Episodes
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In this interview, we welcome the CEO of Novo Holdings, which manages the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest enterprise foundations.
Novo Holdings is part of the Novo Group, which also incorporates Novo Nordisk and Novonesis (who combined are responsible for much of Novo Holdings’ inflows).
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Their purpose is to drive change to defeat serious chronic diseases, built upon their heritage in diabetes.
Novonesis, also part of Novo Group, serves 130 markets with enzymatic, microbial and advanced protein solutions.
As of year-end 2023, Novo Holdings had total assets under management of €149bn (DKK 1,114 bn). In addition to managing a broad portfolio of equities, bonds & other assets, it also has a substantial allocation into life sciences.
In this illuminating discussion, Kasim shares Novo Holding’s asset allocation, their corporate structure, the European regulatory context, their long term mission and the importance of the foundation’s life-saving work.
Kasim also covers balancing disbursements to the Novo Nordisk Foundation & re-investment in the fund, some criteria for working with external managers, their engaged ownership approach (especially in life sciences) and why they’re comfortable as a public firm.
He also discusses the challenge of increasing antibiotic resistance, how biology is assisting in the green transition and the breathtaking development of medical research (including the revolutionary role of AI in diagnostics).
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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Research demonstrates that diverse companies outperform their less diverse peers. The 30% Club’s mission, led by Chairs and CEOs, is to increase gender diversity at board and executive committee levels.
In this episode, current 30% Club Global Chair Hanneke Smits, assesses the shifts underway to increase female representation across the corporate landscape, why PE lags public investing in this regard and what still needs to be done.
She also reflects on working in both PE and public markets, the future trajectory of passive & active, and the challenges each presents to investors. She then discusses the qualities needed as a leader and mentor, including the difference between “being liked and being respected”.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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Missing episodes?
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If you were asked ‘What is the London Stock Exchange Group, (LSEG)?’, most investors would answer, ‘the London Stock Exchange, of course.’ Yet, the correct answer would be, “well that’s only 5% of revenues today”, and then you might pause and wonder what the rest is…
In this conversation with David Schwimmer, a veteran of Goldman Sachs, and CEO of the LSEG since 2018, we examine an organisation that today has revenues of £8bn, an operating income of £2.8bn and a market capitalisation of approximately £50bn. LSEG is the 14th largest company in the UK, employing 25,000 people in 70 countries, and is now 4% owned by Microsoft (as of May 2024).
David explains the LSEG business today, how they are the no.1 globally in real time financial data, how they serve customers in areas from risk-analytics, FX, bond trading, KYC, ALM verification. He discusses the partnership with Microsoft, and the rapid shifts in technology, as well as their impact on business execution and enhancing productivity.
Finally we have an earnest conversation about the UK, which has the second largest pension market in the world, London’s enviable position, and why persistent negative press around delisting may have created a stronger narrative than the facts would suggest.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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Armed with a degree, MBA, MPA, and a PhD, the author of 5 bestselling books, a trained economist, a previous employee of Goldmans Sachs, a life peerage in the House of Lords, sought after board member, one of Time Magazine’s 100 Most Influential People in the World, and on Oprah Winfrey’s “O” Power List, our guest today seems to have it all!
Dambisa Moyo has written about why development aid to Africa isn’t working, the economic vulnerability of the West, China’s single minded-focus, why democracies are under threat, and how company boards can work more effectively.
In this conversation we laser in on her assessment of developed markets’ economic growth, or lack thereof, and where she sees the investment opportunities.
She discusses where the UK and Germany are failing, why excessive regulation is a problem, how she weighs up bonds versus stocks, EM versus DM equities.
She also covers why Warren Buffett may be spot on with his energy investments, and how the US economic boom masks a more stagnant picture in emerging markets (home to 90% of the world population).
She finishes with some fabulous advice for young people: “No doesn’t mean never!”
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.
Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.
To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world.
The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com
If you have any questions or guest ideas, feel free to email us at [email protected].
