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Jensen Partners Q3 Newsletter: Retail Is All the Rage

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As we enter the midst of the holiday retail season, a different ‘retail’ market has become top-of-mind throughout the alternatives industry – retail investors.

Across the industry, hiring activity shows that alternative investment firms are pegging future growth on a new type of client—retail and high-net-worth investors. This isn't an overnight trend. Alts firms have been making noise about expanding to the retail/HNW market for several years now, no doubt intrigued by the possibility of raising more funds and assets while also diversifying their client base. But what was once a faint murmur has turned into an undeniable roar in recent weeks as a growing number of prominent financial powerhouses have signaled their intentions to market themselves to the Main Street investor.

Jensen Partners has witnessed this trend firsthand. In recent months, there has been a noticeable increase in the number of talent searches we’ve conducted related to retail channels like wealth management. We’ve also had a number of reporters calling us to confirm hiring data backs up the claims being made about the growth of dedicated client service and wealth management teams.

And as anyone paying careful attention to this trend has noticed, there have been many recent high profile announcements, including:

Ares Management, which announced the formation of Ares Wealth Management Solutions last month. That team will be staffed with more than 90 fundraising and client service professionals, making it "one of the largest teams dedicated to the wealth management channel in the alternatives industry," according to Ares.

Blackstone recently announced plans to double its private wealth team, with a particular focus on the European market.

Neuberger Berman announced a partnership with iCapital in September, aimed at boosting distribution of its $300 million private markets fund to financial advisors and high-net-worth investors. For iCapital, this adds to similar existing partnerships with BlackRock, BlackStone and Carlyle Group.

Earlier this year, Apollo Global Management announced plans to create a new business designed to expand its offerings to "an increasingly broad base of individual investors via a variety of wealth management channels."

Even Vanguard, the titan of retail investing, is partnering with HarbourVest to offer private equity investments to individual investors.

Several other private equity firms, including Partners Group, have established funds that are offered as part of defined contribution plans. While this is still a very small market, the potential for growth has many alts firms understandably excited, especially now that Pool Employer Plans (PEPs) – the latest entry to the retirement marketplace authorized under the SECURE Act – have opened new avenues for growth in the 401(k) market.

Industry hiring data also demonstrates a clear emphasis on growth in retail channels.

Our data on marketing moves across the alternative investment industry shows a clear surge in hiring among private equity firms (153 moves in Q3, 458 YTD) and some multi-asset firms (199 moves in Q3, 538 YTD), with several firms rapidly expanding their wealth management credentials by hoovering up entire teams. Much of this talent (not surprisingly) comes from the wealth management industry, with PE firms alone adding 34 professionals to their wealth management units.

The wealth management industry is also hiring at record numbers—both to replace professionals that have left for greener pastures and to satisfy the growing demand for access to alternative investment products. Marketing professionals with retail or wealth management experience are in very high demand right now, particularly those who already have familiarity with alternative investments.

We are hearing a few potential reasons for this trend, all of which appear to have significant tailwinds to propel the long-term growth of private assets in the retail market:

Fundraising is at a record high, with private equity firms raising some $535 billion in Q3 alone. Many private equity firms have signaled they plan to continue launching new funds and raising more capital as investor demand (among both retail and institutional investors) grows unabated.

Low-interest rates and a jagged economic recovery have led many investors to seek investment opportunities in the private markets. Meanwhile, more companies are choosing to stay private, creating more opportunities for private markets firms to find good deals.

Recent regulatory changes are making it easier for alternative investment firms to go after the retail market. In September, an SEC advisory panel recommended that "ordinary investors" should have easier access to private equity, real estate and private debt funds. This follows an expansion of the definition of "accredited investor" by regulators in 2020.

Private equity's embrace of ESG and impact investing strategies gives firms investment products that may appeal to a retail or HNW investor. Multiple industry studies have shown that retail investors are among those most interested in aligning their investments with their values.

We may only be in the early innings of private equity firms and other alts firms building out their distribution teams to go after the retail/HNW market. Given how few individual investors currently have exposure to alternative investments in their retirement or investment portfolios, there is a strong possibility that the wealth management channel can drive the next generation of growth for the private equity industry. Competition among firms is already fierce, and it is only going to get tougher in the months and years ahead.

As always, the Jensen Partners team will be here tracking trends and sharing insights as we help the global alternative asset management community recruit, hire and retain the industry’s top talent.

Sincerely,
Sasha Jensen

News Corner

Here is a selection of recent articles and studies about hiring, marketing and fundraising in the alternative investment industry:

Bloomberg: Apollo Taps Retail Money With Business to Lure Individuals

Bloomberg: Private Equity Funds Want to Enlist the Millionaires Next Door

FundFire: Apollo, KKR Bulk Up Advisor Market Sales, Product Teams

FundFire: Apollo's Drescher Leads Effort to Attract Retail Investors

FundFire: Apollo Revs Up for $80B Fundraising Haul in 2022

FundFire: Neuberger, Hamilton Lane Aim Private Equity at Advisor Market

FundFire: Neuberger Taps iCapital for Alts Push

FundFire: SEC Advisory Committee Endorses Private Equity Access for Retail Investors

FundFire: Vanguard to Open New Distribution Channel for PE Funds

Ignites: SEC Expands Retail Access to PE, VC Funds

Private Equity International: Blackstone plans to double private wealth team, eyes Europe expansion

Private Equity International: Carlyle to focus on institutional capital as peers build out wealth units

Private Funds CFO: Partners Group says 'great deal of interest' in 401(k) market

Wall Street Journal: SEC Panel Backs Letting Ordinary Investors Into Private Equity

Data Highlights

Here are a few of the most interesting data points from Q3:

❖ We tracked 730 marketing moves in Q3, a 28.07% increase from Q2 2021 and only a -2.01% decrease from the 745 moves in Q1 2021, making it the seventh straight quarter that hiring activity has surpassed 400 moves.

