Shows
InsuranceAUM.comEpisode 357: Lessons from the Tranches: How to Pick Good Bonds in Securitized CreditNoah Funderburk, Portfolio Manager and Director of Securitized Credit at Pioneer Investments, joins the InsuranceAUM.com Podcast for a deep dive into the mechanics that matter most in structured credit.
In this episode, he explores why risk and discomfort are often the source of return, how credit risk and interest rate convexity can compound drawdowns, and why sponsor incentives should never be overlooked. The conversation moves beyond headline yield to focus on tranche-level analysis, correlation risk, asset obsolescence, and securitization structures that delever over time.
For insurance investors allocating to ABS, RMBS, CMBS, and multi-sector portfolios, this discussion offers a pr...
2026-02-2326 min
InsuranceAUM.comEpisode 356: Power Plays: How Insurers Can Invest in the Energy TransitionNeda Vakilian of Actis and David Swift of General Atlantic join the InsuranceAUM.com Podcast to explore how growth equity and infrastructure equity are reshaping the opportunity set for insurance investors in the energy transition era. As electrification accelerates, AI drives non-linear power demand, and energy security becomes a strategic priority, they outline how these structural forces are creating durable, long-term investment themes.
The discussion examines the difference between traditional infrastructure debt and control-oriented equity strategies, highlighting capital-efficient growth businesses and essential, baseline infrastructure in both developed and growth markets. Neda and David detail how their teams approach risk, focusing o...
2026-02-1934 min
InsuranceAUM.comEpisode 355: Fraud Prevention in Private Asset-Backed FinanceIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Joel Hart, Managing Director and Chief Risk Officer at Victory Park Capital, about the growing concern of fraud risk in asset-backed finance (ABF) and private credit. As insurance investors increase exposure to these sectors, Joel offers a candid look at why borrower misconduct tends to spike in late-cycle markets and outlines the types of fraud currently emerging such as double pledging, falsified collateral, and manipulated reporting.
Joel also shares how Victory Park Capital’s independent risk function, data-driven monitoring systems, and hands-on portfolio management help mitigate these...
2026-02-1226 min
InsuranceAUM.comEpisode 350: Real Assets, Real Impact: Infrastructure in Modern Insurance InvestingScott Littman, Managing Director of Infrastructure Investments at GCM Grosvenor, joins host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for a wide-ranging discussion on infrastructure as a core component of modern insurance portfolios.
The conversation explores how infrastructure is defined today, why essential assets with long-duration cash flows and inflation linkage have become increasingly important, and how insurers are approaching infrastructure across debt and equity strategies. Scott also shares insights on capital efficiency, regulatory considerations, and portfolio construction as insurers expand their allocations to real assets.
The episode concludes with a look at the current macro environment, including opportunities an...
2026-01-1535 min
InsuranceAUM.comEpisode 349: Real Estate Secondaries: Opportunities for Insurers in Evolving MarketsMichelle Creed, Partner and Co-Head of Real Estate Secondaries, and Min Zhou, Managing Director in the Ares Secondaries Group, join host Stewart Foley, CFA, on the InsuranceAUM.com Podcast for an in-depth discussion on real estate secondaries and how the market has evolved.
The conversation explores the growth of GP-led transactions and continuation vehicles, the impact of valuation resets and liquidity dynamics, and how real estate secondaries can be used as a portfolio management tool. Michelle and Min also address common misconceptions around discounts, asset quality, and the motivations behind secondary transactions.
The episode concludes with insights into portfolio construction co...
2026-01-1237 min
InsuranceAUM.comEpisode 348: Beyond Direct Lending: A New Era for Asset-Based FinancePrivate asset-based finance (ABF) is gaining prominence in insurance portfolio strategy as insurers evaluate its capital efficiency, structural protections, and yield potential. In this episode of the InsuranceAUM.com podcast, Stewart Foley is joined by John Roglieri, Managing Director in Brookfield's Strategic Credit Initiatives, and Remo Plunkett, Vice President in Brookfield’s Credit Group, to explore the evolution of ABF and its growing relevance for insurers.
The discussion covers why ABF is not just a newer version of traditional securitized assets, but a broad, flexible toolkit that includes real assets, recurring cash flows, and customized structures tailored to insurer needs. Wit...
2026-01-0732 min
InsuranceAUM.comEpisode 347: Executive Spotlight: Meet The Institutes & Their CEO - Pete MillerOn this episode of the InsuranceAUM Podcast, Pete Miller, President and CEO of The Institutes, joins host Stewart Foley for a wide-ranging conversation on the newly announced affiliation and why it represents a meaningful step forward for the insurance industry. Together, they discuss how The Institutes’ more than century-long legacy in professional education complements InsuranceAUM’s focus on insurance investment knowledge, and why closing the education gap between underwriting, operations, and investing is becoming increasingly important as portfolios grow more complex.
The conversation also dives into leadership, culture, and the role of values in building organizations that last. Miller shares insights...
2026-01-0548 min
InsuranceAUM.comEpisode 346: Gold's Enduring Tailwinds with Aakash DoshiAakash Doshi, Global Head of Gold for the SPDR ETF business at State Street Global Advisors, joins host Stewart Foley on the InsuranceAUM.com Podcast for an in-depth discussion on one of the most talked-about asset classes in recent years. The conversation explores the macroeconomic, geopolitical, and structural forces that have shaped gold markets since the post-pandemic period.
Aakash shares his perspective on central bank demand, ETF flows, global debt levels, and the concept of gold as an alternative fiat hedge. He also explains why gold is often viewed as a left-tail asset and how it differs from other commodities a...
2025-12-2929 min
InsuranceAUM.comEpisode 345: CLO BBs and EquityIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA is joined by Shiloh Bates, CFA, Partner and Chief Investment Officer of Flat Rock Global, for a deep dive into collateralized loan obligations and their role in insurance portfolios. Shiloh explains how CLOs function as structured credit vehicles, the problems they solve in the private credit market, and how different tranches offer distinct risk-return profiles for investors.
The conversation explores current market dynamics, including elevated default rates, spread behavior, and where Shiloh sees potential opportunities across CLO equity and junior debt. Shiloh also discusses underwriting...
2025-12-1733 min
InsuranceAUM.comEpisode 344: Diversifying Within Structured CreditIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA sits down with Noelle “Elle” Sisco, Managing Director, Portfolio Manager, and Lead Portfolio Strategist at First Eagle Napier Park, to discuss where structured credit can offer real value for insurance investors and where caution is warranted. Elle shares her background across public and private credit markets and explains how First Eagle Napier Park approaches alternative credit within a multi-strategy investment framework.
The conversation explores how insurers can evaluate structured credit through disciplined underwriting, with a focus on collateral analysis, liquidity management, and active portfolio positioning. Elle also addresses late...
2025-12-1535 min
InsuranceAUM.comEpisode 343: Navigating Economic Currents: Shaping Insurance Investment StrategiesIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Cindy Beaulieu, Chief Investment Officer of Conning North America, and Matt Reilly, Managing Director and Head of Insurance Solutions at Conning. Together, they explore the complex economic, policy, and portfolio construction themes shaping insurance investment strategies heading into 2026. With volatility receding and consumption staying strong, Conning sees cautious optimism grounded in fundamental, long-term portfolio planning.
The discussion covers key topics including the rising complexity of insurance portfolios, the expanding role of private assets, and the importance of core fixed income as a risk ballast. Cindy and...
2025-12-1233 min
InsuranceAUM.comEpisode 342: From “Known Unknowns” to Quantified Risks: Enhancing Portfolio Construction with Stress & Scenario TestingTobias Gummersbach, Enterprise Capital Strategist at New England Asset Management, joins the InsuranceAUM Podcast to discuss how insurers can apply stress and scenario testing to strengthen portfolio construction. With a focus on translating complex risks into clear, actionable insights, Tobias explains how these tools can help insurers evaluate exposure, guide asset allocation decisions, and support long-term capital planning.
