Episodes
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In this episode of the InsuranceAUM.com podcast, Stewart Foley sits down with Jason Walker, Co-Chief Investment Officer at Manulife CQS, as part of the CIO Spotlight series. Jason shares his insights into current market conditions, focusing on the importance of downside protection and the opportunities created by market dislocations. He emphasizes how sentiment, liquidity, and new variables are reshaping markets, offering opportunities for savvy investors. Jason also discusses the impact of higher rates on credit markets, structured credit, and how his team at Manulife CQS navigates uncertainty with a disciplined, bottom-up approach.
The conversation dives into significant risk transfer (SRT) markets, U.S. commercial real estate, and the role of flexibility in portfolio construction. Jason explains how experience and strategic risk-taking are key to capturing returns in today's markets. With a thoughtful discussion on political risk and opportunities in structured credit, this episode is packed with insights from a seasoned CIO leading through complex market conditions. -
In 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 opportunities in emerging markets, including the impact of political risks and how global trends like de-globalization are shaping investment opportunities.
Sid also delves into specific extension strategies, including buy-and-hold approaches, crossover investments, and thematic strategies designed to capitalize on long-term trends. He highlights how insurance investors can strategically diversify their portfolios while balancing risk and return, particularly in the underappreciated areas of EM corporate debt. If you’re looking to expand your understanding of EM debt and its role in insurance asset management, this is a must-listen episode. -
Missing episodes?
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In this episode of the InsuranceAUM.com Podcast, Stewart Foley is joined by Michael Zorich, Managing Director and Head of Investment Grade (IG) Private Credit at Principal Asset Management, for an in-depth discussion on the growing relevance of investment grade private credit in today’s market. Michael shares his expertise on how IG private credit offers investors a combination of relative value, covenants, better recoveries, and diversification, making it an attractive asset class for insurance companies and institutional investors. He explains how current economic conditions, particularly rising interest rates, have led to increased attention on the sector, especially as investors seek risk-adjusted returns in less volatile spaces compared to other areas like direct lending.
Michael also discusses the evolution of private credit markets, the role of club deals, and the various sectors, such as infrastructure and real estate, that present opportunities and risks. As an experienced leader at Principal, he highlights the firm’s 50-year history in private placements, their focus on infrastructure investments, and the extensive customizations they offer to meet client needs. This episode provides valuable insights into how insurance investors can uncover value in IG private credit while navigating today’s complex economic landscape. -
In this insightful episode of the InsuranceAUM.com Podcast, Stewart Foley sits down with Andy Blocker, Global Head of Public Policy and Strategic Partnerships at Invesco, to dissect the key political developments shaping the U.S. election. They explore the unprecedented shifts in the political landscape, including the impact of Biden's decision to step aside, Kamala Harris's rise, and the ripple effects of Trump’s ongoing legal battles. Andy provides a thorough analysis of the "path to victory" for both Harris and Trump, offering listeners a unique perspective on how each candidate’s approach to messaging, demographics, and policy could define the outcome of the 2024 election.
As the conversation deepens, Andy shares his thoughts on critical topics like the abortion debate, fiscal policy, and the implications of regulatory agendas, particularly for the financial services industry. He also touches on the growing influence of U.S.-China relations and ESG considerations in the election's aftermath. This episode offers a comprehensive overview of the potential market and investment impacts tied to the election, making it an essential listen for insurance investors who need to stay informed on the political and economic factors driving the future of their portfolios. -
In this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Paul Benson, Head of Systematic Fixed Income at Insight Investment, to dive deep into systematic fixed income and its growing relevance in today’s investment landscape. Paul discusses the evolution of systematic strategies since Insight’s early adoption in 2001, focusing on key innovations such as credit portfolio trading and enhanced liquidity in the high-yield markets. He also touches on the growing role of ETFs and how they integrate with insurance companies' portfolio needs.
The conversation further explores the customization potential of systematic strategies to fit the unique constraints insurance companies face, such as capital charges, duration, and rating bucket optimization. Paul shares insights on how rising rates have reshaped the private credit and high-yield landscape, and why high-yield bonds are becoming increasingly attractive for income-focused insurance portfolios. This episode provides valuable lessons for insurance investment professionals interested in integrating systematic fixed income into their strategic asset allocation. -
Stifflear, Portfolio Manager and Head of Investment Grade Private Credit at PPM. Luke brings over 30 years of experience at PPM, providing deep insights into the world of investment grade private credit. He explains how this asset class, typically dominated by insurance companies, differs from the more commonly discussed high-yield private credit. Luke sheds light on the benefits of investment grade private credit, including enhanced covenant protection, better spread premiums, and diversification opportunities that make it a compelling alternative to public bonds. He also discusses the evolution of this market, particularly in the context of bank pullbacks and the growing interest from institutional investors.