❖ The biggest movers and shakers for Q3 included: Multi-Asset firms (199 moves), Private Equity firms (157 moves), and Hedge Funds (74 moves). These are also the three sectors that generated the most hiring activity in Q2—Multi-Asset firms (153 moves), Private Equity firms (107 moves), and Hedge Funds (86 moves)—and YTD, with Multi-Asset firms (538 moves) again leading the way, followed by Private Equity firms (458 moves), and Hedge Funds (276 moves).

❖ We observed that several strategies saw a jump in Q3 2021 when compared to Q2 2021, including: Infrastructure (24 moves, or +200.00%), Credit (65 moves, or +91.18%), Real Estate (36 moves, or +89.46%), Private Equity (157 moves, or +46.73%), Multi-Asset (199 moves, or +30.07%), and Wealth Management (62 moves, or +26.53%). The remaining sectors experienced a hiring slump, according to our data, including: Fund of Funds (0 moves, or -100.00%), and Hedge Funds (74 moves, or -13.95%). Both the Private Fund Group and FinTech/Venture Capital sectors, which are more niche, have not experienced a change in hiring activities since Q2.

❖ When compared to Q3 2020, we observed a similar trend, with Infrastructure, Credit, Real Estate, Private Equity, Multi-Asset, and Wealth Management experiencing a boon in hiring, although in a different order, with Multi-Asset leading the way with a 220.97% increase (or +137 moves from Q3 2020), followed by Private Equity +86.90% (or +73 moves), Wealth Management +82.35% (+28 moves), Real Estate +80.00% (or +16 moves), Infrastructure +71.43% (or +10 moves), and Credit +16.07% (or +9 moves). Compared to Q3 2020, Private Fund Group also experienced a jump in hiring with a 96.97% increase (or +32 moves). Similar to above observation, Hedge Funds and Fund of Funds are two sectors that witnessed a slump compared to Q3 2020, with Fund of Funds experiencing a 100.00% decrease in the number of hires (or -4 moves) and Hedge Funds -13.95% (or -12 moves).

❖ Similar to previous quarters, we continue to also track hiring activity in the more niche sectors of the alternative investment space. In this category, number of hires remained the same for FinTech/Venture Capital with 3 moves in both Q2 2021 and Q3 2020. Unlike the second quarter, the Secondaries sector, which saw a 17.65% decrease in Q2, experienced a 25.00% increase in marketing hires with 35 moves (or +7 moves) in Q3. Similarly, when compared to Q3 2020, we observe that the Secondaries industry saw a 218.18% increase in hires (or +24 moves).

❖ Unlike Q2, in Q3 we observe improvement in marketing hires across majority of the regions with the exception of NORAM, which had 152 moves (or -192 moves, a 55.81% decrease), and MENA, which had 2 moves (or -2 moves, a 50.00% decrease). Specifically, in the third quarter of 2021, the UK had 426 moves (+306 moves, a 255.00% increase), APAC had 86 moves (or +41 moves, a 91.11% increase), and the rest of Europe had 64 moves (+8 moves, a 14.29% increase).

Data on Diversity

With diversity emerging as a top-of-mind issue for alternative investment firms in 2020, we take a deep dive using Jensen Partners’ newly launched DiversityMetrics(TM) data visualization technology to see how well the alternative investment industry is improving diversity among the ranks of marketers.

❖ In Q3, we tracked 387 diverse moves (304 female candidates + 83 male BIPOC candidates) representing 53.01% of all marketing moves in the quarter. This is roughly consistent with Q2, when we tracked 320 diverse moves (213 female candidates and 107 BIPOC candidates), representing 56.14% of all marketing moves in the quarter.   

❖ From a gender perspective, female moves in Q3 represented 41.64% of all hires, up from 37.37% in Q2 2021 and 34.55% in Q3 2020. We also observed that, unlike in the second quarter, both female and male moves increased in the third quarter. When compared to male moves, female moves increased by 42.72% from Q2 2021, whereas male moves only increased by 19.33% from Q2 2021. Similarly, when compared to Q3 2020, we observe that female moves increased by 101.32%, whereas male moves increased by only 48.95%. 

❖ In terms of racial ethnicity, we continue to see Caucasians make up the bulk of all marketing moves—74.52% in Q3, although slightly decreased from 79.65% in Q2 and 78.03% in Q3 2020, which sends a positive signal. Unlike in Q2, where we observed a decline in marketing moves across all ethnicities (with the exception of Hispanic hires), in Q3 we note that marketing hire activities picked back up. South Asian moves, which experienced the highest decline in Q2 (-53.33%, or -16 from Q1), saw the highest increase in Q3 by +107.14% (or 29 moves, +15 moves from Q2). The increase in South Asian hires is followed by East Asian hires with 82 moves (or +27 moves, a +49.09% increase), Middle Eastern – 13 moves (or +3 moves, +30.00%), Hispanic – 10 moves (or +2 moves, +25.00%), Caucasian – 544 moves (or +90 moves, 19.82%), and Black – 22 moves (or +3 moves, 15.79%).  

❖ Earlier this year, we noted that the number of Black marketing professionals hired as a percentage of all hires decreased by about 12% from the pre-protest period (Q4 2019--Q2 2020) to the post-protest period (Q3 2020-Q1 2021), with Black professionals remaining a minority across the alternative investment industry with just 3.1% of all hires in Q1 2021. In Q2, we observed a continuation of this negative trend with Black professionals representing only 3.33% of all hires, which showed a very minimal improvement. In Q3, we observe that the number of Black marketing professionals hired as a percentage of all hires dipped again, representing only 3.01%, reversing the slight improvement we witnessed in Q2. 

❖ In terms of diversity hiring across strategies, we observed that 28.22% of all hires were non-Caucasian in Q3, up from 20.53% in Q2 (or +37.48%). The following strategies had the highest number of non-Caucasian hires: Credit (34 or 52.31%, and +385.71% from Q2), Infrastructure (8 or 33.33%, and +700.00% from Q2), Wealth Management (19 or 30.65%, and +280.00% from Q2), Private Equity (45 or 28.66%, and +60.71% from Q2), Private Fund Group (17 or 26.15%, and +41.67% from Q2), Secondaries (9 or 25.71%, and +80.00% from Q2), and Multi-Asset (49 or 24.62%, and +36.11% from Q2). 