The conversation covers how insurers can move beyond traditional risk measures to better understand the potential impact of severe but plausible events. Tobias shares practical examples of how scenario testing is being used in real-world investment strategy, helping firms assess trade-offs between r...
2025-12-0930 min
InsuranceAUM.comEpisode 341: Infrastructure Equity in Today’s Markets: Themes, Trends, OpportunitiesInfrastructure equity is no longer just about toll roads and utilities—it’s becoming a core part of insurance portfolio strategy. In this episode of the InsuranceAUM.com podcast, Gianluca Minella, Head of Research at InfraRed Capital Partners (a part of SLC Management), joins host Stewart Foley for a wide-ranging conversation on infrastructure’s growing relevance for insurers.
Drawing on findings from SLC Management’s recent global insurance survey, Gianluca shares insights into how insurers are allocating across core, core-plus, and value-add strategies. The discussion covers inflation protection, regulatory treatment, digitalization, decarbonization, valuation discipline, and infrastructure’s role as both a defensive...
2025-12-0440 min
InsuranceAUM.comEpisode 340: Building Resilient Portfolios for Insurers: DoubleLine’s Long-History Insights on ABS and ABFIn this episode of the InsuranceAUM Podcast, DoubleLine’s Andrew Hsu and Fifi Wong share their insights on building resilient insurance portfolios through asset-backed securities (ABS) and asset-based finance (ABF). With more than a decade of experience in structured products and a track record of navigating shifting market conditions, they offer a detailed look at underwriting discipline, deal sourcing, and how their approach has helped avoid high-profile credit pitfalls like recent subprime auto bankruptcies.
From the early days of FinTech-backed student loans to today’s more complex private ABF opportunities in sectors like aviation and energy infrastructure, this episode explores how D...
2025-12-0122 min
InsuranceAUM.comEpisode 339: Emerging Markets Debt - Investing in Stability Amongst an Ever-Changing LandscapeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Siddharth Dahiya, Global Head of Emerging Market Debt at Aberdeen Investments, to unpack one of the most dynamic and evolving areas of institutional fixed income—emerging market debt (EMD). With decades of experience in global markets and deep roots in insurance investing, Siddharth provides a clear and comprehensive breakdown of the EMD universe—from hard currency sovereigns and corporates to local currency bonds and frontier markets.
The discussion covers the structural advantages of EMD, including improving fundamentals, increasing credit rating upgrades, and attractive spreads versus similarly rated d...
2025-11-2426 min
InsuranceAUM.comEpisode 338: Beyond the Bubble: Data Centers, Demand and the Rise of AI InfrastructureIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Alexey Teplukhin, Managing Director at Blue Owl Capital, to explore the often-overlooked but critical role of data centers and digital infrastructure in the global economy. Alexey offers expert insights into how these assets are enabling everything from everyday digital activity to the exponential rise of artificial intelligence. The conversation begins with the basics what a data center actually is and quickly dives into what makes them such a compelling, long-term real asset investment.
The discussion also covers how demand for data infrastructure...
2025-11-2132 min
InsuranceAUM.comEpisode 336: How Insurers Can Unlock Alpha Through Residential Whole LoansNancy Mueller Handal, Chief Investment Officer of Insurance Asset Management at Bayview Asset Management, shares her insights on how insurers can pursue alpha through residential loans and asset-based finance. With extensive experience in structured credit, Nancy explains why residential whole loans can be a strong fit for insurance portfolios when managed with discipline and precision. She discusses the capital efficiency of the asset class, the appeal of agency-eligible and non-QM loans, and the role of thoughtful underwriting in mitigating risk.
The discussion also covers the evolution of the residential credit market, the importance of robust data and infrastructure, and the r...
2025-11-1731 min
InsuranceAUM.comEpisode 335: The Low Rate Environment Could Impact Products and Investment Portfolio MixIn this episode of the InsuranceAUM.com podcast, Bob Huang, Executive Director of Equity Research for the Property & Casualty and Life Insurance Group at Morgan Stanley, sits down with Stewart Foley for a timely and insightful conversation on the implications of a declining interest rate environment. Drawing on one of the broadest insurance company coverages on Wall Street, Bob shares how rate cuts could influence earnings, asset allocations, product design, and underwriting dynamics across both life and P&C insurers.
Bob explains why falling short-end rates may pressure floating-rate-heavy portfolios, how product offerings like fixed and indexed annuities could evolve i...
2025-11-1330 min
InsuranceAUM.comEpisode 334: Key Themes for 2025 – Affordability, Land-light Models, and DemographicsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes back Robert Clark, Chief Investment Officer and Founding Partner of Domain Real Estate Partners, for a timely discussion on the state of U.S. residential real estate. With affordability continuing to challenge buyers and mortgage rates remaining elevated, Bob offers a deep dive into how homebuilders are adapting their models in 2025, from navigating margin pressure and shifting demographics to embracing land-light strategies.
The conversation explores the growing role of insurance capital in financing residential development and how institutional investors are responding to macroeconomic forces such as immigration p...
2025-11-0633 min
InsuranceAUM.comEpisode 333: The Future of Infrastructure: AI, Innovation, & Insurance Portfolio StrategyIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Mansi Patel and Jeff Matthews of Principal Asset Management to explore how infrastructure debt is evolving—and how those changes are influencing insurance investment strategy. From AI-driven demand for data centers to the energy transition and shifting demographics, the conversation unpacks the current state and future outlook of infrastructure investing.
Mansi and Jeff also explain key trends shaping the asset class: the rise of digital infrastructure, the role of power and natural gas in supporting AI growth, and the importance of geographic diversification. They provide insights i...
2025-11-0430 min
InsuranceAUM.comEpisode 332: Private Market's Death: Myths & RealitiesIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Mario Giannini, Executive Co-Chairman and longtime leader of Hamilton Lane, for a candid discussion on the evolving landscape of private markets. Giannini challenges the notion that private equity is “dead,” explaining why fundamentals remain resilient despite recent underperformance and how the long-term value proposition continues to attract institutional investors.
The conversation explores key themes shaping portfolios today including secondaries, infrastructure, and the rise of private credit as well as how artificial intelligence is transforming the private markets ecosystem. Giannini also offers perspective on what insurance investors are aski...
2025-10-2930 min
InsuranceAUM.comEpisode 331: Navigating the Future Macroeconomic Challenges and Commercial Real Estate OpportunitiesIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Erin Patterson, Global Co-head of Research and Strategy at Manulife Investment Management, to explore the intersection of macroeconomic uncertainty and commercial real estate opportunity. Erin shares how Manulife is navigating ongoing volatility, from interest rate shifts to global trade disruptions, and why a resilient, globally diversified strategy remains key for insurance investors.
The conversation covers the "five Ds" shaping their investment lens demographics, deglobalization, decarbonization, digitalization, and democratization and how these trends are influencing everything from market selection to sector prioritization. Erin also dives into the...
2025-10-2731 min
InsuranceAUM.comEpisode 330: Are Private Credit Hyperscalers a Ticking Time Bomb?Jeffrey Diehl, Managing Partner and Head of Investments at Adams Street Partners, joins the InsuranceAUM.com podcast to explore whether the rapid growth of private credit platforms, particularly BDCs and insurer-owned portfolios, is creating systemic risk or sustainable opportunity.
In this candid conversation with host Stewart Foley, Diehl explains how deployment pressure, the rise of PIK loans, and reduced underwriting discipline could challenge returns in an overheated segment of the market. He also unpacks the scale of capital flowing through these platforms, the structural differences between perpetual BDCs and traditional private credit funds, and what red flags insurance investors should b...
2025-10-2434 min
InsuranceAUM.comEpisode 329: Lessons Learned from a Reformed Insurance CIOMark Rose, Insurance Solutions Specialist at T. Rowe Price and former Chief Investment Officer of Argo Group, joins Stewart Foley for a candid and insightful conversation on the InsuranceAUM.com podcast.
With a background spanning equities, high yield, private credit, and more, Mark shares the lessons learned from over a decade managing insurance portfolios—including the importance of investment committee process, manager selection, and risk governance. He also discusses his transition from CIO to the asset management side, what drew him to T. Rowe Price, and how the firm is evolving its insurance solutions offering.
