Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO.   Pathstone is a great case study for the major trends in wealth management over the last ten years.  Pathstone’s DNA was from the well-known Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD.  Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story, and we'll explore how they navigated the complexities of multiple prominent acquisitions, how they developed their unique business model which has turned services into a revenue generator rather than a cost, and their recent notable acquisition of the $45 billion Hall Capital.

Earlier in Matt’s career, he held positions at Harris MyCFO Investment Advisory as a Principal and at Ayco, a Goldman Sachs Company, as a Financial Planner. He was a member of Harris Bank’s Outside Advisor Review Committee, which directed manager due diligence, search, and selection for the bank’s $60 billion platform, and was also a member of Harris Bank’s Investment Management Committee.  Matt earned a Bachelor of Arts in Economics from Muhlenberg College and an MBA in Finance from Fairleigh Dickinson University.

Please enjoy my conversation with Matt Fleissig.

Pathstone:  https://www.pathstone.com

Circulus Substack:  https://circulus.substack.com/

If you like these discussions, please subscribe or leave a review. 

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2025 Joe Reilly

Michael Fisch is a founder and the CEO of American Securities, a $23 billion private equity firm that originated in the Rosenwald family office.  This is a great story of a fabled family office turning their investment DNA into a thriving private equity firm by buying market-leading businesses.  William Rosenwald, son of Julius Rosenwald who built Sears Roebuck, started the family office back in the 1940s, investing in private companies.  Michael’s mentor, Chuck Klein, took them to the next level in the 1980s and offered a role to 30-year-old Michael, who turned around and proposed building what became American Securities today.  We talk about their first acquisition, why they seek out market leaders, the growth of the firm, and overcoming bottlenecks, and their unique resource group that creates efficiencies and growth in their underlying companies.

Before founding American Securities, he was a partner in two private equity funds, a consultant in the Paris office of Bain & Company, and a professional in the mergers and acquisitions department of Goldman Sachs.

Michael received a BA in Economics and Policy Studies from Dartmouth College, where he is a Member of the President’s Leadership Council, and an MBA from Stanford University’s Graduate School of Business, where he has been a guest lecturer since 2006. Michael serves as a Director of the 1162 Foundation, a Member of the Atlantic Council’s Executive Committee of the Board of Directors, and Chairman of the Advisory Council of its Freedom and Prosperity Center, a Member of the Board of Trustees of Northwell Health, and Chair of the Board of Trustees of Princeton Theological Seminary.

He has authored a number of articles and appeared as a guest on national television programs, all on private equity and investing.

Please enjoy my conversation with Mike Fisch.

American Securities:  https://www.american-securities.com/en/team/michael-fisch

Circulus Substack:  https://circulus.substack.com/

If you like these discussions, please subscribe or leave a review. 

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2025 Joe Reilly

Today’s guest is Jim Tananbaum of Foresite Capital.  One of the most exciting places AI is revolutionizing is drug discovery, so I was very excited to have Jim on today.

Jim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management.  During the last three decades, Jim has been a thought partner for some of the most impactful and fastest-growth companies of their generation, including: 10x Genomics, Amerigroup, and Jazz Pharmaceuticals.    Jim’s first success came while he was still at Harvard Business School when he co-founded GelTex Pharmaceuticals, which brought two drugs to market and was acquired in 1999 for $1.4 billion.  Jim was the founding chief executive of Theravance, Inc., a co-founder of Prospect Ventures, and a partner of Sierra Ventures.  Jim studied engineering at Yale and earned an MD from Harvard Medical School, an MBA from Harvard Business School, and graduated from the Harvard MIT HST program.

We discuss what it takes to start a drug company, breakthroughs in obesity, AI, and the challenge of data in drug discovery, understanding the language of biology, advances in pain and cancer research, and his thoughts on brain implants.

Please enjoy my conversation with Jim Tananbaum.

Foresite Capital:  https://www.foresitecapital.com

Jim’s Homepage:  https://jimtananbaum.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2025 Joe Reilly

Today’s guest is Mark Gerson of 3i Members.

Mark is a remarkable entrepreneur, philanthropist, and master at creating networks.  He is most well known for founding Gerson Lehrman Group, the original and largest expert network in the world, and most recently, 3i Members, a global deal network for investors, all of whom have exited a company or led a family office.  Mark is also the chairman of United Hatzalah, a network of volunteer medics in Israel, and the cofounder of the African Mission Healthcare Foundation, which supports missionaries performing medical care in Africa.  Mark is a graduate of Williams College and has a JD from Yale Law School.  You should also know Mark is a big fan of Sinatra and Elvis.

