Jacob Walthour

Executive Pay is seeing changes due to the "anti-woke" backlash against ESG. The following Bloomberg article cites data analysis by Farient Advisors LLC. Bloomberg spoke with our ESG Leader Brian Bueno to get his take on what might really be happening. Brian says, "Companies and boards are especially trying to be careful when they're setting these goals. It's possible we could see movement away from diversity or movement towards broader measures of human capital or workforce-related measures." https://lnkd.in/gbFsgUzM #execcomp #corpgov #ESG

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PitchBook Q3 2024 Breakdown showing Add-ons, Carveouts & Divestitures are leading the way to 2024E being 22.5% higher than 2023 in deal value. While that estimate would be below 2022 it's a great first step in the right direction . . . #privateequity E78 #privatecredit

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A great article by Michael Swinsburg on the evolving role of the COO, highlighting how they are transitioning from behind-the-scenes to front-facing leaders, managing diverse teams and geographies to drive strategic growth and innovation. The focus on resilience, renewal, robustness, and relationships is spot on, particularly in today’s complex and fast-changing landscape. https://lnkd.in/gjcjJqZW

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In related news, New Jersey has yet to distribute any funds from its collection of the Social Equity Excise Fee (SEEF) fund. And there have been no determinations as to how those funds should be used, although the Regulator has held several town halls to solicit feedback about how the State should administer those monies. The New Jersey Cannabis Regulatory Commission has the ability to set the fee itself according to an inversely proportional mechanism in which cultivators may be subject to a higher fee as the average retail price in the state drops. However, the CRC cannot decide how to use the funds collected nor does it actually control or access the fund. #equity #publicpolicy #cannabis #taxation #regulation https://lnkd.in/euaJcTy4

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If you think portfolio risk management is just about diversification, think again. This article sheds light on some surprising strategies that challenge common perceptions. Here are some thought-provoking takeaways: - Did you know that reducing the number of investments in a portfolio can sometimes actually decrease risks? It's all about strategic selection. - Contrary to popular belief, actively managing risk doesn't necessarily mean more frequent trading. In fact, a hands-off approach can be a smart move. - One of the key points discussed is the importance of understanding the correlation between investments, a factor often overlooked in risk management strategies. - Asymmetric risk and the role it plays in portfolio management is explored, offering a fresh perspective on balancing risk and return. - Ever considered tail risk hedging? This article dives into this lesser-known strategy that can enhance risk management effectiveness. Share your thoughts and feelings on these unconventional risk management strategies. https://lnkd.in/ecgSpH93

Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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📖 Callan published their first 2024 Asset Manager DEI Study last week, examining how investment managers approach diversity, equity, and inclusion (DEI) in their own firms. The study reflects the input of over 1,200 organizations in Callan's proprietary database. In this blog post, authors Laura M. Dawson and Lauren Mathias, CFA offer key insights into the results. Thanks to team Callan for the ongoing support of the 100 Women In Finance FundWomen pillar. 🔗Read it here:

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Fulcrum Asset Management expands quantitative investment strategies team with double director hire. Fulcrum Asset Management has expanded its quantitative investment strategies team, hiring Justin Simler and Daniel Wales as directors, Investment Week can reveal. Check out Sorin-Andrei Dojan's latest article👇 https://incm.pub/4eWMkjZ #investing #assetmanagement #wealthmanagement #finance

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In our latest piece, my colleague, Andrea Auerbach, shares her thoughts on what’s contributed to recent market behavior and why private market investors may see sunnier days ahead in our latest piece: https://ow.ly/B1cT50RhNbX #privateequity #venturecapital

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A sample of discussions held with clients last month: - A client working in the human capital space is exploring the feasibility of retiring in 20 years at age 55. We discussed the first draft of a financial plan with that scenario, and they are within striking distance. This will be our focus in the coming months. - Reengaged with a client household as they wrapped up the academic year and their infant enters toddlerhood with an overall portfolio review, discussing their cash holdings, and updating their household financial plan. - A client experienced an involuntary layoff in the tech/data industry, so we reviewed their resume and LinkedIn profile, and kicked off the process to rollover their previous retirement plan holdings to their Traditional IRA. - Discussed the ramifications of paying down law school loans with a focus first on higher interest portions of their debt, while balancing saving for retirement. - A client household with an educator and attorney engaged on balancing a return to Boston and reducing their higher interest debt. - A client in the pharma / life sciences space kicked off their estate planning journey and we'll be doing a summer update of their overall retirement outlook. - A client in the UX research space is re-entering the workforce after international travel / volunteer work. We reviewed their resume and LinkedIn profile. Now we're in the midst of an overall portfolio review and next steps for their vested RSUs. I appreciate the opportunity to be of service to my clients. As you can see, it's fair to say that financial advice and planning involves more than overseeing an investment portfolio.