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The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. -
Back in September 2021, we met with Nic Cary of Blockchain.com, which was already well on its way to becoming one of the world’s leading digital asset platforms.
Since then cryptocurrency volatility has been extraordinary, and witness to wild gyrations, the imprisonment Sam Bankman-Fried, SEC action, regulatory hand wringing and then this year, BlackRock’s launch of one of several crypto ETFs (approved by the SEC), and Bitcoin's halving last weekend.
In this conversation Nic makes the case for crypto to a sceptical Simon, discussing the importance of blockchain technology, the growth of the crypto markets, scarcity, risk, speculation, institutional versus retail participation, and of course, the merits of gold vs crypto.
Blockchain has now grown to be one of the world’s largest crypto infrastructure providers, enabling both institutions and individuals to buy, sell, utilise, understand and exchange crypto products. Since being co-founded by Nic in 2011, they’ve facilitated about a third of all bitcoin network transactions, processing over $1tn in transaction volume for 37m users.
Also joining this conversation was Will Campion of Campion Capital (who set up the podcast with Simon), making his debut appearance on the show!
The Money Maze Podcast is kindly sponsored by Schroders, and IFM Investors.
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In this interview, we return to Canada. Having interviewed Jo Taylor of OTPP last year, this time we sought out one of the most well-known and successful women in private equity, someone who is also proving to be a huge role model for young women pursuing careers in the investment industry.
Suyi Kim, educated at the University of Seoul and then Stanford, explains the attraction PE had for her as she pivoted from consultancy.
She discusses sourcing the deals, when they entered and exited Alibaba, the differences in the opportunities in PE investing across continents, and importantly, how they approach China.
She discusses how PE has changed, why it remains a bottom-up process, the potential for high returns, and why it is an attractive business for young people to consider. Finally; she shares her two most important words: “Be Curious”!
The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors
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It’s not every day that one of our guests from the world of finance has successfully scaled Everest 5 times, been awarded an MBE by the Queen, raised millions for charity, and is a vocal ambassador for the NSPCC.
For his day job, he led trading desks at Goldmans, CS, UBS and Bluecrest. If that wasn’t enough for most people, he then became sufficiently intrigued by the changing world of gold to become CEO of the World Gold Council (WGC).
In this fascinating conversation, David explains how the WGC is bringing gold bullion into the digital age from regulatory, provenance, ESG, and tokenisation angles.
He assesses growing institutional demand (gold prices have hit record highs in recent weeks), describes the supply side dynamics, examines why gold improves the risk/return characteristics in a portfolio, why gold mining companies may be too cheap, and how the future may look for gold.
Finally, David reflects on his childhood as a victim of child sexual abuse, the agony and therapy of the film about him, Sulphur & White, and the priorities which need addressing (in the UK alone, 1 in 20 children suffer sexual abuse).
The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors
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In this Easter special we explore a slightly different realm: religion! Very occasionally one individual can have a disproportionately powerful impact on a collection of people, but very rarely does that person’s impact grow in time and reach, and expand beyond anyone’s expectations and for millions, be responsible for enhancing their lives.
Our guest, the Reverend Nicky Gumbel, talks of his own odyssey from barrister to clergyman, before widening both awareness and access to Christianity to those outside the church via the Alpha Course.
Alpha - a term which we usually employ in a very different context on the podcast - effectively rebranded and modernised Christianity for a new generation in the 1990s, with tens of thousands of courses being run by the end of the decade. The programme has now been translated into 112 different languages, and 30 million people have taken part.
In this interview he explains his own pivot to faith, how he was asked to take charge of the Alpha Course development, and in the subsequent years how its reach was extended globally.
He explains how he built it into a global brand, how charismatic leadership can be relevant to all fields, the changing relationship between faith and secularism, the role of religion for prisoner rehabilitation, as well as thoughts on morality, money and giving!
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors.
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Our guest today earned her master’s degree in physics, captained her rugby team at Oxford, and then a few years later was posted as bp’s engineering manager to Baku, Azerbaijan.
