The Fiftyfaces Podcast

As we bring our third series and second full year of podcasting to a close we have assembled a library of over 170 diverse role models in this series.  As the macro backdrop churns these dynamic personalities are our touchstones, our human constants, through the market noise.  In Series 5 of 2022 we hear from leaders from large institutions, a charity, a sovereign wealth fund, as well as a strategist at a global asset manager, a purveyor of inclusive capital, a partner at a consulting firm who successfully came back as a "returner", a financial journalist and an ex navy aviator.The guests in Series 5 are: 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. James Brooke-Turner is director of Yoke and CEO and investment director of the Nuffield Foundation, based in the UK. He was voted one of the inaugural for inspiring leaders in the voluntary sector, and writes about financial governance for charities.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 and pensions awards after her first year returning.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's the former Chief Investment Officer for the Upper Manhattan Empowerment Zone Development Corporation, a CDFI and was the founder and CEO of Prometheus AB strategies, LLC, a strategic consultancy focused on helping diverse lead asset management firms achieve their goals. He's a member of the Real Estate Executive Council and is a 2019 Council of Urban Professionals Finance Catalyst recipient.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.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 trading firm, and is an Associate Fellow at the Said Business School in Oxford. She sits on the Board of Morgan Stanley International, where she is Chair of the Risk Committee, and also holds a number of additional independent director roles. 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. Eugene O"Callaghan 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.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. 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. She 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 she is currently Captain in the California State Guard. 

Steve Kim is a partner in investment strategy and risk management at Verdis Investment Management in the Philadelphia area. He has focused over 30 years in his career in implementing and managing operating infrastructures. Prior to his role at Verdis held various Chief Technology Officer roles. He now focuses on integrating his insight from systems modeling and data analysis into an investment approach, particularly in the venture capital arena. We start with Steve's upbringing and early education and ask how his various Chief Technology Officer roles evolved over time to embrace data and AI, and what the key challenges for such roles are today.We move then to discuss the insights he brings from this background into investment management, and how he initially underestimated the randomness of returns and the degree to which modeling was a challenge.  His philosophy on life - as well as venture capital - is that variance is where the unicorns lie, that it is only by focusing on achieving maximum variance that we can hope to happen upon true winners.  This is just as true for the value of diversity within organizations. We focus then on how to achieve scale and efficiency while also achieving variance, which can be a challenge. Our conversation turns to ESG and Steve's view that technology has greatly accelerated engagement, transparency and the integration of an ESG lens when investing. This is an alluring concept, and one that has not been particularly well developed in the current debate.Our conversation ends, as usual, with reflections - the reminder to stay humble, and to avoid overly-simplistic reductionist thinking. This is an exceptionally rich and multi-layered discussion like a complex operating system, but one that bears scrutiny, for the many areas of utility it can touch. Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Matthew Sherwood, Ph.D. is Co-Founder and Chief Executive Officer of WeVidIt Media, a video streaming platform that leverages data and analytics for a more inclusive and profitable entertainment industry. We met while he worked as an asset allocator, where he headed up public market investments for MMBB Financial Services.  He has spent time as a guest lecturer and an appointed professor at Columbia University and The King’s College in New York, and has authored a textbook on the topic of ESG Investing. He is a board member of the Guide Dog Foundation and American Vet Dogs and serves on the Lavelle Fund’s Investment Committee.Matt lost his sight at the age of 24, and became legally blind within a matter of days.  We discuss how he pivoted from a practical perspective, which enabled him to continue his career and to thrive there.  We discuss the inclusion of people with similar disabilities in the professional world, and examine the massive advances in technology which are making access more seamless.  Biases and prejudices however are less  dynamic in changing and Matt reframes the term “persons with disability” as “persons with determination”.We discuss many of the organizations and advocacy groups that are furthering better inclusion and then move to discuss Matt’s current passion for WeVidIt, democratizing access to this form of investment and the fundamentals that underlie it.This podcast was previously released as a bonus in recognition of April 27 being International Guide Dog Day.Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Jason Mitchell is co-head of responsible investments at MAN Group, and the host of a Sustainable Future Podcast at the MAN Institute, a podcast that he has hosted since 2018, which has now passed its 55th episode. He writes and speaks widely on sustainability issues, as well as serving on a number of committees such as the Esmee Fairbairn Foundation, and World Bank Carbon Pricing Leadership Coalition.Our rich and multi-layered discussion starts with his early interest in literature and Indian poetry in particular. We hear how he majored in English but how serendipity led him to choose a career using his coding rather than an MFA at a prestigious US institution.  