Current Mandates

See below for a partial selection of current mandates. Contact us at info@jensen-partners.com to learn more about each search.
HIRING: $200B Private Equity Firm
ROLE: Managing Director, ICS Product Specialist
LOCATION: NYC
DESCRIPTION: Our client is searching for a Managing Director level professional with 12+ years of experience of executing an investor relations or project/product management role at a private equity firm. The successful candidate will focus on the firm’s U.S. and global funds, partnering with the investment team, running point on external messaging, attending meetings with the fundraising team, and spearheading the entire fundraising process. The main areas of focus will include marketing materials and investor communications, new product launches, investor due diligence, and support of the fundraising team. The ability to demonstrate strong leadership and project management skills is key for this position. 

HIRING: $200B Private Equity Firm
ROLE: VP, Institutional Distribution
LOCATION: NYC
DESCRIPTION: Our client is seeking a VP level hire for their Institutional Client Solutions team. The responsibilities for this role include developing and executing a long-term business development/ marketing plan for the firm’s broad product set and new business initiatives, introduction of new LPs to the firm, driving business development across a wide range of products. The successful candidate will have 6-10 yeas of professional financial markets experience with a process driven approach to asset raising. 

HIRING: $200B Private Equity Firm
ROLE: Principal/MD, Liquid Credit Distribution
LOCATION: NYC
DESCRIPTION: Our client is seeking a Principal/ MD Level hire who will focus on helping drive AUM growth for the firm’s liquid credit strategies business. The main responsibilities for this role include developing long term relationships with major fixed income allocators in North America, working closely with firm’s existing institutional client solutions team to cross sell liquid credit solutions products to large firm relationships, an identifying new product development opportunity. The successful candidate will have 10+ years of experience calling on intermediary/ institutional clients, with a proven track record of raising assets, developing relationships and identifying new business development opportunities across multiple client channels.

HIRING: $44B Multi Asset Firm
ROLE: Global Head of Investor Relations / Distribution
LOCATION: New York 
DESCRIPTION: Our client is looking for a Head of IR/ Distribution who will manage the global distribution team. This person will be responsible for building distribution strategies for the firm’s fund and various business verticals. The successful candidate should have significant experience managing a large and global team, possessing a strong EQ with the ability to motivate and manage a broad team whilst consistently focused on business development.  

 HIRING: $158B Private Equity Firm
ROLE: AVP/ VP Product Specialist, Product Management- Client Solutions
LOCATION: Los Angeles
DESCRIPTION: Our client is seeking a AVP/ VP level hire for their Product Specialist Group. Some of the responsibilities for this role include serving as the subject matter expert for the firms Special Situations strategy both internally and externally, supporting fundraising initiatives by partnering with marketing and investments teams, creating and maintaining product/ strategy content, and collaborating with the marketing and investment professionals to research, propose and implement new product ideas. The successful candidate will have 7+ years of experience in a product specialist, sales or client facing investment role. 

HIRING: $12bn Global Infrastructure Fund
ROLE: Associate – Managing Director, Infrastructure Investments 
LOCATION: Global
DESCRIPTION: Our client is one of the leading Global Digital Infrastructure Funds and is looking to add multiple Investment hires spanning North American, London and Asia. The successful candidates will be an Infrastructure Investment specialist with relevant sector experience across digital / telecommunication infrastructure or related investment channels. They will have hands-on investment origination and deal experience to work with an established global team of over 250 people. Diversity initiatives are key priority for this progressive and highly innovative Infrastructure Fund.

HIRING: $23bn Hedge Fund / Alternative Investment Fund
ROLE: Principal – Managing Director, Capital Raiser – North American Investor coverage
LOCATION: London or NYC
DESCRIPTION: Our Client is seeking to hire a candidate with 12+ years of Fundraising experience to target North American Investors. The successful candidate will have a deep knowledge of private credit and/or real estate strategies, as well as established relationships with demonstrable track record of raising capital from North American Institutional Investors. This position will work closely with the global business development and fundraising team, but will be tasked with further developing the firm’s institutional footprint in North America. 

HIRING: Global Private Fund Placement and Investment Advisory Firm
ROLE: Director or Principal, North American Distribution – Midwest and West Coast
LOCATION: New York, Chicago or West Coast
DESCRIPTION: Our client is seeking to hire a Private Markets Distribution specialist. The successful candidate will have 7+ years of experience working in private equity fundraising and covering Limited Partners, for either a third-party marketing firm, private capital allocator or as an in-house fundraising professional. They will have a proven track record of building credible and trusted relationships with investors and generating private capital commitments from a broad cross-section of Limited Partners with a preference for embedded LP relationships in the Midwest or West Coast. Product knowledge is important and a deep understanding of the fundamentals of the private equity industry, including current trends, deal structures, investor requirement and competitive landscapes. 

HIRING: $14B Global Alternative Investment Firm
ROLE: Product Specialist Analyst, Business Development & Investor Relations
LOCATION: NYC
DESCRIPTION: The Product Specialist Analyst will be a be a key contributor within the Product Specialist function, which is part of the firm’s global Business Development & Investor Relations effort. The key responsibilities for this role include interacting and coordinating across a variety of business functions to gather critical investment related information. This hire will support the senior product specialists on the team with a wide range of activities including engagement with existing and prospective investors, as well as internal investment professionals. The successful candidate will have 2-5 years’ experience working in an investment bank or asset management firm, in a trading, sales or product specialist capacity. 

HIRING: $14B Global Alternative Investment Firm
ROLE: Product Specialist Associate Director 
LOCATION: NYC
DESCRIPTION: Our client is seeking a Product Specialist Associate Director who will serve as an internal expert of the firm’s products and portfolios to the Business Development & Investor Relations team. This person will be responsible for assisting in the development and maintenance of competitor intelligence in specific markets and products, supporting the efforts of regional managers, and assisting colleagues on new product development initiatives and fund launches. The successful candidate will have 5-7 years of financial services experience in alternative investment, asset management, or investment backing in a trading, sales, or product specialist capacity. 

