[i3] Institutional Investment podcast

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The Menendez Brothers | Five-Year Plan | 1 43:56

לפני 1 year43:56

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43:56

On August 20th, 1989, Lyle and Erik Menendez shot and killed their own parents. Until then, this Beverly Hills family had been a portrait of the American Dream. How did it go so wrong? To listen to all four episodes of 'The Menendez Brothers' right now and ad-free, go to IntoHistory.com . Subscribers enjoy uninterrupted listening, early releases, bonus content and more, only available at IntoHistory.com . If you or someone you know is in crisis, there is free help available at mhanational.org Learn more about your ad choices. Visit megaphone.fm/adchoices…

[i3] Institutional Investment Podcast

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The Investment Innovation Institute [i3] is committed to better investment outcomes through education. This podcast focuses on institutional investors at pension funds and insurance companies. We cover topics such as asset allocation, portfolio construction and investment strategy. You can also subscribe to our complimentary newsletter at: https://i3-invest.com/subscribe/

109 פרקים

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[i3] Institutional Investment Podcast

65 subscribers

updated לפני יומיים

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109 פרקים

#Trading #Business #i3 #Asset Management

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[i3] Institutional Investment Podcast

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110: Allspring Global Investment's Jamie Newton – Is it Time to Add Duration? 30:29

לפני יומיים30:29

30:29

In episode 110 of the [i3] Podcast, we speak with Jamie Newton, Head of Global Fixed Income Research and Deputy Head of Sustainability at Allspring Global Investments. We discuss why it is a good time to add duration to fixed income portfolios, concerns over the lack of experience with high default rates in private credit and opportunities in data centres and other digital assets. Enjoy the Show! Overview of Podcast with Jamie Newton: 02:00 I was not going to spend 16 weeks looking through a microscope 04:00 I grew up in the go-go days of the internet 05:30 Is 2025 the year of Riding the Curve? 08:00 US Economy: ‘All in, we’re okay’ 09:00 Will we ever see 19pc mortgage rates again? Highly unlikely 11:00 Recession: I think the risk has increased a little bit 12:30 Do leading indicators lag too much in today’s fast moving world? 13:30 We like ABS in general, especially in USD assets 15:00 FI opportunities in data centres and fiber assets 17:00 Concentration is not so much an issue, as there is a limit to upside in FI 20:00 Artificial intelligence and fixed income 21:30 Popularity of Private credit 22:30 Lack of experience with defaults is absolutely a concern 26:30 Green bonds 28:00 Thoughts on the Australian market…

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[i3] Institutional Investment Podcast

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109: Is DeepSeek What It Promised To Be? – Will Liang Explains 28:09

לפני 22 ימים28:09

28:09

In episode 109, we are back with Will Liang, Executive Director at MA Financial, to discuss DeepSeek and the impact on the future development of artificial intelligence and the global economy. Are tech firms going to scale back their investments due to this low cost model, or is it all a bit of a hype? Enjoy the Show! Overview of Podcast with Will Liang on DeepSeek 01:00 First impressions of DeepSeek 03:00 Is DeepSeek really a revolution? 04:00 OpenAI did not spend billions of dollars developing one model 04:30 DeepSeek and memory saving 08:00 Mag Seven and investment plans 10:00 Jevons’ paradox in AI and related industries 11:00 I don’t think DeepSeek is a distilled model 13:30 Should we be worried about data being fed back to China? 16:30 DeepSeek has released a lot of LLM secrets to the public 18:00 Applications of DeepSeek in the investment industry 22:00 You will see a lot more distilled models of DeepSeek 25:00 A wake up call for the investment industry…

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[i3] Institutional Investment Podcast

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108: Victory Park Capital's Brendan Carroll – Private Credit, Insurance Friendly Strategies 35:56

לפני 5 weeks35:56

35:56

Brendan Carroll is a Senior Partner at Victory Park Capital, which he co-founded in 2007. In this episode, we discussed the evolution of private credit investments, how they can be made more friendly to insurers and the acquisition of VPC by Janus Henderson Investors. Enjoy the show! Overview of podcast with Brendan Carroll, Victory Park Capital 01:00 Getting started in investing 03:00 Setting up the firm in GFC 06:00 Asset backed lending 07:30 Insurance-friendly strategies 09:00 Insurers are the fastest growing LP types 13:00 The industry has always been competitive 17:30 Historic data sees through cycle 18:30 Business review triggers 28:00 The Janus Henderson acquisition 31:00 Developing ChatVPC…