She then spent time as Country Head in neighbouring Georgia and COO of Lightsource bp, and is now bp’s Senior Vice President, Wells.
In this conversation, Ann explains bp’s mission to become an integrated energy company, built on three strategic pillars: resilient hydrocarbons, convenience and mobility and low carbon energy.
She talks of the need for a reliable and balanced energy system, priced appropriately and invested pragmatically as the world transitions towards a lower carbon future.
Also discussed is how energy supplies are evolving amidst global conflicts, the role of financing in the energy transition, and how AI is impacting energy demand.
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The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors.
DISCLAIMER: This episode was recorded in February 2024. You can find the latest information on BP’s performance and operations at bp.com/results. -
In May 2021, we turned our attention to an investor dilemma – Should we view wine as a proper asset class? And how should we think about the wine industry, unmodernised for so long, but ripe for change!
A disrupter emerged in 1997, in the shape of Bordeaux Index, set up by Michael Spencer and Gary Boom.
In this conversation we learn about the shifting sands of supply and demand. We discuss global climate impact and some of its advantages for the wine industry.
We discuss wealth creation and the continued thirst for luxury wines, champagnes and whiskies.
Gary also explains where new and exciting wines are emerging, why he’s re-assessed the emerging English opportunity set, and how they’re embracing digital transformation via their new LiveTrade platform (which was rebranded & expanded this year).
Gary discusses the impact of their technology in helping bring liquidity and transparency to wine trading - reflecting on his previous life at ICAP - and why increasing numbers of investors are building portfolios in the wine & spirits world.
We then assess the key question; where might there be money to be made in this fast-evolving market?
And aside from the investment implications, who doesn’t like to sample lovely wine?! No one wants to finish their lives observing wistfully, as Ernest Hemingway once did, that “my only regret in life is that I didn’t drink more wine!”
NOTE - This episode was recorded in late 2023, prior to the re-launch of their LiveTrade product in early 2024.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors.
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In this bitesize feature, David Einhorn, Founder & President of Greenlight Capital, discusses the potential impact passive investing has had on value investors, and where opportunities may lie.
David is one of Wall Street's most closely followed hedge fund managers, whose public commentary on stocks has had market moving results ('The Einhorn Effect'). He's perhaps most well-known for his short bet on Lehman Brothers in 2007.
This is an excerpt from his appearance at the London Value Investor Conference in May 2023, included as part of our short-form Money Maze Vignettes series.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors.
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In today’s episode, the Money Maze Podcast takes a short trip back to 2023 to revisit our Second Private Markets Series.
We shared fascinating conversations with guests from the likes of TPG, Tikehau Capital, Nasdaq Private Market, CAIS, and IFM Investors.
In case you missed those episodes, we have compiled together some of the highlights from those episodes, including David Neal of IFM Investors on why infrastructure ‘feels like almost the perfect institutional asset class’ and Matt Brown of CAIS on how technology is bridging the gap between financial advisors and alternative asset managers.
We also hear from Pamela Pavkov and Anilu Vazquez-Ubarri of the TPG NEXT fund, which is investing in underrepresented alternative asset managers, Mathieu Chabran on Tikehau Capital’s extraordinary growth story and Tom Callahan, CEO of Nasdaq Private Market, who explains how the world of secondary markets for private stocks works.
You can listen to all the full episodes here via www.moneymazepodcast.com/series/private-markets.
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The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. -
In this bitesize feature, A-Rod Corp’s CEO, Alex Rodriguez, discusses principal capital, creating opportunities for partners, and A-Rod’s geographical scope.
In the full interview, Alex speaks about how he came to dominate his sport, developing a substantial portfolio of investments and businesses through his investment firm, invaluable advice given to him by Warren Buffet. Listen or watch here.
Money Maze Moments are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. -
With a successful career incorporating 18 years at Goldman Sachs, and then CEO of the Man Group, Emmanuel explains today’s landscape for investors across the fixed income universe.