We discuss the founding of GLG, his sports business Thuzio, the mechanics of 3i, and delve into the workings of United Hatzalah.  Mark was a real pleasure to talk to as he has such a broad range of interests.

Please enjoy my conversation with Mark Gerson.

Mark’s Podcast:  https://www.therabbishusband.com/

3i Members:  https://www.3imembers.com/

United Hatzalah: https://israelrescue.org/

African Mission Healthcare Foundation: https://africanmissionhealthcare.org/about-us/history/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

David Salem has had a remarkable career. He did his undergrad at Middlebury, went to Harvard Business School where he sat next to Seth Klarman, then went to work with Jeremy Grantham at GMO where he became a partner.  He started The Investment Fund for Foundations, a groundbreaking way for smaller endowments to benefit from professional investing and scale, and had David Swensen of the Yale Investment Office, Jack Meyer of the Harvard Management Company, and Seth Alexander of MIT, as well as many other talented investors on his board.  He went on to advise George Soros on his personal money and worked for many years with Chuck Feeney who famously gave away his entire multi-billion-dollar fortune.  David’s writings are voluminous and available online.  He is currently working on a book about Peter Bernstein, the great author of Against the Gods: The Story of Risk.

We talk about how to allocate $5 billion dollars, filtering out impulsive managers, the founding of TIFF, the ideal size of an investment committee, and the persistent edge of Seth Klarman.

It was my great pleasure to talk to David Salem.

Hedgeye:  https://insights.hedgeye.com/hedgeye-capital-allocation/

David Salem Articles:  https://www.epsilontheory.com/david-salem-2/

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly heads Circulus Group, a family office network, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Jennifer Prosek has built a powerhouse communications firm by focusing on asset management.  She asked herself, "Why does the financial industry not care about its brand, and why are they so on the back foot about everything?"  I was particularly keen to talk to her about how firms struggle to differentiate, especially as formerly low-profile parts of the industry, such as private equity funds, now look to expanding across the wealth channel and begin to look more like consumer brands.  We talk about how she built her firm from small beginnings; how family offices should think about their story;  being prepared for a crisis in advance; educating financial advisors; how to go from high-level awareness down the funnel to actual ROI; how to navigate Milken and Davos; and the future of AI in communications.

Jennifer Prosek is the founder and managing partner of Prosek Partners, a leading integrated marketing and communications firm with offices in nine cities around the world. The firm was named the best financial communications and marketing firm by PRovoke Media in 2023. Jennifer was also listed personally on The Wall Street Journal’s “Most Influential Decision Markers” list in 2023 and 2024.  She is the author of two books, “Army of Entrepreneurs” and “Raising Can-Do Kids.” Jennifer is on the board of the Mount Sinai Health System and the Museum of the City of New York and she received her MBA from Columbia University and a B.A. in English Literature from Miami University. 

Jen is also known for her pithy sayings, and we managed to get a new one from her.  Please enjoy my conversation with Jennifer Prosek.

“Reaching for Retail” Prosek report:  https://www.prosek.com/news/prosek-report-reaching-for-retail-reveals-private-capital-firm-brands-remain-in-early-stage-of-development/

Army of Entrepreneurs:  https://www.amazon.com/Army-Entrepreneurs-Empowered-Workforce-Exceptional/dp/081443696X/

Raising Can-Do Kids:  https://www.amazon.com/Raising-Can-Do-Kids-Children-Fast-Changing-ebook/dp/B00O2BKKYE/

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

Substack: https://circulus.substack.com/

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Zoe Cruz is a prominent figure in the financial services industry, known for her significant contributions and groundbreaking achievements as one of the highest-ranking women on Wall Street. She was named one of the Forbes top 50 women in business four years in a row.  With a career spanning over 25 years at Morgan Stanley, where she served as Co-President, Cruz played a pivotal role in managing major revenue-generating businesses, starting with her taking charge of the FX desk in 1993. Her expertise and leadership have established her as a key player in the finance sector.  Cruz transitioned to founding her own asset management firm, Menai Financial Group. This move not only highlights her resilience but also her belief in the potential for growth and opportunity that can come from financial innovation.

