SBAI Podcast

Ashley Lester, Chief Research & Development Officer at MSCI, joins Brian Digney to explore one of the biggest challenges facing private markets today: data. Drawing on a career spanning central banking, academia and senior investment roles at Morgan Stanley, Schroders and MSCI, Ashley explains why private market investing depends on better information, greater transparency and more consistent reporting. The conversation examines how investors evaluate private equity and private credit when valuations are subjective, disclosure is inconsistent and liquidity is limited. Ashley discusses MSCI's unique private markets data set, what decades of research reveal about long-term private equity returns, and why academic research is playing an increasingly important role in shaping industry best practice. Brian and Ashley also look ahead to the future of private markets, discussing valuation standards, private credit risks, the growing importance of wealth investors, and how better data and analytics could transform…

In this episode, SBAI’s Brian Digney is joined by Josh Kestler, President of Innocap, to explore one of the most significant structural trends in alternative investments: the rapid growth of separately managed accounts (SMAs). Drawing on more than a decade of experience building institutional managed account platforms, Josh explains why SMAs have evolved from a niche institutional solution into a mainstream investment structure reshaping how allocators access hedge fund strategies. Josh begins by explaining what SMAs are, how they differ from traditional commingled funds and long-only managed accounts, and why institutional investors increasingly favour dedicated managed account structures. He outlines the evolution of the market following the Global Financial Crisis, through increasing demand for customisation, to today’s focus on capital efficiency and operational alpha. The discussion explores the key drivers behind SMA adoption. Josh explains how greater transparency, enhanced governance, customised…

In this episode, SBAI’s Brian Digney is joined by Stuart White, Board Director at the National Employment Savings Trust (NEST), Executive Director – Business Development at Impax Asset Management, and former CEO of HSBC Global Asset Management (UK). Drawing on more than 25 years in investment management and pensions, Stuart reflects on governance, long-term asset allocation and the evolving role of diversity in financial performance. Stuart begins by outlining what effective governance looks like in large, complex organisations. He discusses the importance of clear delineation between executive and non-executive roles, the value of continuous improvement at board level, and why cognitive diversity is central to better long-term decision-making. The conversation then turns to NEST’s public service mandate. As a trust-based workplace pension scheme serving millions of UK members, NEST must balance fiduciary duty with broader policy objectives. Stuart explains how financial outcomes remain paramount, while…

In this bonus episode, SBAI’s Brian Digney is joined by Jonathan Dimson, Senior Partner at McKinsey & Company in London, for a focused discussion on how ageing populations are reshaping public spending priorities across Europe. Jonathan explains why demographic change is a slow-moving but profound challenge, with Europe shifting from a model where around two working-age people support every one non-working person, towards a much more even balance. The conversation explores the implications for pensions, healthcare and long-term fiscal sustainability, particularly in pay-as-you-go systems where today’s workers fund today’s retirees. The episode also looks at the broader spending pressures facing governments, including infrastructure renewal, defence, technology and welfare. Jonathan reflects on the limits of birth incentives, the potential role of automation and robotics, and the need for European economies to remain attractive, productive and profitable places to invest and build businesses. Key takeaways…

In this episode, SBAI’s Brian Digney is joined by Jonathan Dimson, Senior Partner at McKinsey & Company in London, where he leads the firm’s defence work across Europe. Jonathan explores the rapidly evolving European defence landscape, from the shifting tone at the Munich Security Conference to the growing gap between the clarity of US strategy and the more cautious, less coordinated approach across Europe. Against a backdrop of conflict in Ukraine and the Middle East, defence preparedness is becoming an increasingly urgent priority for governments and investors alike. Jonathan breaks down what “readiness” really means in practice, moving beyond headline spending to a full defence system – from funding and procurement through to production, operational capability and continuous innovation. Drawing on lessons from Ukraine, he highlights how the economics of warfare are changing, with lower-cost, software-driven technologies such as drones reshaping traditional models and accelerating the pace of innovation.…

In this episode, SBAI’s Brian Digney is joined by Richard Tomlinson, Chief Investment Officer of Local Pensions Partnership Investments (LPPI), to discuss what it takes to build a modern institutional investment organisation in an increasingly complex global environment. Richard reflects on the creation and evolution of LPPI as part of the UK’s local government pension pooling initiative, sharing lessons from scaling an investment platform from the ground up while maintaining strong governance and fiduciary discipline. He discusses the balance between internal capability and external partnerships, the role of consultants, and why a clear sense of purpose and stakeholder alignment is critical when managing public capital. The conversation also explores how long-term asset allocation is evolving in response to structural shifts in inflation, interest rates and geopolitics. Richard outlines LPPI’s approach to diversification, real assets and sovereign risk, as well as the challenges facing traditional portfolio…