For insurance investors navigating today’s evol...
2025-10-2235 min
InsuranceAUM.comEpisode 328: Beyond the Bank: The Insurance Approach to CRE LoansDavid Politano, Managing Director and Head of Debt Strategies for MetLife Investment Management’s Real Estate group, brings more than 30 years of experience to the conversation as he joins the InsuranceAUM.com Podcast. In this episode, he explains how insurance companies’ approach to commercial real estate lending differs from traditional bank and CMBS channels - focusing on long-term, cradle-to-grave loan management with an emphasis on credit quality and relationship-based underwriting.
David walks through the structural advantages of insurer-held CRE debt, performance comparisons post-COVID, and how real estate market dynamics, especially in the office sector, are evolving. He also provides perspectives on pri...
2025-10-2031 min
InsuranceAUM.comEpisode 327: Opportunities and Benefits of Lower Middle Market Direct LendingTas Hasan, Managing Partner & COO, and Nelson Pereira, Director of Insurance Investor Partnerships at Deerpath Capital, share their perspective on the growing role of lower and middle market direct lending in insurance portfolios. With decades of experience and a long-standing focus on this segment, they explain why it's gaining traction among insurers seeking yield, diversification, and capital efficiency.
They break down the structural advantages of sponsor-backed lending, including stronger covenants, conservative leverage, and more lender-friendly deal terms. The discussion also explores how regulatory developments, such as NAIC guidance and capital treatment, are influencing insurer allocation decisions.
For insurance investors evaluating pr...
2025-10-1636 min
InsuranceAUM.comEpisode 326: Exploring IG Private Asset-Based Finance and Strategic Allocation in Health InsuranceIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Frank Melaccio, CFA, CPA, FRM, Vice President, Finance and Treasurer at Horizon Blue Cross Blue Shield of New Jersey, and Jason Young, Head of U.S. Corporate Private Placements and Private Structured Credit at MetLife Investment Management (MIM). The discussion explores the evolving role of investment-grade private credit and asset-based finance (ABF) in health insurance investment portfolios. Both guests share their career journeys, personal anecdotes, and their perspectives on strategic asset allocation within the unique cash flow structures of health insurers.
Together, they dive into the diver...
2025-10-1430 min
InsuranceAUM.comEpisode 325: The Regulation RecapIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Carrie Mears, Chief Investment Specialist at the Iowa Department of Insurance and Financial Services. Carrie offers a rare regulatory perspective on how insurance investment oversight is evolving—touching on key topics like NAIC reforms, the restructuring of the Valuation of Securities Task Force, and the growing influence of private credit on insurer portfolios.
The conversation dives into the challenges of transparency, capital treatment, and risk assessment in today’s complex investment landscape. Carrie also shares insights from her roles at both the NAIC and the IAIS, offer...
2025-10-0732 min
InsuranceAUM.comEpisode 324: Ahead Of The CurveSam Kaplan, Rates and Securitized Portfolio Manager at Jennison Associates, returns to the InsuranceAUM.com Podcast to share his perspective on today’s evolving rates landscape. With the Fed cutting front-end rates while long-end yields remain elevated, Sam explores the forces reshaping the curve and what insurers need to know about duration, relative value, and term premium.
In this conversation with host Stewart Foley, Sam outlines the implications of shifting monetary policy, labor market trends, and fiscal dynamics on fixed income portfolios. He highlights how insurers can evaluate opportunities across the curve, from three- to seven-year maturities to the longer end...
2025-09-3034 min
InsuranceAUM.comEpisode 323: Beyond Yield: Private Credit, PBR & the Need for Enhanced SAAIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milliman’s Sam Nandi, Co-Lead of the Financial Risk Management Practice, and Anna Berezovskaya, Principal and Consulting Actuary in the Life Practice. Together, they explore how regulatory changes and the growing role of private credit are reshaping the way insurers approach strategic asset allocation.
Sam and Anna share perspectives on balancing regulatory requirements, liability-aware investing, and enterprise value optimization in today’s complex insurance landscape. They highlight the nuances of principle-based reserving, liquidity governance, and the trade-offs insurers face as they incorporate private and alternative asset...
2025-09-2633 min
InsuranceAUM.comEpisode 322: The Changing Landscape in Emerging Market InvestingIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Jennifer Taylor, Head of Emerging Market Debt and Senior Portfolio Manager at State Street Investment Management, for a timely and insightful discussion on the current state of EM debt. Jennifer shares her career journey from early roles in hedge funds to leading sovereign debt strategies, offering valuable perspective on how emerging markets have evolved—and why they continue to present compelling yet complex opportunities for institutional investors.
The conversation explores why State Street Investment Management takes a beta-first approach to emerging market debt, emphasizing diversification across sovereign issuer...
2025-09-2328 min
InsuranceAUM.comEpisode 321: The Rise of Liability Management Exercises: The Changing Face of Restructurings with Oaktree’s Ross RosenfeltRoss Rosenfelt, Managing Director in the Global Opportunities group at Oaktree, joins the InsuranceAUM.com Podcast to unpack the rapid rise of liability management exercises (LMEs) and their impact on today’s credit markets. With over two decades of experience in restructuring—first as a bankruptcy attorney and now as an investor—Ross offers a grounded look at how LMEs are reshaping the way distressed companies and creditors interact.
He and host Stewart Foley explore how restructuring has evolved, the legal mechanics behind LMEs, and what insurance investors should know about navigating this increasingly complex environment. From creditor cooperation agreements to unde...
2025-09-1826 min
InsuranceAUM.comEpisode 320: Senior Loans: A Closer Look For InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Kevin Egan, CPA, Managing Director, Senior Portfolio Manager, and Co-Head of Credit Research for Invesco’s Global Private Credit Team. Together, they take a deep dive into senior loans—an often misunderstood but increasingly relevant market for insurers. Kevin explains the fundamentals of the asset class, including the security and recovery profile of senior loans, their relative value compared to high yield, and how they’ve historically performed across market cycles.
The conversation also explores current dynamics shaping the space: demand from CLOs, shifts in direct lending, and sec...
2025-09-1629 min
InsuranceAUM.comEpisode 319: Inside Real Estate: CRE Strategies for Insurance InvestorsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Rich Hill, Global Head of Research and Strategy at Principal Real Estate, to explore today’s commercial real estate landscape and what it means for insurance investors. With over $25 trillion in value and 18 subsectors, CRE is far from monolithic. Rich explains how insurers should approach asset allocation with a four-quadrant strategy that includes public and private debt and equity.
The conversation dives into how insurers are navigating private real estate debt opportunities amid valuation resets, the growing appeal of sectors like data centers and senior housi...
2025-09-1129 min
InsuranceAUM.comEpisode 318: The Evolving Role of Fixed Income in Insurance Investment Portfolios – Opportunities and Use-Cases in an Increasingly Multi-Asset WorldIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Jeff Miller, Co-Head of Fixed Income and Portfolio Manager, and Stephen “Fitz” Fitzsimmons, Executive Director of Insurance Solutions, both at Morgan Stanley Investment Management. The discussion centers on how insurers can navigate the evolving role of fixed income within multi-asset portfolios, with insights into ALM optimization, yield curve dynamics, and opportunities across public and private credit.
Miller and Fitz highlight the impact of regulatory changes, the balance between transparency and complexity in fixed income markets, and how insurers can thoughtfully integrate alternatives alongside traditional allocations. Their persp...
2025-09-0930 min
InsuranceAUM.comEpisode 317: Bringing a Portfolio Perspective to Improve Private Credit OutcomesIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Jon McKeown, Head of Portfolio Strategy and Analytics at Northleaf Capital Partners. Jon shares how Northleaf approaches portfolio construction in private credit by applying a risk- and analytics-driven lens, enabling investment teams to maintain strong relative value discipline and better navigate sector and geographic exposure. With over $30 billion in commitments, Northleaf brings a global, middle-market focus across private equity, infrastructure, and credit making their insights especially relevant to insurance asset managers.