The conversation further explores the state of market liquidity, deal flow dynamics, and how PPM's long-standing presence in the industry offers unique advantages in accessing off-the-run tenors and securing favorable deals. Luke also shares his views on the importance of relative value decisions between public and private markets, emphasizing how consistent capital deployment and strong market relationships have helped PPM maintain a competitive edge. This episode is packed with valuable takeaways for anyone interested in the strategic aspects of investment grade private credit and its role in diversified portfolios. -
In 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 from the 2008 financial crisis, which continue to shape his investment approach today.
The conversation also explores the importance of team building and culture in private equity, emphasizing the need for alignment, respect, and shared values in a successful investment team. Aaron's approach to leadership and his perspective on the value of liberal arts in finance offer a unique and refreshing take on what it means to succeed in the private equity space. This episode is packed with valuable insights for anyone interested in the inner workings of private equity and the future of this dynamic asset class. -
In 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 infrastructure debt portfolio, emphasizing the essential, non-cyclical nature of the assets and their ability to provide material downside protection. They share insights on how Brookfield aligns its infrastructure investments with sustainability goals without compromising on returns, and discuss the impact of regulatory changes on the market. This episode offers valuable perspectives on how insurers can effectively leverage infrastructure debt within their portfolios while contributing to environmental sustainability. -
In 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 niche to mainstream. They emphasize the importance of flexibility in capital solutions and the ability to navigate various points across the capital structure to generate the best risk-adjusted returns. The discussion also touches on the impact of rising interest rates on leverage ratios and how Morgan Stanley Investment Management's approach sets them apart from competitors. By leveraging the firm's vast resources and global reach, they are able to provide unique capital solutions that cater to the needs of private issuers across North America. Whether it's accessing a broader deal flow or offering value-added services like M&A advice, their platform is designed to deliver comprehensive solutions to clients. The conversation wraps up with insights into the scalability of private credit and the importance of a long-term investment perspective in this ever-evolving market.
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In 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 evolving landscape of insurance investments, and the impact of market consolidation. With valuable takeaways for investors and industry professionals alike, this episode provides a comprehensive look at how Altamont is navigating and shaping the future of middle-market investments. -
In 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 manage internally. Scott details how co-sourcing can help insurers efficiently handle complex investment portfolios, such as residential whole loans, without overwhelming internal teams. By leveraging cloud-based technology and specialized expertise, insurers can optimize their investment returns and maintain a competitive edge. The conversation also touches on the importance of transparency, the use of AI in investment accounting, and how co-sourcing can be tailored to meet the specific needs of different insurers. Whether you're a CIO or a CRO considering co-sourcing, this episode offers valuable insights into how this model can enhance your investment operations.
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In 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 opportunities in both the RCR and specialty finance spaces. This episode offers a comprehensive understanding of how Eagle Point navigates the complexities of these markets, providing valuable takeaways for investors interested in exploring these unique and growing investment areas.
Tune in to learn more about how Eagle Point Credit Management is setting itself apart in the world of specialty finance and RCR, and why this area is gaining more attention from banks and investors alike. -
In 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 the various investment strategies and structures available for those looking to enter the infrastructure space.
Tune in to gain valuable insights on the current and future landscape of infrastructure investing, and hear Adam's personal career journey and advice for young professionals. -
In 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 faced and the pivotal role Loomis Sayles played in integrating advanced tech solutions. Erik Troutman provides insights into how Loomis Sayles’ technology helps streamline asset and liability management, offering a clearer picture of investment strategies and risk metrics.
Gain valuable perspectives on managing these intricate financial instruments and learn how cutting-edge technology can enhance performance and operational efficiency in the insurance industry. -
Host 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 building strategic partnerships with insurance companies. Stewart and Tim explore the current trends in M&A, the growing acceptance of private credit by insurance companies, and Antares’ approach to building its insurance business. Listeners will gain a deeper understanding of the direct lending market, the role of insurance capital, and the importance of reliability and long-term relationships in the industry.
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In 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 of insurance asset management.
Stewart and Sara also explore the challenges and rewards of being a woman in finance. Sara provides valuable advice on career development, the importance of lateral moves, and the need for diversity and inclusion in the industry. Whether you're an aspiring finance professional or a seasoned investor, this episode offers a wealth of knowledge and inspiration from one of the industry's respected leaders. -
Join 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 evolving landscape of private credit. He also offers invaluable advice for young professionals navigating their careers in finance, emphasizing the importance of mentorship and seizing opportunities.
Tune in for an engaging and informative conversation that sheds light on the intricacies of private fixed income and alternatives, offering practical insights for insurance investment professionals.
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Dive 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 facing office spaces, and the growth of alternative sectors such as data centers. Bert also discusses managing risks and investment strategies, emphasizing the importance of embracing market cycles.
This episode is a must-listen for anyone seeking to understand the real estate market's current landscape and future opportunities! -
Dive 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 support during power outages. Brian explains how these projects can provide stable, cost-effective energy solutions while also benefiting the environment. The conversation also explores the broader impacts of renewable energy on the insurance sector, highlighting innovative financing mechanisms like C-PACE (Commercial Property Assessed Clean Energy) that enable significant advancements in energy efficiency and sustainability.
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Join 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.
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