Welcome back to the Alt Goes Mainstream podcast.
Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets.
We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation.
We sat down with Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen, and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel.
Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment.
Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. We hope you enjoy.
Clip #1: Building indispensable partnerships by creating trust.
Clip #2: Taking success in public markets to private markets.
Clip #3: How do you outcompete other firms and build an outperforming distribution organization?
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 Podcast Introduction
02:01 Live from Nuveen's nPowered Conference
02:26 Jeff Carlin's Career Journey and Role at Nuveen
06:28 Evolution of Wealth Distribution
07:24 Changes in Advisor Discretion
09:06 Consultative Selling Approach
10:30 Hiring Distribution Professionals
12:42 Building Trust with Advisors
13:57 Nuveen's Conservative Approach
14:41 Indispensable Partnerships
15:42 Macro vs. Micro Focus
17:33 Private Markets in Wealth Channels
20:12 Global Wealth Management
20:43 Regional Differences in Investment Themes
21:16 Challenges in European Markets
22:24 Focus on Global Financial Institutions
24:32 Structural and Non-Structural Advantages
27:12 Outcompeting in Distribution
29:08 Vision for Private Market Solutions
29:15 Portfolio Solutions Group's Role
29:55 Balancing Third-Party and Proprietary Products
30:18 Impact of Fund Allocation Decisions
31:09 Challenges in Wealth Channel Distribution
32:02 Complexities of Private Market Investments
32:24 Client Understanding and Implementation
33:00 Drawdown Features and Client Preferences
33:12 Perpetual Vehicles in Private Credit
33:56 Simplifying Private Market Investments
34:28 Managing Capital Calls and Cash Flows
36:47 Evergreen Structures in Private Markets
37:12 Future of Private Market Vehicles
38:41 Technological Innovations in Private Markets
38:58 Blockchain and Distributed Ledger Technology
39:52 Adoption of New Technologies
40:56 Excitement for Private Market Investments
41:51 Engaging Younger Investors
42:25 Impact of Technology on Investment Behavior
50:16 Advisor Education and Private Markets
52:08 Addressing Client Concerns About Private Markets
53:27 Importance of Client-Centric Approach
55:00 Evolving Terminology in Private Markets
56:13 Importance of Words in Financial Communication
56:24 Closing Remarks and Future Outlook
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