InsuranceAUM.com

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Jake Remley, CFA, senior portfolio manager at Income Research & Management, for a deep dive into the world of structured securities. Jake brings his 20-plus years of experience in securitization to the discussion, explaining complex concepts like "zombie securitizations" and how to identify tail risks in the evolving landscape of asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS).   Jake shares insights on avoiding potential pitfalls in structured credit investments and emphasizes the importance of bottom-up analysis in navigating complex securitizations. With real-life examples like the recent write-down of 1740 Broadway, the episode offers practical guidance for institutional investors aiming to understand securitized debt structures and optimize risk-adjusted returns. For those keen on fixed income, this episode sheds light on the nuances of structured credit and its implications for portfolio management.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Alfred Chang, Head of Residential Loan Trading at MetLife Investment Management, about the growing role of residential whole loans in insurance portfolios. As a repeat guest, Alfred shares valuable insights into why this asset class is gaining traction, particularly for life insurers seeking capital efficiency and risk-adjusted returns. He compares the benefits of investing in residential whole loans versus public RMBS, highlighting how the private market offers unique opportunities through better control and transparency. Alfred also explains how a lack of housing supply and improved credit quality have made today’s market very different from the housing crash of 2008.   Drawing on more than 10 years of experience in residential credit, Alfred discusses MetLife Investment Management’s approach to mitigating risk through careful loan selection, strong counterparty relationships, and thorough due diligence. He also delves into the operational complexities of managing large volumes of individual loans and how MIM works closely with clients to address the reporting, accounting, and liquidity challenges of this asset class. If you’re interested in how residential whole loans can fit into an insurance company’s broader investment strategy, this episode is a must-listen.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Jessica Bailey, President and CEO of Nuveen Green Capital, and Laura Parrott, Senior Managing Director and Head of Private Fixed Income at Nuveen. Together, they explore the intricacies of Commercial Property Assessed Clean Energy (C-PACE) financing, a rising asset class that offers insurance investors both strong returns and a chance to positively impact climate change. Stewart, Jessica, and Laura break down how C-PACE can be used to finance energy-efficient building projects, blending public policy with private investment to drive real change in the built environment.   Listeners will hear about Jessica and Laura’s personal career paths, the growth of C-PACE, and why it’s become an attractive option for institutional investors, especially those in insurance. From policy challenges to the role of private capital in scaling this green initiative, this episode provides valuable insights for anyone looking to balance financial goals with responsible investing.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Adriano Taylor Escribano, Principal Senior Quantitative Analyst at Jennison, for a compelling discussion on the role of commercial mortgage-backed securities (CMBS) in insurance company portfolios. Adriano shares his fascinating career journey, starting with his early days working in a college kitchen to his expertise today in structured products. He walks listeners through the complex landscape of agency and non-agency CMBS, highlighting their importance in commercial real estate (CRE) lending and their strategic place in insurance portfolios.   The conversation explores key aspects of CMBS, including the differences between Freddie K, DUS, and Ginnie Mae project loans, and the impact of interest rate volatility on the market. Adriano provides expert insight into the current trends in CMBS, including the shift from 10-year to 5-year conduit issuances, and discusses how the Fed’s recent rate decisions could affect the market moving forward. This episode is a must-listen for insurance investment professionals looking to deepen their understanding of CMBS and its evolving role in portfolio construction.

Grady Frank, Partner and Head of Private Credit Origination at GoldenTree Asset Management, specializes in large-borrower private credit solutions. He discusses the evolving private credit landscape, key opportunities in dividend recaps, M&A activity, and creative refinancing strategies. Grady emphasizes private credit's growing importance for economic stability and the need for disciplined underwriting amidst challenging market conditions. His insights on fund growth and the potential M&A resurgence make for a compelling listen for insurance investors.