Jon outlines how his team supports investment decision-making across origination, underwriting, and portfolio monitoring. He a...
2025-08-2529 min
InsuranceAUM.comEpisode 316: Investment Grade Securitized Market UpdateIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Dmitri Rabin, Rates and Securitized Portfolio Manager at Jennison Associates, for a deep dive into the current state of the investment-grade securitized markets. From the performance dynamics of agency MBS versus corporates to the shifting role of banks and foreign buyers, Dmitri offers a clear-eyed view of spread, convexity, and relative value through the lens of insurance portfolios.
The conversation also covers asset-backed securities, subprime auto credit risk, and policy considerations around GSE privatization. Dmitri shares sector-level insights into CLOs, CMBS, and no...
2025-08-2136 min
InsuranceAUM.comEpisode 315: Investment Risk: Ex-Ante Influence for Ex-Post ImpactAllysen Mattison, Director of Investment Risk and Vice Chair of the Investment Committee at Income Research & Management, joins the InsuranceAUM.com Podcast to deliver a deep dive into the art and science of fixed income risk management. Drawing on her experience overseeing a $122 billion portfolio, Allysen explains how her team approaches interest rate sensitivity, duration positioning, and risk decomposition to ensure that the risks taken align with high-conviction investment ideas.
In the conversation with host Stewart Foley, Allysen unpacks complex topics such as tracking error models, the importance of aligning risk metrics with portfolio construction, and the nuanced role of d...
2025-08-1833 min
InsuranceAUM.comEpisode 314: Innovation in Asset ManagementAnna Paglia, Executive Vice President and Chief Business Officer at State Street Investment Management, joins host Stewart Foley, CFA, for a wide-ranging discussion on innovation and disruption in asset management.
She shares her unconventional career journey from international law to leading one of the industry’s largest investment platforms, offering a unique perspective on how evolving client needs, technological change, and strategic partnerships are reshaping the industry. Anna discusses State Street’s $5 trillion milestone, its rebrand, and initiatives designed to democratize access to both public and private markets, including the launch of a public–private credit ETF.
The conversation covers insurer...
2025-08-1433 min
InsuranceAUM.comEpisode 313: Real Asset Credit: Opportunities for Insurers in Real Estate and Infrastructure Debt InvestingIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Bryan Donahoe, Partner & Head of U.S. Real Estate Debt, and Brent Canada, Partner in the Infrastructure Debt Group at Ares Management, for a deep dive into the evolving role of real asset credit in insurance portfolios.
They explore the benefits of infrastructure and real estate debt — from generating durable income streams to diversifying risk and matching long-term liabilities. The conversation covers how market dislocation, rising interest rates, and the pullback from traditional lenders are creating compelling opportunities for private credit investors, particularly in sectors like logistics, hou...
2025-08-1135 min
InsuranceAUM.comEpisode 312: Enhancing Insurance Portfolios Through Private and Alternative IGPatrick O’Sullivan, PhD, Head of International Insurance Solutions at Barings, brings a global perspective to this episode of the InsuranceAUM.com Podcast. Drawing from his background in financial economics and extensive experience at leading asset management firms, Patrick explores how private and alternative investment-grade strategies can help insurers enhance returns, diversify portfolios, and address evolving liability needs.
Hosted by Stewart Foley, CFA, this conversation dives into the appeal of structured credit, CLOs, and private placements for insurers navigating today’s market. Patrick shares insights on key considerations such as capital treatment, interest rate risk management, and the growing demand for p...
2025-08-0432 minInsuranceAUM.comEpisode 310: Opportunities in Emerging Market Corporates with Fidelity's EM Debt TeamIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Tim Gill, Portfolio Manager, and Juan Tavarez, Research Analyst, from Fidelity Investments’ High Income and Alternatives team to explore the evolving landscape of emerging market corporate debt. With decades of combined experience, Tim and Juan provide a deep dive into how they identify resilient, dollar-denominated credits in complex geographies—and why a bottom-up, credit-focused approach is essential in today’s environment.
The conversation covers everything from navigating country-level macro risk and assessing restructurings, to uncovering “hidden castles” in misunderstood sectors. The duo emphasizes the value of sovereign overl...
2025-07-2841 minInsuranceAUM.comEpisode 309: NAV Finance: Differentiated Capital Efficiencies for InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Dane Graham, Managing Director at 17Capital, for an insightful conversation about the growth and evolution of NAV finance. Dane breaks down what NAV finance is, how it works, and why it’s increasingly being considered as a strategic tool for insurers looking to access liquidity while maintaining exposure to private assets. He shares how 17Capital has positioned itself in this space and how NAV-based lending has matured into a more accepted part of the capital stack.
The conversation explores how NAV finance can complement an insurer’s investment toolk...
2025-07-2326 minInsuranceAUM.comEpisode 308: Real Estate Credit: Cutting Through the NoiseIn this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Charlie Rose, Managing Director and Global Head of Debt at Invesco Real Estate, for a comprehensive conversation on the state of real estate credit markets and what insurers need to know right now. With nearly $10 billion in CRE debt AUM and a global mandate, Charlie shares insights on how Invesco is navigating a market still recovering from a historic value correction.
He explains the fundamentals of bridge lending, the firm’s “credit over yield” approach, and how they integrate equity and credit insights to drive disciplined underwriting. Charlie...
2025-07-2134 minInsuranceAUM.comEpisode 307: Growth Has Consequences: Direct Lending at ScaleDirect lending has grown at a staggering pace—more than tripling in just six years. But what are the consequences of that kind of scale? In this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Audie Apple, Head of Equity Capital Formation at Fidelity Direct Lending, to dive deep into the risks, innovations, and structural shifts shaping private credit today.
Together, they unpack how loan documentation, leverage, and covenant structures have evolved in a rapidly expanding asset class. Audie offers valuable insight into pricing dynamics, sponsor versus non-sponsor deals, and how direct lenders are navigating today’s tighter sprea...
2025-07-1839 minInsuranceAUM.comEpisode 306: The Death of Public Credit Has Been Highly ExaggeratedIn an era dominated by private credit headlines, is public credit being unfairly overlooked?
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with John Sherman, lead portfolio manager at Polen Capital, to explore the often misunderstood world of public credit. With nearly two decades of experience, John brings a nuanced view of the high-yield landscape—unpacking how today’s market dynamics differ from the past and why public credit might offer better liquidity, lower fees, and fewer structural risks than private credit.
From the shifting credit quality of high-yield indices to the limitations of passive invest...
2025-07-1626 minInsuranceAUM.comEpisode 305: Executive Spotlight: Siddharth Chakravarty – Director of Investments at Coaction SpecialtyIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Siddharth Chakravarty, Director of Investments at Coaction Specialty, for an in-depth executive spotlight. Sid shares his unique journey from engineering and neuroscience research to managing a multi-billion-dollar insurance portfolio, offering a distinctive lens on the future of insurance investing.
Together, they explore emerging opportunities in alternatives, with a focus on real asset infrastructure and secondaries, and examine the implications of regulatory developments, private credit benchmarking, and liquidity management. Sid also dives into the evolving role of AI in investment operations, the importance of data...
2025-07-1439 minInsuranceAUM.comEpisode 304: Current Asset-Based Private Credit InsightsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Isaiah Toback, Partner and Deputy Co-CIO at Castlelake, for an in-depth conversation on asset-based private credit. Isaiah shares his journey from structured finance to Castlelake, offering unique insight into how the firm has built its strategy from the ground up as a pure-play asset-based investor.
Together, they explore the structural shifts driving the growth of private credit, including regulatory changes, the rise of non-bank lenders, and the growing need for alternative funding sources. Isaiah breaks down how Castlelake approaches portfolio construction, risk management, and customization—particularly for ins...