HIRING: $6.5B Hedge Fund
ROLE: Senior Marketing Manager
LOCATION: Chicago, NY, or Naples
DESCRIPTION: Our client is seeking a senior level marketing professional who has deep relationships and a track record of raising assets for special situation strategies. The successful candidate has either equity or credit experience.

DEI Corner

In Q1, we introduced the 'DEI Corner' where we spotlight diverse professionals who have either been promoted at their existing firm or joined a new firm in the alternative investment space. At Jensen Partners we believe representation is power and will continue to highlight these moves to serve as an inspiration and an example of what true representation could look like in this industry.

Please note that the diversity of each marketing professional listed here was independently verified by our DiversityMetricsTM team.
DIVERSE KEY HIRES

❖  Kyle Barwell serves as Associate Director, South East at Janus Henderson, as of October 2021 in London. Before Janus, He was a Business Development Manager at Kames Capital for seven years. 

❖  Heather Brooks joined Insight Partners New York office as a Vice President of Investor Relations in September 2021. She was previously at Thomas H. Lee Partners as a Vice President, Investor Relations for two years. 

❖  Jennifer R. Brown joined Adams Street Partners in July 2021 as a Partner, Global Head of Consultant Relations. She left Barings in June 2021 after six years with the firm, most recently as a Managing Director, Global Business Development Group. 

❖  Jorge Camiña transitioned to Denham Capital as a Partner and Head of Sustainable Infrastructure Credit in September 2021. Based in New York, he has served at firms such as Allianz Global Investors, Banco Santander and BBVA. 

❖  Charlotte Daelemans began her role as a Managing Director and Senior Real Asset Specialist with Nuveen in September 2021. She is focused on investor relations and capital raising across the UK and Europe. She was previously with AMP Capital for five years as an Institutional Director, Europe, based in London. 

❖  Virginia Doble joined Chiltern Capital in August 2021 as a Partner in London. Previously she was at Actis as a Managing Director and Head of EMEA Investor Development Group. 

❖  Maura English joined Hayfin Capital Management in July 2021 as a Managing Director in New York. Previously, she was a Senior Vice President, Business Development with Avenue Capital Group for over a decade. 

❖  Maryellen Fazzino Doyle joined HarbourVest Partners New York Office in August 2021 as a Principal. Most recently, she was with Landmark Partners as a Vice President, Investor Relations and Business Development for two years. 
❖  Josean Fernandez is now the Director of National Accounts at Ariel Investments as of September 2021. He is responsible for leading national accounts business across financial intermediaries. Before Ariel Investments, he was at Blackrock for two years as a Director. 

❖  Earl Hunt joined Apollo Global Management in July 2021 as a Partner in New York. Before Apollo, Hunt was at Goldman Sachs for six years. Most recently as a Partner. He was at Citi before Goldman for eleven years. 

❖  Jasmine Khiri joined Francisco Partners as a Director, EMEA Fundraising, in August 2021 in London. Most recently, she was with Cambridge Associates for the last six years, most recently as a Senior Director and Head of Business Development, EMEA.

❖  Sophia Lee left her Head of IR role with Golden Gate Capital to join Dragoneer Investment Group in July 2021 as Principal, Investor Relations and Business Development in San Francisco. 

❖  Risa Miller Lipsky joined Hayfin Capital Management in August 2021 as Managing Director, Business Development in New York. Previously, she was at Atalaya Capital Management as a Managing Director, Business Development & Investor Relations for the last five years. 

❖  Cory Mims has signed on to join Audax Group's Private Equity business in July 2021 as a Managing Director of Business Development. He was previously with ICV Partners in New York for more than 15 years, most recently as a Managing Director. He left that firm in 2019 to back healthcare-related deals. 

❖  Sakura Moriuchi joined Clarion Capital Partners in September 2021 as a Managing Director in New York. She will be charged with global investor relations and business development, focusing on North America and Asia fundraising. She recently left CIFC Asset Management after six years as a Managing Director, Investor Relations. 

❖  Thomas Obaseki was poached by Neuberger Berman as a Managing Director, Institutional Client Advisor, in July 2021 based in Boston. Before Obaseki joined Neuberger Berman, he was a Senior Vice President, Business Development at Acadian Asset Management for three years. 

❖  Katherine Plavan was poached by Pretium Partners in August 2021 as a Managing Director on the Strategic Accounts team. She was most recently Head of Investor Relations with Amherst Holdings in New York for nearly three years. 

❖  Ryan Rampersaud joined Jennison Associates in July 2021 as a Managing Director, Head of Client Advisory Group in New York. Before Jennison, he was Head of Client Solutions, Managing Director at AQR Capital Management for two years in Connecticut, where he was responsible for collaborating cross-functionally to harness the firm's total resources to provide a best-in-class experience for clients. 

❖  Carlos Whitaker left Credit Suisse after 21 years with the firm, most recently as Head of New York and Co-Head of EMEA Equities Advisory Sales. He has just signed on to join Blackstone Credit as a Senior Managing Director and President of the firm's BDCs Blackstone Private Credit Fund and Blackstone Secured Lending Fund. 

❖  Vanessa Williams was promoted to Second Vice President, Regional Director - Goals Driven Wealth Management at Northern Trust Wealth Management in August 2021. She has been with Nothern Trust for almost five years, beginning as an Investment Associate then being promoted several times.

Spotlight on Wealth Management

Here is a selection of marketing professionals who have joined alternative investment firms in wealth management focused roles.
WEALTH MANAGEMENT

❖  Kayle Barwell was poached by Janus Henderson in September 2021 as an Associate Director, UK retail sales in London. She was previously at Aegon Asset Management as Manager, Business development since July 2021. 

❖  Steven Beckers joined PGIM in July 2021 as Senior European Sales Manager for Belgium and Luxembourg from Invesco US, where he was Retail Sales with the same geographic coverage. 

❖  Andrew Cocks started a new role as Director at KKR in September 2021 in London. Before KKR, he was at Blackstone as a Principal for four years. 

