The Fiftyfaces Podcast

Julie Cane is CEO of Democracy Investments.  The firm uses a proprietary algorithm to drive capital flows toward the economic growth of democratic countries and away from authoritarian states.  Julie has had an over 20 year background in financial services where she has developed market leading innovations at Wells Fargo, Charles Schwab Advisor Services, SEI Investments and Autodesk Ventures.  She began her career as a US Naval Aviator flying the SH03 Sea King helicopter.  Among her other roles, Julie is Chairman of the Board of Swords to Plowshares, a nonprofit helping over 3000 military veterans, and until recently was Captain in the California State Guard. Our conversation starts with Julie's naval training and some of the situations she found herself in - requiring split second decisions, composure under pressure and leadership.  We speak about the diversity in the military during her career and how it evolved since then.  We transition then to what inspired Julie to enter the world of finance and how the desire to make an impact was central to this.  We explore this further - looking at the kind of impact that is possible in finance.Democracy investments uses its proprietary algorithm to detect and direct capital to countries with demonstrated hallmarks of democracies, but as our democratic ideals are not universally shared, I asked her how dynamic (or static) these classifications were. What follows is a fascinating discussion about what makes a successful democracy and we then reflect on the values and learnings from her career in the military as a means to understand this more fully.  We end with Julie's reflections on the people and ideas that have inspired her, and reflect on the part we play as individuals in the whole.  You won't want to miss this part of the discussion. Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto. 

Dr. David Kelly is Chief Global Strategist at JP Morgan Asset Management, a position he has held for over 14 years.  He lives in Massachusetts. He was previously economic advisor at Putnam Investments, and prior to that held a range of roles in the financial services industry.  Originally from Dublin, like myself, he's a PhD in Economics from Michigan State University. Our conversation starts with our remarkably similar upbringings in Ireland - we were both the children of politicians, we both studied initially in Dublin and then embarked on a career in the US. And we both are keen runners, lovers of literature and making the complex simple.  After completing his undergraduate degree in University College Dublin, David embarked upon further study for a PhD in the mid-west.  We discuss what led him from academia to putting his skills into practice in a more commercial setting, and discuss his passion for markets and especially for translating them in ways that are relatable and accessible to his wide range of followers. Our discussion touches then on today's markets, and how to contextualize them. We examine the global backdrop and the challenges that clients face, and ultimately how to communicate with clients, especially during times of market stress.  We ask whether this is in fact a "regime change" that we are witnessing, or whether this is a term that is over-used, especially today. Along the same lines we examine the rise in interest in ESG investing, and dissect what that term really means.  We turn then to examining the diversity of the investment profession and how that has changed over David's career. In discussing teams, we move to the question of management and discuss the satisfaction that David derives from managing a broad team that is globally based, and how important it is to "believe in" the talent of team members and communicate this to them.  We finally touch on the passion that David and I share for running and he shares a little of "what I think about when I think about running", which every runner among our listeners will relate to.Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

Preeti Singh was until recently an LP reporter in the private equity area at the Wall Street Journal. She graduated from the Graduate School of journalism at Columbia University, and has worked in a range of roles and financial journalism. She has spent time as a Content Manager for publishing company in executive search prior to entering journalism, and is known for her ability to cultivate deep relationships across the industry, and to get the first scoop and industry moves. Our conversation starts with Preeti's first focus in her education and her initial (negative) experience with interviewing for positions in journalism.  We hear about her move to the US, her early days writing in a library and how she pursued a masters at one of the most prestigious journalism programs in the US. She describes her experience in that program and in emerging from it - and the challenges she perceived due to being older than many of her cohort at that stage.We speak then about how she discovered the private equity LP community and built trust therein.  We ask what makes this area "tick" and the importance of relationships, trust and transparency. Ultimately this is a podcast about the power of storytelling - Preeti's own extraordinary story, and the next chapter she is about to write, the enduring power of storytelling in order to connect with readers and to express the zeitgeist, and the fact that traditional values of decency, protecting sources and protecting confidence will continue to endure.Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

