Hanneke Smits’ Post

Massive challenge ahead for the newly picked Vanguard CEO coming from its main competitor BlackRock. How to remain true to Vanguard corporate culture and ethos while taking it to the next level? There is a blind spot not covered in this article: how much will the new CEO be paid and is this compatible with Vanguard longstanding mutual ownership tradition? When he passed away Jack Bogle was “rich” ( his estate was said to be $150 million) but nothing compared with Wall Street tycoons billions…and not much as well for a guy who had created from scratch and grown a trillions fund business serving retail investors at the lowest possible cost. He was true to his mantra. Vanguard cost structure benefits fully investors but makes it difficult to develop any other type of distribution but direct distribution (B to C) with the help of technology and the need to reach critical mass with a very streamlined offering. 348 funds at Vanguard must be the lowest number for any asset manager in the world! Truly cost efficient and effective while covering adequately investors needs 😉👏 More to come for sure! Salim Ramji BlackRock Vanguard #successionplanning #assetmanagement #corporateculture

As highlighted by Gaurav Joshi, Head of EY-Parthenon's US wealth and asset management strategy, the trend seems to be shifting towards a portfolio approach from traditional single-source co-invest opportunities. This shift not only opens doors for ultra-high-net-worth individuals but also offers firms like Avestix the flexibility to undertake larger deals independently. It's a testament to the adaptability and resilience of the industry, reflecting the dynamic nature of investment strategies in response to changing market dynamics. #Investments #WealthManagement #PortfolioApproach #avestix

The 19th edition of the Alt Goes Mainstream by The AGM Collective is out! One of the big themes in wealth management is the intersection of wealth and alts. Wealth management itself is having its private equity moment — private equity firms and entrepreneurial advisors see the opportunity to grow their firms or platforms (or start new ones, as Joe Duran announced at Future Proof Festival with the launch of his new firm Rise Growth Partners). Future Proof Festival was buzzing with excitement from the industry evolution taking place in wealth management. Wealth’s private equity moment is also driving growth in the alts space. as wealth platforms consolidate and grow, they are offering independent or hybrid advisors a similar opportunity to allocate to private markets. GPs have responded in kind. They understand the importance of working with the wealth channel and they are investing meaningful resources of both financial capital and human capital into educating and working with the wealth channel. Stephanie Drescher of Apollo Global Management, Inc. and Shannon Saccocia, CFA, CIMA® of Neuberger Berman echoed this sentiment on our panel at Future Proof. They both see sentiment changing with how alts are viewed by wealth management allocators. No longer are alternatives a satellite part of the portfolio, but rather many investors see alts as a core part of asset allocation. Alts are going mainstream and both wealth managers and GPs are a big reason why. This AGM Alts Weekly covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering:  📌 Financial Times' Eric Platt & Antoine Gara on Blackstone combining internal units to create a new business unit, Blackstone Credit & Insurance, as they push past $1T AUM. 📌 PitchBook's Marie Kemplay on Brookfield Asset Management & Societe Generale teaming up to launch a €10B private credit fund in Europe. 📌 Osaic's Greg Cornick in InvestmentNews on why wealth managers need scale to help advisors thrive. 📌 Financial Times' Sara Germano & Antoine Gara on the investment into LEARFIELD by Fortress Investment Group, Clearlake Capital Group, Charlesbank Capital Partners and what it means for college sports. 💻 Who is hiring: Senior-level positions from companies like iCapital, bunch, Republic, Allocate, Isomer Capital Subscribe 👇 to see what's going on in alts so you and your firm can stay up to date on the latest trends and navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ezu9MuPk

We are excited to announce that the Klausner Duffy & DiSalvo Team has been named by Forbes as a 2023 Top Wealth Management Team with High-Net-Worth! We want to thank our clients, whom we could not have achieved this without. We sincerely appreciate your trust & confidence in us to always deliver the highest quality service. #Forbes https://bit.ly/3GbfsDT Forbes America’s Top Wealth Management Teams Source: Forbes.com (Awarded Nov 2023) Data compiled by SHOOK Research LLC based on time period from 3/31/22-3/31/23. https://mgstn.ly/3T0hPkx America’s Top Wealth Management Teams High Net Worth 2023 The second annual Forbes/Shook Top Wealth Management Teams High Net Worth list has 100 teams with cumulative assets of nearly $412 billion. America’s Top Wealth Management Teams High Net Worth 2023 The second annual Forbes/Shook Top Wealth Management Teams High Net Worth list has 100 teams with cumulative assets of nearly $412 billion.

Traditional delivery models may soon be history, as firms of all stripes broaden both their offerings and their target client and adviser segments. The competition will be intense. Interesting perspective from colleagues in our Wealth and Asset Management (WAM) practice.

The Future of Wealth Management: A $100tn Opportunity 📈 I dove deep into an insightful article by The Economist on the metamorphosis of wealth management. Here’s my brief takeaway: 1️⃣ Wealth management has transitioned from being a niche service to the industry’s crown jewel. 2️⃣ Global wealth has phenomenally grown from $160tn (2000) to $510tn (2020), with a potential $100tn up for grabs by 2030. 3️⃣ Artificial Intelligence is paving the future: from optimizing transactions to leveraging vast data reservoirs for insights. 4️⃣ Titans like Morgan Stanley and UBS are recalibrating strategies, suggesting intriguing industry overlaps ahead. 5️⃣ While the behemoths make their moves, nimble players like Charles Schwab and Vanguard can’t be overlooked. The intersection of technology, notably AI, with traditional wealth management practices is painting a dynamic future landscape. As this massive opportunity unravels, it’ll be enthralling to observe the symbiosis between age-old institutions and avant-garde newcomers.