2025-07-1030 minInsuranceAUM.comEpisode 303: The State of GP-Led Secondaries with Matt Jones, Co-Managing Partner of TPG GP SolutionsIn this episode of the insuranceaum.com podcast, host Stewart Foley, CFA sits down with Matt Jones, Co-Managing Partner of TPG’s North American and European secondaries business, to explore the evolution and growing significance of GP-led secondaries. With over two decades of experience in private markets, Matt brings deep expertise to a complex and rapidly expanding space. He breaks down how GP-led transactions emerged post-financial crisis, why they’ve become more attractive over time, and how they now serve as strategic tools for high-quality fund managers to retain and build value in their best-performing assets.
The conversation covers key structura...
2025-07-0738 minInsuranceAUM.comEpisode 302: Executive Spotlight: Seth D. Rosenthal, CFA - Chief Investment Officer at Academy Asset ManagementIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Seth Rosenthal, CFA, Chief Investment Officer of Academy Asset Management. Seth shares insights from his transition from managing a $100 billion portfolio at Northern Trust to building a mission-driven investment firm focused on public fixed income and veteran employment. He discusses the origins and strategic direction of Academy Asset Management and its deep-rooted commitment to mentoring, hiring, and training military veterans.
The conversation explores how Academy Asset Management leverages both Wall Street expertise and geostrategic insight from a team of over 30 retired admirals and generals to info...
2025-06-2523 minInsuranceAUM.comEpisode 301: Derivatives Applications in Investment ManagementIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Kamesh Chilukuri, Managing Director and Head of Derivatives at Symetra Investment Management, for a deep dive into the practical applications of derivatives in insurance investing. With experience that spans from Monte Carlo simulations at MIT to leading derivatives strategy at a major insurer, Kamesh brings a unique perspective on how these instruments can enhance portfolio construction and efficiency.
The discussion spans both linear and nonlinear derivatives, their relevance to products like fixed and indexed annuities, and how insurers can use them to transform cash flows, h...
2025-06-2326 minInsuranceAUM.comEpisode 300: Overlooked Opportunities: IG Emerging Markets DebtIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Mark Hughes and Kevin Ritter, CFA charterholders and Co-Heads of Emerging Market Debt at PPM America. Together, they explore the evolving opportunity in investment grade emerging market debt and its growing relevance for insurance general account portfolios. Drawing on decades of experience, Mark and Kevin address common misconceptions, highlight the risk-return profile of EM credit, and explain why the asset class may offer compelling value compared to traditional U.S. investment grade allocations.
The conversation also delves into how insurers can think about portfolio integration, p...
2025-06-1635 minInsuranceAUM.comEpisode 299: Private Credit Secondaries: Unlocking Opportunities for InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Fred Pollock, Chief Investment Officer, and Steve McMillan, Head of Credit Research at GCM Grosvenor, for a timely discussion on private credit secondaries. As insurers continue to expand their allocations to private credit, Fred and Steve outline where secondaries fit into the broader $21 trillion private credit market and why they believe this corner of the asset class is poised for long-term growth. They discuss how liquidity, diversification, and discounted entry points can make secondaries particularly attractive especially in today’s uncertain macro environment.
The conversation als...
2025-06-0437 min
InsuranceAUM.comEpisode 298: Public and Private Asset-Backed Markets: A Symbiotic RelationshipIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Connell Hasten of Victory Park Capital and Sukh Grewal of Janus Henderson for a deep dive into the evolving dynamics of public and private asset-backed markets. From their unique career paths to the strategic partnership between their firms, Connell and Sukh explore how collaboration across public and private markets is enhancing investment opportunities for insurance asset managers.
Listeners will gain valuable insights into the symbiotic relationship between ETFs and private ABL investments, and how insurers are leveraging both to manage liquidity, diversify portfolios, and improve y...
2025-05-2928 minInsuranceAUM.comEpisode 297: CRE Debt: Insights, Trends & Capital EfficiencyIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Lehman, Managing Director and Head of Real Estate Strategies at HPS Investment Partners, to explore commercial real estate (CRE) debt, market evolution, and capital efficiency. Lehman shares his unique career journey—from New Jersey diner waiter to state government leadership and now overseeing real estate at HPS—offering listeners a rare perspective on adaptability and leadership in finance.
Together, they unpack how the CRE landscape has shifted, highlighting changes in the traditional “four food groups” of real estate and the emergence of sectors like data cent...
2025-05-1527 minInsuranceAUM.comEpisode 296: AM Best’s Insurance Industry Outlooks and Potential Impact on Investment RiskIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Ken Johnson, CFA, CAIA, FRM, Senior Managing Director and Chief Ratings Officer at AM Best. Together, they unpack AM Best’s latest outlooks on the property & casualty and life insurance sectors—covering everything from macroeconomic uncertainty to the rise of private credit, offshore reinsurance, and how ratings methodology is adapting to today’s dynamic insurance investment landscape.
Ken shares his take on the growing role of asset manager-owned insurers, the shift toward more complex ownership structures, and the increased reliance on less transparent asset classes. He also d...
2025-05-1222 minInsuranceAUM.comEpisode 295: Opportunities in Public Markets: Finding Relative Value in Fixed IncomeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Matt Brill, Head of North America Investment Grade Credit at Invesco. Together, they discuss a wide range of timely topics, including how insurers can navigate volatility in public markets, what relative value opportunities exist within investment grade credit, and how macroeconomic and political developments—particularly tariffs—are influencing fixed income strategies today.
Matt shares his personal journey from the mail room to managing $100 billion in assets and offers deep insight into how Invesco approaches portfolio construction for insurance clients. He outlines current sector views, including oppor...
2025-05-0727 minInsuranceAUM.comEpisode 294: Insurance and ABF – What’s All the Hype About?In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Keith Ashton and David Ells, CFA both Partners and Portfolio Managers in Alternative Credit at Ares Management—to explore the accelerating role of insurance capital in asset-based finance (ABF). With deep backgrounds inside insurance companies, Keith and David bring firsthand perspectives on how that experience shapes their approach to managing and structuring credit portfolios today. From defining ABF and highlighting its evolution, to offering practical lessons learned from decades in the field, this discussion is packed with valuable insights for insurance investors.
They also delve int...
2025-05-0536 minInsuranceAUM.comEpisode 293: Private Equity Secondaries: Optimizing Through Portfolio ConstructionIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Shane Feeney, Managing Director and Global Head of Secondaries at Northleaf Capital. They explore the growing importance of private equity secondaries, how portfolio construction can optimize outcomes, and why secondaries are gaining traction with institutional and insurance investors.
The conversation covers the evolution of the secondaries market, risk management through diversification, and the dynamics of LP-led and GP-led transactions. Shane also shares insights into current supply-demand trends, what differentiates top-tier managers, and practical advice for insurance CIOs entering the space.
2025-04-2935 minInsuranceAUM.comEpisode 292: Private Markets Portfolio Construction for InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Toby True, Partner on the Investment Strategy and Risk Management Team at Adams Street Partners, about the complexities and evolving best practices in private market portfolio construction for insurers. Toby shares how Adams Street tailors investment strategies to align bottom-up decisions with the unique objectives, risk tolerance, and liquidity needs of insurance portfolios.
The conversation explores how illiquidity impacts portfolio design, why data and historical patterns are increasingly valuable in modeling private market exposure, and what current market conditions—such as slowed distributions and resilient fundamentals—mean fo...
2025-04-2134 minInsuranceAUM.comEpisode 291: Fund Finance: Evolution, Insights, & OpportunitiesIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Shelley Morrison, Head of Fund Finance at Aberdeen Investments, about the growing relevance of fund finance in insurance portfolios. Shelley breaks down the fundamentals of subscription line loans, or “sublines,” and explains how these short-duration, investment-grade assets deliver enhanced yield without excess credit risk. She also outlines how fund finance fits into the broader private credit landscape and why it's gaining traction with insurers seeking diversification and downside protection.
The conversation highlights Aberdeen Investments’ disciplined underwriting approach, relationship-driven sourcing, and ability to build custom portfolios tailored to insu...
