Live from Nuveen's nPowered Conference: Nuveen's Jeff Carlin - "It's all about the end client"

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Welcome back to the Alt Goes Mainstream podcast.

Alt Goes Mainstream was live from $1.2T AUM asset manager Nuveen’s nPowered conference, a two-day event bringing together Nuveen thought leaders and industry experts to explore challenges and opportunities in private markets.

We interviewed some of Nuveen’s senior leadership on site to hear their views and perspectives on private markets, working with the wealth channel, and product innovation.

We talked with Jeff Carlin, Senior Managing Director, Head of Global Wealth Advisory Services at Nuveen, and a member of the Senior Leadership Team. He’s responsible for leading the placement, distribution, and support of all products through the US Wealth distribution channel.

Jeff and I had a fascinating conversation about working with the wealth channel and how Nuveen has created products to serve this growing investor segment.

Thanks Jeff for coming on the Alt Goes Mainstream podcast to share your wisdom and expertise on private markets, private wealth, and distribution. We hope you enjoy.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [e-mail].

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction to our Sponsor, Ultimus Fund Solutions

01:58 Live from Nuveen's nPowered Conference

02:26 Jeff Carlin's Role at Nuveen

02:33 Nuveen's Wealth Business

03:28 Jeff Carlin's Career Background

06:43 Evolution of Wealth Distribution

06:56 Changes in Advisor Discretion

09:52 Consultative Selling in Wealth Management

10:04 Hiring Distribution Professionals

12:10 Building Trust with Advisors

14:03 Indispensable Partnerships

16:41 Public vs. Private Markets

19:14 Global Wealth Management

19:44 Regional Differences in Distribution

20:59 Focus on Specific Channels

23:15 Structural and Non-Structural Advantages in Distribution

27:32 Public and Private Market Strategies

27:43 Portfolio Solutions Group

27:57 Allocating to Private Markets

28:19 Balancing Third-Party and Own Products

28:43 Advisor's Role in Portfolio Construction

29:28 Challenges in Wealth Channel Distribution

29:36 SMA Business vs. Private Markets

30:14 Intricacies of Private Market Investments

30:35 Client Understanding and Implementation

31:09 Drawdown Structures and Client Needs

31:16 Perpetual Vehicles in Private Credit

31:53 Simplifying Private Fund Investments

33:00 Managing Capital Calls and Cash Flows

34:45 Evergreen Structures in Private Markets

35:10 Future of Private Market Investments

36:20 Technology and Structural Innovations

36:52 Blockchain and Distributed Ledger Technology

37:40 Adoption of New Technologies

38:29 Excitement About Private Markets

39:18 Generational Differences in Investment

40:11 Education and Intergenerational Wealth Transfer

41:23 Gamification and Investment Psychology

47:08 Advisor Education and Private Markets

48:49 Changing Perceptions of Private Markets

52:41 Conclusion and Final Thoughts