Shows
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 min
InsuranceAUM.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 minInsuranceAUM.comEpisode 254: Demystifying OCIO for Insurance CompaniesIn this episode of the InsuranceAUM.com podcast, Stewart Foley hosts Olaolu Aganga, U.S. Chief Investment Officer at Mercer, and Stephanie Thomas, Senior Investment Consultant at Mercer, to discuss the evolving role of OCIO (Outsourced Chief Investment Officer) services for insurance companies. They explore how Mercer's model uniquely integrates support for clients by combining Marsh McLennan’s insurance expertise with Mercer's deep investment consulting resources. Olaolu and Stephanie clarify how OCIO can function either as a full or partial extension of an insurance company's in-house team, offering a range of services from research support to full discretionary management.
With the gro...2024-11-1225 minInsuranceAUM.comEpisode 253: Capitalizing on the Shift in Private Credit: Strategies for Insurance CompaniesIn this episode of the InsuranceAUM.com podcast, Stewart Foley hosts Armen Panossian, co-CEO and Head of Performing Credit at Oaktree Capital, for a deep dive into insurers' role in alternative investing, especially in private credit. Armen shares insights on the evolving sentiment in today’s markets, where economic fundamentals, regulatory influences, and the effects of recent rate hikes are shaping debt and equity strategies. He details how technical and regulatory shifts, like the implementation of Basel III in the U.S., are creating new avenues for insurers to capitalize on asset-backed finance while banks retreat from specific lending areas. Armen...2024-11-0746 minInsuranceAUM.comEpisode 252: Lower Middle Market Opportunities: How Star Mountain Creates Alpha Through Active LendingIn this episode of the InsuranceAUM.com podcast, Stewart Foley welcomes Brett Hickey, Founder and CEO of Star Mountain Capital, for an engaging look at investment in the U.S. lower middle market. Brett shares his unique journey from a small-town upbringing in Canada to founding a prominent private credit firm. Drawing from his early experiences, Brett discusses how Star Mountain Capital builds on core values of community and collaboration, focusing on lending to smaller, often family-owned businesses with strong fundamentals. He explains the firm’s strategic emphasis on these investments, citing the sector's limited competition and inherent value as an un...2024-11-0435 minInsuranceAUM.comEpisode 251: The Evolution of Home Building: Land Banking, Affordability, and Market ResilienceIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the evolving landscape of real estate finance with Bob Clark, Founding Partner of DW Partners and Chief Investment Officer at Domain Real Estate Partners. The discussion focuses on homebuilder finance, a niche yet critical area within the broader real estate market. Bob shares his journey from a math enthusiast with family ties in the pizza business to becoming a key player in the homebuilding finance industry, explaining how Domain provides crucial funding to homebuilders for land acquisition and development.
Bob elaborates on th...2024-10-2837 minInsuranceAUM.comEpisode 250: Best Practices: Strategic Asset Allocation in an Evolving Regulatory EnvironmentIn this insightful episode of the InsuranceAUM.com Podcast, host Stewart Foley engages in a dynamic discussion with Louis Pelosi, Managing Director of Client Solutions at SLC Management's Global Insurance Group. The conversation centers on Best Practices in Strategic Asset Allocation (SAA) in an Evolving Regulatory Environment. Louis shares his deep experience in navigating the complexities of insurance asset management, shedding light on the importance of aligning asset allocation with the liability profiles, regulatory capital concerns, and risk tolerances unique to each insurer.
