The Fiftyfaces Podcast

Roy Kuo is CIO at Galilei Family Office, and a former guest on this podcast series having featured in the very first series in 2021 and having left us with the iconic phrase and exhortation to "think like an owner". I have been quoting that one ever since. He moved on from the Church Commissioners to Galilei Investment Office about four and a half years ago, and we discuss the evolving world of private wealth and the needs of entrepreneurial clients. Roy describes the shared investment platform and the portfolio design whereby the firm uses passive management for U.S. large-cap equities and active strategies elsewhere for example in Japan.. We discuss the role of liquid alternatives in reducing portfolio volatility and whether they are in fact diversifiers, and then turn to currency hedging which is often a vexed topic in family office and institutional portfolio management. Roy is active on pension and endowment investment committees and describes how this work informs Galilei and vice versa. He cited portable alpha or alpha extension as a way to stay closer to benchmarks than traditional active management, and noted growing private-wealth interest in ESG solutions.Roy was a recent guest on the Markets Happy Hour podcast, which can be found here.   https://music.youtube.com/watch?v=aE7uyzBzv9M&si=-3AER73emt8H6T1pA special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Nadine Buckland is Co-Founder of  Zenzic Capital, a leading provider of real estate credit, which was founded in 2013. The firmprovides a range of structured financing solutions to match the needs of borrowers. She previously held a series of insolvency and transaction advisory roles.Our conversation starts with her unconventional start in the restructuring and insolvency business which she entered from the ground up, having started as a teen in her mother's practice. We speak about how the realities of insolvency, its complexity and human aspect influenced her ability to determine value and extricate investment opportunities from complex situations. Zenzic has had significant traction among non-UK investors and we speak about the differing approach of institutional investors in the US and the UK and some of the challenges in fund-raising in alternative strategies. Finally we reflect on the need for balance in launching a business and the importance of being present for our support teams. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Vadim Grigoryan describes himself as a craft marketer that has grown from a rocket scientist. He focuses on growing brands as “cultural agents” and in building meaning through art, culture and tech in an entertaining way. He focuses in marketing on High Quality, High Aesthetics and High Status. We were both at INSEAD together, and we recently reconnected when he invited me to a book launch for his book, Art Thinking. In the book stresses the value of non-aesthetic inspiration from artists like Marcel Duchamp and the necessity of friction and discomfort for innovation. Gregorian believes that cultural capital is a faster social elevator than financial capital.Our conversation starts with Vadim's move into marketing and the kind of brand building that has become popular among luxury brands. He describes his awakening in the art world and how he started to integrate this passion into his marketing portfolio. We learn about the importance of "experience" and creating aspirational brands, and discuss how the cultural uplift through integrating art in branding can be long-lasting and profound. This discussion of the role of art and culture in social-mobility is a novel one, as is our focus on friction and discomfort, and its importance. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Christian Abuide is a macro portfolio manager and asset allocation consultant. At the time of recording he was based in Geneva but he has recently moved to Abu Dhabi where he is continuing to advise on multi-asset allocation and wealth tech solutions.Christian brings an international perspective to our discussion, with more than 20 years’ experience managing multi asset portfolios and asset allocation strategy for major international banks, he is currently collaborating with a leading wealth tech provider in the Middle East.We start by discussing the “anatomy” of multi-asset investing aswell as the roles that such investments play and migrate to a broaderdiscussion of the role of advisors today, and how that role will continue to evolveas technology plays an ever greater role. This naturally leads to a discussionof wealthtech and the factors that will drive the customer adoption as well asfirmwide rollout. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Anastasia Amoroso is a Managing Director and Chief Investment Strategist at Partners Group. In this role, she provides macroeconomic, private markets, and portfolio management insights to investors. She joined Partners Group from iCapital, where she served as Chief Investment Strategist for the prior four years. Earlier in her career, she held senior roles in investment strategy and portfolio management at J.P. Morgan and Merrill Lynch, bringing over 20 years of experience in the asset and wealth management industry. Anastasia is a regular contributor across leading financial media, including CNBC, Bloomberg, and Fox Business.. Our conversation charts the experience in "doing the reps" that Anastasia gathered early in her career and how that taught her to be prepared, to present and to show up. We discuss the nature of the role of the strategist and how it relates to a client of private equity firm, and the interaction and intersection between public and private markets.We end with reflections on what it means follow your destiny on the job front and the importance of playing the long game. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Joey Mason is a Venture Partner in Life Sciences at Claret Capital Partners where he has been since September 2024. He has over 30 years’ experience in the sector, and has significant experience in most segments of the Life Sciences industry – medtech, pharma/ biotech, diagnostics, health IT and techbio. He has served on the boards of 20 private and public companies in Ireland, Europe and the USA. Our conversation covers the dynamics of venture investing - particularly in the biotech sector, and the differences between the European and US venture ecosystems. He stresses the need for speed and confidence in execution in Europe, and the massive potential that bold investing techniques can have. This is a salutary reminder of the competitive nature of this field. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