I'm joined today by Eugene O'Callaghan, who is a business and investment advisor based in Dublin, where he advises a range of asset managers and sovereign wealth funds on strategic initiatives. He was formerly director of the Irish Strategic Investment Fund and prior to that Director of the National Pensions Reserve Fund of Ireland. He started his career as an accountant. Our conversation starts with Eugene's early career and an adventure that took him to New Zealand for a period of time. We compare the Irish and the New Zealand economies as they stood at that time and trace then his move back to Ireland and his early years with the National Pensions Reserve Fund of Ireland.  Eugene charts his time at the fund by reference to the economic backdrop that prevailed in the country at the time, and as such, what follows is a fascinating insider's view into the country's economic history. One of the aspects of Eugene's career that I have most admired is his ability to pivot as the macro backdrop and governmental policy has dictated, this occurred after the financial crisis in 2008 when the NPRF fell in value and pivoted towards investing domestically via the Irish Strategic Investment Fund. We speak about the opportunity set in investing in Ireland and some of the limitations that come with size.The need for the state fund to reflect the state's policy around sustainability was another pivot, and this saw sustainability be integrated across the entire fund portfolio during Eugene's time in leadership.  We speak about what this meant in terms of the investment opportunity. The pandemic saw yet another need to pivot, this time towards investing in companies affected by the pandemic, via a Pandemic Response Fund.  The need for this fund was, thankfully, time bound, but we speak about what that kind of investment necessitated.Now retired from ISIF and a strategic advisor to a number of entities, including other Sovereign Wealth Funds, we speak about the unique nature of many of these funds and the way investments are approached. We discuss then some of the inspiring figures in his career, and how he learned the importance of "getting points on the board" early.  This is a rich and fascinating discussion that spans many decades of economic ups and downs and never failing to fashion a response that works.Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

Geri McMahon is a partner at AON and Co-head of Responsible Investment at the firm. She started her career at Price Waterhouse Coopers in Sydney, and spent time as a fixed income trader before moving to a healthcare technology, business and ultimately moving to AON in 2018. She wrote a powerful LinkedIn post about returners, which led me to want to find out more about returnship programs and their value. In 2019, she was awarded the Most Inspiring Returner at the Professional Pensions, Women in Pensions Awards after her first year returning. Our conversation starts with her upbringing, which spanned Hong Kong and Sydney, and the advice she received as a teenager to focus on becoming financially independent. We then trace her early career in finance and how the lack of other women and role models led her to feel less included and why she is now so passionate about inclusion.  After various career pivots and breaks, when Geri wished to return to finance, she had a varied experience with recruiters and executive search firms as well as the application process.  One particular recruiter, though, changed the game, by selectively matching Geri, as an experienced returner, with a group of employers seeking the level of experience she brought and willing to offer a returnship program along with the skills training that would address any gaps.  She relates how one senior partner advised her to never underestimate the value that she brought to the firm just because she had had a different path.  She talks about impostor syndrome she felt, and how the support she received enabled her to overcome that.  Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

Blair Smith is Senior Director of the Center for Financial Markets at the Milken Institute, where he leads the Center’s Access to Capital and strategic innovative financing initiatives to enhance economic and social impact.   Prior to joining Milken he was an adjunct professor at the Columbia Business School. He is the former Chief Investment Officer for the Upper Manhattan Empowerment Zone Development Corporation, a CDFI and was the Founder and CEO of Promethean AB Strategies LLC, a strategic consultancy focused on helping diverse led Asset Management firms achieve their goals. He is a member of the Real Estate Executive Council and is a 2019 Council of Urban Professionals (CUP) Finance Catalyst recipient. We start with Blair's upbringing which saw him split his time between Annapolis and Baltimore in Maryland  - a shift between big city and small town life.  He took what his friends describe as the "weedy path" into finance, starting out in journalism and ultimately moving in to impact investing.  We speak about the field of journalism and how it is evolving, and the lessons he learned there that he imported into his role in finance. We discuss then his role at the Milken Institute, and how it is set up as not just a Think Tank but at Think and Do Tank.  We dive into defining the concept of inclusive capital: Inclusive Capital is a belief in the concept that diversity creates long term value that benefits all stakeholders. So not just businesses and investors but also employees, customers, governments and communities. The second aspect of inclusive capitalism is that it produces equitable, measurable and sustainable growth that empowers others while addressing many of society's needs. And then finally, that inclusive capitalism enables stakeholders to participate in the capital markets structure to support both the end beneficiary as well as keeping an eye on the bottom lineThe Milken institute believes in convening the right people in the room.  We move to the imperative of ensuring more diversity in the workplace, not just because diverse teams perform better, but because they are likely to more nimble, more adaptable and more able to pivot two the dynamic changes happening in the workplace today. Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto. 

