The Fiftyfaces Podcast

David Vickers is Chief Investment Officer at Brunel Pensions Partnership Limited, which manages assets on behalf of 10 partner funds within the local government pension scheme, representing about £30 billion He has extensive experience and investing in the multi asset arena, where he has spent time managing assets for a range of institutional investors. Our conversation starts with David's upbringing in Essex, where the City beckoned, even if it wasn't a familiar career field for him growing up as his parents were teachers. We recall how even notwithstanding the drama and volatility of incidents like the Barings crash the pace and energy of the place had an allure.We move then to the body of his career which saw him initially work in fund management and later transition to managing teams. David relates how he developed a passion for journaling, particularly as it relates to investment decisions, and for investment processes that were robust and sustainable. He describes himself as a pragmatic investor and he translates this concept into his current role at Brunel.Our discussion turns to recent initiatives in the field of Paris-aligned and sustainable investing at Brunel, in particular the development of a Paris-aligned index along with FTSE Russell. He looks at the likely future evolution not only of sustainable investing products but also practices and ultimately what this will mean for the leveling up agenda and local investment in the UK. This podcast is a collaboration between Fiftyfaces Productions and Room151. Room151 is an online news, opinion and resource service for local authority Section 151 and other senior officers covering treasury, strategic finance, funding, resources and risk. Room151 was launched on 8th November, 2011, by Longview Productions Ltd, the organiser of the Local Authority Treasurers’ Investment Forum and is a small, privately owned, publishing and events company. There is more information about Room151 here: https://www.room151.co.uk/about/

Chris Hitchen is Chairman of the Border to Coast pension partnership, as well as the Pension Super Fund and Trustee and Chair of the Investment Committee at Nest, the National Employment Savings Trust. He holds a number of other Board and director roles and was formerly chief executive of RPMI representing over £27 billion of pension arrangements for the UK rail industry.Our conversation is a far-reaching one that starts with Chris's educational path into investment consulting and how his breadth of interests was in evidence even then - including a passion for singing and violin. Another passion is trains, and when he was given an opportunity to join the investment team of RPMI, then known as Railpens he seized the opportunity.  That close to 20 year assignment saw him create a unified investment plan from over 100 separate initial liability pots, transition ultimately from an outsourced investment model to a hybrid one that included in-house managers and prioritize value for money.  We dig in to what this means and the various governance models that work well in different investment entities.With his extensive governance experience Chris has extensive insight into the importance of institutions "carrying on" into the future - and what a sustainable institution looks like. We examine ESG integration and how this is affected by governance as well as how it is driving it and assess the diversity of the finance industry as it currently stands. This podcast is a collaboration between Fiftyfaces Productions and Room151. Room151 is an online news, opinion and resource service for local authority Section 151 and other senior officers covering treasury, strategic finance, funding, resources and risk. Room151 was launched on 8th November, 2011, by Longview Productions Ltd, the organiser of the Local Authority Treasurers’ Investment Forum and is a small, privately owned, publishing and events company. There is more information about Room151 here: https://www.room151.co.uk/about/

Mike O’Donnell is Chief Executive Officer of London LGPS CIV Ltd., a position he has held since March 2019, following a career of over 30 years in local government including a range of finance-related roles.  He recently announced his intention to step down from that role in March 2023.Our conversation celebrates his roots in Leicester, and notes the learnings from his parents who had emigrated from Ireland in the 1950s. We move to his education - first in science, then in accounting, then as a CIPFA trainee. We move then to his career in public service and some of the highs and lows that that involved.  We look at the role of politics, governance and budgets and then move to his current role at the helm of the London CIV.At the London CIV Mike has three priorities- 1.  Delivering the right products at the right time for the pool's  32 clients with a broad range of investment strategies and investment managers. 2. ESG and climate change, in particular, where the challenge is about both having a product range and reporting and measuring progress. He notes that strong engagement and voting through the fund managers has become a huge piece of work over recent years. 3. Building the team and building the strong processes required of an FCA regulated body. We examine what it is to have effective governance and how training is so key and reflect on a piece of wisdom Mike has learned over his years working in public service is "if you can't change it, don't worry about it".We end by talking about a cause that Mike has championed throughout his career which is that of homelessness.  As trustee and Treasurer of the National Homelessness Alliance Mike pursues advocacy and strategy on areas such as affordable housing, social housing and the housing crisis.  This is echoed in his local government work, particularly as it relates to the "leveling up" agenda. This podcast is a collaboration between Fiftyfaces Productions and Room151. Room151 is an online news, opinion and resource service for local authority Section 151 and other senior officers covering treasury, strategic finance, funding, resources and risk. Room151 was launched on 8th November, 2011, by Longview Productions Ltd, the organiser of the Local Authority Treasurers’ Investment Forum and is a small, privately owned, publishing and events company. There is more information about Room151 here: https://www.room151.co.uk/about/