In this bonus podcast we bring you a short conversation with long-term guest and supporter of Fiftyfaces - Jenny Segal, who has just published her sixth book On Motivation - The Blueprint for Success, which is being launched today - October 6, 2026. In this conversation - our third with Jenny - you can find the rest of Jenny's podcasts on our webpage - fiftyfaceshub.com - she speaks about her "motivation" for writing her sixth book and the surprising insights that she derived from her various interviews with professionals across different disciplines. You can find her video here, a link to her website here, and the book on amazon here.

Anwiti Bahuguna, who is Co-Chief Investment Officer at Northerm Trust Asset Management, where she has spent over three years. She was previously Senior Portfolio Manager and Head of Multi-Asset Strategy for Columbia Threadneedle Investments, and has a PhD in economics from Northeastern University. Our conversation starts with her study of labor economics inspired by her mother, who was also an economist. We discuss how she considered an academic career, then evolved into an asset manager, when she discovered a passion for that instead. We dig deeply into the role of multi-asset strategies and how this strategy has matured over time, as well as the differing way that clients are thinking about them in a portfolio. We compare the role of client solutions - whether custom indices for very large institutional asset owners, or index plus returns. We discuss customisation as a "base layer" in client solutions today, as well as the differing levels of risk appetite. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Keith Williams is Managing Partner – Credit Strategies and Chief Investment Officer at Crestline Investors Inc. Crestline has a suite of strategies across direct lending, fund liquidity solutions, insurance and reinsurance. Keith was previously a director at Goldman Sachs and an Executive VP at McKinsey in their Recovery and Transformation unit. Our conversation with Keith starts with the work ethic that was instilled in him during his young adult years and how the years working in restructuring shaped his approach to difficult assignments and thinking about tradeoffs. We move then to his launch of the credit strategy within Crestline and some of the ups and downs that came along that trajectory. We end with reflections on what really matters, pulling the lens back to focus on the importance of family and balance. A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.

Robert Holley is Executive Director and Pensions Investment Manager at the $4 bn Baltimore City Fire and Police Employees' Retirement System. He has had a career that has spanned both the private and public sectors in financial services. Our conversation charts his journey from the private to the public sector and the investment beliefs that he has developed over time. At Baltimore F&P he has taken a particular interest in achieving excellence in governance, given the constraints that are natural in public fund organisations. This has involved a compelling YouTube video (linked here in this Linked In post)  which touches on resource building, partnerships and collaboration and how to scale a lean organisation. We discuss the current asset allocation at the fund, how it has evolved over time and how it is likely to evolve given the current funding challenges faced by public funds. Finally we look at investment office governance and how to create a sustainable organisation where the centre holds for the long haul.A special thank you to our sponsors at Baillie Gifford and GCM Grosvenor. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for you.GCM Grosvenor is a global alternative asset management solutions provider, with more than $90 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return strategies.For over 50 years, the firm has helped investors navigate the complexities of alternative investing through a flexible, open-architecture platform. GCM Grosvenor is also focused on what’s next. Through its Elevate strategy, the firm supports the next generation of private equity leaders, making seed investments in emerging managers and providing the resources, network, and strategic guidance needed to help them grow. With nearly $800 million raised for its inaugural Elevate Fund, GCM Grosvenor is helping drive innovation and expand access across private markets. Learn more at gcmgrosvenor.com.