J.P. Morgan Asset Management's recent article highlights opportunities in private equity despite challenges in public markets. In 2022, private equity demonstrated resilience, with companies backed by private equity firms showcasing earnings growth compared to their public counterparts. The article anticipates a re-rating in valuations in late 2023 or early 2024, opening up opportunities for both primary and secondary market investors. While the article acknowledges challenges such as elongated raises and increased leverage costs, it emphasizes that private equity investors currently have nearly $1 trillion in dry powder. This abundance suggests they are well-positioned to capitalize on valuation adjustments. The article also notes that a higher cost of capital might lead to differentiation between successful and unsuccessful companies and managers. Additionally, the article addresses concerns about a shrinking private investment universe by pointing out an increase in U.S. business formation applications since the pandemic. This trend is particularly notable in the services and technology sectors, signaling ongoing opportunities for private markets to contribute to long-term business growth. #privateequity #raisingcapital #fundraising #insights #placementagent #tritonlake   https://lnkd.in/e-wgf7pU

NFG Announces Strategic Investment Into Zodiac Partners Ltd LONDON, UK / ACCESSWIRE / January 23, 2024 / NFG Sarl ("NFG"), a global diversified private investment holding company announced today that its subsidiary, NFG Partners SA ("NFG Partners") has entered into an agreement to acquire a minority equity stake in Zodiac Partners Ltd. ("Zodiac"), a United Kingdom based securities broker and wealth manager. This strategic investment marks a significant milestone for both companies and sets the stage for a synergistic partnership that will enrich their product offerings and elevate the overall client experience. The collaboration aims to take advantage of the recent financial services trade deal between Switzerland and the UK. By leveraging their combined, services, expertise, and market insights, the two firms aim to create a strategic alliance that will redefine the landscape of wealth management for their respective clients. Zodiac, founded in 2017 by Christopher Panayiotou and Wayne Davis CFA, specializes in providing trading, pension fund management and institutional dealing creating a one stop investment house for the professional investor. NFG Partners is a Geneva-based asset and wealth management firm regulated by FINMA servicing corporate, family offices, UNWI and institutional clients including its parent, NFG. The agreement allows NFG Partners to increase its equity stake over time subject to regulatory approvals. As part of the agreement, in addition to providing working and expansion capital, Mr. Zameer Manji, Managing Director of NFG Partners, shall join the board of Zodiac Partners and a new Chief Legal Officer and Chief Operating Officer have been identified, and shall be appointed following regulatory approval, further strengthening the Zodiac team, from a legal, compliance and operational perspective. Mr. Manji expressed enthusiasm about the collaboration, stating, "This strategic investment aligns perfectly with our vision for growth and commitment to delivering exceptional value to our clients. We are excited about the opportunities that this partnership brings and believe that it will further strengthen our position in the wealth management industry." Mr. Wayne Davis, Co-Founder of Zodiac, added, "We are pleased to welcome NFG Partners SA as a strategic investor. This tie-up in particular enhances our discretionary management offering, benefitting from their systematic investment approach. By joining forces, we are well-positioned to offer an even more comprehensive suite of services to our clients." The conclusion of the overall transaction is subject to FCA regulatory approvals and customary closing conditions. www.nfgsarl.ch www.nfgpartners.ch www.zodiacpartners.co.uk https://lnkd.in/egD3dCsv

‘Asset Management’ is an extremely broad term covering quite a large portion of the financial services industry and can be quite confusing. Different types of firms will have different risk appetites, target different levels of returns and have very different types of investors. Equally, many firms will offer services / products across a number of these areas. They’re not necessarily mutually exclusive Jobs within each of these different types of firms can also be very different so it’s really important to do your research. What are you looking for? What culture will suit you best? What’s your motivation? Are you looking for a long-term career or short term opportunity? Mutual Fund Companies – typically pool cash from investors and invest in a diversified portfolio Hedge Funds – typically cater to HNWI / institutions and usually charge much higher fees. They aren’t really regulated so are free to follow a wide range of strategies Private Equity Firms – a pure PE firm would invest in private companies with the aim of improving operations and exiting for a profit. Today though, the large PE firms pursue a diverse range of strategies, often similar to a Hedge Fund Pension Funds and Insurance firms – manage assets on behalf of pension plans / insurance policies both with the aim of meeting future obligations Wealth Management Firms / Family Offices – whilst they have different sources of capital, the services / products offered can be very similar, often with similar strategies and goals. Thanks for reading. Please like / share / comment and this may reach someone that finds it interesting / it might help. #assetmanagement #hedgefunds #privateequity #buyside #financialservicesrecruitment #dublinjobs #londonjobs

According to a recent survey by Goldman Sachs, private credit and investment-grade debt are expected to deliver the highest risk-adjusted return in the market over the 12 next months. Additionally, sustainable investing and outsourcing of asset management are emerging trends for European-defined benefit pension funds. My colleague, Monica Summerville (Celent's Head of Capital Markets), dives deeper into these insights and shows how this research aligns with recent research from Celent's Capital Markets team. #CapitalMarkets #SustainableInvesting #AssetManagement