❖  Stephanie Cremer joined Bridgeport Asset Management in September 2021 as a Managing Director of Business Development in Toronto. She was most recently with YTM Capital Asset Management as a Managing Director, Distribution for five years. 

❖  Steven De Vries was appointed Head of Wholesale & Retail Distribution EMEA with Legal & General Investment Management in July 2021. Based in Amsterdam, he was most recently a Global Distribution Consultant with Gemini Capital Management for nearly a year, and before that, he was Head of Global Financial Institutions with Janus Henderson Investors in London. 

❖  Sophie Dodson was poached by The Carlyle Group in August 2021 as a Director and Head of Private Wealth Distribution, Europe in London. She was most recently with Goldman Sachs as an Executive Director focused on UK Retail. 

❖  Mateusz Dudarski joined Blackstone Private Wealth Solutions as a Principal in August 2021. He was previously at Standard Chartered Bank, where he was a Director, Investment Advisory. He is based in London. 

❖  Markus Egloff joined KKR's Client and Partner Group in August 2021 as a Managing Director and Head of Asia Wealth. He was previously at UBS Asset Management in Hong Kong, where he spent the last 25 years. He was most recently Head of Wholesale Client Coverage APAC. 

❖  Peter Glovsky joined Alvarium Investments in September 2021 as a Managing Director and Head of Family Office Services, APAC. He spent a year with IQ-EQ as a Managing Director and Head of Private Wealth, Asia. He has also held senior roles with Cone Marshall, Amircorp Group, Macquarie and Westpac. 

❖  Jessica Jones was appointed Managing Director and Head of Asia in August 2021 with PGIM Investments. Based in Hong Kong, this newly created role sees her expanding the firm's global intermediary business in Asia. She had been with GSAM for the last 17 years, most recently as a Managing Director and Head of Retail Client Business, Asia ex. Japan. 

❖  Martin Jufer was named Global Head of Wealth Management with GAM in July 2021. He joined the firm in 2009 from Julius Baer. He is based in Zurich. 

❖  Guilherme Lima joined BlackRock in October 2021 as Head of Wealth for APAC. Based in Hong Kong, he was Chief Executive for the Business Division since 2019 with Westpac Group. 

❖  Ted Logan joined HarbourVest Partners in September 2021 as a Principal in the firm's Private Client Group in London, covering Business Development and Strategy across EMEA and Asia. Most recently, he was with BlackRock as a Director, Private Markets Fundraising for EMEA Wealth, for nearly a decade. 

❖  Marah Marshall joined EQT in August 2021 as a Managing Director and Head of Americas Private Wealth Capital Raising in New York. She was with Goldman Sachs for 19 years, most recently as Vice President and Head of Platform Engagement, Alternative Investments & Manager Selections. 

❖  Sam Monroe transitioned to Brookfield Asset Management in the capacity of an AVP, Client Relationship Management in September 2021. Based in Toronto, he was previously at Further Capital Partners for ten month focused on Origination. Before Further Capital, Monroe was at Vangaurd for 4 years as a Business Development Manager. 

❖  Vai Rajan joined EQT Group in August 2021 as Head of EMEA Private Wealth Capital Raising in London. He was most recently with HarbourVest Partners, where he was a Principal for three years. 

❖  Jane Singer joined Lansdowne Partners in September 2021 in a Business Development role covering family offices. Based in London, she was most recently with Blackstone as a Director for six years. 

❖  Emily Starkey transitioned to AllianceBernstein as a Vice President, Private Wealth Management in August 2021 based in Miami after 13 years with Bloomberg LP. At Bloomberg, she most recently as Head of Canada Buyside Enterprise Sales. 

❖  Mark Tucker joined KKR as Head of Private Wealth Partners EMEA in August 2021 in London. Previously, he was a Managing Director running private wealth origination and diligence for HBBC Alternative Investments for the last decade.

Marketing Moves

A curated selection of Q3 marketing moves across the following strategies: Credit, Fund of Funds, Hedge Funds, Infrastructure, Multi-Asset, Private Fund Groups, Private Equity, Real Estate, and Secondaries.
CREDIT
 ❖ Jay Bhatt joined Balbec Capital in July 2021 as a Director, BD & IR in New York. He was previously at Nomura Asset Management for three and a half years. Before that, he has spent time at Sound Point Capital Management and BlackRock. 

❖ Guy Brooks joined Pemberton Asset Management in September 2021 as Head of Distribution in London. Before, he was with Deutsche Bank for 25 years, most recently as Global Head of Distribution & Credit Solutions and Regional Head of UK & Ireland and Head of Trade Finance & Lending. 

❖ Ralph Canada joined Pretium Partners in August 2021 as a Managing Director and Head of Western Region Investor Relations. He was most recently with Partners Group also as a Managing Director and Western Regional Head. Before that, he was with Ares Management, where he served as a Partner on the firm's Investor Relations team. 

❖ Sanford "Sandy" Ewing joined Pemberton Asset Management in July 2021 as a Managing Director for North American Business Development. Based in New York, he most recently with Cross Ocean Partners for the last five years as a Partner and Co-Head of Marketing and Investor Relations.  

❖ M.P. Hayden joined Monroe Capital in July 2021 as a Managing Director based in New York. Most recently, he was Head of Business Development with Raven Capital Management.


❖ Pete Mitchell joined PennantPark Investment Advisers in August 2021 as a Managing Director and Head of Private Capital Fundraising. He was most recently with Crescent Capital Group for the last six and a half years, where he was a Senior Vice President focused on Investor Relations. He relocated from Florida to New York for this new role. 

❖ Jonathan Moll joined Briarcliffe Credit Partners in September 2021 as a Managing Director in San Francisco. He was previously at White Oak Global Advisors, where he was a Managing Director, Marketing for nearly eight years. 

❖ Sam Morse joined Park Square Capital in August 2021 as a Director, UK Sales and Consultant Relations in London. He was most recently with Alcentra as a Senior Executive Director of Sales. 

