InsuranceAUM.com

Episode 53: Producing Investment Income through GP Stake Investing

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, dives into the unique world of GP stake investing with Jon Little, founder and Managing Partner of Alderwood Capital. GP stake investing, a specialized strategy in asset management, is projected to grow into a $500 billion industry and offers a compelling mix of high-income potential and diversified opportunities, particularly for insurance investors.

Jon draws on decades of experience to discuss how his team identifies opportunities in mid-sized, specialist boutiques, focusing on strategies such as succession capital, acceleration capital, and even “liberation capital” for unlocking hidden value in underappreciated firms. The conversation explores the high-yield, cash-generating potential of this strategy, the importance of partnering with the right management teams, and the role these investments can play in insurance portfolios seeking income and diversification.

Episode 52: Real estate investing re-imagined in a post pandemic world.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Max Swango, a founding partner of Invesco’s global real estate team, to discuss the evolving real estate landscape. From the impact of COVID-19 on traditional real estate sectors to the rise of specialty sectors like data centers, logistics, and life sciences, Max shares key insights on how the market has shifted and where opportunities exist today.

The conversation also covers real estate debt as a compelling investment option for insurers navigating today’s low-yield environment. With stability, strong income potential, and risk-adjusted returns, mezzanine lending is gaining traction as an alternative to core bonds. Max breaks down key considerations, including portfolio construction, risk factors, and investment structures.

Tune in to hear expert perspectives on the future of real estate and how insurers can position themselves for success in this evolving market.

Episode 51: Conning’s Paul Norris Demystifies Esoteric ABS

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, welcomes Paul Norris, Head of Securitized Assets at Conning, for an in-depth discussion on esoteric ABS. With insurers seeking yield in a low-rate environment, Paul explains how these asset-backed securities, spanning collateral types like shipping containers, aircraft, railcars, and timeshares, offer compelling risk-adjusted returns.

Stewart and Paul dive into the mechanics of esoteric ABS, why these mission-critical assets remain resilient, and how post-financial crisis structural protections have strengthened the market. They also explore liquidity considerations, inflation's impact on global supply chains, and what insurers should look for in an esoteric ABS manager.

Episode 50: Outsourced Trading Explained with Meghan Siripurapu of Meraki Global Advisors

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Meghan Siripurapu, Head of Fixed Income and Credit Trading at Meraki Global Advisors, to discuss the growing trend of outsourced trading in fixed income markets. Meghan shares her expertise on how outsourced trading can help small to midsize insurance companies and asset managers address fee compression, market access challenges, and operational inefficiencies. From converting fixed costs to variable costs to leveraging deep broker relationships, Meghan outlines the key benefits and use cases of outsourcing the trading function.

The conversation delves into how outsourced trading has evolved, particularly in the wake of the COVID-19 pandemic, and the ways it can support business continuity. Meghan explains the various models of outsourced trading and highlights the importance of selecting the right partner. Whether it’s accessing overnight markets, enhancing execution efficiency, or navigating the relationship-driven nature of fixed income trading, this episode offers actionable insights for insurance investors exploring new ways to optimize their trading strategies.

Episode 49: Fixed Income ETFs: Passing the test and making more sense

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with David Stack and Bernie Ryan of DWS to discuss the increasing use of ETFs in insurance company portfolios. David, a Senior Capital Markets Specialist, and Bernie, a Senior Relationship Manager, bring their expertise to explore why ETFs are gaining traction among insurers and how these tools can support tactical, strategic, and ESG-focused allocations.

The conversation highlights key trends, including the 18% increase in ETF purchases by U.S. insurance companies in 2020, the evolving role of systematic valuation, and the appeal of ETFs for smaller and midsize insurers seeking diversification, liquidity, and efficient execution. David and Bernie also delve into real-world use cases, such as ESG allocations, tactical investments during market dislocations, and fixed income strategies. This timely discussion sheds light on how insurers are integrating ETFs into their portfolios and how the ETF market continues to grow and innovate, offering unique solutions to industry challenges.

Episode 48: The Compelling Story of Asia Credit

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Sheldon Chan of T. Rowe Price to discuss the evolving landscape of EM Asia credit markets. They examine the region’s risk-return profile, the impact of rising defaults, regulatory changes, and why Asia stands out from other EM fixed income markets.

Sheldon also shares insights on ESG considerations, the role of domestic investors, and how insurers can enhance portfolio yield while managing risk. If you're looking for a deep dive into Asia’s credit opportunities and their relevance to insurance portfolios, this episode is a must-listen.

Episode 47: The Long and Winding Road: Opportunities and Challenges Facing Insurance Companies

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Ruth Farrugia, Global Head of Insurance Asset Management at MetLife Investment Management (MIM), about the opportunities and challenges shaping insurance investment strategies. Ruth shares MIM’s macroeconomic outlook, discussing the uncertainties surrounding post-COVID recovery, inflation risks, and the impact of supply disruptions on various asset classes. She highlights the importance of balancing strategic and tactical allocations to navigate today’s low-rate environment, with a particular focus on the relative value found in private markets, emerging market debt, high yield, and bank loans.

Ruth also delves into the growing role of ESG in insurance portfolios, emphasizing its integration into portfolio construction and long-term risk management. Additionally, she touches on opportunities within commercial mortgage loans and infrastructure investments, highlighting their appeal for ALM-driven insurers. This episode offers actionable insights for insurance professionals seeking to optimize returns while managing risks in a rapidly evolving market landscape.

Episode 46: The Changes Happening on Schedule BA

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Danielle Natonson, Managing Director at Cardinal Investment Advisors, to discuss the shifting landscape of Schedule BA assets and what it means for insurance investors. As the hunt for yield continues, insurers are increasingly turning to private credit and other alternative investments—but not without key considerations around capital charges, risk-based capital (RBC) constraints, and regulatory oversight.

Danielle shares insights on the growing role of private credit, the trade-offs of different investment structures, and how insurers can evaluate and optimize their Schedule BA allocations. She also highlights the importance of understanding regulatory frameworks, navigating fund flows, and assessing risk premia in today’s challenging market environment. Tune in for a deep dive into one of the most dynamic areas of insurance asset management.

Episode 45: Where’s the value in Crypto?

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Paul Foley, CEO and Founder of CTEX Markets, to explore the fundamental question: where is the value in cryptocurrency? As a self-proclaimed crypto skeptic, Stewart challenges Paul to explain what gives digital assets like Bitcoin value and how they compare to traditional assets like gold and fiat currency.

Paul walks through the key characteristics that define value—scarcity, durability, safety, utility, and portability—and how they apply to crypto. He also discusses the evolving role of stablecoins, governance tokens, and NFTs, as well as the increasing institutional adoption of digital assets. With insights on liquidity, regulation, and market infrastructure, this conversation sheds light on how investors—especially those in insurance asset management—can navigate the world of cryptocurrency.

Episode 44: Spark Change with Grace Reyes of The Investment Diversity Exchange

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Grace Reyes, CEO of The Investment Diversity Exchange (TIDE), to discuss the growing focus on diversity and inclusion in the investment industry. With deep connections across asset owners and fund managers, she shares how TIDE fosters collaboration across underrepresented groups to drive meaningful change.

Grace also highlights key investment trends, including the increasing shift toward private markets and the rising interest in private credit. She dispels common misconceptions about diversity initiatives and offers practical advice on building long-term relationships with institutional investors. Plus, learn more about TIDE Spark, the organization’s marquee event that helps investment professionals gain visibility and make valuable connections.