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[i3] Institutional Investment Podcast

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107: Scott Donald on Governance and Member Meetings 39:07

לפני 11 weeks39:07

39:07

In episode 107 of the [i3] Institutional Investment Podcast, we speak with Scott Donald, Associate Professor at the School of Private and Commercial Law of the University of New South Wales, about his research into governance and the now mandatory annual member meetings of superannuation funds. How do funds field questions from members? How can we check they answer all questions? What impact do these meetings have on the corporate culture and brand of a fund? After collecting nearly five years of data, Scott shares his insights into these interactions with members. Overview of Podcast with Associate Professor Scott Donald: 02:00 Researching the intersection of Annual Member Meetings and governance 03:00 Five years ago a rule came into effect that funds needed to hold annual member meetings. Do funds see it as a box ticking exercise, or do they take the opportunity to build a brand through these meetings? 6:30 The Q&A process in these meetings are way more specified than in a (listed company) AGM 09:00 Member meetings don’t have the disciplinary effect that an AGM has 10:30 How do we know if the chair has identified some of the more uncomfortable questions? 11:30 There isn’t really a mechanism for a member to say: ‘Hey, I asked this question and you didn’t really give an answer’ 13:00 Most questions get asked about fund returns 16:00 Climate risk questions are the second biggest in terms of the number of questions, after returns. We were interested to see whether all of those questions were from activists 17:30 What signal do we take from the questions being asked? I think there is a danger of misinterpreting that signal 23:00 Inconvenient questions for members 26:00 I hope funds will take a more bespoke and thoughtful approach to member meeting, rather than a this-is-best-practice and move on 27:30 False and misleading statement risk 30:00 Legitimacy is an issue in super and member meetings are a way of putting a face to super 31:00 We don’t know the extent to which the regulator is switched on to all these questions being asked 32:30 We are close to finalising the fifth season of member meetings and we will write that up 35:00 Upcoming research might look at the use of AI in super funds…

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[i3] Institutional Investment Podcast

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106: Tuckwell Family Office's Craig Dandurand 59:24

לפני 15 weeks59:24

59:24

In episode 106 of the [i3] Institutional Investment Podcast, I speak with Craig Dandurand, Chief Investment Officer of the Tuckwell Family Office. Craig has an impressive career in the investment industry that spans time with US pension fund CalPERS and Australia's the Future Fund. We talked about his background in credit investing, setting up a hedge fund program and the world of private wealth. Enjoy the show! Overview of Podcast with Craig Dandurand 01:00 You initially worked in the legal profession. How did you get into investing? 02:00 Starting at CalPERS 03:00 The hedge fund team was the least bureaucratic part of a very bureaucratic organisation 06:30 What has changed in hedge funds compared to 20 years ago? They got more boring 10:00 During the GFC, I remember sitting in a coffee house writing something with a headline that said: ‘Capitalist Manifesto’, which is the kind of overblown thing you write in a coffee house. But it resulted in three key aspects we wanted hedge funds to focus on: alignment, control and transparency 15:00 CalPERS was at a scale that led some hedge fund managers not wanting to engage with us 16:00 The optimal size of an asset owner is probably between $5 - 30 bn. 20:00 What was most disorientating coming to Australia was my currency exposure 26:30 Learnings from the COVID-19 crisis 29:30 To do a total portfolio approach well at a large asset owner is an incredible labour intensive exercise 32:00 The Future Fund had a clear investment target, but when you join a family office you need to find out what their needs, values and desires are (pardon the thunder in the background). Before you can invest the money, you need to know why you are doing it 34:00 Graham Tuckwell invented the gold ETF and, therefore, has a good understanding of how markets work 35:30 The concept of ‘ten ETFs and a 9 iron’. Often people confuse complexity for quality 42:00 Catering to different needs and life stages within family offices 48:00 I’m a credit junkie and that probably comes from being a bankruptcy lawyer 49:00 I find the growth of private credit over the last few years fascinating and slightly unnerving 53:00 Best and worst investment: investing in Worldcom bonds…

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[i3] Institutional Investment Podcast

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105: T. Rowe Price's Jessica Sclafani 29:20

