Welcome back to the Alt Goes Mainstream podcast.
We recently had the chance to attend Nuveen’s nPowered conference, a significant event for an asset manager that handles a whopping $1.2 trillion in assets. This two-day affair was packed with insightful discussions featuring Nuveen’s thought leaders alongside other industry experts, all focused on dissecting the challenges and opportunities within private markets.
While there, we had some enlightening conversations with key figures from Nuveen’s senior leadership. They shared their insights on private markets, collaborating with the wealth management sector, and driving product innovation.
One conversation that stood out was with Jeff Carlin, Nuveen’s Senior Managing Director and Head of Global Wealth Advisory Services. As a member of their Senior Leadership Team, Jeff plays a crucial role in overseeing the placement, distribution, and support of Nuveen’s products across the U.S. Wealth distribution channel.
For those interested, you can catch our discussion with Jeff on Apple Podcasts, Spotify, or Transistor.
In our chat, Jeff delved into his experiences with the wealth channel and how Nuveen is crafting products to cater to this expanding market segment.
I’m grateful to Jeff for bringing his expertise to the Alt Goes Mainstream podcast and sharing his wisdom on private markets, private wealth, and distribution. I trust you’ll find our discussion as insightful as I did.
During our conversation, Jeff highlighted three main clips: the importance of trust in building indispensable partnerships, the transition of success from public to private markets, and strategies for outcompeting others in building a stellar distribution organization.
This episode is sponsored by Ultimus Fund Solutions, a top-tier full-service fund administrator catering to asset managers across private and public markets. As private markets continue to integrate into the mainstream, the necessity for robust infrastructure solutions becomes more pressing. Investment managers face a myriad of challenges, from complex fund structures and specialized strategies to evolving compliance demands and the need for sophisticated reporting and transparency.
To tackle these challenges, many fund sponsors and asset managers are turning to Ultimus, recognized for their unique blend of high-tech and high-touch solutions. Serving over 450 clients and managing 1,800 funds, with $500 billion assets under administration, Ultimus offers exceptional service through their team of over 1,000 professionals. Their offerings span registered funds, private funds, public plans, and outsourced middle office services, all while ensuring firms navigate the regulatory landscape effectively.
For more details, visit www.ultimusfundsolutions.com or reach out to Gary Harris, Ultimus Executive Vice President of Business Development, at [email protected]. We extend our gratitude to Ultimus for supporting the mainstreaming of alternative investments.
For even more insights, explore Ultimus’s offerings directly through their website.
Here are the show notes for today’s episode:
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
Thank you for joining us, and we hope you enjoy the episode!