❖ Martin Park joined Audax Private Debt in August 2021 as a Senior Vice President, Investor Relations. Most recently, he was a Director of Investor Relations at Brevat Capital Management for three years. 

❖ Tomer Sofer joined Oak Hill Advisors in August 2021 as a Principal, Business Development in London, after spending the last three and a half years with Alcentra focused on European Business Development. 

❖ Joshua Varsano joined Ellington Management Group in August 2021 as a Managing Director, Business Development, after a year and a half with Amazon as a Director of Talent Acquisition.
HEDGE FUNDS

❖ Stuart Davies joined Magnetar Capital in August 2021 as Head of Business Development, Systematic Strategies. Based in New York, he was most recently with AllianceBernstein as Co-Head of Custom Alternative Solutions for the last five years. 

❖ Zlata Gleason joined Indus Capital Advisory in September 2021 as a Partner and Head of Client Advisory Group in New York. She was with Lone Pine Capital as a Managing Director, Investor Relations, for a year. 

❖ Marne Schwartz Gorman joined Aristeia Capital in September 2021 as a Managing Director, Investor Relations & Marketing in New York. He was most recently a Director, Investor Relations with Taconic Capital for over seven years. 

❖ Kate Hechinger Ivers joined Antara Capital in September 2021 as Head of Business Development & Investor Relations. Based in New York, she was most recently with Anchorage Capital Group as a Managing Director, Business Development & Investor Relations. 

❖ Peter Mobberley joined Hildene Capital Management as Head of Business Development in September 2021 in New York. He joined from One William Street Capital, where he was a Managing Director for three years. 

❖ Ashley Pullen joined the York Capital spin-off, Community Fund, in August 2021 as Head of Marketing and Business Development. She had joined TCSV as Head of Investor Relations in January 2021. Before that, she was a Director of Business Development with APS Asset Management for three years in Singapore. She is now based in New York. 

❖ Ryan Rampersaud moved to  Jennison Associates in July 2021 as a Managing Director and Head of Client Advisory in New York. He left AQR Capital Management in January, where he was a Managing Director and Head of Client Solutions for two years. 

❖ David Schrock joined Jupiter Asset Management as Head of US Institutional in August 2021. Based in Denver, he was most recently with Janus Henderson Investors as Head of North America Institutional. 

❖ Vann Taylor was appointed Head of Investor Relations with Trian Fund Management in September 2021 from GoldenTree Asset Management, where he was most recently a Director for over five years. He is based in New York. 

❖ Gillian B. Tullman began her role as Director with Taconic Capital Advisors in September 2021. She was most recently with Aurelius Capital Management for two years as Head of Investor Relations and Marketing.

❖ Aaron Zimmerman recently began his Managing Director, Investor Relations & Marketing role with Taconic Capital Management in New York. Previously at Sculptor Capital Management, he was a Managing Director and Client Portfolio Manager for three and a half years.
INFRASTRUCTURE

❖ Barend Bloemarts transitioned to European Head of Investor Relations and Business Development Private Markets at Greencoat Capital Amsterdam in August 2021. He was previously at DIF Capital Partners in multiple roles over his four-year stint, most recently as a Senior Director Investor Relations and Business Development.

❖ David Boyce joined Greencoat Capital in July 2021 as Head of US in Chicago. He was previously a Principal at the Conifer Power Company for almost three years. 

❖ Charlotte Daelemans began her role as a Managing Director, Senior Real Asset Specialist with Nuveen in September 2021. She is focused on investor relations and capital raising across the UK and Europe. She was previously at AMP Capital as an Institutional Director, Europe, for five years. She is based in London.

❖ Maria Kang joined Sera Global in July 2021 as a Managing Partner for the firm's global infrastructure private capital advisory business. Kang previously was at Rubicon Capital, where she was a Managing Director with North America coverage. She is based in New York.

❖ Masahiko Kato joined EQT Group in September 2021 as a Managing Director and Head of EQT Infrastructure Japan. He is based in Tokyo. He was previously with Mitsubishi Corporation, where he was Deputy General Manager.

❖ Mathias Lejeune was poached by Ancala Partners in July 2021 as an IR Director in London from Pantheon Ventures. He was with Pantheon since 2015, most recently as a Vice President and Relationship Manager.

❖ Brett O'Brien joined Global Infrastructure Partners in September 2021 as a Principal after five years with BlackRock, most recently as a Director. She is based in New York.

❖ Perry Offutt moved to Morrison & Co. as Head of North America in September 2021 from UBS Asset Management, where he was a Managing Director and Head of Infrastructure Americas for three years. 

❖ Brian O'Grady joined Keppel Capital Alternative Asset in October 2021 as a Senior Managing Director and Head of Client Solutions in New York. He was with Vida Capital for nearly five years, most recently as a Senior Managing Director and Head of Distribution and Investor Relations.

❖ Carolyn Pearce joined Stonepeak Infrastructure Partners in October 2021 as a Managing Director in London. She spent the last 11 years with Infracapital, most recently as a Managing Director.

❖ Daniel Price is set to leave Actis, where he is Principal in the firm' Investor Development Group with EMEA investor coverage. He will join Antin Infrastructure Partners soon as a Director with the UK and Nordic IR coverage. He is currently waiting for the start date.

❖ Ben Steele transitioned to IFM Investors in September 2021 as a Director, Business Development in Edinburgh from Aberdeen Standard Investments, focused on European private markets sales.

 ❖ Terry Wetterman joined ArcLight Capital Partners in September 2021 as a Director of Investor Relations in Boston. He was most recently with APT Fund Advisory for three years as a Partner. 

❖ Amy Yun joined Stonepeak Infrastructure Partners in September 2021 as a Vice President, Investor Relations in New York from Macquarie, where she was a Vice President of Sponsor Coverage.
MULTI-ASSET

❖ Senait Asgede joined Neuberger Berman in August 2021 as a Client Relationship Manager covering Swedish and Finnish institutional Markets. Based in Stockholm, he was with Schroders for the last six years as a Senior Client Director with Nordic institutional coverage.  