The episode delves into how regulatory changes and the growing use of alternatives—such as private assets and...2024-10-2426 minInsuranceAUM.comEpisode 249: Zombie Securitizations and Tail Risks: Understanding Fixed Income ChallengesIn 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 w...2024-10-1727 minInsuranceAUM.comEpisode 248: Why are Residential Whole Loans the Talk of the Town?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...2024-10-1426 minInsuranceAUM.comEpisode 247: The ABCs of C-PACE: Revolutionizing Green Financing for Insurance InvestorsIn 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 h...2024-10-1037 minInsuranceAUM.comEpisode 246: Demystifying CMBS: Opportunities and Challenges in Today's MarketIn 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 d...2024-10-0726 minInsuranceAUM.comEpisode 245: Market dynamics, opportunities and creative solutions in private creditIn this episode of the InsuranceAUM.com podcast, Stewart Foley talks with Grady Frank, Partner and Head of Private Credit Origination at GoldenTree Asset Management, about the evolving landscape of private credit. Grady delves into how GoldenTree approaches the upper end of private credit markets, focusing on large borrowers and navigating complex refinancing solutions. He discusses key opportunities in dividend recaps, M&A activity, and private credit's role in financing large transactions, while also sharing insights on maintaining discipline in credit underwriting amidst a challenging economic environment.
Grady provides an inside look at the state of the private credit market, i...2024-09-3034 minInsuranceAUM.comEpisode 244: Risk, Opportunity, and Flexibility in Today's Credit Market: Jason Walker of Manulife CQSIn 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 (S...2024-09-2628 minInsuranceAUM.comEpisode 243: Extension Strategies in Emerging DebtIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Sid Dahiya, Head of Emerging Market Corporate Debt at Aberdeen, to discuss the evolving landscape of emerging market debt and the extension strategies that can unlock value for insurance investors. Sid provides an in-depth analysis of the size and characteristics of the EM corporate debt market, comparing it to other asset classes such as U.S. high yield. He also explains how Aberdeen’s proprietary tools and bottom-up investment approach can help manage risk in this complex asset class. Sid offers insights into the unique op...2024-09-2327 minInsuranceAUM.comEpisode 242: Uncovering value in investment grade private creditIn 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 se...2024-09-1723 minInsuranceAUM.comEpisode 241: What insurance investors should know about the US election with Invesco’s Andy BlockerIn 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 defi...2024-09-1133 minInsuranceAUM.comEpisode 240: Revolutionizing Fixed Income: Systematic Fixed Income in Insurance PortfoliosIn 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 uniqu...2024-09-0928 minInsuranceAUM.comEpisode 238: Inside Private Equity: Insights from Aaron Sack of Morgan StanleyIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Aaron Sack, Head of Morgan Stanley Capital Partners, for an in-depth conversation about the world of private equity. Aaron shares his journey from a liberal arts background to leading one of the most respected private equity teams at Morgan Stanley. The discussion covers Aaron's early experiences, the evolution of private equity, and the unique aspects of middle-market buyout strategies. Aaron provides insights into how private equity has grown from a niche industry into a major force in global finance, and he reflects on the lessons learned...2024-09-0336 minInsuranceAUM.comEpisode 237: Capturing the benefits of Infrastructure DebtIn this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, explores the growing demand and opportunities within the infrastructure debt market with two key experts from Brookfield Asset Management: Hadley Peer Marshall, Managing Director, Co-Head of Infrastructure Debt and Structured Solutions Strategies, and CFO, and Eric Wittleder, Managing Director of Infrastructure. The discussion delves into the major trends driving the infrastructure sector, particularly the significant capital required for global transition initiatives such as net-zero carbon emissions, and how these trends present unique opportunities for institutional investors like insurance companies.
Hadley and Eric also highlight the characteristics of an optimized i...2024-08-2629 minInsuranceAUM.comEpisode 236: The Future of Private Credit with Ashwin Krishnan & Jeff Levin of Morgan StanleyIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley dives into the future of private credit with Ashwin Krishnan, Managing Director, Co-Head of North American Private Credit, and Head of Opportunistic Credit, and Jeff Levin, Managing Director, Portfolio Manager, and Head of Direct Lending, both at Morgan Stanley Investment Management. They explore the evolution of private credit and its growing relevance in today's financial landscape, particularly for insurance investors. Ashwin and Jeff discuss the parallels between the current state of private credit and the rise of private equity 25 years ago, highlighting how the asset class has moved from...2024-08-2228 minInsuranceAUM.comEpisode 235: Private Equity Meets Insurance: Insights from Altamont Capital's Sam GaynorIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Sam Gaynor, Managing Director at Altamont Capital Partners, to explore the dynamic world of private equity with a focus on long-term control investments in the middle market. Sam shares insights into Altamont’s investment strategies, including their successful de novo incubation ventures and the critical role of partnering with strong management teams. The discussion delves into the innovative approaches Altamont has taken in the financial services sector, highlighting key success stories like Kuvare and Accelerant.
