InsuranceAUM

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Christine Thorpe, Institutional Portfolio Manager at Fidelity Investments, to discuss the critical role of core fixed income in insurance portfolios. Despite being the largest allocation for most insurers, core fixed income often takes a backseat to higher-yielding asset classes. Christine shares insights on sector positioning, duration management, and Fidelity’s preference for rates over spreads in today’s evolving market.

 

With Fidelity managing approximately $2 trillion in fixed income strategies, Christine also highlights the firm’s team-based investment culture and how it helps drive consistent performance. She discusses how insurers can navigate shifting economic conditions, the importance of patience and diversification, and why thoughtful risk management is essential for long-term success. Whether you’re deep in the fixed income space or looking to refine your approach, this episode is packed with valuable insights.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Milena Humplik and Margot DeMore, co-founders of Broad Street, to discuss career management from both sides of the desk. They share insights into hiring trends in insurance asset management, the skill sets in demand, and how leadership plays a crucial role in talent retention.

 

Milena and Margot also offer guidance on navigating career transitions, the evolving return-to-office landscape, and what makes a truly great leader in today’s industry. Whether you're an employer looking to build a strong team or a professional considering your next move, this episode delivers valuable takeaways. Tune in for expert perspectives on managing your career and team in the competitive world of insurance asset management.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Jim Kaniclides, Head of U.S. Insurance, and Jeff Burger, CFA, Senior Portfolio Manager of Municipal Bonds at Insight Investment. Together, they discuss the evolving landscape of municipal bonds, offering insights into how insurers can balance yield, liquidity, and safety in today’s fixed-income markets.

 

Jim and Jeff break down the shift from tax-exempt to taxable municipal bonds, their role in insurance portfolios, and the diversification benefits they provide compared to corporate bonds. They also highlight how municipals align with ESG and impact investing trends while maintaining historically low default rates. Tune in for an in-depth discussion on why municipal bonds remain a compelling asset class for insurers seeking quality and stability.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, speaks with Michael Occi, President of Morgan Stanley Private Credit’s BDC platform, to explore how insurance investors can leverage BDCs to gain deeper insights into the direct lending market. They discuss how BDCs provide transparency into asset quality, credit conditions, and portfolio performance, offering valuable data that insurance investors can use to assess risk and optimize their strategies. Michael explains the evolution of BDC structures, the growing role of non-traded BDCs, and how these vehicles fit into the broader private credit landscape.

 

The conversation also covers the regulatory and structural differences between BDCs and traditional direct lending funds, highlighting key factors insurance companies should consider when allocating capital. Michael shares his perspective on the importance of transparency in investment decisions and how BDC disclosures can serve as a useful tool for both new and experienced investors.

 

Beyond the financial insights, Michael and Stewart discuss career development in asset management, what qualities make a strong team member, and even a bit about Michael’s passion for golf. Whether you're an institutional investor looking to deepen your understanding of BDCs or simply interested in the intersection of private credit and insurance investing, this episode is packed with valuable takeaways.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, sits down with Vlad Liberzon, partner and portfolio manager at GoldenTree Asset Management, to discuss the evolving landscape of emerging market debt (EMD) and how insurers can approach the asset class strategically. With over 20 years of experience in EMD investing, Vlad shares insights into the asset class’s transformation, from its early days of high correlation and commodity reliance to today’s diverse and uncorrelated opportunities across 90 countries. He breaks down the factors driving EMD’s growth, the risks insurers often associate with the asset class, and why many may be overlooking key opportunities.

 

The conversation delves into portfolio construction, exploring the benefits of a hard currency-focused approach, active management strategies, and the importance of risk discipline. Vlad also offers a market outlook for 2025, highlighting potential opportunities in sovereign and corporate debt, idiosyncratic investments, and the impact of macroeconomic themes like U.S. interest rates, dollar strength, and China exposure. Whether you're new to emerging market debt or looking to refine your investment strategy, this episode provides valuable perspectives on navigating this dynamic and growing asset class.

