🎥 Future Proof Replay: Decoding the rise of alts with Stephanie Drescher of Apollo & Shannon Saccocia of Neuberger Berman
Future Proof replay: Panel with Stephanie Drescher, Partner, Chief Client & Product Development Officer, Apollo and Shannon Saccocia, CIO, Neuberger Berman
Future Proof, which holds one of the industry’s largest wealth conferences, invited me to moderate a panel on alts with some of the most influential players in private markets: Stephanie Drescher, Partner, Chief Client & Product Development Officer, and member of the Leadership Team at Apollo, the $631B alternative asset manager, and Shannon Saccocia, the CIO at Neuberger Berman Private Wealth.
Both Stephanie and Shannon have a wealth of experience in private markets and are responsible for growing and managing each respective firm’s work at the intersection of wealth and alts.
Apollo has quickly evolved into one of the world’s largest alternative asset managers, growing a staggering $150B in the past two years and was under $15B AUM nineteen years ago when Stephanie joined the firm. Stephanie is leading Apollo’s Global Wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and building out a specialized team as they work with the wealth channel to provide tailored solutions to this investor cohort. She’s also involved with Apollo’s strategic investments in the alts space, sitting on iCapital’s Board as a Board Observer.
Shannon joined Neuberger Berman as CIO earlier this, bringing to bear over 20 years of experience in the investment management industry. Crucially, she’s sat in the seat of a wealth management CIO, so she has a deep understanding of the needs and mindset of the wealth channel when it comes to alts. Most recently, she was the Chief Investment Officer for SVB Private, which acquired Boston Private Wealth in July 2021. She was previously the CIO for Boston Private Wealth, where she oversaw all investment management functions for the $16B AUM RIA.
There are a number of nuances and considerations when it comes to the wealth channel adopting alts and alternative investment firms serving them.
At Future Proof, Stephanie and Shannon helped decode a number of challenges and topics that are top of mind for both the wealth channel and funds looking to work with wealth advisors and individuals.
How they define alternatives.
How the nuances of liquidity matter — how much liquidity do investors need?
Why duration is a critical feature for investors in private markets and an unlimited time horizon would be the best scenario for investors in private markets, but may not be realistic for every investor.
The productization of alts and how and why structuring, particularly of post investment processes, are so important to engaging the wealth channel.
The tradeoffs between liquidity and returns.
Why education is so important for the wealth channel.
Why advisors shouldn’t start with a product sale but rather have an intellectual curiosity and desire to understand what the future state of alts may look like.
How and why alts can be a holistic portfolio solution, not just a single bucket in an asset allocation strategy.
Thanks Stephanie and Shannon for sharing such thoughtful commentary on how you’re innovating in private markets.
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