So commenced a fascination with finance and sustainability issues in particular, which saw him gain a bird's eye view into infrastructure projects in Sub-Saharan Africa and work alongside policymakers at the highest level. Jason's vantage point as an investor, podcast host and writer leads him to synthesize issues that may seem to be complex and multi-layered, and in particular he speaks about policy makers and governments facing an energy trilemma - the three-pronged challenge of how to make energy sustainable, affordable and secure. He integrates the imperative of not creating a class of "energy poor" with the challenges of pursuing a de-carbonizing and net zero agenda with the fluency of a poet. Jason concludes with an exhortation to focus on breadth and not depth, and to slow down to allow our careers to breathe a little. Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Zia Uddin is President of Monroe Capital LLC, an asset management firm headquartered in Chicago, which invests in middle market companies in North America through a range of products. Prior to joining Monroe he focused on middle market private equity investing for most of his career. Currently, he sits on a range of private company boards, as well as on the Board of a public company. We start out by discussing Zia's upbringing, which saw him spend time in Indonesia and South Korea, before returning to study at the University of Illinois. We move then to his current role at the helm of Monroe Capital, which runs over $14 bn in assets focused mainly on the middle-market segment - we discuss the opportunity in this segment, whether it is overlooked and the unique challenges and opportunities that focusing on it brings. We examine private capital through a lens of ESG investing, and ask what kind of protection it might offer in a rising rate and inflationary environment.After a detailed discussion of diversity in investment management we move to personal reflections and Zia shares the saying that "the problem with the world is that intelligent people are full of doubts, while the stupid ones are full of confidence" and we examine the problems of overconfidence among financial sector actors.We move then to one of Zia's passions, which is the Japanese art of Kendo.  We speak about the art aspect of martial arts, and what it taught him about "mind over matter", discipline, self-control and what lies beyond the border of physical limitations. Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Eve Ellis is a wealth advisor with William Blair, and is based in the New York City Area. She has a particular interest in socially responsible and impact investments and manages two proprietary portfolios, the gender parity strategy, and the Matterhorn Affinity, Diversity and Inclusion strategy. She's also a member of the Forum for Sustainable and Responsible Investment. She has received multiple awards, including featuring on the Crain's New York Women and Financial Advice naugural list in 2020 as well as the Forbes America's Top Women Wealth Advisors best in state.Our conversation starts with Eve's background in playing competitive tennis - we discuss what that taught her about gamesmanship, playing to win, and discipline. We transition then to her calling to act as a private wealth advisor, and how she had the same instincts to "win" and deliver for her clients.  She had an early interest in investing with impact and developed the proprietary gender parity and diversity and inclusion strategies based on a high conviction that companies who prioritize these issues deliver better returns over time. We dig in to these strategies in particular and ask what she learned from developing them and whether there were any surprises. As a "feminist forever" Eve has had a unique perspective on the world of private wealth, as well as the workings of corporate America, its record in terms of gender parity and levels of wealth in the hands of women today. Eve wished me to note that her comments on this podcast were made in advance of the recent US Supreme Court Decision on Roe v. Wade.Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Aaron Joseph is Senior Vice President of Investor Solutions at Blue Vista Capital Management, a Chicago-based real estate investment manager focused in particular on middle market equity, student housing and real estate credit. He previously worked as Deputy Sustainability Officer in the Office of the Mayor in the city of Chicago, and as a Strategy Manager at Urban Partnership Bank focused on providing banking services for impact capital and urban real estate investors.Our conversation starts with Aaron's family upbringing, the promise of inclusion that brought them to the Oak Park area outside Chicago and his early interest in art history.  We trace his path to real estate, which actually meandered through engineering, which is where his interest in sustainability first took root. We follow his path into the Urban Partnership Bank, and the focus on impact that that had - whether to combat red-lining or extend credit to disenfranchised populations, many of whom were essentially "unbanked".  Aaron spent time in the high-profile Mayor's Office of the City of Chicago, where he saw the usual policy and political battles, but also the efficacy of some measures to ensure sustainable change and more equity. We move then to his current role at Blue Vista, and cycle through the various sectors that they focus on - including in particular student housing and more esoteric areas such as RV parks and self-storage.  