Sam also offers his perspective on the future of private equity, the...2024-08-1930 minInsuranceAUM.comEpisode 234: Avoiding Negative Yield: Flexible Co-Sourcing Models for Insurance Investment OperationsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Scott Kurland, Managing Director at SS&C Technologies, for an insightful discussion on a new concept they call "negative yield." They delve into how insurers can avoid this negative yield by adopting a flexible co-sourcing investment operating model. Scott explains how co-sourcing allows insurance companies to maintain control over core operations while outsourcing specific investment accounting and administrative tasks to a trusted partner like SS&C.
They explore the growing trend toward private credit and structured investments, and how these asset classes can be cumbersome to m...2024-08-1527 minInsuranceAUM.comEpisode 233: Regulatory Capital Relief (RCR): A Primer with Eagle Point Credit’s Karan ChabbaIn this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Karan Chabba, Principal and Head of Regulatory Capital Relief (RCR) and Specialty Finance at Eagle Point Credit Management. They dive deep into the evolving landscape of regulatory capital relief and synthetic risk transfer (SRT) transactions. Karan shares insights into why Eagle Point has ventured into this niche area, explaining the appeal of these structures for banks seeking to manage their capital requirements efficiently.
Karan also elaborates on how Eagle Point leverages its expertise across multiple credit sectors, including CLOs and structured finance, to identify and seize o...2024-08-0622 minInsuranceAUM.comEpisode 232: Beyond Bridges: How Infrastructure is Reshaping Cities and Investment PortfoliosIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Adam Reisler, a partner at StepStone in the infrastructure and real assets team, connecting from Australia. Together, they delve into the dynamic world of private infrastructure investment, a sector that has experienced exponential growth from $100 billion in 2009 to $1.3 trillion today.
Adam shares his expertise on why infrastructure is increasingly becoming a vital asset class for institutional investors, especially insurance companies with long-dated liabilities. They discuss key trends driving the infrastructure boom, such as energy transition, digital infrastructure, and the rising influence of AI. Adam also highlights t...2024-07-2923 minInsuranceAUM.comEpisode 231: Structured Settlements and Smart Systems: A Deep Dive with Independent Life and Loomis SaylesIn this special episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Erik Troutman, co-head of the Institutional Advisory Group at Loomis Sayles, and Dave Adams, Chief Investment Officer at Independent Life. Recorded live from the University of Chicago's Gleacher Center just before our annual symposium, this episode marks a unique setting where all participants are in the same room, fostering a dynamic and interactive discussion.
The conversation explores the complexities and innovations of technology implementation within life companies, with a focus on structured settlement annuities. Dave Adams shares his experiences at Independent Life, highlighting the challenges f...2024-07-2432 minInsuranceAUM.comEpisode 230: The Convergence of Insurers and Asset ManagersHost Stewart Foley, CFA, sits down with Tim Lyne, CEO and founding partner of Antares Capital. Tim shares his journey from growing up in Chicago to founding a leading direct lending firm. He reflects on the early days of Antares Capital, the challenges and rewards of starting a financial firm, and the evolution of the direct lending market.
Tim discusses the complexities of insurance asset management, highlighting the importance of navigating asset allocation, regulatory environments, and capital relief. He also shares his thoughts on why insurance asset management is the most sophisticated field in finance and provides valuable insights into b...2024-07-2235 minInsuranceAUM.comEpisode 229: Executive Spotlight: Sara Bonesteel, Independent Director, Standard and Poor’s Global RatingsIn this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Sara Bonesteel, the recently retired Chief Investment Officer of Prudential Insurance International. Sara shares her fascinating career journey, starting from her first job in her family's furniture business in Michigan to her leadership role in international insurance investments.