Zoe Cruz moved to the US from Greece at age fourteen and is a graduate of Harvard and Harvard Business School.  As we engage in this discussion with Zoe Cruz, we will explore her insights on leadership, inflection points in market cycles, why Morgan Stanley hired James Gorman, the current dangers of hidden leverage, and the bridges from TradFi to DeFi.

Menai Financial:  https://menai.io

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: circulus.substack.com

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Michael Weisz has a real knack for finding unconventional opportunities and a strong entrepreneurial spirit.  He cut his teeth in real estate, but quickly found his nuanced understanding of mis-priced risk prepared him for creative investments like litigation and receivable finance and strategies like loans to professional athletes during lockouts.  We talk about the development of the Yieldstreet platform, how they think about the wide variety of offerings they have from fine art to CLO’s, the democratization of finance, and the international scaling of the firm.

Michael is the Founder and CEO of Yieldstreet, the leading private market investing platform, with more than 500k members and $5.7 billion invested.

An award-winning entrepreneur, he co-founded Yieldstreet in 2015 with an ambition of providing individual investors access to curated private market assets typically reserved for institutions. As CEO, Michael leads Yieldstreet’s strategic vision to make alternatives a fundamental piece of investor portfolios.

Before Yieldstreet, Michael held a variety of positions across the specialty finance spectrum, including founding Soli Capital. Previously, Michael was Vice President at a New York-based credit opportunities hedge fund with $1.2B under management.

WEBSITE:  https://www.yieldstreet.com/

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is the CEO of Circulus Group an educational forum for family offices, and the host of the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: circulus.substack.com

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly

Today’s guest is Ted Seides from Capital Allocators podcast.  I first did a print interview with Ted exactly seven years ago, when he had just completed his first book So You Want to Start a Hedge Fund? and had just started his podcast.  Since then he has written two more books, Capital Allocators and today’s topic Private Equity Deals and now has one of the top investment podcasts in the world, with over 400 episodes.  Private Equity Deals is a set of engaging case studies derived from his podcast series, and is an excellent and detailed read, delving deeply into fifteen different deals. 

Ted Seides is the host of Capital Allocators, which includes podcasts, gatherings and advisory.  He was formerly co-founder of Protege Partners, which was a leading multi-billion dollar hedge fund seeder, where he was President and co-CIO.  Ted is also well known for his famous bet with Warren Buffett, a charitable wager pitting hedge funds against the S&P 500.  Ted began his career under the tutelage of David Swensen at the Yale University Investments office.  Ted graduated with honors from Yale and received an MBA from Harvard Business School.

I’m grateful to Ted for getting me into podcasting.  He told me it was fun and easy and you get to talk to really interesting people, and he was absolutely right. Please enjoy my conversation with Ted Seides.

Private Equity Deals:  https://www.amazon.com/Private-Equity-Deals-dealmaking-professionals/dp/1804090735

Capital Allocators on Apple Podcasts:  https://podcasts.apple.com/us/podcast/capital-allocators-inside-the-institutional/id1223764016

NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: circulus.substack.com

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

Greg Fleming is the President and Chief Executive Officer of Rockefeller Capital Management, a role he has held since the firm, formerly known as Rockefeller & Co., launched in March 2018.

Greg and I discuss the pivotal Lehman weekend in September of 2008 when he was instrumental in the sale of Merrill Lynch to Bank of America, his thoughts on organic growth and mergers in wealth management, the founding of Rockefeller Capital with Viking and building on the legacy of the Rockefeller family office, growing from $18 billion to $140 billion in six years, the importance of horizontal connectivity in a large organization and his belief that nice guys can finish first.

Prior to Rockefeller, Greg was the President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management. Before joining Morgan Stanley in 2010, he served as President and Chief Operating Officer of Merrill Lynch, and previously ran Merrill’s Global Investment Banking business. Greg joined Merrill Lynch as an investment banker in 1992. He had also been a principal at Booz Allen Hamilton.  Greg is a Phi Beta Kappa, summa cum laude graduate of Colgate University with a bachelor’s degree in Economics. He received his J.D. from Yale Law School.

Please enjoy my conversation with Greg Fleming.

WEBSITE: https://www.rockco.com/bios/gregory-j-fleming/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast. 

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

REQUEST AN INVITE TO OUR FALL SUMMIT:  https://forms.gle/YNesjsJb8rwuzkW5A

INHERITANCE PODCAST:   https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it.  Just copy the link into an email or text.  I appreciate it.

©2024 Joe Reilly