2025-04-1721 minInsuranceAUM.comEpisode 290: An Update on the Residential Mortgage Market and Insurance Company InvolvementIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Justin Mahoney, co-founder of Shelter Growth Capital, for an in-depth discussion on the residential mortgage loan (RML) market and its increasing relevance to insurance portfolios. Justin offers a data-driven look at the macro trends affecting the housing market, including supply shortages, disciplined credit underwriting, and the nuanced relationship between home price appreciation and affordability. He explains why RMLs are drawing growing interest from insurers, thanks to favorable capital treatment, risk-adjusted return potential, and access to Federal Home Loan Bank financing.
The conversation also covers investment s...
2025-04-0925 minInsuranceAUM.comEpisode 289: The Dividend Edge: Balancing Yield & Risk in Insurance PortfoliosIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Michael Hunstad, Deputy CIO and CIO of Global Equities, and Jeff Sampson, Senior Portfolio Manager for Global Equities at Northern Trust Asset Management. They discuss the evolving landscape of dividend strategies, equity allocations, and risk-aware portfolio construction for insurers navigating today’s market complexity.
From balancing income and capital appreciation to mitigating concentration risk and factoring in tax efficiency, Hunstad and Sampson share actionable insights tailored to insurance investors. With dividend-paying equities becoming more diversified and relevant in a normalized rate environment, this episode offers prac...
2025-04-0732 minInsuranceAUM.comEpisode 288: Executive Spotlight: Eric Partlan, CFA, CAIA, Chief Investment Officer at MassMutualIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Eric Partlan, Chief Investment Officer at MassMutual, for an engaging installment of the CIO Spotlight series. With MassMutual’s $285 billion general account and deep legacy as a mutual insurer, Eric shares insights into how the firm’s long-term orientation, mutual structure, and strategic partnerships drive its investment approach—particularly in private credit, structured products, and ALM strategies.
Eric also reflects on his unique career journey from aerospace engineering to the CIO role, offering a candid look into his philosophy on leadership, team building, and fostering intelle...
2025-04-0128 minInsuranceAUM.comEpisode 287: The Next 10 Years: Key Trends Influencing Insurers' Asset Allocation DecisionsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Anwiti Bahuguna, PhD, Chief Investment Officer of Global Asset Allocation at Northern Trust Asset Management. The conversation explores Northern Trust’s latest long-term capital market assumptions and the macroeconomic forces likely to shape insurer portfolios over the next decade—from AI-enabled productivity and energy transition to evolving patterns of globalization.
Anwiti shares how her team blends quantitative modeling with insights from asset class specialists to create actionable 10-year outlooks for insurance investors. The discussion spans implications for fixed income and equity allocations, real assets as infla...
2025-03-2531 minInsuranceAUM.comEpisode 286: Resident Expertise - Advice for Insurers Investing in Residential Mortgage LoansIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Dan Pallone, Managing Director of Global Loan Operations at SS&C Technologies, to discuss the latest trends in the residential mortgage market. With rising interest rates, limited housing supply, and increasing investor interest, how are insurers positioning themselves in this evolving landscape?
Dan shares insights into the advantages of residential mortgage loans (RMLs) over traditional mortgage-backed securities, key operational considerations for insurers looking to scale in this asset class, and the impact of automation on mortgage investing. Tune in to learn how insurance investors can n...
2025-03-2030 minInsuranceAUM.comEpisode 285: Plugging into the Energy Transition OpportunityIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Edward Levin, Managing Director and Co-Head of Direct Infrastructure at Voya Investment Management, to explore the evolving landscape of renewable energy finance. With over 20 years of experience in energy transition projects, Edward shares insights into how the sector has matured, the increasing demand for power driven by AI and manufacturing onshoring, and the evolving financing structures supporting renewable infrastructure.
Edward also breaks down the impact of federal policies like the Inflation Reduction Act, the role of tax credits, and how bipartisan support continues to drive i...
2025-03-1730 minInsuranceAUM.comEpisode 284: Bonds, Benchmarks, and Beyond: An Insider's Perspective on Fixed Income InvestingIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Christine Thorpe, Institutional Portfolio Manager at Fidelity Investments, to discuss the critical role of core fixed income in insurance portfolios. Despite being the largest allocation for most insurers, core fixed income often takes a backseat to higher-yielding asset classes. Christine shares insights on sector positioning, duration management, and Fidelity’s preference for rates over spreads in today’s evolving market.
With Fidelity managing approximately $2 trillion in fixed income strategies, Christine also highlights the firm’s team-based investment culture and how it helps drive consistent performance. She discuss...
2025-03-1430 minInsuranceAUM.comEpisode 283: Leadership Excellence: Attracting and Retaining Top Talent in Insurance Asset ManagementIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milena Humplik and Margot DeMore, co-founders of Broad Street, to discuss career management from both sides of the desk. They share insights into hiring trends in insurance asset management, the skill sets in demand, and how leadership plays a crucial role in talent retention.
Milena and Margot also offer guidance on navigating career transitions, the evolving return-to-office landscape, and what makes a truly great leader in today’s industry. Whether you're an employer looking to build a strong team or a professional considering your next mov...
2025-03-1229 minInsuranceAUM.comEpisode 282: Discovering New Opportunities For Yield And Safety In The Municipal Bond MarketIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jim Kaniclides, Head of U.S. Insurance, and Jeff Burger, CFA, Senior Portfolio Manager of Municipal Bonds at Insight Investment. Together, they discuss the evolving landscape of municipal bonds, offering insights into how insurers can balance yield, liquidity, and safety in today’s fixed-income markets.
Jim and Jeff break down the shift from tax-exempt to taxable municipal bonds, their role in insurance portfolios, and the diversification benefits they provide compared to corporate bonds. They also highlight how municipals align with ESG and impact investing trends whi...
2025-03-1039 minInsuranceAUM.comEpisode 281: How Can BDCs Be Used to Optimize Direct Lending?In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Michael Occi, President of Morgan Stanley Private Credit’s BDC platform, to explore how insurance investors can leverage BDCs to gain deeper insights into the direct lending market. They discuss how BDCs provide transparency into asset quality, credit conditions, and portfolio performance, offering valuable data that insurance investors can use to assess risk and optimize their strategies. Michael explains the evolution of BDC structures, the growing role of non-traded BDCs, and how these vehicles fit into the broader private credit landscape.
The conversation also covers the reg...
2025-03-0627 minInsuranceAUM.comEpisode 280: The Right Way to Invest in Emerging Market DebtIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Vlad Liberzon, partner and portfolio manager at GoldenTree Asset Management, to discuss the evolving landscape of emerging market debt (EMD) and how insurers can approach the asset class strategically. With over 20 years of experience in EMD investing, Vlad shares insights into the asset class’s transformation, from its early days of high correlation and commodity reliance to today’s diverse and uncorrelated opportunities across 90 countries. He breaks down the factors driving EMD’s growth, the risks insurers often associate with the asset class, and why many m...
2025-03-0432 minInsuranceAUM.comEpisode 279: Overview Of the Private Equity Market: Today’s Changing LandscapeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Champ Raju, Managing Partner and Head of Private Equity at PPM America Capital Partners, to discuss the evolving private equity landscape and the investment strategies gaining traction in today’s market. They explore the current fundraising environment, M&A activity, and the increasing role of co-investments and GP-led secondary deals in institutional portfolios.
Champ explains how co-investments offer institutional investors, including insurance companies, an opportunity to reduce fees and gain direct exposure to private equity deals. He also breaks down single-asset GP-led secondary transactions, highlighting the...
2025-02-2726 minInsuranceAUM.comEpisode 278: Understanding Secondary Markets: A Conversation with Nate Walton of AresIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Nate Walton, Partner and Head of Private Equity Secondaries at Ares Management, about the evolving role of secondaries in private markets. They discuss how GP-led transactions, liquidity solutions, and structured investments are transforming private equity.
Nate shares insights on why secondaries are becoming a key strategy for institutional investors, how they provide downside protection, and what trends to watch in 2025. Whether you're looking to optimize your private equity allocations or better understand the secondary market, this episode offers valuable insights.