In this episode of the InsuranceAUM.com podcast, Stewart Foley sits down with Jason Walker, Co-Chief Investment Officer at Manulife CQS, as part of the CIO Spotlight series. Jason shares his insights into current market conditions, focusing on the importance of downside protection and the opportunities created by market dislocations. He emphasizes how sentiment, liquidity, and new variables are reshaping markets, offering opportunities for savvy investors. Jason also discusses the impact of higher rates on credit markets, structured credit, and how his team at Manulife CQS navigates uncertainty with a disciplined, bottom-up approach.   The conversation dives into significant risk transfer (SRT) markets, U.S. commercial real estate, and the role of flexibility in portfolio construction. Jason explains how experience and strategic risk-taking are key to capturing returns in today's markets. With a thoughtful discussion on political risk and opportunities in structured credit, this episode is packed with insights from a seasoned CIO leading through complex market conditions.

Sid Dahiya, Head of Emerging Market Corporate Debt at Aberdeen, shares his extensive expertise on the evolving world of emerging market debt. He explores how extension strategies can unlock value for insurance investors while discussing the size and risk dynamics of this asset class. Sid highlights Aberdeen's proprietary tools to manage risks and the unique opportunities emerging from political influences and global de-globalization trends. He emphasizes diversification tactics, buy-and-hold strategies, and the role of mindset in achieving investment success.

In this episode of the InsuranceAUM.com Podcast, Stewart Foley is joined by Michael Zorich, Managing Director and Head of Investment Grade (IG) Private Credit at Principal Asset Management, for an in-depth discussion on the growing relevance of investment grade private credit in today’s market. Michael shares his expertise on how IG private credit offers investors a combination of relative value, covenants, better recoveries, and diversification, making it an attractive asset class for insurance companies and institutional investors. He explains how current economic conditions, particularly rising interest rates, have led to increased attention on the sector, especially as investors seek risk-adjusted returns in less volatile spaces compared to other areas like direct lending.   Michael also discusses the evolution of private credit markets, the role of club deals, and the various sectors, such as infrastructure and real estate, that present opportunities and risks. As an experienced leader at Principal, he highlights the firm’s 50-year history in private placements, their focus on infrastructure investments, and the extensive customizations they offer to meet client needs. This episode provides valuable insights into how insurance investors can uncover value in IG private credit while navigating today’s complex economic landscape.

In this insightful episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Andy Blocker, Global Head of Public Policy and Strategic Partnerships at Invesco, to dissect the key political developments shaping the U.S. election. They explore the unprecedented shifts in the political landscape, including the impact of Biden's decision to step aside, Kamala Harris's rise, and the ripple effects of Trump’s ongoing legal battles. Andy provides a thorough analysis of the "path to victory" for both Harris and Trump, offering listeners a unique perspective on how each candidate’s approach to messaging, demographics, and policy could define the outcome of the 2024 election.   As the conversation deepens, Andy shares his thoughts on critical topics like the abortion debate, fiscal policy, and the implications of regulatory agendas, particularly for the financial services industry. He also touches on the growing influence of U.S.-China relations and ESG considerations in the election's aftermath. This episode offers a comprehensive overview of the potential market and investment impacts tied to the election, making it an essential listen for insurance investors who need to stay informed on the political and economic factors driving the future of their portfolios.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Paul Benson, Head of Systematic Fixed Income at Insight Investment, to dive deep into systematic fixed income and its growing relevance in today’s investment landscape. Paul discusses the evolution of systematic strategies since Insight’s early adoption in 2001, focusing on key innovations such as credit portfolio trading and enhanced liquidity in the high-yield markets. He also touches on the growing role of ETFs and how they integrate with insurance companies' portfolio needs.   The conversation further explores the customization potential of systematic strategies to fit the unique constraints insurance companies face, such as capital charges, duration, and rating bucket optimization. Paul shares insights on how rising rates have reshaped the private credit and high-yield landscape, and why high-yield bonds are becoming increasingly attractive for income-focused insurance portfolios. This episode provides valuable lessons for insurance investment professionals interested in integrating systematic fixed income into their strategic asset allocation.