❖ Laura Coquis joined Investcorp in September 2021 as Global Head of Institutions and will be charged with institutional capital raising internationally and investor relations management. Based in London, she was most recently a Partner with Avitidi Advisors for the last year. Before that, she has held senior roles at OMERS Infrastructure, BC Partners, Atlantic Pacific Capital, and other institutions. 

❖ Michael Foley has signed on to join Franklin Templeton as Head of US Institutional Services, replacing Tom Fisher, who left in June 2021. He will lead the following teams at the firm: US Institutional Direct Sales, Relationship Management, and Consultant Relations when he starts in September. Most recently, he has been with Guggenheim Partners as a Senior Managing Director and Head of Institutional Client Group since 2018. Before that, he was with BlackRock for six years as a Managing Director in various senior leadership roles. 

❖ Noah Gunn joined Apollo Global Management in August 2021 as a Managing Director and Global Head of Investor Relations in New York. Most recently, he was with Athene for three years as a Senior Vice President and Head of Investor Relations.  

❖ Jamie Hammond, the former CEO of AllianceBernstein UK, joined iM Global Partner in July 2021 as Deputy CEO and Head of EMEA Distribution. Hammond is focused on Business Development efforts across Europe.  

❖ Alexander Henderson joined Bread Street Capital Partners in October 2021 as Head of Strategic Partnerships in London. He recently left Janus Henderson Investors after 25 years with the firm, most recently as a Managing Director, Global Financial Institutions. 

❖ Jessica Jones was appointed Managing Director and Head of Asia in August 2021 with PGIM Investments. Based in Hong Kong, this newly created role sees her expanding the firm's global intermediary business in Asia. She had been with GSAM for the last 17 years, most recently as a Managing Director and Head of Retail Client Business, Asia ex. Japan.   

❖ Markus Koch joined GCM Grosvenor as an Executive Director in September 2021 in Frankfurt from Prime Capital, where he was a Managing Director, Client Solutions. 

❖ George Machinst joined KKR's Client and Partner Group as a Director in September 2021 in New York. Previously, he was with Park Hill Group PJT Partners as a Principal, Private Credit and Hedge Fund Distribution. 

❖ Alex Merla was named Head of Wholesale for Southern Europe with HSBC Asset Management in July 2021. Based in Milan, he was most recently with Lyxor Asset Management for nearly 15 years, most recently as a Managing Director and Head of Lyxor AM Business Development, Italy. 

❖ Eric Meyers joined Apollo Global Management in September 2021 as a Managing Director, Credit on the recently formed Capital Solutions team in New York headed by Craig Farr. He joined from Solar Capital Partners, where he was most recently a Partner. 

❖ Mary Murphy was named Global Head of Consultant Relations with GAM Investments in September 2021 in London. She reports to the Global Head of Institutional Solutions, Jill Barber. She joined from BlackRock, where she was a Director, Consultant Relations for the last five years. 

❖ Thomas Obaseki joined Neuberger Berman in July 2021 as a Client Advisor on the firm's Institutional Client Group. Based in Chicago, he will report to the Head of the Institutional Client Group, Matt Malloy. Previously, he was with Acadian Asset Management as an SVP, Business Development. 

❖ Guy Prochilo joined Nuveen in July 2021 as SMD and Global Head of Client Services in New York. Previously, he was with AllianceBernstein for the last 21 years, most recently as SMD and COO of the Global Client Group. 

❖ Taylor Reinhardt joined Perella Weinberg Partners in July 2021 as an Executive Director and Head of Investor Relations. She was with Apollo Global Management most recently, where she was focused on Investor Relations and Investor Communications for the last six years. She is based in New York. 

❖ Molly Sheinberg joined Ares Management Insurance Solutions in September 2021 as a Managing Director focused on Investor Relations and Fundraising. She was with Blackstone Insurance Solutions for three years, most recently as a Managing Director. She is based in New York.  

❖ Clayton Shumway began his new role with Apollo Global Management in September 2021. He joined the firm's Client and Product Solutions team as a Partner and is responsible for helping to lead fundraising efforts for private equity, credit, and real assets across North America. Most recently, he was with Angelo Gordon as Co-Head of North American Investor Relations and Fundraising. 

❖ Sarah Silverman joined Northleaf Capital Partners in September 2021 as a Managing Director, Business Development in New York. She joined from BlackRock, where she was a Managing Director and Head of US Alternatives with the Global Consultant Relations team for over five years. 

❖ Gracee Teo joined Nuveen in September 2021 as Head of Southeast Asia Institutional in Singapore. She reports to Simon England-Brammer, SMD and Head of APAC and ME. She was a Senior Vice President, Business Development with Fullerton Fund Management for six years. 

❖ Vanessa Wang transitioned to DWS in September as Head of Client Coverage APAC in Hong Kong. She was with Amundi for nearly five years, most recently as SMD and Head of Institutional Group, US.
PRIVATE EQUITY

❖ Jess Bolkcom transitioned to Tiger Global Management in a senior Investor Relations role in September 2021. Based in New York, he was most recently with Elliott Management Corporation as a Director of Marketing and Investor Relations.  

❖ Matthew Boole moved to Hunter Point Capital as Head of Distribution, North America, in September 2021 in New York. He was previously with The Carlyle Group for eight years, most recently as a Vice President, Investor Relations. 

❖ Charles Daulon du Laurens joined Actis in September 2021 as a Managing Director and Head of EMEA Investor Development Group. He joined from InfraVia Capital Partners after two years with that firm. He is based in Paris. 

❖ Jenny Fung joined AlbaCore Capital Group as a Managing Director, Investor Relations in September 2021 in New York after 13 years at Taconic Capital, most recently as a Director, Marketing & Investor Relations.  

❖ Shea Goggin transitioned to Bregal Sagemount in September 2021 as a Partner and Head of Capital Formation and leads investor relations and fundraising efforts. He recently left Houlihan Lokey Private Funds Group after two years as a Managing Director and Global Co-Head of the Private Funds Group.  

❖ Simon Gold was poached by EQT Group in September 2021 as a Director based out of London. He was most recently with FirstPoint Equity, most recently as a Managing Director. 