 

Listen now to gain expert insights into the right way to invest in emerging market debt and how insurers can position their portfolios effectively.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Champ Raju, Managing Partner and Head of Private Equity at PPM America Capital Partners, to discuss the evolving private equity landscape and the investment strategies gaining traction in today’s market. They explore the current fundraising environment, M&A activity, and the increasing role of co-investments and GP-led secondary deals in institutional portfolios.

 

Champ explains how co-investments offer institutional investors, including insurance companies, an opportunity to reduce fees and gain direct exposure to private equity deals. He also breaks down single-asset GP-led secondary transactions, highlighting their benefits and why they are becoming a preferred investment structure. The conversation provides insights into how these strategies can enhance portfolio diversification, optimize capital deployment, and improve overall returns.

 

With decades of experience in private equity, Champ shares his perspective on how investors can navigate these complex structures, assess risk, and take advantage of emerging opportunities. Whether you are an experienced private equity investor or looking to deepen your understanding of alternative investments, this episode offers valuable insights into the shifting dynamics of the private equity market.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Nate Walton, Partner and Head of Private Equity Secondaries at Ares Management, about the evolving role of secondaries in private markets. They discuss how GP-led transactions, liquidity solutions, and structured investments are transforming private equity.

 

Nate shares insights on why secondaries are becoming a key strategy for institutional investors, how they provide downside protection, and what trends to watch in 2025. Whether you're looking to optimize your private equity allocations or better understand the secondary market, this episode offers valuable insights.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Fabian Korzendorfer, Partner with StepStone’s Private Debt research team, for an in-depth discussion on Evergreen Funds: A Compelling Tool for Private Markets. Fabian joins from Switzerland to share his expertise on how evergreen funds provide flexibility, liquidity, and efficiency, making them an increasingly attractive option for both institutional and individual investors. Together, they explore the structural advantages of evergreen funds over traditional drawdown models, their impact on portfolio diversification, and why private debt is particularly well-suited for this investment vehicle.

 

Stewart and Fabian also dive into how evergreen funds manage liquidity, their role in mitigating the J-curve effect, and their growing appeal to insurance investors navigating capital efficiency and regulatory considerations. Fabian offers insights into the operational and reporting benefits of these funds, along with career advice for finance professionals looking to navigate the evolving landscape of private markets. Tune in for a thought-provoking conversation that unpacks the rising prominence of evergreen funds and their potential to reshape private market investing.

In this episode of the InsuranceAUM.com podcast, host Stewart Foley, CFA, welcomes Aaron Fink, Senior Managing Director at Centerbridge, to explore the evolution of asset finance and opportunistic credit. Aaron shares insights on how Centerbridge's cycle-agnostic approach allows them to dynamically allocate capital across private equity, credit, and real estate, ensuring they capitalize on opportunities regardless of market conditions. From his early career in asset finance trading to leading Centerbridge’s asset finance efforts, Aaron discusses the firm’s unique investment philosophy and its ability to pivot between public and private markets to generate returns.

 

The conversation dives into key market trends for 2025, including opportunities in consumer credit, housing, and specialty finance, and how persistent high interest rates are shaping investment strategies. Aaron also provides a deep dive into the risks and rewards of private credit, the impact of market cycles on opportunistic investing, and the importance of adaptability in sourcing new asset classes. Whether you're an institutional investor or simply interested in how market dynamics influence asset allocation, this episode offers invaluable perspectives on the future of asset finance.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Anthony Giambrone and Stephen West, both Managing Directors on the Venture Capital and Growth team at StepStone, to explore an asset class that isn’t traditionally front and center for insurance portfolios: venture capital. They discuss why insurers may want to consider VC exposure, how the asset class has evolved over the years, and what strategies can help insurance investors navigate this space.

 

With insurance investment portfolios becoming more diversified, Anthony and Stephen share insights on why venture capital has gained traction among institutional investors, how secondaries and emerging managers fit into the equation, and why consistency is key when allocating to VC. They also touch on the impact of AI, changing IPO dynamics, and the role of data in investment decision-making. Don’t miss this deep dive into an asset class that could reshape insurance investing.