The Fiftyfaces Podcast

Bruno Kaiser is CFO at Smile CDR Incl, 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 tele-health 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.

David Semmens is Chief Investment Officer at Cadro and an External Investment Committee Member at Wealthify where he was previously CIO. He holds additional Investment Committee and advisory roles and is an adjunct lecturer at Heriot-Watt University.  Our conversation starts with David’s path into the world of investment which took him around various European cities and ultimately to Edinburgh where he decided to settle. We speak about the impact of Fintech on the way that wealth is managed and discuss its disruptive nature as well as the focus on dynamism and change. This is a significant shift from the older, more static, approach to managing money towards a more personalized and interactive approach. We trace the beginning of this interactivity to ESG and sustainable investing trends and now examine how it is becoming more widespread. We return to the concept of communication and how key that is to get ideas across. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, they believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Sonali Patel Wilson is Managing Director and Director of Alternatives, Americas at Wellington Management where she is based in the New York City area. She sits on the investment committee of the Harry and Jeanette Foundation in Baltimore and she is the trustee of EWAAB Encouraging Women across All Borders, which helps college aged women and non-binary individuals build their confidence to enter STEM and finance fields. She previously held various positions at PIMCO focused on account management in the alternatives area and has held various investor relations and analyst roles. Our conversation traces Sonali's roots and the path her parents took as immigrants from India as well as the entrepreneurship and sacrifice that served as the backdrop to her childhood. The entrepreneurship journey took them from lobby convenience store stands to real estate and the focus was on studying and academic achievement and, always, hard work. We move then to her journey into investment and finance and how she found her voice and style in developing a network and some of the surprising turns that that journey took. This discussion infuses Sonali's personal and professional lives, in which she followed a tradition of "breaking with tradition" in her own choice of life partner, and this has given her a new appreciation for diversity and inclusion. Sonali has numerous interests that are close to her heart and many of them relate to STEM and finance and getting those areas more diverse. In particular her work with EWAAB (Encouraging Women across All Borders) is impactful in this respect and we discuss what drives her to do more in this area. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, they believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Monika Mantilla is the President and CEO of Altura Capital, which provides institutional investors and strategic partners a mechanism of investing in underserved markets including high-performing small and diverse businesses. She is also a Co-Founder and Managing Member of Small Business Community Capital. She is a Member of the Board of Directors of Los Cidrines, based in Puerto Rico and Florida as well as holding a number of other board roles.  Our conversation captures Monika's upbringing in Bogota, Colombia and her path through law and logistics into the world of investment. We dig in then to what the vision is for Altura Capital - which means "Height" as well as "dignity". Raising small business and underrepresented diverse-owned businesses to new heights with dignity. We discuss what impact means and how it is measured. We discuss then other entities that have similar missions such as Minority Business Development Agency and the Knight Foundation has done. We end then with the importance of relationships, self-reflection and building powerful networks. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, we believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Last year we launched a podcast with Steve Butler of Puntall Southall Aspire which shone a light on ageism as one of the last acceptable forms of discrimination.  This received such a groundswell of a response that we wanted to dig deeper into this area to develop a special next chapter series around the problems of ageism, the importance of having access to meaningful productive work as we age and some of the barriers – both invisible and visible – that exist in society to this. Tune in for insights from psychology, marketing, work, activism and psychiatry.    This series looks at the unique challenges of mid-life and the growth of interest in the psychology of mid-life and beyond and hear from Laura Walker who focuses on this area and has written a book about the intersection of fear and confidence.  We look at the obsession with age and some of the  deeply entrenched biases that exist around age in popular culture hearing from Debbie Marshall, who has specialized in marketing to older consumers for years. We hear updates from Steve Butler about recruiting habits that tend to discriminate against older candidates and from Alistair McQueen about the Mid Life Review that has been offered to staff at Aviva. Tony Watts shares his life's passion and work at Age Action Alliance which earned him an OBE, while Professor Veronica O'Keane shares the medical basis of the wisdom of old age. This is an area that currently sits in the shadows of some of the diversity debate, and we want to bring it out of there Let’s ensure that all of us can look forward to a future of dignity, purpose and security. This podcast series was made possible by the kind support of Darwin Alternatives. Darwin Alternative Investment Management Limited offers innovative, alpha-driven investment solutions that are uncorrelated with traditional asset classes and feature business areas which have not previously been considered by investment funds. The firm aims to create new opportunities for investors to further diversify their portfolios and achieve stable absolute returns.