He explains PIMCO’s mission and reach. He discusses how the world is awash with cash and short-term maturities, creating opportunities with interest rates having adjusted upwards.
He feels there is a tidal wave of liquidity, underpinning an optimistic view of the possible investments which exist; from credit, both public and private, through to emerging market local FX debt.
He explains why alpha is very identifiable and investable and why active beats passive in the fixed income universe. He discusses how AI is transforming data processing in the finance sector.
Finally, he explains why banks are retreating from some quarters of the lending landscape, creating opportunities for PIMCO.
Finally, he reflects on the European dilemma in being able to create meaningful growth, and why all these government debts will have to be paid at some point ahead.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors.
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DISCLAIMER: PIMCO manages $1.86 trillion in assets, including $1.48 trillion in third-party client assets as of 31 December 2023. Assets include $82.2 billion (as of 30 September 2023) in assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO. -
Why does a teacher trained to help children with special needs decide to switch, earn an MBA, then work at Pepsi, become an investment consultant, and end up becoming CIO at an $8 billion dollar foundation?
In this conversation, Roz recaps on lessons learned with investing organisations, (including CalPERS) before arriving at Helmsley Foundation in 2010.
She describes what makes for an effective investment committee, why investment boxes like ‘growth’ and ‘value’ can be counterproductive, and instead why portfolio construction by tranches of liquidity appeal more.
She offers a range of valuable and pithy investment advice, including why “you shouldn’t worry about volatility, if you have ample liquidity”, and why for asset allocation it may be a case of “back to the future”.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors -
Our guest today has been referred to as "the English Warren Buffett" for his style and success in investing. His book, published in 1992, Accounting for Growth, and its ensuing controversy helped propel it to the top of the bestsellers chart, displacing Stephen Hawking's ’A Brief History of Time’ from the No.1 spot.
He’s been head of research, CEO of a public company, a former top banks analyst (who won’t own a bank in his fund), and is now highly respected Founder and CIO at the global equity fund manager, Fundsmith.
Terry details his progress through finance, including how he examines inconsistencies and checks cash flows. He explains why he believes you cannot be successful in investing unless you break out from the crowd.
He then describes the genesis of Fundsmith, its mission “to run the best fund ever; by which we mean the one with the highest return over the long term adjusted for risk.”
He then details what he looks for in the companies he selects, red lines, distrusting management gloss and why he believes that equities beat bonds over the long term. Lots to learn!
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.
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What if clearing out early stage cancers from your body could become as routine as going to your dentist, or what if a single vaccine could protect you against multiple viruses?
In this episode, we trace Mike Milken’s journey from developing and popularising high yield corporate bonds, to catalysing changes in the world of cancer, and addressing key unmet medical challenges.
Mike describes the centrality of medicine in powering economic growth. He describes the current priorities, progress, and the impact of tech and AI on medical advancements.
He sizes the costs of obesity, the role of prevention, the microbiome, and your gut. Furthermore he explains why data sits at the centre of achieving faster cures and shares the reasons that underpin this optimism.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. -
What do JR Tolkien, Emma Watson, Oscar Wilde, Indira Gandhi, Margaret Thatcher, Niall Ferguson & Dr. Seuss have in common? They all attended Oxford University, which for nearly 1,000 years has been educating some of the brightest of British and global youth.
To have proved so permanent and excellent is testimony to many forces, both financial and educational.
In this episode we’re delighted to have its founding Chief Investment Officer and CEO, Sandra Robertson, who explains their approach, investment goals, managing a foundation, and what excites her about the investment landscape in 2024.
She discusses managing an endowment, how a new manager becomes included in the fund, and her thinking about risk.
She explains her approach to hiring, encouraging a culture which prioritises straightforward & honest communication, and the enduring magic of the internationally renowned Oxford ecosystem.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. -
This week, the Money Maze Podcast is packing up and shutting down for Christmas and New Year.
But before we get away, we wanted to catch you up on everything we’ve been up to these last 12 months!
Otherwise, we wish all our listeners, sponsors & friends an enjoyable festive break!
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.
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