The Fiftyfaces Podcast

Welcome back to The Fiftyfaces Podcast in 2022. In this first series we meet with ten more inspiring guests and draw out in particular themes relating to impact and the importance of education.  For some of our guests their commitment to educating the next generation – whether through personal sponsorship, Board Roles, teaching decision making or the founding of The Skills Workshop – there is universal belief in its importance. Impact takes many forms, and includes investment in education, but for some of our guests it also includes solutions to alleviate homelessness, house vulnerable women and adults with learning differences, or address the problem of climate change.  We hear from private equity veterans, a rising stars in Emerging Markets and one in factor investing, creators of movements and inspiring figures all of whom make our industry richer, healthier and more sustainable.  The first series is brought to you with the kind support of Heard Capital, a Chicago-based asset manager invests in public equities in the technology, media, telecommunication, financial and industrial sectors.  The firm was founded in 2011 and manages assets via a long/short fund and a long-only fund.  Kimberly Smith is Head of Capital Formation at Techstars.  She was previously Director of Marketing and Investor Relations at Owl Creek Asset Management and before that worked at Davidson Kempner and ABN AMRO.  She holds a number of Board Roles and is an active advocate for education David Hutchings recently retired from Albourne Americas where he was most recently Partner Emeritus having spent over 14 years at the firm where he founded the private equity research practice when he joined. He previously held a range of senior private equity roles in a career that spanned over 50 years.   Rachel Green is Director of Institutional Sales at Nuveen. She started her career in risk management and moved into a sales role in 2014.  She has been a prominent voice in the City of London on issues of diversity and inclusion and is the Founder of The Skills Workshop (https://diversityproject.com/theskillsworkshop), to help women and young people understand their career options, share stories and to identify with others as well to create a sense of belonging. Vitali Kalesnik who is a partner and senior member of the investment team at Research Affiliates, a Newport Beach headquartered investment firm.  Vitali is based in London.  He has focused his career in equity based research and has a Phd in economics.  He has written extensively in academic journals and has received various industry rewards for his content.  He is originally from Belarus.     Dr. Rania Azmi is the Founder of Alexandrite Decisions, a NATO registered management consultancy and training firm that fuses her three interests of investment strategy, academia and cancer patient advocacy. Based in Kuwait, she was strategic adviser to the Kuwait Sovereign Wealth Fund for over 10 years and has had a long career in academia and is a member of the executive education board at the Wharton School of the University of Pennsylvania.  One of her particular interests is decision making.   Simon Chisholm is Chief Investment Officer at Resonance Limited, an investment manager focused on achieving social and place-based impact.  It currently runs funds focused on three themes – homelessness, housing for vulnerable women, and housing for adults with learning differences.  It has over 20 years of an Impact Track Record and has housed over 2300 people in 1000 properties since inception.  Simon previously spent over 16 years in investment banking and also holds a number of Board Roles. Seema Hingorani, the founder and chair of Girls Who Invest and a Managing Director at Morgan Stanley Investment Mangement.  She previously was CIO at her own hedge fund and Chief Investment Officer of NYC Retirement Systems where she spent 4 years following a long career in asset management. Stavros Stiokos, managing partner and co-founder at Astarte Capital Partners.  Stavros started his career with Salomon Brothers in NYC in the mid-nineties and later was sent to London.  He then became managing director of Citigroup responsible for the global trading strategies across the firm and for the product solutions for all pension funds and insurance companies across the world. He was formerly Head of Investment Management at Piraeus Bank. He is originally from Greece, but has lived outside there since 1990, mainly USA (where he did his Ph.D and Masters) and the UK. Joel Moreland, who is a principal consultant in social and environmental finance.  He previously worked as a fund manager and has a background in maths and management. Diana Kiluta Amoa, is Chief Investment Officer of Kirkoswald, a US based hedge fund, and she formerly spent over a decade in financial services in a range of roles including fixed income and rates trading, with a focus on Emerging Markets. She is a Board Member of the Global Nomads Group among other roles.