2025-02-2436 minInsuranceAUM.comEpisode 277: Breaking Down Evergreen Funds: Flexibility, Transparency, and PerformanceIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Fabian Korzendorfer, Partner with StepStone’s Private Debt research team, for an in-depth discussion on Evergreen Funds: A Compelling Tool for Private Markets. Fabian joins from Switzerland to share his expertise on how evergreen funds provide flexibility, liquidity, and efficiency, making them an increasingly attractive option for both institutional and individual investors. Together, they explore the structural advantages of evergreen funds over traditional drawdown models, their impact on portfolio diversification, and why private debt is particularly well-suited for this investment vehicle.
Stewart and Fabian also dive into how...
2025-02-2131 minInsuranceAUM.comEpisode 276: Navigating the Evolution of Asset Finance and Opportunistic Credit with CenterbridgeIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Aaron Fink, Senior Managing Director at Centerbridge, to explore the evolution of asset finance and opportunistic credit. Aaron shares insights on how Centerbridge's cycle-agnostic approach allows them to dynamically allocate capital across private equity, credit, and real estate, ensuring they capitalize on opportunities regardless of market conditions. From his early career in asset finance trading to leading Centerbridge’s asset finance efforts, Aaron discusses the firm’s unique investment philosophy and its ability to pivot between public and private markets to generate returns.
The conversation dives into key m...
2025-02-1931 minInsuranceAUM.comEpisode 275: StepStone Insights: Demystifying Venture Capital for Insurance Portfolio ManagersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Anthony Giambrone and Stephen West, both Managing Directors on the Venture Capital and Growth team at StepStone, to explore an asset class that isn’t traditionally front and center for insurance portfolios: venture capital. They discuss why insurers may want to consider VC exposure, how the asset class has evolved over the years, and what strategies can help insurance investors navigate this space.
With insurance investment portfolios becoming more diversified, Anthony and Stephen share insights on why venture capital has gained traction among institutional investors, how...
2025-02-1426 minInsuranceAUM.comEpisode 274: Tips and Tools for Staying Current with NAIC Statutory FilingsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Barbara Arnold and Scott Kurland of SS&C Technologies to explore the latest developments in NAIC statutory reporting. With growing portfolio complexity and evolving regulatory requirements, insurers are facing increasing challenges in maintaining compliance while ensuring accuracy and efficiency in reporting.
Barbara and Scott discuss the major trends shaping the industry, including the growing role of alternative investments, the shift to multi-manager models, and changes in asset classifications that impact reporting requirements. They also highlight the rising adoption of outsourcing and co-sourcing solutions, helping insurers streamline...
2025-02-1220 minInsuranceAUM.comEpisode 273: Going back to First Principals in a Brave New WorldIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Michael Acton, Managing Director and Head of Research and Strategy at AEW, to explore the evolving landscape of commercial real estate investing. As the industry navigates a post-pandemic world, rising interest rates, and a wave of loan maturities, Acton shares insights on how investors can return to first principles to identify opportunities amid uncertainty. He discusses the hybrid nature of real estate as an asset class, its role in portfolio diversification, and the impact of economic shifts on valuations.
Acton also provides a deep dive i...
2025-02-1027 minInsuranceAUM.comEpisode 272: The Art of Credit Underwriting: Lessons from OHA and Missouri TeachersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Victor Debenedetti, principal at OHA, and Anthony Vikhter, senior investment analyst at Missouri Teachers, for an in-depth discussion on best practices in underwriting private credit. As private credit continues to expand, investors must understand the nuances of due diligence, risk assessment, and structuring deals to ensure long-term success.
Victor and Anthony share their perspectives on credit monitoring, distressed situations, and the importance of aligning private credit strategies with institutional objectives. They also discuss how private credit differs from private equity and why this asset class h...
2025-02-0549 minInsuranceAUM.comEpisode 271: Direct Lending Decoded: Macquarie's Strategic Approach to Middle Market InvestingIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Brian Van Elslander, Head of MAM Direct Lending Portfolio Management, Americas, and Bill Eckmann, Head of Macquarie Principal Finance, Americas, to discuss the evolving landscape of direct lending. With private credit playing an increasingly significant role in institutional portfolios, Brian and Bill share insights on the growth of Macquarie’s direct lending platform, the firm’s approach to alignment and risk management, and key considerations for insurance investors exploring this asset class.
They also examine current market dynamics, sector opportunities, and best practices for insurers looki...
2025-02-0333 minInsuranceAUM.comEpisode 270: Asset-Based Finance Public Versus Private, A Guide to Adult SwimmingIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Alessandro Pagani, portfolio manager and head of the mortgage and structured finance team at Loomis Sayles, to explore the complexities of asset-based finance. They discuss the key differences between public and private ABS, the growing role of private credit, and how insurers should approach this evolving space. With rising interest rates and changing bank capital requirements, the demand for private asset-backed lending has surged—creating both opportunities and risks for investors.
Alessandro shares his insights on liquidity considerations, risk assessment, and the importance of due dil...
2025-01-3035 minInsuranceAUM.comEpisode 269: Asset-Based Finance (ABF): Building Resilient Portfolios for InsurersIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, explores the growing market of private structured credit, also known as private ABF, with Poorvi Dholakia and Paul Carroll of MetLife Investment Management. They discuss how this asset class stands out through customized structures, enhanced covenants, and attractive yield premiums, making it an increasingly valuable component of insurance portfolios.
The conversation delves into the key factors driving the growth of private ABF since the 2008 financial crisis, the role of regulatory changes, and how scale and underwriting expertise create a competitive edge in this space. Risk considerations, such as c...
2025-01-2836 minInsuranceAUM.comEpisode 268: The Power of Patient Capital: Navigating Private Credit Through Market CyclesIn this episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Michael King, Senior Managing Director and Co-Head of Senior Credit at Manulife Investment Management, to take a deep dive into the world of direct lending and sponsored finance. Michael shares his journey from carpentry to credit, discusses the unique dynamics of middle market private equity firms, and unpacks Manulife’s patient, deliberate approach to growing its private credit platform.
Discover how Manulife’s focus on consistent underwriting, strong sponsor relationships, and market access has fueled success through various economic cycles, and hear Michael’s thoughts on private credit’...
2025-01-1433 minInsuranceAUM.comEpisode 267: Real Estate Debt Markets: Finding Value in Market DislocationsJoin host Stewart Foley, CFA on the InsuranceAUM.com Podcast as we explore private real estate debt with experts Will Pattison, Head of Research and Strategy Real Estate, and Clint Culp, Regional Head of Real Estate Debt Production, both from MetLife Investment Management. Together, they provide valuable insights into current market dynamics, including shifts in commercial real estate lending, the impact of rising construction costs, and how migration trends are shaping the future of real estate investments.
Gain an understanding of how MIM leverages decades of data to inform investment strategies and manage risk, while uncovering opportunities in today’s mar...
2025-01-0927 minInsuranceAUM.comEpisode 266: Wellington Management’s 2025 Insurance OutlookJoin host Stewart Foley on the InsuranceAUM.com Podcast as he sits down with Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager at Wellington Management. In this episode, Tim shares his 2025 outlook for insurers, focusing on themes like locking in structural income, optimizing surplus portfolios, and navigating regulatory changes.
With insights drawn from over 150 meetings with insurers worldwide, Tim discusses how the industry is evolving, the importance of fighting recency bias, and the growing role of asset-based finance. From managing surplus assets with a Swiss Army knife approach to uncovering yield opportunities in hybrid securities and private placement d...
2025-01-0328 minInsuranceAUM.comEpisode 265: The Cyclical Nature of Real Estate DebtJoin host Stewart Foley, CFA, on the InsuranceAUM.com Podcast as he explores the dynamic world of commercial real estate debt with Jack Gay, Global Head of Commercial Real Estate Debt, and Jason Hernandez, Head of Real Estate Debt in the Americas at Nuveen Real Estate. In this engaging conversation, Jack and Jason share their unique perspectives on the evolving CRE debt market, highlighting areas of opportunity and caution in today’s economic landscape. From the surging demand for housing and logistics to the ongoing challenges in the office sector, they unpack the factors driving investment decisions and risk management st...
