Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into one of the most topical trends in the evolution of wealth management platforms and their adoption of private markets.

We are joined by Tom Cohn and Amita Schultes of Cerity Partners, where they discuss the recent combination of their two respective businesses, Cerity Partners, the $100B+ national wealth management firm, and Agility, a leading OCIO business.

Tom and Amita discuss their merger, why there was a need to create customization for wealth investors in private markets, and how bringing on a leading OCIO business takes Cerity Partners’ capabilities to a new level as a solutions provider in private markets.

Tom is the Chief Solutions Officer and a Partner in Cerity Partners’ New York office. He’s a member of the firm’s Leadership Team. He has over ten years of experience in various investment management roles, previously serving as an Investment Analyst at Spero-Smith Investment Advisors, where he was responsible for due diligence and analysis of third-party managers and assisted in global market and asset allocation research.

Amita is a Partner in Cerity Partners’ New York office, managing Cerity Partners’ OCIO client portfolios. She’s a member of the OCIO Investment Committee. Amita brings over 20 years of experience as an investment consultant to bear to the firm. Before joining Cerity Partners, Amita was a Partner and Client Portfolio Manager at Agility, where she served as a voting member of Agility’s Investment Committee. Prior to Agility, she was a Partner, Managing Director, and Senior Consultant at Colonial Consulting, serving as an investment consultant for endowments, foundations, and pension plans. She also served as a Senior Consultant at Ibbotson Associates.

Tom, Amita, and I had a fascinating discussion. We covered:

• The why and the how behind Cerity Partners’ merger with Agility.
• How wealth management platforms can balance customization and scalability.
• Why scale matters in wealth management.
• How alternative asset managers can differentiate when engaging with the wealth channel.

Thanks Tom and Amita for coming on the show to share your views and wisdom on wealth management and private markets.

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 [email protected].

We thank Ultimus for their support of alts going mainstream.

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

02:05 Guest Introduction: Tom Cohn and Amita Schultes

07:32 Merger Benefits and Synergies

08:19 Client Services and Customization

09:32 OCIO and Wealth Management Integration

10:45 Why Partner Now?

11:40 Cultural Alignment and Expertise

12:38 Amita's Perspective on the Partnership

13:16 Wealth Management as Institutional LPs

14:23 Cerity Partners' Institutional Approach

14:54 Private Markets Evolution

16:25 Operational Excellence in Private Markets

17:35 Research and Manager Selection

20:56 Investment Objectives and Customization

22:27 Institutional and Wealth Client Synergies

28:16 Access and Long-term Relationships

30:06 Customization and Scalability

32:20 Educational Component in Client Investments

32:36 Framework for Custom Portfolios

33:10 Resource Allocation for Customization

33:47 Importance of OCIO Business

34:16 Next Innovation in Investment Solutions

34:38 Turnkey Solutions for Operational Complexities

35:39 Model Solutions and Manager Selection

36:34 Combining OCIO and Wealth Management Practices

37:32 Evolving Structures in Private Markets

37:54 Workflows and Technology in Private Markets

38:39 Client Experience and Operational Expertise

39:37 Defining Private Markets

41:13 Importance of Clear Definitions

41:54 Role and Goals of Private Market Investments

44:15 Partnerships and Mergers at Cerity Partners

47:05 Evaluating Investment Managers

49:06 Trust in General Partner Relationships

51:16 Identifying Manager's Edge

53:24 Training and Methodology in Manager Selection

55:51 Challenges for Managers with Wealth Channel Capital

56:47 Operational Challenges for Smaller Managers

58:06 Future Trends in Alternative Investments

01:01:00 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.