InsuranceAUM.com

Episode 161: The Em-ification of DM with Peter Kent

In this episode, we sit down with Pete Kent, Portfolio Manager and Co-head of Emerging Market Fixed Income at Ninety One, to explore the concept of the "EMification" of developed markets. Pete shares his insights on the misconceptions surrounding emerging markets (EM), particularly in comparison to developed markets (DM), and explains how recent volatility and performance in DM resemble characteristics more commonly associated with EM.

Pete provides real-world examples, from the yen’s depreciation to the UK gilt crisis, highlighting how EM's resilience and orthodox behavior have challenged outdated perceptions. We also dive into key drivers behind EM’s recent outperformance, the evolving risk-return profile in global markets, and the new volatility regime in DM. This episode is packed with valuable insights for anyone interested in understanding the shifting dynamics between EM and DM and what it means for investment portfolios moving forward.

Episode 160: Private ABS with Aegon Asset Management’s Jim Baskin and Transamerica Life’s Ryan Patterson

In this episode of the InsuranceAUM.com podcast, Stewart Foley welcomes Ryan Patterson, Head of Investment Strategy at Transamerica, and Jim Baskin, Head of Private Structured Finance at Aegon Asset Management. The conversation dives into private structured finance and the close relationship between Aegon Asset Management and Transamerica Life. Jim reflects on the evolution of the private structured finance market since the late 80s, highlighting the increasing sophistication in insurance asset management. Ryan shares insights into how Transamerica navigates the growing universe of private credit, focusing on finding the right fit for their liabilities.

Both guests discuss the growing role of private credit in insurance portfolios and how new dynamics—such as private equity-backed acquisitions of insurance companies—have shaped the landscape. They also explore the importance of collaboration between insurance companies and asset managers in navigating the complexities of insurance asset management, offering a unique look into the partnership between Transamerica and Aegon Asset Management. Whether you’re an insurance investment professional or curious about private credit markets, this conversation offers deep insights into managing risk and finding value in private structured finance.

Episode 159: Global Private Placements Deconstructed

In this episode of the InsuranceAUM.com podcast, host Stewart Foley sits down with Alex Alston, Division Director and Co-Head of Private Placements at Macquarie Asset Management, to discuss the evolving landscape of private placement fixed income. They dive into the defining characteristics of the asset class and why it has gained increasing traction, particularly among insurance companies seeking yield, diversification, and structural protections in today’s higher interest rate and inflationary environment.

Alex shares Macquarie’s broad approach to private placements, which spans various sectors and global markets. He explains the strong relationship between private placements and insurance asset management, emphasizing the appeal of yield enhancement, capital efficiency, and the flexibility it provides to both issuers and investors. The conversation also touches on the importance of deal sourcing, where Alex highlights Macquarie’s unique positioning as a boutique-style firm with the backing of a global asset manager, creating a competitive edge in accessing quality deals.

This episode offers valuable insights for insurance investment professionals looking to better understand the role of private placements in fixed income portfolios and why they remain an attractive option despite current market conditions.

Episode 158: Role of Sustainable Infrastructure in Private Credit with Brad Dyslin and Eric Kirsh (current/former CIO Aflac Global Investments) and Justin DeAngelis (Partner, Denham Capital)

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by an impressive panel to discuss the role of sustainable infrastructure in private credit and its application within the insurance industry. Brad Dyslin, Executive Vice President, Global Chief Investment Officer, and President of Aflac Asset Management; Eric Kirsch, former Global Chief Investment Officer at Aflac; and Justin DeAngelis, Partner and Co-Head of Sustainable Infrastructure at Denham Capital, dive into how sustainable infrastructure fits within insurance portfolios and how it aligns with the future of energy and finance. They explore the growing role of private markets in financing sustainable projects, the potential for excess yield, and the unique value insurance companies can bring to these investments.

The conversation highlights the Inflation Reduction Act's impact on renewable energy investments and how insurance companies, with their long-term liabilities, are well-positioned to drive capital into this market. The panel also touches on the advantages of private credit, default rates, and how sustainable infrastructure presents a win-win opportunity for insurers seeking both strong returns and alignment with ESG principles. Tune in to learn how these experts are navigating the complex intersection of sustainability, private credit, and insurance investment strategies.

Episode 157: Investing in Emerging Market Debt Using a Mosaic Approach

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, is joined by Polina Kurdyavko, Head of Emerging Market Debt and Senior Portfolio Manager at RBC Global Asset Management's BlueBay. Polina shares her insights into the dynamic and evolving world of emerging market fixed income, discussing the appeal of the asset class, its growth trajectory, and its significance in today’s global financial landscape. With over $11 billion in EM assets under management, Polina explains how emerging markets offer unique opportunities for investors, particularly through a focus on engagement with policymakers and corporate management in these regions.