לפני 19 weeks29:20

29:20

In episode 105 of the [i3] Institutional Investment Podcast, we speak with Jessica Sclafani, a Global Retirement Strategist with US fund manager T. Rowe Price, which manages $1.6 trillion in total assets on behalf of clients. Retirement is a more complex phase than wealth accumulation and it needs a more sophisticated approach to deliver good outcomes. Sclafani discusses a 5 dimensional approach to retirement and the tradeoffs that come with choosing a suitable approach Overview of Podcast with Jessica Sclafani, Global Retirement Strategist, T. Rowe Price 01:00 How does one become a global retirement strategist? 04:30 The 5 dimensional retirement strategy is based on the research of Berg Cui a senior quantitative investment analyst in the Multi-Asset Division of T. Rowe Price 05:30 The 5 dimensions of retirement 07:30 To benefit from any of these attributes, you are going to have to compromise on at least one of the other four. So tradeoffs is something that we are going to talk about a lot 10:30 Traditional risk/return tradeoffs don’t work well in retirement. Here is an example. 13:00 Our research showed that out of 2500 respondents, maintaining quality of life was their top ranking concern 14:00 Longevity risk and the risk of sudden portfolio depletion are not the same thing 15:30 When investing for retirement, people are not just focusing on returns 18:00 People in the survey ranked volatility as the least important. Is that a financial literacy issue? 23:00 Guaranteed income streams are not very popular. What is your take on these products in retirement? 24:30 We tend to talk a lot about guarantees, but we don’t talk a lot about what people have to give up for that guarantee 25:00 Our research found that people are willing to give up 6 per cent of their income to go from knowing that their savings would last them until age 100 to having a guarantee for life 28:00 Does A.I. offer a solution for mass-customisation of retirement products? To read the T. Rowe Price paper, 'A five‑dimensional framework for retirement income needs and solutions', please see here: https://www.troweprice.com/content/dam/gdx/pdfs/2024-q3/a-five-dimensional-framework-for-retirement-income-needs-and-solutions-apac.pdf…

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[i3] Institutional Investment Podcast

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104: State Super's John Livanas 45:19

לפני 21 weeks45:19

45:19

John Livanas is the Chief Executive Officer of State Super, the $37 billion superannuation fund for public service and public sector workers in NSW. In this episode, we talk about the use of defensive overlays, dealing with the COVID drawdown and machine learning in investments. Enjoy the show! Overview of podcast with John Livanas, Chief Executive Officer of State Super 01:30 Peter Drucker’s book, The Unseen Revolution, provided inspiration to enter the pension fund industry 03:00 We are actually starting to see some of the benefits that Drucker described eventuate here in Australia 07:30 In Australia, every member can actually see their own money in their account. That relationship where you can see where your money is going and see the wealth accumulating creates a more stable system 10:00 On individual risk and financial literacy 12:00 The unique characteristics of State Super 15:00 State Super is unusual; it is probably where most of the funds will be in 10 years’ time. 16:00 We think the biggest decision is setting the investment strategy and then our internal team or TCorp will implement that 18:00 In 2017, we were called the biggest hedge fund in Australia, because we made money on the upside and the downside 19:30 During COVID, our downside protection triggered and that meant we never got into the negative. It is not about anticipating what will happen, but think about how these factors will take place 22:00 Using machine learning in the investment process 24:00 Machine learning didn’t work as well for the Ukraine invasion. That was more a secular relationship. But we did change our portfolio quite significantly 31:00 Machine learning will have a role, but I will still look to people to make the decision 35:00 State Super is not regulated by APRA, but often we look at the policies as if we were 37:00 Active manager do take a little while for that outperformance to come through…

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[i3] Institutional Investment Podcast

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103: Janus Henderson's Matt Culley 44:19