In this episode, SBAI’s Brian Digney is joined by Leda Braga, Chief Executive Officer of Systematica Investments, and Ben Dixon, the firm’s General Counsel and Chief Compliance Officer. Together, they explore one of the least understood but most consequential parts of operational risk: how investment managers define, manage and report trade errors. Leda reflects on the evolution of transparency expectations since the early 2000s, the institutionalisation of the hedge fund industry, and the growing weight of regulatory disclosure. She also discusses the role of voluntary standards, how the SBAI creates a unique forum for allocators and managers, and why cultural alignment matters as much as process. Ben explains how Systematica approaches error identification, near-misses and operational robustness through a no-blame, firm-wide culture. He highlights how inconsistent definitions across the industry make comparisons difficult, why many managers fear admitting errors, and how clearer frameworks can support…

In this episode, SBAI’s Brian Digney is joined by Chantal Berendsen, Partner and Senior Hedge Fund IDD Analyst at Albourne Partners, and Richard Lowther Managing Partner and Co-Founder of Integral ILS, to explore the fascinating world of insurance-linked securities (ILS). Chantal and Richard explain how ILS offers diversification benefits due to its low correlation with traditional capital markets, while also exploring the complexities, opacity, and relationship-driven nature of this niche asset class. They discuss the structure of the insurance and reinsurance ecosystem, the different segments of the ILS market, from catastrophe bonds to quota shares and retrocession, and the evolution of market transparency since major events like the 2017 hurricane season. Listeners will gain practical insights into: How institutional investors can access and benefit from ILS strategies The mechanics of catastrophe bonds and other ILS products Key challenges such as trapped capital, loss creep, and valuation transparency…

In this episode, SBAI’s Brian Digney is joined by Ben Gedye and Josh Madeiros from K2 Credit to explore the rising role of portfolio credit insurance as a risk management tool in private credit and debt markets. As traditional banks scale back lending, private asset managers are stepping in — and with that shift comes the need for sophisticated ways to hedge credit risk. Ben and Josh explain how non-payment insurance works, its historical roots, and its evolving use beyond banks — highlighting how managers can leverage it to improve risk-adjusted returns, facilitate leverage, and reduce concentration risk. The conversation covers structural nuances, underwriting processes, common mistakes, claim settlement mechanics, and how insurers evaluate not just the portfolio, but the asset manager’s governance and transparency. Key takeaways include: Portfolio credit insurance is a tailored de-risking strategy, not just a traditional insurance product. Successful implementation hinges on strategic, portfolio-wide…

In this episode of the SBAI podcast, Brian Digney sits down with Mike Butcher, Head Underwriter for Europe and Financial Institutions Underwriter at K2 International to explore the specialised insurance policies available for asset managers. The discussion covers key areas of coverage, including directors and officers, errors and omissions, crime, cyber, and employment practices liability, and highlights how these policies protect both firms and individuals. Mike explains the importance of understanding coverage limits, insurer expertise, and claims handling when selecting policies. The discussion takes a deep dive into trade error insurance, detailing how managers can proactively correct mistakes and still recover costs through mitigation clauses. They also examine regulatory investigations, the growing risks posed by cyber threats and AI (such as deepfakes and “AI-washing”), and the rise of employment-related claims in financial firms. Throughout, Mike emphasises best practices: notifying insurers…

This episode is part of the ongoing SBAI and Morgan Lewis Regulatory Compliance podcast series, co-hosted by Christine Ayako Schleppegrell, Partner at Morgan Lewis, and Brian Digney, Research and Content Director at the SBAI. This collaboration offers timely insights into global regulatory developments affecting the alternative investment industry. In this episode, the discussion covers: - The SEC’s new leadership under Chair Paul Atkins and what his appointments and early decisions signal for enforcement and rulemaking. - The retailisation of private funds in the US and how it could open up the asset class to a broader base of investors. - Key developments in outbound investment restrictions from the US, including the recently enacted programme targeting investments in countries of concern such as China, Hong Kong, and Macau. - Practical guidance for managers and allocators on navigating outbound investment compliance obligations. - The UK’s proposed divergence from EU regulations with a restructured…