Polina also delves into the structure and complexity of EM debt, covering the four main subcategories, including hard currency and local currency bonds. She highlights how emerging markets have matured, offering credit quality that rivals more developed markets, and shares her thoughts on the current investment environment, liquidity, and lessons learned from previous crises. This episode offers a deep dive into EM fixed income and valuable insights on navigating these markets for better risk-adjusted returns.

Episode 156: Buying and Selling Private Secondaries with Jeff Leathers of Tap

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Jeff Leathers, Co-Founder and CEO of Tap, an electronic trading platform for private funds. Tap aims to revolutionize the secondary market for private equity, venture capital, infrastructure, and other private funds by providing an efficient, technology-driven platform for trading. Jeff discusses the evolution of the secondary markets, the key players involved, and how Tap is helping insurance asset managers navigate these markets with more ease and transparency.

Jeff also shares how the growing liquidity in private markets is allowing insurance companies and other institutional investors to confidently increase their allocations to private funds. He explains the transactional process for limited partners (LPs) and how Tap simplifies and accelerates that process through its data-driven platform. Whether you're new to private fund secondaries or looking to enhance your portfolio management strategies, this episode offers valuable insights into the future of liquidity in private markets.

Episode 155: Executive Spotlight - Christine Todd, CIO of Arch Capital Group

In this insightful episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, is joined by Christine Todd, Chief Investment Officer of Arch Capital Group Limited. Known for her deep expertise and well-regarded presence in the insurance investment industry, Christine shares her perspectives on managing complex portfolios in the ever-evolving world of insurance asset management. The discussion spans the importance of understanding underwriting, the intricacies of navigating liquidity and regulatory constraints, and the nuanced balance required between strategic asset allocation and tactical flexibility.

Christine also delves into current market risks, offering her take on how mispricing, inflation, and regulatory shifts could impact portfolios. She highlights the growing importance of private markets, especially private credit and secondaries, and explains how she and her team are positioning Arch Capital's portfolios to navigate future challenges while capitalizing on opportunities in alternatives. Whether you're an insurance CIO or a student of markets, this episode is packed with insights on managing investment portfolios in today’s complex economic landscape.

Episode 154: Executive Spotlight - Peggy Gartin, CIO at AAA-The Auto Club Group

In this episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, sits down with Peggy Gartin, Senior Vice President and Chief Investment Officer of AAA, The Auto Club Group. Peggy shares insights from her distinguished career in insurance asset management, discussing the unique complexities of managing assets within an insurance framework. She offers thoughtful perspectives on recruiting diverse talent, aligning investment strategies with the organization's mission, and the importance of governance.

Peggy also opens up about her own journey, from her early days in a small Ohio town to her success as a well-regarded CIO. She highlights the importance of confidence, career adaptability, and her approach to building a strong, diverse team at AAA. Whether you’re an insurance professional or someone interested in leadership and career growth, this episode is packed with valuable takeaways.

Episode 153: An intro to the inefficient world of Portfolio Debt Securities with Dan Spinner of Eagle Point Credit

In this episode, Stewart Foley sits down with Dan Spinner, Senior Principal and Portfolio Manager at Eagle Point, to explore the niche world of portfolio debt securities. Dan provides a deep dive into this specialized fixed-income strategy, offering insight into how portfolio debt securities can generate returns over 9% while maintaining investment-grade risk profiles. He explains the structure, benefits, and inefficiencies of this lesser-known asset class, making it an attractive opportunity for insurance investors and those seeking to enhance their portfolio’s yield without taking on outsized risk.

Dan also shares the origins of Eagle Point’s strategy and the growing opportunity in the post-SVB environment as banks pull back from lending. With his clear, data-driven approach, Dan outlines the rigorous process of underwriting portfolio debt securities and how they offer a defensive, compelling alternative to traditional credit investments. If you’re looking to understand the unique risks and returns of this asset class, this episode provides valuable insights from one of the leading experts in the field.

Episode 152: EM Corporates with Elisabeth Colleran of Loomis Sayles

In this insightful episode of the InsuranceAUM.com podcast, Stewart Foley, CFA, speaks with Elisabeth Colleran, Vice President at Loomis, Sayles & Company, about the dynamic world of emerging market debt. Elisabeth details the innovative tools her team developed to evaluate and construct EM portfolios, emphasizing how these tools allow them to slice and dice the market to find value across various sectors and regions. By leveraging proprietary analytics and technology, they offer bespoke solutions that cater to the unique needs of insurance clients, whether it’s managing risk, targeting specific geographies, or adhering to strict investment-grade guidelines.

Elisabeth also shares her perspective on the future of EM investing, highlighting the growth opportunities and risks, including the evolving geopolitical landscape and the growing infrastructure in emerging countries like India. She also discusses how EM corporates have matured over the years, offering strong investment-grade opportunities. With an engaging mix of strategy and insights, this episode is a must-listen for anyone looking to explore the potential of emerging markets.