לפני 26 weeks44:19

44:19

Matthew Culley is a Portfolio Manager on the Emerging Market Equity Team at Janus Henderson Investors. In this podcast, we talk about the best performing markets, tensions around China, the impact of the US elections and fighter jets. Enjoy the Show! Overview of [i3] Podcast with Matt Culley, Janus Henderson Investors 02:00 I initially wanted to become a fighter pilot, but then got glasses and that dream went out the door 06:00 Brazilian Jiu Jitsu taught me to stay calm under pressure and not panic when stock prices fall, and it also got me interested in emerging markets 08:30 There seems to be more interest in emerging markets ex-China mandates. What is your take on China? 11:30 Electric vehicles are not a hype in China; it is something that is actually happening 13:30 Large swaths of the Chinese equity market might be uninvestable for certain types of investors. 17:30 [If China invades Taiwan] I think this is going to be a much bigger question than what happens to equity assets. 20:30 A lot of Trump’s policies are inflationary: tariffs are inflationary, clamping down on immigration is inflationary, which is going to circle back to monetary policy 21:00 Harris will probably represent a continuity of current policies with a focus on domestic policies 23:00 What has crept up for developed markets in recent years is debt loads 26:30 US interest rates have historically been the achilles heel of emerging markets 30:00 The best performing emerging market over the last five years is not India, it is Taiwan. And it is not just TSMC 35:00 When you look at emerging markets, what you are going to notice is a distinct lack of Amazon. Local players are better suited to navigate the local regulations and payment systems 36:30 India is the only economy that can grow their GDP in mid to high single digits in the next decade or two 39:00 The impact of the Systematic Investment Plan on the Indian equity market 42:00 Any favourite companies in emerging markets?…

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[i3] Institutional Investment Podcast

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102: Qantas Super's Andrew Spence 44:49

לפני 31 weeks44:49

44:49

In episode 102 of the [i3] Podcast, we speak with Andrew Spence, Chief Investment Officer of the $9 billion corporate super fund Qantas Super. Qantas Super recently announced to merge with ART and we took the opportunity to look back at the investment strategy that Spence put in place as the fund's first CIO, the innovations along the way and lessons learned. Overview of podcast with Andrew Spence, CIO of Qantas Super 02:00 I came on board when Qantas Super decided to split the CEO and CIO role into two roles. 05:00 When I started there were nine active managers in the Australian equity portfolio and no passive investments. Whatever the question was, the answer was not nine active managers. 11:00 The GFC meant we took a safety first, peer unaware approach to our portfolio. Because if members experience too much volatility they switch to a lower risk option 12:00 What I inherited was a bunch of commingled funds and no individual mandates. Then as we went through the GFC, what we found was that a lot of these products were gated and didn’t have the liquidity that was on the tin 13:00 There is increasingly less competition in the small and mid-market 14:00 Talking timberland 19:00 The delegation framework has been a competitive advantage for us 19:45 At the end of 2008, the chair of the investment committee came to me and said: ‘We seem to be holding you up a bit’. 21:00 The trustee’s role is to govern and the management’s team is to manage and be held accountable for the outcome they deliver 24:00 We saw a lot of member switching during the onset of the pandemic and that meant these members missed out on the recovery in the next 12 to 18 months 25:00 We didn’t hit any of our illiquidity tolerance levels, but we came close 29:00 Addressing sequencing risk through a glide path 33:00 I think it is important to make information is freely available across the team and is not just held by the CIO 34:00 By the end of 2019, the investment committee was pushing us to be more peer aware 39:00 Tax managed, centralised portfolio management saved us $250 million over 10 years 40:00 The partnership model has worked well for us 42:00 Backing managers early on in their career means we were invested in each others success…

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[i3] Institutional Investment Podcast

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101: ECP's Damon Callaghan and Sam Byrnes 47:22

לפני 35 weeks47:22

47:22

In episode 101 of the [i3] Podcast, we speak with Damon Callaghan and Sam Byrnes of asset management firm ECP. ECP was established by Dr. Manny Pohl of Hyperion Asset Management fame and in this episode we talk about the opportunities and challenges of artificial intelligence when investing in Australian equities. Enjoy the show! 01:00 How we got started in investing 04:00 Sam: My dad was CEO of Bega Cheese and that got me both interested in business and also made clear that I didn’t want to work in a factory 06:00 Who is ECP? 09:30 Artificial Intelligence and the Australian stock market 13:00 Parallel processing and the ability for GPU’s to work in tandem 15:00 Where do you see the best use cases in Australian companies? 17:00 Hub24 is a good example of AI being used well 22:00 Is AI disruptive, or does it merely cement the dominance of the large incumbents? 23:30 Xero vs MYOB 29:30 Can you defraud a chatbot? 30:00 Corporate use of AI will be a lot slower than what the hyperscalers would like 37:00 Consultants will be the biggest winners from this 37:30 Ethical considerations in implementing AI. Adobe and copyright 45:00 The future of AI is hyper personalisation…

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[i3] Institutional Investment Podcast

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100: Private Equity Co-investments with Neuberger Berman 41:58