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In his latest commentary, Director of Global Markets Research Mike Mullaney discusses the Fed’s shifting priorities, the implications for interest #rates, and the prospects of a soft landing for the #economy. Read the full August recap here: https://lnkd.in/eaRD9VQU

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Value investing is the heart of what we do - today and yesterday.

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Have you considered adding global infrastructure assets to your investment portfolio? See what Jason Rundorff, CFP® shares on why global infrastructure assets are compelling to add in investment portfolios. https://lnkd.in/eS44hK4i #NGA #Naples #Investments #Global

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Skate to Where the Puck is Going: Asset-Based Lending (ABL) allocations by institutional investors will rise dramatically over the coming decade as a huge percentage of the asset class shifts from banks and private markets. The little kid on the private lending block is all grown up now, as ABL is taking center stage with Direct Lending. A smart alpha strategy for capital allocators is to craft a portfolio of top performing managers across the Private Credit spectrum (Direct Lending, ABL, Opportunistic Credit) that can deliver strong, repeatable results. ABL is a $40T TAM, much larger in size than most imagine. Most portfolios are tied to corporate risk as the majority of portfolios are comprised of Public Equity market risk, Private Equity risk (LBO, Growth, VC) and Corporate Direct Lending. ABL offers diversification and low correlation to the equity markets. Pension plans, insurance companies and endowments/foundations and their consultants are cleverly re-evaluating their portfolios to build a more diversified, better insulated Private Credit portfolio, and part of this solution requires a greater allocation to ABL as this strategy has historically exhibited high absolute returns plus it has lower volatility when compared to the equity markets. Pension & Investment News just published a lead article of my interview covered by Lydia Tomkiw - I greatly enjoyed our engaging conversation:

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This article aims to shed light on the critical aspects of fee transparency so plan sponsors can best help the plan but also relay relevant details to participants. https://ow.ly/XnbQ50RspwI

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Who could have possibly assumed that having 40% of your assets in illiquid funds could prove to be a problem at some point?? It looked great in Excel, didn't it!?!?! "While the endowment has achieved double-digit annualized returns over the past three decades, it did so at the expense of a consistent over-allocation to private equity, which Golden blamed on it expanding too fast into the area. It turns out that our analysis was somewhat mistaken as to how much we should commit to get there, and we just committed too much.”At 39.9 percent of assets by June 2023, Princo’s investment in private equity was double the average allocation for large US university endowments."

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Listen to our latest episode of Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs, as Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Listen now: https://okt.to/cKsx20

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Over 240 firms added 450+ strategies to the Nasdaq eVestment platform in 1Q24 for visibility with consultants, intermediaries, and investors. The newly marketed strategies were added by firms domiciled across 30 unique countries spanning from Australia to Singapore to Switzerland, and 28% indicated integration of ESG considerations into their respective investment processes. From a geographic standpoint almost 200 were broadly diversified (i.e. had a global investment focus) in nature, however, in total the newly promoted strategies spanned over 30 different regions across #balanced, #equities, #fixedincome, #hedgefund and #realestate capabilities. Please see the link below for further details… (managers please do contact the Nasdaq eVestment team should you have questions regarding optimizing presence/visibility, opportunities, and relevant trends/insights of those areas where your firm has expertise!).

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Brooke Parish and Sal Naro are attending MFA Network Boston on June 10th and 11th. MFA Network invites alternative investment industry leaders from around the globe to expand their professional networks, gather industry insights, and explore potential business opportunities unique to the alternative investment sector. Message Brooke or Sal on LinkedIn if you’d like to connect in Boston! Register for MFA Network Boston using the link in the comments. === Tiptree Advisors, LLC manages over $1.5 billion in AUM and specializes in High Yield, Investment Grade, Structured Credit, Public Equities, and Direct Investments. #assetmanagement #investmentmanagement #alternativeassets

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