Fabiola Schneider is a doctoral researcher at UCD Michael Smurfit business school, where she focuses on sustainable finance with a particular focus on progressing the UN SDG agenda.  She is Research Co-Lead on Greenwatch, which applies AI to detect Greenwashing in the market.  She is also passionate about issues of diversity, equity and inclusion. Our discussion is a wide-reaching one which cycles through Fabiola's diverse areas of research.  We start with what what attracted her to the field of sustainable finance and then turn to the the most dynamic areas of change in this arena.  We unpack the concept of net zero goals, and examine how they can be set and ultimately reached.  We examine the European taxonomy, and ask if it is fit for purpose, then examine the prevalence of greenwashing, and look at how artificial intelligence can be employed to detect it.There is more information on Greenwatch here https://www.greenwatch.ai/as well as on other aspects of our discussion such as the ECB's dirty bond purchases here https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3630112 and on Investment Banks as fossil fuel brokers https://www.tandfonline.com/doi/full/10.1080/00343404.2021.1995601.Like many of the other guests in this Series 3, Fabiola is a truth seeker and a diligent student of policy and the frequent gaps between policy and practice.  She also is skilled at explaining complex concepts in layperson's terms, using imagery such as a "diet" and a bathtub to convey relative performance measures, and the problem with a net and not an absolute emissions goal. Series 3 is brought to you with the kind support of Federated Hermes, Inc., a leading global investment manager. Guided by their conviction that responsible investing is the best way to create wealth over the long term, their investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity strategies and a range of separately managed accounts, distributed through intermediaries worldwide.

Robin Powell is a journalist, investor advocate, financial educator and content consultant.  He is Head of Client Education at RockWealth, as well as Editor of The Evidence Based Investor, and executive director of Regis Media and Ember. He is a frequent commentator on investment management and behavioural finance,  often probing the purported value added by active managers and advocating for better transparency and investor education. Our conversation is a provocative one, which starts with Robin's entry into the world of media, and how he  developed a passion for financial markets. We talk about financial literacy, the importance of transparency, use of plain English and clarity as to value added as well as suitability. We cycle through pension fund investing and individual investing, public markets and private markets and into the emerging landscape of ESG investing. It is safe to say that no stone is left unturned either by Robin in his advocacy or in this discussion. You can find more of Robin's writing on the Evidence Based Investor blog: https://www.evidenceinvestor.com/about/ including articles on Bessembinder research: https://www.evidenceinvestor.com/most-stocks-are-duds-yes-you-read-that-right/articles arguing that passive managers aren’t passive share owners: https://www.evidenceinvestor.com/is-rise-indexing-bad-for-governance/ and the website belonging to Prof Ludovic Phalippou that debunks some of the myths surrounding private equity: https://pelaidbare.com/Series 3 is brought to you with the kind support of Federated Hermes, Inc., a leading global investment manager. Guided by their conviction that responsible investing is the best way to create wealth over the long term, their investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity strategies and a range of separately managed accounts, distributed through intermediaries worldwide. 

Debbie Cunningham is Chief Investment Officer of Global Liquidity Markets at Federated Hermes and has been a portfolio manager for all government and prime liquidity products since 1990.  She previously was Director and President of the CFA Society of Pittsburgh and sits on the board of Robert Morris University, Treasury Market Practices Group and Depository Trust & Clearing Corporation. Our discussion covers Debbie's extraordinary career in the fixed income arena, which spanned over 40 years and saw radically evolving interest rate environments and economic backdrops. She describes the fundraising climate and use of money market funds when she joined the firm, and reflects on the changing role of the instruments today. We examine the diversity of the industry at the time that she joined and the way it has changed. Having managed a successful career with a family Debbie speaks to her approach of melding work and family and reflects on her approach to risk throughout her career.  We hear about seizing opportunities, making choices and looking back without regret.Series 3 is brought to you with the kind support of Federated Hermes, Inc., a leading global investment manager. Guided by their conviction that responsible investing is the best way to create wealth over the long term, their investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity strategies and a range of separately managed accounts, distributed through intermediaries worldwide.

