact means and touch on subjects as diverse as grassfed beef, rotational grazing, regenerative agriculture, social justice, renewable energy and other concepts that fall under the definition of conscious capitalism. This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the “reverse enquiry” form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers

Christine Reed is an analyst on the Fixed Income team at Ninety One covering Latin American sovereign and currency markets. Based in New York, Christine is responsible for all Latin America coverage and supports the alpha decision-making process across investment capabilities. She previously worked at Goldman Sachs Asset and Citigroup. Our conversation starts with Christine's first foray into finance and how she found herself fitting on a trading floor. We then trace her path into emerging markets and some initial early lessons on having to take risk, and "own" that risk. We then do a deep dive into emerging markets and work around the region analyzing central bank policy, the strength of institutions, the reaction to inflation and the road ahead. We spend a dedicated section discussing ESG integration and some of the leapfrogging that is occurring in developing countries. We look at past systemic crises in certain EM regions and ask why this has been avoided in the most recent crisis post-Covid. When it comes to portfolio construction in an Emerging Market Debt portfolio we look at the interplay of quantitative and qualitative inputs and how divergent some of the components of an index can be. Finally in this section we examine recent geopolitical risk and concerns and investors' reaction to them. Christine's perspective on diversity in the industry is informed by her time spent in emerging markets where different support systems and social structures exist supporting working parents. We look at the importance of these support systems in enabling leaders to thrive and ask how far away we are from this equilibrium in our current industry state. This podcast is brought to you with the kind support of Tom Raber and Alvine Capital, a specialist investment advisor and fund placement boutique with offices in London and Stockholm. An early adopter of the "reverse enquiry" form of placement, Alvine relies on insight and dialogue with its pan-European investor base to develop and source investment solutions from a wide variety of industry providers.

In Series 4 of the Fiftyfaces Podcast of 2023 we gather 10 guests who share a passion for excellence – in very different fields. We hear from a legendary business builder about how he closes the deal while a hedge fund manager shares the humbling effect of market downturns. A CIO reveals her ups and downs and the importance of learning to take risk and having a backup plan, while a serial builder of banks and financial institutions who started her career decades ago tells us what has changed, and what has not and sharpens the focus on what kind of mentors really matter An angel investing expert tells us about the school he has formed to bring angel investors to the table and fill the gaps in their expertise while a guest who studied “game theory” at Uni of Berkeley during the Flower Power era relates it to risk taking and asset allocation and he offers up an antidote to AI, the value of humans in interpreting information. An emerging market debt specialist learned quickly that taking a position was important, while a private wealth manager describes what drives her. Finally we examine the biases inherent in the work we do and ask why to start with the “who” and we even hear from a real life Ted Lasso about the his commitment to a League 2 football team, and how seeing an underdog thrive is the passion that drives him. So tune in every Tuesday and Thursday from June 27 through early August where we will release a new episode of the series twice a week. If you like what you heard and would like to support our content and our mission to amplify diverse voices, you can support us on Patreon. Just search for Fiftyfaces Podcast or click on the following link: Patreon Link