Tory Hyndman is a Partner at Charta Partners. She has had a career of 25 years in executive search focused on investment management, having spent time at Heidrick & Struggles as well as David Barrett Partners, where she established the London office and wider EMEA business. She is passionate about educating women about careers in the City and is a volunteer for Founders4Schools as well as Maths4Girls as well as an Ambassador for The Diversity Project. Our conversation starts with Tory's upbringing in Vancouver, her university career at Queen's in Kingston and how she was first introduced to the concept of executive search. A spell in Hong Kong followed and then a long career in some of the most storied search firms servicing the financial sector. This deep dive into human capital starts with her craft - attracting and retaining it. We discuss how hybrid working has led to lower turnover in some quarters, and how it has leveled the playing field for so many. We look at the areas where attracting talent has been challenged and how the changing shape of social media - including in particular LinkedIN - is changing the landscape for search. We then move on to another aspect of human capital - finding it and lighting the spark for math and finance at an early stage. Tory is passionate about encouraging financial literacy and getting more girls to study STEM. She describes the impact of such programs and the work that she does for The Diversity Project as an ambassador. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, we believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Cathy Ulozas is Chief Investment Officer at Drexel University where she has just celebrated her 13th anniversary as CIO. She has had a long career in asset management, including stints as a bond trader and portfolio manager.  We start at the beginning of that career, trace its twists and turns and discover some of the unexpected areas that she found intense professional growth. We start with her time in insurance and move to what she learned as a bond trader and the camaraderie she felt on the trading floor. One unexpected turn was into a role in process improvement which after two years saved over $80 m for the bank and was an intense period of learning in areas of managing of people, implementing change and wringing efficiencies from processes. Our conversation then turns to what is on Cathy’s mind as CIO at a university today and how the investment office works. We examine the role of a university investment office in fulfilling the mission of a university and how these can be aligned in unique opportunities. Cathy’s experience has offered her a wealth of opportunities to learn from the wisdom of others and develop her own insights, and she shares many examples of these with us at the end of the podcast. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, we believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Libby Cantrill is a managing director in PIMCO's portfolio management group. In her role, she analyzes policy and political risk for the firm’s Investment Committee and leads U.S. policymaker engagement and policy strategy for the firm. She also works closely with PIMCO’s Global Advisory Board, led by former Federal Reserve Chair Ben Bernanke. Prior to joining PIMCO in 2007, she served as a legislative aide in the House of Representatives and also worked in the investment banking division at Morgan Stanley.  Our conversation starts with her early interests in policy and politics, and how the seeds were sown as early as in grade school in Colorado. We trace this interest through her time as a legislative aide in Washington DC, and ask what she learned from her time on “the Hill” about conflict and compromise in politics. We move then to her switch into finance and her current role at PIMCO, in which she wears two hats essentially. One is as a political strategist providing political intelligence to the investment team, investment committee and clients, while the other is leading in policymaker engagement. We speak about polarization in politics and what remains at the center, and discuss this at multiple levels, ending in the area of ESG and sustainability investing and how politics is intersecting with this aspect of investing. We then discuss her role with the Global Pimco Advisory Board and I ask what it is like to work with the venerable Ben Bernanke. To find out what this is like and to hear more from Libby about her reflections on the diversity and development of the industry, tune in.  Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, we believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