In this last episode in this collection we go primarily to the US and Middle East, where we meet with some seasoned as well as newer directors to hear their thoughts on the evolution of the role and the power of diversity. We also hear from two guests, Dr. Rania Azmi and Kimberly Smith, who will feature in the first series of our 2022 Fiftyfaces Podcast. First we hear from Jan Nicholson, who is president of two private family foundations, the Nicholson Foundation in New Jersey, and the Grable Foundation in Pittsburgh, Pennsylvania.  She has held board positions at Rubbermaid, Ball Corporation and Radian Group, Inc., from 1990 to 2015. I asked her about how her investment experience fed in to her Board roles, and how even without specific industry experience it is. possible to add value by leveraging her own expertise – e.g. on the Audit Committee of a board. Staying in the US we then hear from legal legend, former Michigan Supreme Court Judge and Mayor of Detroit, Dennis Archer.  Dennis has committed his life to lifting up people behind him on the ladder, and he reflects on the levels of diversity within Board level roles and why diversity has such value. We hear then from Gerald Chen-Young, who was formerly CIO of the United Negro College Fund as well as holding numerous board roles and now running his own consultancy.  He is candid about his reflections on his time in the executive role and how he wishes he had done even more to promote inclusion. Moving then to our 2022 guests we hear from Kuwait-based Dr. Rania Azmi about her Board Roles and how she has seen value in thinking outside the box to add value.   The outstanding Kimberly Smith rounds out this podcast and the entire series by distinguishing between having a seat at the table and having a voice, and the importance of ground rules to establish Board norms. Setting the tone, starting as we mean to continue.  I hope that you found these insights useful across the Next Chapter Series. I hope you found some food for thought here in this episode of FIftyfaces focus – The Next Chapter.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. 

In Series 3 of this FiftyFaces Focus Series focusing on the Next Chapter – and specifically portfolio careers and what makes an effective Board Member and Chari we meet with Alexandra Noble, Daniele Beasley, Susan Martin and Henry Tapper.  We hear from a group of leaders committed to training the next generation of leaders, coaching through change and ensuring that all pensioners get to retire with dignity and informed choices.  First we hear from Alexandra Noble, who's an independent strategic adviser to financial institutions and charities and has a particular interest in mentoring the next generation of investment leaders. She shares what it means to be a good leader, the importance of listening and key it is to allow all meeting participants to have a voice. We cross over to California then to hear from a financial advisor, Daniele Beasley about her own Board Roles and her views on diversity initiatives from her vantage point. She has built a career of service focused on giving, and encourages us to do the same. Susan Martin is also a “giver” and as a change consultant is frequently called up to bring institutions through periods of transformational change. She describes the role of a Non-Executive Director as akin to a coach or a mentor, something that is more essential than ever now given the volatile, uncertain, complex and ambiguous (VUCA) circumstances that we are living with today.   Our final guest Henry Tapper, dives into a subject that has been a lifelong passion for him – pensions transparency and equity.  Given that many Board and Trustee roles cover pensions we wanted to provide some insight into the themes of this area, such as the levels of choice available, the pensions gap between women and men and the future evolution of this area.  Her portfolio career includes a consulting role for pensions for purpose, coaching and strategic advice to firms, a chair role of future fit limited and roles as a charity trustee and director. It is clear that there is massive change ahead in the world of pensions – an area that will be relevant to all of us, but equally where many directors and trustees will find themselves in fiduciary positions.  I hope you found some food for thought here in this episode of FIftyfaces focus – The Next Chapter. Follow us on Linked In, Twitter, apple podcasts, spotify or wherever you get your podcasts.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. 

