The Fiftyfaces Podcast

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.Our conversation track's Simon's journey into impact investing and how that whole area has evolved over the course of his career.  We speak about the nature of place-based impact and some of the challenges yet opportunities that present themselves. We ask how this impact can be reliably measured, and look at the evolving nature of products in this area.  Finally in the personal reflection section we look at the importance of staying curious and staying grounded. Series 1 of the 2022 Fiftyfaces Podcast 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. 

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.  Our conversation traces her career journey, why she chose finance, and how she developed an interest in decision making.  We turn then to institutional  investment in the Middle East and the issues that dominate the discourse there at present, including matters of ESG integration. One of Rania's passions is cancer patient advocacy - an area sadly that she never originally sought, but stepped into when she saw gaps and a need for improvement.  We talk about that as well as her experience in the world of finance as a muslim woman. Series 1 of the 2022 Fiftyfaces Podcast 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. 

Vitali Kalesnik 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.  Our conversation starts with his upbringing in Belarus and how a basic first computer sparked a love for coding.  A deep commitment by his parents to his education and tutoring led to a branching out in terms of third level education, which saw Vitali study in the US and ultimately pursue a PhD.Given that Vitali's focus is factor investing, we examine the sentiment towards this form of investing and how it has evolved over time, in particular during periods of challenging performance. in particular we look to ESG integration across this arena. We speak about the concept of academic collaboration and how well that type of partnership can work across one's career, even outside the academic realm. We also look at the importance of recognizing one's strengths and weaknesses and addressing those items that promote success - such as presentation skills. Series 1 of the 2022 Fiftyfaces Podcast 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. 

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, 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. Our conversation starts with Rachel's upbringing in the Caribbean and her move to London as a teenager.  She describes her entry into the world of finance as a "crash landing", which proves to have been a very fortuitous one. We discuss how she started to thrive in the industry and her move to sales.  The most extraordinary part of our discussion is the vision behind The Skills Workshop (https://diversityproject.com/theskillsworkshop) which Rachel launched in 2021, which involved over 60 seminars and 8,000 participants as part of a massive, concerted, volunteer effort. Rachel's description of how a simple gesture and exposure changed her life, and the hope that this effort will have the same, exponential, effect on thousands of life is a true definition of impact. One of the mentor's in Rachel's career has included Justin Onuekwusi, whose own podcast featured in the 2021 Fiftyfaces Podcast (https://www.podomatic.com/podcasts/fiftyfaces/episodes/2021-04-08T11_02_52-07_00) and who now has his own podcast series with the extraordinary Darren Johnson (see his own profile here: https://www.podomatic.com/podcasts/fiftyfaces/episodes/2021-09-08T01_56_57-07_00) The Rolling Start Podcast (https://audioboom.com/channels/5060750).Series 1 of the 2022 Fiftyfaces Podcast 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. 

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.We start with the serendipitous start to his career - how he was tapped on the shoulder while sitting on a sea wall on a winter's day and how this led to a business school course and ultimately a career in the earliest forms of venture and private equity investing.  David witnessed the birth of the industry as we know it in the UK, and recalls a time when a debate raged as to whether the industry (globally) would ever reach $100 m. We speak about the industry's evolution - how David believes that investors sometimes get lost in the weeds of due diligence and voluminous data rooms and may miss the obvious human aspects of the professionals steering capital.  He believes that private equity remains a people business built on trust and networks and that despite its massive evolution in recent years these factors remain key.We end with the reference to luck being opportunity taken, and how seizing opportunities - whether to make a change in location or to work with an inspiring mentor can determine the course of a career and turn out to be the source of much luck.  Finally, we are reminded of the importance of listening - as a tool to build relationships and truly understand deals and interpersonal dynamics.Series 1 of the 2022 Fiftyfaces Podcast 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.Kim is already known as a force in the world of client development and client service in the hedge fund arena. We dig in to the factors that made her a success - how her belief in "listening to learn" has guided her through her career and towards the importance of building relationships first, long before solutions may be in hand.  But first we focus on her fascinating back story - on a LinkedIn post in which she  mentioned her army veteran father and the path he embarked up on early in life to build a life of education and opportunity for himself and his own family.  We hear about Kim's grandmother, illiterate and employed as a domestic, who put her son on his path in life with $20 in his pocket and a generation's worth of expectations and hope.We hear about Kim's passion for education and how her impact in this area takes many forms - from her work on non-profits and at schools to her insistence that a place at the table is accompanied by a voice at the table. Series 1 of the 2022 Fiftyfaces Podcast 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. 

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.