Welcome back to the Alt Goes Mainstream podcast.
Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.
We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.
ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.
Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:
What Anneka means by “fast money versus slow money.”
Why it’s important for advisors to bring private markets “to the kitchen table.”
How to transform savers into investors — and why that matters.
Why focus on private markets.
The challenges with building a private markets business.
Figuring out how to partner with alternative asset managers.
How and why ING has focused on curation when building its private markets platform.
The benefits and challenges of evergreen funds.
Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.
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 Message from Ultimus, our Sponsor
01:42 Welcome to the Alt Goes Mainstream Podcast
02:03 ING’s Private Markets Day
03:19 Introduction of Johan Kloeze and Anneka Treon
04:07 Johan’s Background and Role
05:03 Anneka’s Background and Ambitions
06:59 The Importance of Private Markets
08:33 Building the Private Markets Business
09:50 Evergreen Fund Structures
14:00 Client Education and Engagement
16:47 Making Private Markets More Human
20:02 Curating the Right Partners
23:32 Quality and Scale in Private Markets
23:39 Fast Money vs. Slow Money
24:41 The Importance of a Balanced Portfolio
25:44 The Importance of Manager Quality
25:48 Motivations Behind Public Market Investments
26:33 Backing Skilled Managers
26:55 Client Experience and Speed Dating
27:07 Educating Younger Clients
27:17 The Role of Social Media in Investments
28:24 The Dangers of Fast Money
28:56 ING’s Role in Providing a Full “Bookcase” of Investment Options
29:42 Challenges in Building the Private Markets Platform
30:41 Operationalizing Evergreen Vehicles
31:58 The Success of ING’s Private Markets Platform
32:28 Anneka’s Perspective on ING’s Private Markets Strategy
33:18 Humanizing Private Markets
33:59 Opportunities in the ELTIF Space
35:09 Educational Efforts for New Investors
37:49 The Future of ING’s Wealth Business
38:20 The Importance of Personal Approach
39:09 Balancing Digital and Traditional Investment Models
42:10 The Role of Private Markets in Client Portfolios
48:57 Conclusion and Final Thoughts
Editing and post-production work for this episode was provided by The Podcast Consultant.