In our second podcast of our Fiftyfaces Focus Next Chapter Series we hear from four more seasoned voices who are all pursuing a rich and diverse set of roles.  First we meet with Margaret Casely Hayford, CBE, Chancellor of Coventry University, Special Trustee at Great Ormond Street Hospital Children’s Charity and Chair at Shakespeare’s Globe, among other board roles.  She talks about the steep learning curve in gaining familiarity with the mission and purpose of each organization as well as the importance of learning to listen and for a Board to be a supportive Board.  We speak also about the current levels of Board Diversity and the pace of change. William Bourne is an independent adviser to a number of LGPS pension funds and also chairs pension boards as well as being the founder of his own firm Linchpin, which provides advice on investments and governance to institutional investors. He shares his views on the importance of bringing about better decision making as a board member, as well as the role of a Chair to ensure that all voices are heard and that meetings stay on course.  We then cross the Atlantic to meet with Sandra Urie, Chairman Emeritus of Cambridge Associates, and the holder of a range of investment committee and Board roles.  She shares her views on the ideal size of an investment committee, and the importance of instilling an institutional quality process. We speak about the importance of good governance, sticking with the appropriate time horizon and about how the role changes through good and bad market environments.  Finally we hear from Julian Tregoning.  Julian, like William, is another familiar face in the City of London, and he has throughout his career held many board roles in positions that sit “outside the envelope” of his City career.  This is the ideal place to cut one’s teeth in his view.  So following your passion and interests, learning to think like a fiduciary, build a process and listening deeply, some tips from our seasoned board and committee members on this episode.  Thank you for listening to the Fiftyfaces focus Next Chapter podcast.  I hope you have enjoyed listening to these tips for the next chapter. Follow us on Linked In, Twitter, apple podcasts, spotify or wherever you get your podcasts.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. 

Caroline Burton has a portfolio career which includes roles as an independent advisor to local authority pension plans and a NED role. She previously spent over 25 years at the Guardian Royal Exchange, where she was promoted to manager at the age of 28. She retired from that organization in 1999 and has since built a portfolio career.  Our conversation starts in what seems like an entirely different era in the City - during the mid 1970s. Top hats were in vogue, gentlemen's dining clubs were the rage and diversity was not high on the agenda. Caroline encountered her fair share of sexism in her early career, but nonetheless made her way through management ranks, and shares some of her strategies for success. We reflect also on how the industry has changed, and where progress has been lagging. When she retired over 20 years ago she moved to a full portfolio career of committee and non executive director roles, and we discuss where these differ from executive roles.As an experienced committee member she has a a clear sense of where non executive roles differ from executive roles - in particular that the mantra should be "eyes on, hands off" and that observing and listening to the direction of travel and then opining on it can be a key value added of the non executive director. This podcast was supported by Speaking with Images, a company focused on motivational speaking, focused on increasing resilience, improving communication and building better workplace culture. https://www.jennysegal.co.uk/

Sharmila Kassam is the founder of Aligned Capital Investing, as well as holding a portfolio of Board roles. She was previously Deputy Chief Investment Officer of the Employees Retirement System of Texas, a public defined benefit plan with around $30 bn in AUM, where she held a series of roles for almost 12 years. She previously worked as an attorney and a venture industry professional. She is a Senior Fellow at the Milken Institute.Our conversation starts with Sharmila's move from law into the world of investing, and the policies and priorities that were at the forefront of her mind in her role as Deputy CIO of a large public plan. Sharmila was an early trailblazer for the building and promotion of diverse portfolios in her role at Texas ERS, and the strong performance of these portfolios serves as a powerful proof statement of the win/win nature of diversity. Now, as she builds out her portfolio of Board roles she is committed to using this experience to pave the way for smaller and more boutique organizations to see and enjoy the benefits of diversity. We speak about the figures in her life who have inspired her, and her current agenda to promote change.