We examine the rapidly changing dynamics in these areas and why the investment opportunity might be less obvious, but nonetheless compelling.We end with Aaron's reflections on his career to date, how his learnings in Latin at Oak Park and River Forest High School taught him to "carpe diem" or seize the day, and how the leaving his MBA studies during a financial crisis taught him some essential survival and adaptation skills professionally. Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Cynthia Steer has had a multi-decade career in investment management, spending time as an investment director, CIO, and Chief Retirement Strategist at a series of large consulting firms, and she now holds a broad range of investment committee and independent director roles.We start by discussing Cynthia's global career, which saw her based in the US but travel frequently around the world at the helm of strategy and research at prominent consulting firms.  We ourselves met on the investment conference circuit and we share how she has witnessed the investment management industry evolve over her career. We discuss the benefit of not remaining a generalist and of developing deep sector expertise, how every dollar counts ultimately, and how it is important to trust, but verify, when it comes to so-called market opportunities. Cynthia also shares stories of the coaches that influenced her in her very early years of growing up in Canada - the ice skating mentors to taught her to execute demanding technical exercises and "get up and try again" when she failed. She shares gems of wisdom shared by other legends in the investment management industry - who taught her to select a key number of topics each year to focus on and really develop deep expertise on - excellent advice for the dynamic world we live in.  Finally we reflect on some of the industry challenges around diversity and inclusion and Cynthia shares her own experience in this respect.  How sector and specialist expertise enabled her to distinguish herself and how she might now, upon reflection, wish she had carried a "softer stick" along the way. We explore what this means and what advice young women might take from that as they pursue a role in the industry.Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

John Bowman is executive Vice President of the Caia Association, and a prolific writer and commentator on the investment management industry. He has written about the subject of culture, restoring the virtuous reputation of the industry and ensuring that dialogue and education are maximized, particularly in the area of alternative investing.Our conversation starts with his thoughts on being a "man without a country" - his peripatetic youth and how having family in the investment management industry formed an impression on him from an early age.  We jump straight in then to a host of issues on which he has a unique vantage point at the helm of an industry association committed to education, dialogue and ongoing improvement. We start with the controversial topic of alpha generation - whether it remains possible in an environment that is flooded with data, quickly updated news cycles and crowding out of certain strategies.  We focus in particular on the future for alternative assets - how these strategies are evolving and what are likely to become the most relevant strategies for the next decade.We move then to the critical area of culture within the investment management industries and firms in particular - looking at the divide between investment-led and sales-led firms and what an aspirational culture for the industry as a whole might be. We move then to the disruption that Covid wrought and how that has altered the state of the investment management industry and to the increased integration of ESG risks and evolution of ESG-focused strategies. We end then with a reflection on the mentors that have shaped him, the importance of faith in his life and trusting his own instinct. It is a wide-ranging discussion with particular relevance to the dynamic times we are living in.Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market

Heather Brilliant is the President and CEO at Diamond Hill Capital Management, a $30 billion asset manager headquartered in Columbus, Ohio. She previously was Chief Executive Officer Americas at First State Investments and prior to that was CEO at Morningstar, Australasia, and formerly Global Head of Equity and Credit research. She's had a career long involvement with the CFA Institute globally, and was formerly Chairman of the Board, as well as a Director and Board Member for over seven years. Our conversation starts with Heather's upbringing, and the inspiration she derived from her grandmother - a true pioneer in investing at a time when few women might have been investors.  We trace her own journey into investing and finance and the serendipitous turns that saw her take the helm at Morningstar's Australasia operation after a stint as Head of Research.We examine the impact of changing country and the cultural adaptation involved, and reflect on some outstanding mentors that Heather had access to during this time.  Now in a leadership role at an asset management firm focused on active management we cycle through a host of topics - from the future of active v. passive investment, to the role of ESG integration, to the challenge of retaining talent and how to nurture a team.We also spend some time on her involvement in the CFA Institute and reflect on how that organization has evolved for the modern industry.  We look at the future of investment committee and board roles and the skillset that is involved for each.Heather reminds us that when we look for role models all that we see are the accomplishments and the finished products and not the false starts, the errors, the u-turns - all of this is "left on the cutting room floor".  Series 4 was sponsored by Alvine Capital.  Founded in 2005, Alvine Capital is a specialist advisor and placement boutique focusing on assisting European Institutional Investors within Alternative Investments.  It partners with best in class managers, adding value to investors by helping to navigate this very fragmented market.