Sara delves into her diverse experiences in finance, discussing her time at Bear Stearns in structured securities, her transition to asset management at PGIM, and her tenure as CIO. She offers insights into the complexities of different financial roles, the critical skills required to succeed, and the evolving landscape o...2024-07-1934 minInsuranceAUM.comEpisode 228: Navigating Private Credit and Alts: Insights with Chris Lyons of Voya IMJoin host Stewart Foley on the InsuranceAUM.com podcast as we dive into the world of private fixed income and alternatives with Chris Lyons, head of private fixed income and alternatives at Voya Investment Management. Chris shares his journey from humble beginnings to his current leadership role, providing valuable insights into the dynamics of private credit markets and their post-crisis adaptation.
This episode explores the strategic approaches to managing private credit assets in a fluctuating economic environment, addressing the challenges and opportunities within the sector. Chris discusses current interest rate trends, market liquidity, and the e...2024-07-1732 minInsuranceAUM.comEpisode 227: Navigating Real Estate Market Dislocation with Invesco’s Bert CrouchDive into the complexities of the real estate market in this informative episode of the InsuranceAUM.com podcast. Host Stewart Foley, CFA, sits down with Bert Crouch, Head of North America at Invesco Real Estate, to explore current trends and challenges in the industry.
Bert shares his extensive knowledge on the state of real estate transactions, valuation trends, and sector-specific insights. Discover how market dislocation creates unique opportunities for non-bank lenders like Invesco and get a comparative view of global real estate markets, including Europe, the UK, and Asia.
Learn about the outperforming retail and single-family rental sectors, the challenges fa...2024-07-1538 minInsuranceAUM.comEpisode 226: Renewable Returns: Windmill Capital on Driving Change with Clean Energy InvestmentsDive into the world of renewable energy investments in this episode of the InsuranceAUM.com podcast. Host Stewart Foley, CFA is joined by Brian Jones, managing partner and founder of Windmill Capital Management, who shares his deep insights into the burgeoning field of clean energy projects. Discover how renewable energy investments seek to align with the insurance industry’s objectives, and may offer financial returns and a way to mitigate climate-related risks.
In this discussion, learn about the potential of distributed energy resources (DERs) for commercial projects, such as powering supermarkets independently to ensure community sup...2024-07-1033 minInsuranceAUM.comEpisode 225: Building Resilience – The Power of Private Credit in Insurance PortfoliosJoin Stewart Foley, CFA on the InsuranceAUM.com podcast as he hosts Bill Sacher and Fred Chung from Adam Street Partners, exploring innovative strategies for building resilience in private credit portfolios tailored for insurance companies. Bill, partner and head of private credit, and Fred, head of credit underwriting, share their extensive experience and insights on navigating the evolving landscape of private credit investments.
In this episode, delve into the unique challenges and opportunities that private credit offers to the insurance industry, particularly in a market environment characterized by higher interest rates and potential economic shifts.2024-07-0829 minInsuranceAUM.comEpisode 224: Insurance Insights: The Synthetic Risk Transfer Opportunity - Part 1In this episode of the InsuranceAUM.com podcast, Join host Stewart Foley, CFA and guest James Parsons, partner and senior portfolio manager from PAG, for an enlightening dive into the world of insurance investments and synthetic risk transfer strategies.
This episode unpacks the complex landscape of regulatory capital, the growth of synthetic risk transfer (SRT) markets, and how these strategies are shaping the future of banking and insurance investments. Gain unique perspectives on the challenges and opportunities within the insurance sector, learn about the intricacies of SRT, and discover how innovative financial instruments can optimize c...2024-07-0132 minInsuranceAUM.comEpisode 223: Unlocking front-office capabilities through a robust data strategyJoin us in this insightful episode as Stewart Foley, CFA dives into the fascinating world of insurance asset management with a unique focus on how robust data strategies can transform front office capabilities. Stewart is joined by industry veterans Matt Biver, Co-founder and CEO of Grandview Analytics, and Ken Musick, Deputy Chief Investment Officer at EquiTrust Life Insurance Company, share their experiences and insights on the importance of having a single source of truth in data management and the dramatic enhancements it brings to investment decision-making and reporting accuracy.