In this episode of the SBAI podcast, Brian Digney sits down with Nic Miller from Aedile Consulting to explore the evolving cyber threat landscape facing asset managers. With a background at GCHQ and extensive experience advising investment firms, Nic breaks down the most pressing cybersecurity risks and misconceptions — from the real impact of opportunistic attacks to the limitations of outsourcing IT and relying on "box-ticking" solutions like standard penetration tests. Listeners will gain practical advice on strengthening cyber and information security strategies, ensuring operational resilience, and conducting more meaningful due diligence on third-party providers. Nic also shares why cultural attitudes toward security and risk ownership matter just as much as technical controls — especially for small to mid-sized firms with limited resources. Whether you're an investor, a manager, or part of a risk oversight team, this episode delivers clear, actionable takeaways to help your organisation better…

In this episode, Ryan McNelley of Kroll joins Brian Digney of the SBAI to explore how private market valuations are evolving—highlighting why independence, transparency, and regulatory scrutiny matter more than ever. They also discuss the growing role of technology, the realities of conflicts of interest, and why not all valuation services are created equal.

Jean-François Mauvis joins Brian Digney to discuss the evolving role of operational due diligence in private markets, exploring resourcing challenges, independence, and the increasing consultative approach of ODD practitioners.

Christine Ayako Schleppegrell and Brian Digney kick off the SBAI and Morgan Lewis Regulatory Compliance podcast, exploring key regulatory shifts, compliance challenges, and global trends shaping the alternative investment industry.

Mario Therrien reflects on his tenure as SBAI Chair, while Jane Buchan shares her vision for the future, covering industry shifts, governance, transparency, and emerging challenges like AI and private credit.

Jean-François Mauvis joins Brian Digney to explore how ODD practitioners assess investment manager valuation practices, covering asset class impact, valuation policies, independence, and regional regulatory differences.

Nicolas Roth joins Brian Digney to unpack private markets, from valuation challenges to rising interest rates and the evolving landscape of private credit and secondaries.

Michael Cappucci (Managing Director for Sustainable Investing, Harvard Management Company), David Gulkowitz (COO, DSC Meridian Capital) and Pierre Lenders (Head of Sustainability, Capital Fund Management) discuss sustainability and its impact in alternative investments.

Mario Therrien is joined by Wayne Cohen whose firm is one of the founders of the SBAI. They discuss the SBAI, private and public markets, embracing technology, diversity and more.

In this episode from our Founder series, Poul Winslow (until recently Global Head of Capital Markets and Factor Investing at CPP Investments and an SBAI Trustee) is joined by SBAI Trustee Stuart Fiertz (President of Cheyne Capital – one of the founders of the SBAI) to look back at how it all started and how the industry is evolving. They discuss the SBAI, the case for alternatives, ESG and more.

In the first of our Founder series podcasts, one of our newest Trustees Paula Volent (CIO of Rockefeller University) is joined by our Deputy Chair Luke Ellis (CEO of Man Group – one of the founders of the SBAI) to look back at how it all started and how the industry is evolving. They discuss the SBAI, where to find alpha, diversity and more.

Alvin Fan (CEO, OPIM) and Mark Smith (Principal and Head of Business Development, Northwest Investment Management) discuss all things China in episode 4 of the SBAI Podcast series. Discussion topics include how the market has changed as well as both the opportunities and the risks.

Mario Therrien (SBAI Chair; Head of Investment Funds and External Management, CDPQ) and Dame Amelia Fawcett (Lead Independent Director, State Street Corporation), discuss diversity from the perspectives of a board member and an institutional allocator. The discussion focuses on why culture and diversity are important and the role of board members and allocators in helping to improve culture and diversity in the alternative investment industry.

Sara Razmpa (Director, Head of Responsible Investment, Portfolio Manager, Equities, Unigestion) and Rob Sachs (Head Of Business Development, Whitebox Advisors LLC) touch upon producing carbon footprints for firms and portfolios, the state of ESG data, and the frequency and content for investor reporting.

Barbara Bernstein (Chief HR Officer, Magnetar Capital) and Amanda Cherry (Director of HR, Aspect Capital) discuss measuring and evidencing the culture of a firm - a difficult concept that many alternative investment firms are currently grappling with. Also covered is the shifting cultural focuses due to the pandemic, and some practical tips on forming an inclusive culture in the workplace.