Welcome back to the Alt Goes Mainstream podcast.
Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.
John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands.
He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.
Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank.
John and I had a fascinating and informative discussion. We covered:
How John is building Brookfield Oaktree’s wealth business.
The benefits of scale.
Wisdom from John’s Oaktree colleague Howard Marks.
How advisor education is critical to the adoption of private markets.
And much more.
Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.
Clip #1: What has it been like having a front row seat to the growth of private markets?
Clip #2: Combining Brookfield and Oaktree to build a wealth solutions business.
Clip #3: Turning a challenge into a huge advantage.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction to our Sponsor, Ultimus Fund Solutions
01:55 Welcome to Alt Goes Mainstream
02:06 Introduction to John Sweeney
02:30 John Sweeney's Career Background
03:58 John's Early Career at Morgan Stanley
04:34 Evolution of Alternative Investments
05:15 Impact of Technology on Private Markets
06:43 Service and Distribution Strategies
07:36 Building Brookfield Oaktree's Wealth Business
07:56 Importance of Client Service
09:35 Staffing and Organizational Growth
11:08 Brookfield and Oaktree Partnership
12:45 Focus on Investment Solutions
13:29 Understanding Client Needs
14:06 Wealth Channel Strategies
14:52 Focus on Real Assets and Credit
16:11 Global Expansion and Market Strategy
16:38 Challenges and Opportunities in Wealth Management
17:48 Differentiating Large GPs
18:10 Brand Building and Recognition
19:05 Effective Client Engagement
20:29 Insights and Education for Advisors
22:39 Evergreen Funds and Client Relationships
25:22 Balancing Content and Engagement
27:32 Investment Philosophy and Market Context
32:49 Delivering Returns and Income
33:02 Accessing Evergreen Funds
33:16 Compounding Returns Over Time
33:23 Thinking in Decades
33:34 Private Credit Evolution
33:48 Experience and Results
34:12 Brand and Education
34:23 Distinguishing in Good and Bad Times
34:51 Showcasing History and DNA
35:45 Brookfield Real Estate
36:07 Oaktree's Credit Roots
36:28 Integrating Two Brands
36:48 Building Solutions Across Brands
37:16 Global Presence and Marketing
37:27 Private Wealth Arm of Brookfield
37:52 Investing in Megatrends
38:59 Importance of Scale
39:48 Navigating Wealth Channel Conversations
40:45 Competing on Different Fronts
41:35 Complementary Areas and Adjacencies
43:08 Global Expansion and Regional Strategies
43:35 Survey Insights on Alternatives
44:54 Global Opportunities in Private Markets
45:14 Regional Differences in Distribution
46:03 Building a Local Team
48:37 Building a Culture of Shared Success
49:19 Educating Advisors and Sales Teams
52:44 The Future of Private Markets and Model Portfolios
56:18 Exciting Opportunities in Real Estate and Beyond
57:41 The Appeal of Music Royalties and Human Connection
59:26 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
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