2024-06-2733 minInsuranceAUM.comEpisode 222: Prosperity Asset Management’s CEO Deva Mishra on How to Build an Attractive Investment Portfolio for InsurersWelcome to the latest edition of the InsuranceAUM.com Podcast! In this episode, host Stewart Foley, CFA delves into the intricate world of asset-based finance, also known as private structure, with special guest Deva Mishra, CEO of Prosperity Asset Management.
Deva shares his career journey starting in computer science, transitioning into pivotal roles at Goldman Sachs and Global Atlantic, all leading to his executive leadership of a successful asset management firm focused exclusively on insurance assets. Deva offers a unique perspective on the evolution and current state of the private credit and ABF market.
2024-06-2629 minInsuranceAUM.comEpisode 221: High Yield Bonds: A liquid complement to your alternative allotmentWelcome to another episode of the InsuranceAUM.com podcast with your host, Stewart Foley, CFA. In this insightful discussion, we dive into the world of high-yield bonds and their role as a liquid complement to alternatives portfolios.
Our guests, Tim Leary, Senior Portfolio Manager at BlueBay, RBC, and Stephen Fitzsimmons, Institutional Portfolio Manager at RBC, share their expertise and experiences as they provide an in-depth analysis of the current state of high-yield bonds, touching on key metrics like OAS, spreads, and yields, and explain why they feel this asset class in is strong in today's m...2024-06-2429 minInsuranceAUM.comEpisode 220: A Conversation on Credit with Oaktree Co-CEO Bob O’LearyIn this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA sits down with Bob O'Leary, Portfolio Manager of Oaktree Opportunities Funds and co-CEO of Oaktree Capital Management.
Bob shares his journey from Oregon to Oaktree, offering insights into Oaktree's ‘sea change’ narrative and the evolving landscape of credit investing. He explores the structural shifts in private credit, from disintermediation to the rise of rescue financings, and discusses what he thinks are the opportunities and challenges for insurers in today's market.
2024-06-1927 minInsuranceAUM.comEpisode 219: Talking Tax Aware with SSGA’s Chuck LeVine and Eric ViliottIn this episode, Stewart Foley, CFA engages in an insightful conversation with Chuck Levine and Eric Viliott, both Vice Presidents and Senior Portfolio Managers at State Street Global Advisors.
Their discussion delves deep into public equities, shedding light on tax-advantaged equity strategies, a topic often overlooked in the investment discourse. Chuck and Eric provide valuable insights into the nuances of tax-aware investing, drawing from their extensive experience and expertise in the field.
2024-06-1724 minInsuranceAUM.comEpisode 218: Executive Spotlight: Craig Husting – CIO at The Public School and Education Employee Retirement Systems of MissouriOn today’s episode of the InsuranceAUM.com podcast, Stewart Foley. CFA sits down with Craig Husting, CIO at The Public School and Education Employee Retirement Systems of Missouri, also known as Missouri Teachers. Craig shares his mission and critical priorities for managing the pension benefits for Missouri Teachers, and dives deep into public asset management.
2024-06-1436 minInsuranceAUM.comEpisode 217: Executive Spotlight: Anthony Minopoli – Executive Vice President & Chief Investment OfficerThis week on the InsuranceAUM.com podcast, Stewart Foley talks to Tony Monopoly, Executive Vice President, Chief Investment Officer at the Knights of Columbus. Tony shares the history of the Knights of Columbus, ably takes on his “math professor for a day” status to unpack concepts and terms like convexity and its impact on portfolio modeling. And Tony reminds us of the people behind the powerful mission at Knights of Columbus. Prepare to be educated and inspired!
Find Anthony Monopoly on LinkedIn: https://www.linkedin.com/in/david-ross-a632a637/?originalSubdomain=uk
Find Stewart Foley on LinkedIn...2024-06-1235 minInsuranceAUM.comEpisode 216: CIO Spotlight: Michael Goosay, CIO and Global Head of Fixed Income at Principal Asset ManagementToday on the InsuranceAUM.com podcast, Stewart Foley sits down with Michael Goosay, CIO and Global Head of Fixed Income, and a Portfolio Manager at Principal Asset Management. Michael shares his journey from a paperboy in Clark Summit, PA, to a key player in the world of finance. Tune in to hear how that early, character-building experience translates to the managing risks in the world of fixed income investing.