2024-12-2033 minInsuranceAUM.comEpisode 264: The Future of Real Estate: Trends and Strategies with Maggie ColemanIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Maggie Coleman, Chief Investment Officer for North America Real Estate Equity at Manulife Investment Management, for a timely discussion on real estate investing. Maggie shares her insights on the current macroeconomic environment, the challenges and opportunities in today’s market, and the long-term trends shaping the real estate landscape.
They dive into themes such as affordability, industrial growth, and the emerging sectors driven by demographic and technological shifts. Maggie also provides a candid perspective on office real estate, risk management strategies, and the importance of ESG con...
2024-12-1835 minInsuranceAUM.comEpisode 263: Navigating the Economic Landscape: Tariffs, Productivity, and the Future of US GrowthIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Blerina Uruci, Chief US Economist in the Fixed Income Division of T. Rowe Price, for an in-depth conversation on the critical macroeconomic trends shaping the investment landscape. From the impact of US elections to the Fed's rate policy and the rising influence of productivity growth, Blerina offers expert perspectives on how these developments could influence investor sentiment and economic performance.
With a unique global perspective, Blerina shares her take on trade policies, fiscal uncertainties, and the evolving role of inflation in a higher-for-longer interest rate environment. D...
2024-12-1629 minInsuranceAUM.comEpisode 262: Secondaries Offer Liquidity Opportunity for Well-Informed Investors With Competitive EdgeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jeff Akers, head of private equity secondaries at Adam Street Partners, to discuss the growing importance of private equity secondaries in insurance portfolios. Jeff shares his expertise on how this asset class helps investors avoid the J-curve, provides a shorter duration investment with predictable cash flows, and delivers fixed-income-like characteristics with equity-level upside.
From the basics of private equity secondaries to their strategic fit for insurers prioritizing stable returns, this conversation dives deep into the advantages of investing in a market that has grown from $10 b...
2024-12-1335 minInsuranceAUM.comEpisode 261: The Future of Real Estate Debt: Uncovering Hidden Investment OpportunitiesJoin host Stewart Foley as he sits down with Doug Bouquard, Partner and Head of Real Estate Credit at TPG, to explore the evolving landscape of real estate debt. Doug shares his journey into the industry and highlights the current shifts in the market, including the retreat of banks from traditional lending and the growing role of private credit. He discusses how these changes create new opportunities for insurers to fill the gap and capitalize on asset-backed lending that aligns with their long-term liabilities.
The conversation dives into key trends driving real estate credit, from dislocations in specific sectors like o...
2024-12-1134 minInsuranceAUM.comEpisode 260: Behind the Numbers: Insights from Quant Experts at Principal Asset Management, StepStone Group, and Fidelity InvestmentsIn this episode of the InsuranceAUM.com Podcast, our host Stewart Foley, CFA, dives into the fascinating world of quantitative methods in insurance asset management with experts from Principal Asset Management, StepStone Group, and Fidelity Investments. Together, they explore how data-driven strategies are transforming portfolio construction, risk assessment, and liquidity management in private markets. From understanding how quants develop models to navigating the unique challenges of private markets, this episode delivers actionable insights for institutional investors.
Learn how quantitative approaches help identify opportunities, mitigate risks, and drive smarter investment decisions. Whether you’re curious about how quants build tailored solutions or...
2024-12-0944 minInsuranceAUM.comEpisode 259: Demystifying Real Estate CreditIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Nailah Flake, Managing Partner and Head of Real Estate Debt at Brookfield. Nailah shares her unique career journey, from teaching dance to leading real estate credit at one of the largest asset managers globally.
Together, they discuss the vast and diverse real estate market, touching on compelling sectors like industrial, housing, and alternative asset classes. Nailah provides insights into the mechanics of real estate credit, its differences from corporate credit, and the evolving landscape amid rising interest rates, market volatility, and bank retrenchment. She also highlights Brookfield’s app...
2024-12-0429 minInsuranceAUM.comEpisode 258: Fixed Income Deep Dive: Understanding Private Placement InvestmentsIn this episode of the InsuranceAUM.com podcast, host Stewart Foley welcomes Nelson Correa, Head of Private Placements at NEAM. Nelson discusses what makes private placements an attractive asset class for insurers, offering higher spreads than public bonds while maintaining strong covenant protections. He addresses liquidity misconceptions, explains how private placements are structured, and highlights their role in helping insurers achieve long-term investment goals.
Nelson also shares insights into NEAM’s enhanced private placement capabilities following his team’s addition and provides a market outlook, identifying opportunities in infrastructure and family-owned companies. Tune in to learn how private placements can offer...
2024-12-0227 minInsuranceAUM.comEpisode 257: High Yield Real Estate Lending: Navigating the Shifting LandscapeIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Bill Maclay, CFA, portfolio manager at Fidelity Investments, to explore the evolving landscape of high-yield real estate lending. With banks pulling back and a significant volume of commercial real estate debt maturing over the next three years, Bill shares how private lenders are stepping up to fill the gap. He provides an in-depth look at Fidelity's real estate platform, their approach to navigating current market challenges, and the opportunities for investors in middle-market lending.
From bridge loans to construction financing and gap funding, Bill explains how F...
2024-11-2139 minInsuranceAUM.comEpisode 256: Best Practices for Portfolio Construction in Private AssetsJoin host Stewart Foley on the InsuranceAUM.com Podcast as we dive into the intricacies of private asset portfolio construction with insights from Bryan Jenkins and Eric Solfisburg of Hamilton Lane. This episode explores how a strategic approach to portfolio construction—focusing on factors like asset allocation, investment pacing, and liquidity management—can enhance outcomes for insurance investors. With over three decades in private markets, Hamilton Lane shares its expertise on balancing return and risk while managing the challenges of data and transparency that are unique to this asset class.
The conversation also covers the vital considerations around data and analy...
2024-11-1930 minInsuranceAUM.comEpisode 255: CLO Market Pulse with Ian Gilbertson of InvescoIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Ian Gilbertson, CLO Portfolio Manager and Co-Head of U.S. CLOs at Invesco, for a deep dive into the world of Collateralized Loan Obligations (CLOs) and their role in insurance investment portfolios. Ian provides a primer on CLOs, explaining their structure, the types of assets they hold, and why this asset class has shown such resilience and stability.
They discuss the growth of CLOs in insurance company portfolios, their historical performance, and why they continue to attract insurers even amid changing regulatory requirements. Ian also s...
2024-11-1431 min
AM Best AudioInsuranceAUM’s Foley: Podcast Explores Insurance Asset ManagementStewart Foley, host of the InsuranceAUM podcast, discusses how he delves into the latest trends, challenges and opportunities to provide listeners with perspectives and practical advice in the world of insurance asset management.
2024-11-0410 min
AM Best Audio PodcastInsuranceAUM’s Foley: Podcast Explores Insurance Asset ManagementStewart Foley, host of the InsuranceAUM podcast, discusses how he delves into the latest trends, challenges and opportunities to provide listeners with perspectives and practical advice in the world of insurance asset management.
2024-11-0410 min
Research Insights, a Society of Actuaries PodcastSOA Research Institute Research Insights/InsuranceAUM.com joint podcast - Impact of Investment Market Conditions on Actuarial Assumptions for Modeling Insurers' Liabilities in Q4 Don't miss our latest episode of the Research Insights Podcast straight to you from the Research Institute at the Society of Actuaries! Listen to guest Stewart Foley, Founder and Managing Partner at InsuranceAUM.com, and Dr. Andrew Aziz, Chief Strategy Officer & Head of Product at SS&C Algorithmics, discuss current trends in the insurance asset management industry with host Dale Hall, Managing Director of Research at the Society of Actuaries Research Institute. InsuranceAUM.com landing page: https://insuranceaum.com/ SOA Research Institute: https://www.soa.org/research/research-institute/
2023-09-0117 min