Emma Jane Joyce is a sustainability specialist at the National Treasury Management Agency based in Dublin. She spent most of her career at the Agency holding roles such as Head of Responsible Investment and Investment Director. She's a member of the Ireland steering committee of the CDP Global Environmental Reporting System. We start with Emma Jane's university education which was in the field of science and genetics.  Although she didn't know it then, it would end up preparing her well for a career in investing that quickly started to move in the direction of sustainable investing and ESG standards.  After a stint in investment consulting Emma Jane came to the National Treasury Management Agency and we discuss the leadership role that that organization has held in implementing policy and setting the standard in terms of divestment and ESG integration. We speak about the organization's goals, how they are evolving and how they are measuring progress against them. We speak about the characteristics that are required to pursue a career in sustainability, which often has long-dated goals and challenging aspirations. Emma Jane describes these as patience, stubbornness, resilience and optimism. She acknowledges the role played by Eugene O'Callaghan, another guest in this series, with whom she overlapped at the NTMA, and how he encouraged her in her career as well as the influence of her mother - a climate warrior who made an impression from a very early stage. Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

James Brooke Turner is Director of Yoke and Co and Investment Director of the Nuffield Foundation. He was voted one of the inaugural four Inspiring Leaders in the Voluntary Sector and writes about financial governance for charities. Our conversation starts with his study of art history, how he found that discipline and the perspective and insight it gave him for his ultimate career in finance.We spend some time diving into the dynamics of investing as a charity, and differentiate it from managing a pension.  Whereas in the realm of pension fund investing the focus is on the future and liabilities, in the case of a charity the focus is on the past and on staying true to the historic mission. We talk about how that translates into an extremely long time horizon, which enables the group to have a strong equity focus and make extensive use of private assets. Given James's extensive involvement in different committees, I asked him what it takes to be a good chairman or board member.  He responded by referring to the ancient Greeks, where characteristics valued included things like curiosity, the ability to argue with each other and to disagree in a non confrontational way, the enjoyment of argument and discussion. Other traits included laughter because of its ability to diffuse situations and overall curiosity, respect, enthusiasm, and enjoyment. We finish with a description of an incident that was a reminder of the basic good in people, and James describes a time he participated in an art installation at Trafalgar Square. Standing there, vulnerable, and on display, he realized that most people are good and wish for the success of others.Series 5 is sponsored by Astarte Capital Partners, an asset management firm focused on sustainable real asset sectors, acting as anchor investor and partner to specialist emerging managers. Astarte is headquartered in London with a presence in Sydney and Toronto.

Terri Duhon is an award winning educator, TEDx speaker, Board Director and speaker, who has over 25 years of experience in financial markets. She wrote the book "How the Trading Floor Really Works", founded her own financial markets firm, and is an Associate Fellow at the SAID Business School in Oxford. She sits on the Board of Morgan Stanley International, which she is Chair of the Risk Committee, and also holds a number of additional independent director roles. She is now based in London but hails from the New Orleans area originally.Our story starts there - with Terri's upbringing in Louisiana, in the South of the US and how this was an additional reason that she felt like an "other" when she came to studying math at MIT and then Wall Street and a career on the trading floor of a major investment bank. This sense of being from a different socio-economic group was more visceral than being one of few women on the floor.  She spent close to 10 years in similar roles, and describes herself as mastering the art of reinvention - in that to date she has reinvented herself approximately every 10 years.Terri moved from the trading floor to founding her own firm, and then to her current chapter, which is in a series of board and committee roles.  She explains how challenging it was to break into this field initially, and how she almost gave up hope, and then experienced a breakthrough.  We spend some time on the question of what makes an effective board member and chairperson, and Terri delivers a mini-masterclass in the art (listen in particular from 6.21 to 9.09). Our conversation then turns to the industry and its "brand" and how it doesn't always appeal to a diverse set of candidates, sometimes because it emphasizes traits that aren't universal. Terri uses her vantage point in a business school to give insights into the current priorities of graduates entering the field.  She shares stories of her failures, and her triumphs, but always her humanity, and stresses how it is always our humanity we must stress in order to demystify the world of finance and make it more accessible. 

David Holmgren is Chief Investment Officer at Hartford Healthcare, based in Connecticut, and has had over 30 years of experience in running both internal and external investment portfolios in a range of settings. Aside from being a nonprofit CIO, David also serves on the investment board for the Hartford Community Foundation. Our podcast starts with David's journey into investing, his early work in education and what that taught him about communication, conveying complex concepts and patience. We hear about various detours his career took, and his reflections on these. He discusses the sense of duty he feels as CIO of a Non-Profit that is one of the largest employers in the area, and the pressure to perform, because an operating budget is depending on it. We spend some time discussing how the changing needs of a healthcare institution impact the portfolio and how he has had to flex the portfolio in the current macro environment.  He discusses adding to private credit to enhance income, and the kind of inflation protection that he has built through investing in asset-based infrastructure. We move then to examining the current mix of internal and external managers in the portfolio and how David has managed to achieve high-performance while pursuing certain responsible investing goals.  This gets us to a broader discussion of fees and governance, as well as team motivation and retention, and diversity across the investment world as a whole.We end by returning to some personal reflections and we look at the overlap between parenting skills and tending a portfolio. There are more than you may think!