Find Michael Goosay on LinkedIn: https://www.linkedin.com/in/michael-goosay-412b043/
Find Stewart Foley on LinkedIn: https://www.linkedin.com/in/stewartfoley/
Fin...2024-06-1030 minInsuranceAUM.comEpisode 215: Current Perspectives on Securitized CreditToday on the InsuranceAUM.com podcast, Stewart Foley speaks with Jean-Marc Breaux, Sector Portfolio Manager Fixed Income Division at T. Rowe Price. Stewart and Jean-Marc take a deep dive into the current state of securitized credit as Jean-Marc shares his unique perspective on this asset class.
2024-06-0727 minInsuranceAUM.comEpisode 214: Specialty Finance: Low-Correlation Opportunities Lie in Niche SegmentsOn this episode of the InsuranceAUM.com podcast, Stewart Foley talks to David Ross, Managing Director and head of private credit at Northleaf Capital. Get ready to dive deep into a specialty component of private credit -- asset-backed specialty finance -- and to unpack the correlation between private credit and the broader fixed income market. David shares unique insights on the intersection between diversifications and the Music Modernization Act and makes it clear what’s so cool about Insurance Asset Management.
Find David Ross on LinkedIn: https://www.linkedin.com/in/david-ross-a632a637/?originalSubdomain=uk
Find...2024-06-0629 minInsuranceAUM.comEpisode 212: Building Flexible Multi-sector PortfoliosIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Jeffrey Hobbs, CFA, Head of Insurance Portfolio Management at Voya Investment Management. Join us as we dive deep into the dynamic world of insurance asset management, exploring how market trends, liquidity needs, and investment strategies are evolving in response to the current economic landscape. Jeffrey shares his expertise on navigating the higher-for-longer interest rate environment, offering valuable insights into how insurance companies can manage their portfolios effectively amid this backdrop.
We also discuss the growing importance of private credit and the opportunities in...2024-05-1636 minInsuranceAUM.comEpisode 211: CMLs - The Benefits of Time Tested Experience and In-House ServicingIn this insightful episode of the InsuranceAUM.com Podcast, host Stewart Foley explores the dynamic world of Commercial Mortgage Loans (CMLs) with industry experts Karissa Anderson and Sarah Swartzendruber from Aegon Asset Management. Karissa, the Head of CML Production, and Sarah, the Managing Director of US Real Estate Asset Management, delve into why CMLs are a compelling option for insurance companies, offering benefits such as liability duration matching, capital efficiency, and cash flow stability.
The discussion also covers the recent market shifts affecting CML origination and allocation, the importance of tailored underwriting to meet specific client needs...2024-05-0325 minInsuranceAUM.comEpisode 210: Asset-Based Lending for Insurers with PIMCO’s Kris Kraus, Portfolio Manager & Co-Head of Specialty FinanceIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley sits down with Kris Kraus, Portfolio Manager and Co-Head of Specialty Finance at PIMCO, to delve into the evolving world of asset-based lending and specialty finance. Kris shares his journey from growing up in Northern California to his current role at PIMCO, highlighting the unique aspects of insurance asset management.
The conversation covers the definition and scope of specialty finance, its rapid growth since the Global Financial Crisis (GFC), and why it remains a compelling investment opportunity. Kris explains the intersection of market forces that make...2024-05-0129 minInsuranceAUM.comEpisode 209: Modernizing the NAIC’s investment risk oversight frameworkIn this engaging episode of the InsuranceAUM.com Podcast, host Stewart Foley welcomes Commissioner Nathan Houdek, the Commissioner of Insurance for the State of Wisconsin and Chair of the NAIC (E) Committee, alongside Amnon Levy, Founder and CEO of Bridgeway Analytics. Together, they dive into the critical topic of insurance regulation, focusing on the significant long-term initiative to revamp investment risk oversight.