Debbie Clarke was Global Research Chair and Global Head of Investment Research at Mercer for close to 16 years, following an extensive career in asset management and consulting which included 20 years as a portfolio manager.  She retired from her position at Mercer in June 2021 and is building a portfolio career, including a NED role on the EMEA board of Blackrock and a member of the UK CFA Institute Advisory Board. She is an active speaker on the conference circuit and has been voted in the FN 100 Most Influential Women in Asset Management in 6 of the last 9 years.   Our conversation tracks Deb's career progression, what drove her move to London, and later to Chicago for a few years.  We talk about what led her to a research role, her investment beliefs as well as the advice that she gives to younger career professionals.  My favorite part of this podcast was the time we spent discussing Deb's prodigious craft collection - as an avid quilter as well as a cross stitch and crochet expert, and I deliberately recorded a video so that we could showcase some of Deb's masterpieces - see the linked video on Linked In.  This may be a skill that is in shorter and shorter supply now, but hear how Deb's heartfelt creations put the S in sustainability and recycle meaningful strands of lives lived into a gorgeous portfolio.

We are issuing this replay of Sally Bridgeland's podcast - Sally featured in the first series of The Fiftyfaces Podcast in August 2020. Sally Bridgeland needs no introduction in London institutional investing circles. Following a long career as an actuary, investment consultant and investor, culminating in a role of CEO at BP Pension Trustees for the 19 BN GBP BP pension fund, she has pivoted to an extensive portfolio career. Since 2014 she has held roles at Nest, USS, Lloyds Banking Group, Avida International, RAF Central Fund, Nesta, the Nuclear Liabilities Fund, the Local Pensions Partnership, Impax Asset Management and Royal London.  Her portfolio is a very full one, but she still finds the time to commit to her passion for education in mathematics through the Royal Society and Loughborough University and is Honorary Group Captain in the Royal Air Force, No 601 Squadron. Our conversation discusses Sally's journey into investment, the role that learning maths had in her story, and her lifelong passion for ensuring that maths is taught effectively and in a way that conveys its beauty. We also discuss her investment beliefs and lessons learned through a career in consulting and then as an asset owner.

In this inaugural "next chapter" podcast episode, we hear from four extraordinary leaders in investment management circles - each pathbreakers in their own right, and each of whom is dedicating this current chapter of their career to a portfolio of Board and other roles.Many executives enter a portfolio or "plural" career once they finish up a traditional executive role, but there is a distinct lack of guidance as to what it is that makes a good director or investment committee member, and particular a good chair.  We hear from these experts about the benefit of perspective, the mantra of "eyes on, hands off", the role of providing counsel to executives and to contributing to the efficacy of a Board. We hear what it is to coach and nurture the next generation of leaders, and why helping to shape diversity on Boards is an important way of bringing about lasting change.  We hear about the importance of an organization's mission, how a good chair will draw out the optimal contributions of everyone around a table, keep time and bring about effective decision-making.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. 

Margaux O’Brien is Investment Director at the University of California investment office, based in Oakland, CA.  She previously spent over 14 years in the fund of hedge fund area, where she specialized in equity long/short and other equity hedge funds. Prior to that she was an investment consultant.  Our conversation starts with Margaux's upbringing in South Africa, her introduction to investment consulting and ultimately to manager selection and how her career took her around the world.I have known Margaux as one of the most talented spotters of exceptional managers in the long/short arena and we dive right in to what she looks for in a manager and how she finds managers with an edge.  We transition then to the broader equity space and ask when and where active management makes sense and non-traditional fee structures are justified.  We also discuss portfolio construction and how here investment beliefs have evolved over time.Now at a large endowment we talk about the role of allocators, and how portfolio management can seem like the challenge of a puzzle that has to fit together with all of the requisite pieces, and how it can be a  fascinating and stimulating career to pursue. When we turn to personal reflections and lessons learned over the years, we talk about the importance of humility as a tool to gain perspective and calm nerves, perhaps before a large presentation. We hear about the importance of feedback - both giving and getting it, and why, in the end, we all need to worry less. This podcast is brought to you with the kind support of Pluscios Capital, a women-owned, WBENC certified investment management firm based in Evanston, IL. With over 60+ years of combined investment management experience, co-founders Constance Teska and Kelly Chesney are committed to the development of bespoke investment solutions on behalf of institutions and intermediaries. In addition to broadly diversified core and catalyst solutions, Pluscios provides hands on product development support and custom solutions with a focus on diversity-led and emerging managers.