Duncan MacInnes is an Investment Director at Ruffer LLP, where he has spent over a decade. He previously worked in wealth management. I have enjoyed listening to Duncan discuss positioning and multi-asset insights on the conference circuit and wanted to take this opportunity to discuss his views on the current macro backdrop as well as the state of play in finance circles as we wrestle with failing banks and what this means for investors. We start our conversation with a run through Duncan's upbringing in Scotland and his initial study of law, his passage into first wealth management and then asset management. His initial training in wealth management took him to Asia and we discuss how that total immersion experience lit the fire for an interest in economics, markets and multi-asset class investing. Moving to his current outlook we discuss Ruffer's preference for "minimax regret" which is the practice of minimizing the probability of your maximum regret - and focusing on capital preservation. We discuss the impact of the Fed tightening cycle on taking money out of the system and what this means for the velocity of money and money concentrating in the centre. We then turn to a number of other areas in turn - de-dollarization, the shifting appeal of fixed income and the coming chronic phase of the crisis. Our discussion around diversity focuses on creating an organization that can speak multiple languages - metaphorically speaking - some the language of number and quantitative analysis, some the language of sales and client partnerships Duncan discusses some of the finance books that he recommends to others and these are: The Psychology of Money by Morgan Housel, Thinking in Bets by Annie Duke, The Most Important Thing by Howard Marks and SuperForecasting by Philip Tetlock. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management. Eagle Point Credit Management is a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Founded by Thomas Majewski in partnership with Stone Point Capital in 2012, Eagle Point currently manages over $7.8 billion in AUM. Investment strategies pursued by the firm include collateralized loan obligations (“CLOs”), portfolio debt securities, and other opportunities across the credit universe. Currently, we believe that Eagle Point is the largest investor in CLO equity in the world and one of the largest non-bank lenders focused on providing financing solutions to credit funds. Learn more about Eagle Point at http://eaglepointcredit.com/

In Series 3 of the Fiftyfaces Podcast we start to dig deep – into sustainability standards, fintech, what impact actually means, and bust myths around hybrid working, the great resignation and entrepreneurship. We ask whether we are using the right terminology - especially with respect to the vexed topic of ESG - and as whether private wealth is serving the diverse client base appropriately. We look at fintech advances as well as changes in privacy and what it will mean in terms of our personal choices. An executive search expert dissects the impact of the shift to hybrid working and the changes that she sees in the hiring landscape, while a policy expert shares what it is like to work with some of the luminaries of finance. The guests on Series 3 are: Robert Eccles who describes himself – in a nutshell – as a dedicated weightlifter, capital markets activist and professional committed to improving corporate reporting and enhancing ESG integration by companies and investors. Marah Curtin who describes herself as a “catalyst on a mission to promote the empowerment of women and the next generation, financially or otherwise”. Based in Dublin, Ireland, but originally from the US, she is a Director of Client Engagement at Davy, and has had a long career in financial planning.  Monisha Varadan who works at Google focused on Privacy and Partnerships, and is a partners at Zephyr Ventures, an acquisition vehicle set up to invest in profitable, growth businesses. She is Director of the Start up Bootcamp and is Entrepreneur in Residence at INSEAD Duncan McInnes who is an Investment Director at Ruffer LLP, where he has spent over a decade. He previously worked in wealth management. Libby Cantrill who is a managing director in PIMCO's portfolio management group. In her role, she analyzes policy and political risk for the firm’s Investment Committee and leads U.S. policymaker engagement and policy strategy for the firm. . Cathy Ulozas, who is Chief Investment Officer at Drexel University where she has just celebrated her 13th anniversary as CIO. She has had a long career in asset management, including stints as a bond trader and portfolio manager.  Tory Hyndman who is a Partner at Charta Partners. She is passionate about educating women about careers in the City and is a volunteer for Founders4Schools as well as Maths4Girls as well as an Ambassador for The Diversity Project. Monika Mantilla who is the President and CEO of Altura Capital, which provides institutional investors and strategic partners a mechanism of investing in underserved markets including high-performing small and diverse businesses. Sonali Patel Wilson, who is Managing Director and Director of Alternatives, Americas at Wellington Management where she is based in the New York City area.  David Semmens who is a Chief Investment Officer at Cadro and an External Investment Committee Member at Wealthify where he was previously CIO. He holds additional Investment Committee and advisory roles and is an adjunct lecturer at Heriot-Watt University. Bonus Episode: Isabella Mandis who is a freshman at Harvard College and the founder of “Girls who VC” an industry affinity group which offers resources, content and community to women interested in pursuing careers in or learning more about venture capital. Series 3 of the 2023 Fiftyfaces Podcast is supported by Eagle Point Credit Management, a specialist investment manager principally focused on income-oriented credit investments in niche and inefficient markets. Learn more about Eagle Point at http://eaglepointcredit.com/