Matt 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. We are releasing this podcast as a bonus in recognition of April 27 being International Guide Dog Day.  

Jack Dodd describes himself as a human who talks about mental health. I came across him thanks to a powerful LinkedIn post he made about how boys get sad too, in which he called to normalize expressing emotion, sometimes at work. He is a corporate partnerships lead in the Charity Sector and prior to that worked in recruitment. I asked Jack to join me to talk about the mental health advocacy that is close to his heart and to hear about the response he received to the LinkedIn post that drew me to him.Our conversation starts with Jack's own story, and how he developed the courage to talk about mental health, feeling sad, feeling grief and how to assist others to develop the same vulnerability. We talk about why barriers sometimes exist to this kind of sharing, and how to break them down.This podcast will also appear in our 2022 Pride Series, which will be launched in June 2022. 

Welcome back to the Fiftyfaces Podcast where we are delighted to bring you Series 3 of 2022, which features critical thinkers from all walks of life. We hear about the value added of activemanagement, the robustness of sustainable investing terminology, the role of politics in promoting inclusion and economic empowerment and the opportunity in Africa.  First we hear from Debbie Cunningham, who has had a four decade career at Federated Hermes, in a leadership role within fixed income.  Her journey has seen some fascinating changes in the market backdrop, not least of all in the prevailing risk free rate on money market funds.We then move on to one of the most critical thinkers I know, Robin Powell, UK-based financial journalist and consultant, who presents robust challenges to value added and value for money in actively managed funds.  We might argue that our industry very much needs these questions to be asked, and Robin is certainly not afraid to ask them.We have more critical thinking as well as some powerful, actionable and relatable examples in the sustainability field in our conversation with Fabiola Schneider, who is active in tracking greenwashing and how sustainable investing is translated into practice.  This podcast is essential listening as a primer on many topics.John Robinson takes us on a journey of his start-up career, which has led him now to uncover the opportunity in Africa, while Sinead Colton Grant traces her own career path from Ireland to the helm of solutions at a large money manager in the wealth management division. LaRoy Brantley is a legend in the consulting field and his own background as a classics major, and then a teacher, may be responsible for the powerful way in which he translates investment ideas for his diverse client base. We move then to another kind of legend, one of business development, and chat with Kerry Duffain and hear about her extremely varied early career, but how that all laid the groundwork for an extremely persistent streak that lies behind her business building success. Another pathbreaker has been Les Bond, who founded Attucks Asset Management and has supported a vast network of emerging managers.  We return to sustainable equity investing with our conversation with Deirdre Cooper of Ninety One and hear how product proliferation in sustainable investing products is far from the problem it is made out to be.  We end then with a conversation of another mainstay of UK asset management Matteo Dante Peruccio, who has pivoted yet again to another passion - digital assets.  We hear about that thesis, why it is a multi-faceted one and where we go from here.Series 3 of the 2022 Fiftyfaces Podcast is brought to you with the kind support of Federated Hermes, Inc., a leading global investment manager. Guided by their conviction that responsible investing is the best way to create wealth over the long term, their investment solutions span equity, fixed-income, alternative/private markets, multi-asset and liquidity strategies and a range of separately managed accounts, distributed through intermediaries worldwide.

Maureen Downey is a Managing Director in Alternative Assets at The Beneficient Company Group as well as a Venture Partner at DigitalDx Ventures, and has specialized in alternatives investing with a particular focus on secondary investments and ESG integration for over 15 years. Maureen and I got to know eachother at Goldman Sachs in London and it was fascinating for me in this discussion to discover the richness of her hinterland in terms of time spent in Emerging Markets, gaining experience in a range of industries and learning from some of the leaders in the field.As an experienced investor in both emerging markets and private equity, we had a unique opportunity to discuss the intersections between the two areas, and now layer in the complexities of ESG overlays as well as the secondary market and its evolution.We discuss the innovation that is being pursued by The Beneficient Company and how the time in the market is ripe for such a solution.  Finally we reflect on the learnings from a career in international finance and the grounding that different academic backgrounds can provide.