Commissioner Houdek provides insights into the evolving landscape of insurance investments post-Great Financial Crisis, the increasing reliance on private and structured assets, and the regulatory challenges these changes present. Amnon Levy adds depth to the...2024-04-2939 minInsuranceAUM.comEpisode 208: Current Interest Rate Environment and Potential Investment OpportunitiesIn this episode of the InsuranceAUM.com podcast, host Stewart Foley is joined by Sam Kaplan, CFA, Managing Director and Portfolio Manager at Jennison Associates, for an in-depth discussion on fixed income, the yield curve, and Fed policy implications. They explore the unique aspects of insurance asset management and delve into the current state of the yield curve, the factors driving its ongoing normalization, and the role of Fed expectations in shaping future rate cuts.
Sam Kaplan shares his journey from caddying at a golf club to managing portfolios at Jennison Associates, highlighting the dynamic nature of...2024-04-2234 minInsuranceAUM.comEpisode 207: UK Commercial Real Estate – Lending into the RecoveryIn this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Martin Barnwell, Investment Director on the commercial real estate lending team at Aberdeen. Recorded shortly after Stewart's trip to Minneapolis, where commercial real estate lending was a key topic, this episode dives deep into the intricacies of the UK real estate market. Martin shares his journey from Dublin to London, detailing his experiences in real estate debt and the valuable lessons learned along the way.
They discuss the unique aspects of the UK market, the shift from bank-dominated lending to increased participation by...2024-04-1729 minInsuranceAUM.comEpisode 206: Investing Opportunities in COIN with TC Wilson of The Doctors CompanyIn this episode of the InsuranceAUM.com podcast, host Stewart Foley is joined by TC Wilson, Chief Investment Officer of The Doctors Company, to discuss the California Organized Investment Network (COIN). TC shares his impressive background, from being an academic All-American football player at Hampden-Sydney College to his current role as CIO at The Doctors Company.
They delve into the mission and history of COIN, its impact on California's underserved communities, and the benefits for insurers investing in COIN-qualified strategies. TC also highlights the rigorous vetting process of COIN and the legislative changes that have expanded investment...2024-04-0829 minInsuranceAUM.comEpisode 205: Direct Lending with Fidelity's David GaitoIn this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with David Gaito, Head of Direct Lending at Fidelity Investments. David shares his journey from growing up in Pittsburgh to leading Fidelity's direct lending business, emphasizing the importance of working with sophisticated insurance investment professionals.
They discuss the rise of direct lending, the unique challenges and opportunities in the market, and why Fidelity chose to build its direct lending platform from scratch. David provides insights into the regulatory landscape, the importance of scale, and the future of direct lending, particularly in relation to insurance...2024-04-0332 minInsuranceAUM.comEpisode 204: Esoteric ABS and the Evolution of Insurance Asset ManagementIn this episode of the InsuranceAUM.com podcast, host Stewart Foley is joined by Kerry O’Brien, Head of Insurance Portfolio Management at Insight Investment, and Richard Talmage, CFA, Portfolio Manager at Insight Investment. The conversation dives into the evolution of insurance asset management and the burgeoning asset class of esoteric ABS.
Kerry shares insights into her extensive career, the growth of Insight Investment, and the current challenges and opportunities facing insurance asset managers. She emphasizes the sophistication and diversity of today’s insurance portfolios and how Insight's technology and expertise support these complex needs.
Rich...2024-04-0127 minInsuranceAUM.comEpisode 203: Shifts and Opportunities in Insurance Asset Allocation with Invesco’s Pete MillerIn this episode of the InsuranceAUM.com podcast, host Stewart Foley welcomes Pete Miller, CFA, FSA, Head of Insurance Solutions, Multi-Asset Strategies at Invesco. They delve into the intricacies of strategic asset allocation for insurance companies, touching on Pete's extensive experience in the industry and his insights on current trends.
Pete shares his background, from growing up in Omaha, Nebraska, to his early career at The Hartford, where he transitioned from traditional actuarial roles to investment management. His journey offers valuable lessons on adaptability and the importance of asking questions.
