Hey there, and welcome to what I’m calling Episode 16 (can’t believe we’ve come this far, honestly) of this wild ride we named Monthly Alts Pulse. So, picture this: I’m at iCapital Connect’s big do in Phoenix. Not sure if it was the heat or the hype, but it felt like something big was brewing. Turns out, it was a game-changing partnership. Yep, BlackRock, iCapital, and GeoWealth. I know! Crazy stuff, right? They’re mixing up public and private market stuff into these fancy things called unified managed accounts (UMA). And now, advisors can get in on this action.
I grabbed a seat with Jack Hannah, who’s the big cheese over at GeoWealth, and Michael Doniger, the partnership guru at iCapital. We chatted about all things UMA techy and how private markets are sneaking into model portfolios. Seriously, technology is like this ever-changing beast, and I’m just here trying to figure out which end is up.
Oh, before I forget, if you actually want to hear us blabber, you can find us yammering on Apple Podcasts or whatever this Transistor thing is.
Live episodes are fun — unless you hate surprise tangents. Jack, Michael, and yours truly got lost in conversations about… uh, partnerships and workflows and “sleeving.” Is sleeving even a real word? Well, it is now.
So anyway, here are snippets from our chat: We dug into this whole BlackRock and iCapital and GeoWealth mix-up. Tried to wrap our heads around how private markets are becoming a thing with UMAs. Somehow touched on something called sleeving, and honestly, I still don’t fully get it, but it sounds cool.
Thanks to Jack and Michael for putting up with my random questions. Can’t wait to see what curious paths we wander down in next month’s episode. Buckle up, folks.
And here’s how the convo played out, in case you’re curious:
00:00 – Yeah, I know, starting with intros ’cause that’s what people do, right?
00:13 – Meet these dudes: Jack and Mike.
00:34 – UMAs have a past, apparently. Who knew?
01:03 – Alternatives, ’cause why not?
01:25 – More about private markets. Yawn, or maybe not.
02:30 – Challenges of UMAs, ’cause it’s not all rainbows.
02:46 – Tech, and why it’s a love-hate thing in finance.
06:33 – Customization and… back to sleeving.
07:34 – Turns out advisors and clients actually need things.
09:37 – Building marketplaces, like tiny little civilizations.
10:33 – Future of portfolios, because everyone loves a crystal ball.
13:56 – Post-investment… processes, whatever that means.
15:07 – Data and performance, keeping score.
16:02 – Stabbing at the future for UMAs and this private thing.
17:08 – Wrapping up, because even good things end.
Catch you on the flip side!