לפני 39 weeks41:58

41:58

It is our 100th episode of the [i3] Podcast and we are celebrating this with an in-depth discussion on innovation in private equity, especially mid-life transactions, with David Morse, Managing Director and Global Co-Head of Private Equity Co-Investments at Neuberger Berman. Enjoy the show! Overview of Podcast with David Morse of Neuberger Berman 01:00 Starting in mid-market lending, but liking what the guys on the other side of the table did more 03:30 Deal flow in Private Equity has been low and portfolio companies are for more than 6 years, an eternity in PE 06:00 Prior to 2022, you had the “rocket fuel of private equity”, cheap debt and distributions exceeded capital calls. But you get to the third quarter of 2022 and all of those sources of liquidity have dried up 09:00 What we saw was that seller expectation was still quite high, but buyer expectations had come down dramatically, because the cost of capital had gone up 12:30 Today, PE transactions are not leveraged buyouts anymore, it is a very equity heavy transaction 16:30 Mid life transactions are co-investments into the private equity space. They focus on companies that have been owned for a few years, but are still performing well and needs capital to continue its value creation plan 19:00 When you are a GP, there are really only three sources of capital: private debt, secondaries (continuation funds) and co-investments (including mid life deals) 22:00 The problem in PE is not the returns, it is the distribution. And that is why there is an opportunity for private debt, secondaries and co-investments 25:00 Should we re-lever assets? 31:00 Distribution levels are at their lowest since 2010 and so LPs say: ‘I cannot commit to your next fund until I see some cash back’. If you ask me who is going to blink first, seller expectation vs buyer expectation, then I’m going to say seller expectation first. 33:00 Investment banks told us that their backlog of signed M&A agreements was higher in Q1 of 2024 compared to Q1 2021, the record exit year of all time. 35:30 The deal flow that has collapsed is one private equity firm selling to another private equity firm 37:30 In terms of the deal being done, we’ve seen a shift towards up market 38:30 We subscribe to not just interest rates ‘higher for longer’, but ‘higher forever’…

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[i3] Institutional Investment Podcast

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99: Global Equities with Janus Henderson 39:35

לפני 44 weeks39:35

39:35

In episode 99 of the [i3] Podcast, we speak with Julian McManus, who is a Portfolio Manager on the Global Alpha Equity Team at Janus Henderson Investors. We spoke about global equities, the role of the Magnificent 7, Japanese equities and hybrid cars. Enjoy the show! Overview of Podcast with Julian McManus, Janus Henderson Investors 02:00 Getting into Japanese equities fresh out of law school 04:00 We still invest in Japan 07:00 Abe’s reforms and book value quant trades 08:00 The Japanese government has woken up to the urgence to create national champions in strategically important industries 09:50 Japan is going to be one of the most important semiconductor manufacturing hubs globally outside of Taiwan 11:00 Toyota and the demand for hybrides 14:00 There is still a notion among some investors that you invest in US stocks and international is where you go on vacation 15:30 Tech companies outside of Magnificent 7, why haven’t they increased alongside? 16:30 Many investors have trouble paying more than 25 times, one year forward earnings for any European stock 19:00 Yes, there is geopolitical risk in TSMC, but TSMC is not living in a vacuum 20:00 We are of the position that China will never be able to invade Taiwan 22:00 Because we have a large position in (defence company) BAE Systems, that allows us to have a large position in TSMC as well. 23:00 We own three of the Magnificent 7 25:00 We believed for a very long time that Apple and Tesla were overvalued and avoided those 28:30 The uncomfortable question about AI is: Are you going to reinvest the productivity gains or let them flow down to the bottom line? 30:00 On the dangers of overdiversification 36:00 Rates are typically something we don’t want to take a bet on 37:00 Defence spending will need to catch up in Europe…

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[i3] Institutional Investment Podcast

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98: Artificial Intelligence in Wealth Management 1:01:40