The discussion highlights the increasing...2024-03-2633 minInsuranceAUM.comEpisode 201: CMLs in 2024: A repriced market with attractive opportunities?In this episode of the InsuranceAUM.com Podcast, Stewart Foley hosts Greg Michaud, Head of Real Estate Finance at Voya, for an in-depth discussion on commercial mortgage loans (CMLs) in 2024. They explore whether the repriced market offers attractive opportunities. Greg shares insights from his extensive background in real estate finance, including his early career as a draftsman and appraiser, and his current responsibilities overseeing the sourcing, underwriting, and management of commercial real estate loans at Voya.
The conversation delves into the current state of the office sector, highlighting the stress due to oversupply and liquidity issues, particularly...2024-03-0719 minInsuranceAUM.comEpisode 200: Challenges and Opportunities in the Current PE Market with Northleaf Capital Partners’ Matt ShaferIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley discusses the challenges and opportunities in the current private equity (PE) market with Matt Shafer, Managing Director, Head of Capital Solutions & US Private Equity at Northleaf Capital Partners. Matt shares his insights into the PE landscape, drawing from his extensive experience and his role at Northleaf.
Matt starts by providing a bit of background about himself, growing up in Oneida, New York, and his first job at a local sandwich shop. He also shares what makes insurance asset management so appealing to him, highlighting the complexity...2024-02-2631 minInsuranceAUM.comEpisode 199: Sustainable Infrastructure Credit: the time is nowA multi-decade opportunity for Insurance Investment Portfolios
In this episode of the InsuranceAUM.com Podcast, host Stewart Foley talks with Jorge Camiña, Partner and Head of Denham Sustainable Infrastructure Credit, about the growing opportunities in sustainable infrastructure credit. Jorge emphasizes how global commitments to energy transition and the U.S. Inflation Reduction Act are creating a multi-decade investment landscape, particularly appealing for insurance portfolios.
Jorge explores the benefits of sustainable infrastructure credit, including its resilience, inflation protection, and yield enhancement. He explains how these assets align with insurers' long-term liabilities and provide a stable, a...2024-02-0125 minInsuranceAUM.comEpisode 198: A Deep Dive into EMD with Aegon AM’s Jeff GrillsIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by Jeff Grills, CFA, Head of US Cross Markets and Emerging Markets Debt at Aegon Asset Management, to delve into the evolving landscape of emerging markets debt (EMD). Jeff shares his extensive experience in EMD, highlighting the growth and maturation of the asset class over the past few decades. They discuss the periods when EMD was most attractive for insurance investors and explore the factors driving its current appeal, including high yields and improved credit quality.
Jeff also provides insights into the challenges and...2024-01-2926 minInsuranceAUM.comEpisode 197: Wellington Management’s 2024 Insurance OutlookIn this special edition of the InsuranceAUM.com Podcast, host Stewart Foley welcomes back Tim Antonelli, Managing Director, Insurance Multi-Asset Strategist, and Portfolio Manager at Wellington Management, for his fourth appearance. In this episode, they dive into the 2024 Insurance Outlook, where Tim introduces groundbreaking finance theories and strategies for positioning portfolios for the unexpected. They explore unconventional approaches to risk, including a fresh take on diversification and how insurance companies can better prepare for the evolving market dynamics.
Tim shares his insights on doubling down on diversification, but not in the traditional sense. Instead, he discusses cross-asset...2024-01-2531 minInsuranceAUM.comEpisode 196: Tips for Ensuring a Smooth 2023 Annual Filing ProcessIn this episode of the InsuranceAUM.com Podcast, host Stewart Foley is joined by a panel of experts to discuss tips for ensuring a smooth year-end filing process. The episode features Sam Jones, Senior Director of Statutory Reporting at SS&C Technologies, Amnon Levy, Founder and CEO of Bridgeway Analytics, and Scott Kurland, Managing Director and Head of SS&C’s Insurance Solutions Group. Together, they cover the essentials of data management, filing best practices, and key regulatory considerations to help insurance companies navigate the complexities of year-end reporting.
The discussion kicks off with Scott Kurland emphasizing th...2024-01-2233 min