לפני 46 weeks1:01:40

1:01:40

In episode 98 of the [i3] Podcast, we are speaking with Will Liang, who is an executive director at MA Financial Group, but is also well-known for his time with Macquarie Group, where he worked for more than a decade, including as Head of Technology for Macquarie Capital Australia and New Zealand. We discuss the application of AI in financial services and wealth management, ChatGPT and how to deal with AI hallucinations. Overview of Podcast with Will Liang 02:30 When I was young I contemplated becoming a professional Go player 05:00 2016 was a life shattering moment for me; Lee Sedol was defeated by AlphaGo 07:00 I think generative AI will be a net positive for society 08:30 The impact of AI on industries will not be equally distributed 15:00 Brainstorming with ChatGPT or Claude 16:00 AI might help us communicate better 19:00 AI hallucinations are actually a fixable problem 22:30 Myths and misconceptions in AI 27:00 Most of the time when ChatGPT doesn’t work is because we are prompting it in the wrong way 28:30 Thinking Fast & Slow; AI is not good at thinking slow 29:00 Losing our jobs to AI? It is important to distinguish between the automation of tasks versus the automation of jobs 35:00 When implementing AI, look at where your data is and try to bring your application closer to the data 39:00 Don’t trust any third party large language model, instead deploy an open source model into your own cloud environment 43:00 You ask ChatGPT 10 times the same question and it will give you nine different answers. That is a problem. 45:00 Deep fake is a real problem 50:00 Future trends: AI agents 53:00 Generative AI will be more of a game changer for private markets than public markets…

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[i3] Institutional Investment Podcast

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97: Talking Leadership with Felicity Walsh 48:36

לפני 48 weeks48:36

48:36

In this episode of the [i3] Podcast, we speak with Felicity Walsh, Managing Director and Head of Australia & New Zealand for Franklin Templeton about leadership, fostering a great work culture, mentorship and lab coats. Enjoy the show! Overview of Podcast with Felicity Walsh, Franklin Templeton 01:00 Hanging up the chemistry lab coat and safety specs, and joining Watson Wyatt 05:00 Defined benefit post GFC and getting into client acquisition work 07:00 Differences between UK and Australian pension systems 10:00 When I came to Australia there was no depth in the inflation-linked bond market 13:00 Joining K2, not as different from an asset consultant as you might think it was 17:00 Making my own glossary of hedge fund terminology 19:00 In the early days of K2, there was a clear separation from Franklin Templeton. We even had our own fridge 22:00 On leadership style: “I’m very keen on a flat structure, which is not always how fund management firms operate”. 24:00 In a small team, you need to keep the job varied and interesting 29:00 Culture is incredibly important when you work for a global company 33:00 On the importance of keeping distractions away from your team 35:30 There are certain people whose counsel I seek from time to time, but they are not people who I initially thought were going to be mentors 40:00 Removing the distinction between retail and institutional teams 44:00 Focusing on community this year 46:00 Integrating the acquisition of Putnam investments…

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[i3] Institutional Investment Podcast

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96: T Rowe Price's Maria Elena Drew – Towards Net Zero Portfolios 41:50

לפני 1 year41:50

41:50

In episode 96 of the [i3] Podcast, we speak with Maria Elena Drew, Director of Research – Responsible Investing, at T. Rowe Price about the challenges and opportunities of transforming investments into net zero portfolios. How does it affect your objectives and engagement with companies? Enjoy the show! Overview of Podcast with Maria Elena Drew, T. Rowe Price 01:00 When I was at school, I didn’t think this was a career path that was out there. At university I studied economics and geology. 04:00 As a young analyst I covered Enron and they had a very bullying approach to investors 06:00 I realised ESG was not about telling you what you can and can’t invest in, but to use information on governance and environment to get better investment ideas 07:00 I started to ask at least one ESG-related question in company meetings and without fail the answer was helpful to me 10:45 The ability to determine whether there is alpha generation from ESG is really difficult 15:00 What is your true net zero objective? Do you want to have no exposure to high emitting companies? Or do you want to help companies with their transition to net zero? Those are two very different portfolios 19:00 Track progress along the way: setting net zero status targets 20:45 We think the net zero status is a smart way of going about it, because it is forward-looking 23:30 If your objective is really just greenhouse gas emissions, then you really just incentives your manager to do sector selection 28:00 Divestment ultimately sits with the client direction 29:00 An exclusion list makes more sense for passive investors, than for active investors 31:00 If you don’t have a decarbonisation [plan], then you are making a very strong bet that all of this regulation is not going to come through 33:00 What if institutional investors leave it up to companies to sort this out? What risks do they face? 36:00 Do you allow companies to rely on carbon credits/offsets to achieve their net zero target? 40:30 Pushing companies to go too fast can be counterproductive Maria Elena Drew also spoke at the [i3] Equities Forum 2024 in the Yarra Valley, Victoria, on 20 February 2024…

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