❖ Scott J. Levine began his new role with General Atlantic in New York. He joined in September 2021 as a Principal, Capital Partnering after three years with Apollo Global Management as a Director of Business Development and Fundraising. 

❖ Kevin Lucey, a Managing Director and Chief Operating Officer at Hamilton Lane, has retired from his role in July 2021 after nearly 15 years. Before joining the firm in  2006, he was with Schroders as Chief of Sales, Client Services & Marketing. 

❖ Julie Lundstrom transitioned to the Swiss-based PE firm Evoco in September 2021 as an Investor Relations Director in Zurich. Previously, she was Head of Private Assets Distribution with Banque Lombard Odier for nearly a year. Before that, she was with Lombard Odier Investment Managers as a Private Equity Product Specialist for three years. 

❖ Armando Piccinno joined Arcmont Asset Management in September 2021 as Head of Business Development, Italy, from BNY Mellon Investment Management, where he was Head of Institutional Sales for Italy. 

❖ Brett Sutton has been appointed Chair of Australia CVC Capital Partner. He will be responsible for overseeing the firm's expansion in Australia and opening a Sydney office. He was with Affinity Capital Partners for 16 years and led that firm's founding an office in Australia.         
   
❖ John Tubesing joined Dragoneer Investment Group in July 2021 as a Principal, Investor Relations & Business Development in New York. Previously, he was with Silver Lake as a Vice President, Fundraising & Investor Relations for five and a half years. 

❖ Grace Uniacke was poached by StepStone Group as a Vice President, Investor Relations from Greenspring Associates, where she was in a similar role for a year. 

❖ Derek Wardlaw joined O2 Investment Partners in September 2021 as a Vice President and Head of Business Development. He joined Boyne Capital, where he was a Vice President of Business Development for four years. He relocated from Miami to Detroit for this move.  

❖ William Waters joined Pantheon Ventures in September 2021 as Principal and Head of US Consultant Relations in Chicago. Previously, he was with Neuberger Berman as a Vice President, Consultant Relations. 

❖ Jennifer Wilcox joined WestCap in September 2021 as a Managing Director, Investor Relations and Business Development in New York. She was most recently with Centerbridge Partners for three years in a similar role. 

❖ Cyle Williams joined the newly formed PE firm, Ceiba Capital Partners, in September 2021 as a Vice President of Business Development and the firm's two co-founders. He was most recently with Sancus Capital Group in a similar role. He is based in La Jolla. 

❖ Charlotte Woltz joined Oakley Capital in August 2021 as Director, Investor Relations covering European and North American LPs. She was with Stirling Square Capital Partners in an IR & BD role for the last five years. 
PRIVATE FUND GROUPS

❖ Valerie Auffray joined Triago in September 2021 as a Partner in London. Most recently, she was with Apposite Capital for nearly 14 years, most recently as Head of Investor Relations. 

❖ Jerome Bouix joined Nordic-based placement agent, Ermitage Partners, in August 2021 as a Managing Partner in Stockholm. Most recently, he was with Scala Fund Advisory as a Managing Partner for the last five years. 

❖ DJ Ciaburri joined Eaton Partners in September 2021 as a Director of Northeast Distribution. He left UBS's Private Fund Group, where he was a Director with similar coverage for seven years. 

❖ Craig Hooper joined MVision Private Equity Advisors in September 2021 as a Senior Vice President from 1251 Capital Group, where he was a Regional Director for less than a year. 

❖ Sara Modalal Al-Qahtani joined Mercury Capital Advisors in July 2021 as a Principal and Head of Middle East from Principal Global Investors. She is based in Dubai. She was previously at Principal Global Investors in Institutional Sales for almost four years.  

❖ Reyno Norval re-joined Asante Capital Group in July 2021 as a Managing Director from Orion Energy Partners, where he has served as an Interim Managing Director since 2018 in London. He was a Director with Asante London for four years before his role with Orion. He will relocate back to London for this new role. 

❖ Katie Price joined Campbell Lutyens in September 2021 as a Senior Vice President, Fund Placement Team in New York. She was with Goldman Sachs for three years as a Vice President, Capital Introduction. 

❖ Mai Takeuchi joined Thrive Alternatives in October 2021 as a Managing Director, Private Capital Advisory. Based in Hong Kong, she was previously with Asia Alternatives Advisor, where she was a Principal for the last six years.  

❖ Patricia Wilkinson joined Sera Global in August 2021 as a Partner focused on Project Management in London. Previously, she was with Threadmark for the last six years as a Partner.
REAL ESTATE 

❖ Issie Armstrong moved to DWS as a director, global illiquid specialists (RE IR), in London in July 2021. He previously was at Aviva Investors. 

❖ Ian Currie joined Sera Global in July 2021 as an Executive Director, Private Capital Advisory focused on Real Estate. Based in London, he joined from Europa Capital, where he was a Director also with Real Estate coverage.

❖ Leila Forrence joined The Carlyle Group in August 2021 as a Principal and Senior Product Specialist, Real Estate in New York. She was with Blackstone for the last four years, most recently as a Vice President focused on Real Estate Investor Relations & Business Development. 

❖ Bill Knox joined the Austin-based Real Estate PE firm CapRidge Partners in August 2021 as a Managing Director on the firm's Investor Relations team. He was most recently with KLS Diversified Asset Management as a senior member of the firm's Client Development unit focused on Business Development. 

❖ Thomas McCluskey transitioned to Blackstone Associate, business development (real estate) in September 2021 in New York from Cohen & Steers. 

❖ Mortiz Mondovits joined KKR in October 2021 as a Principal on the firm's Client and Partner Group covering DACH Real Estate. He was most recently an Associate Principal with Victoria Partners and is based in Frankfurt. 

❖ Lawrence Ou joined KKR as a Director covering Real Estate on the firm's Client and Partners Group. He joined from The CIM Group, where he was a Vice President, Global Partners. He is based in San Francisco. 

❖ Christopher Rice-Shepherd joined Related Companies in October 2021 as a Managing Director and Global Head of Capital Raising and Business Development. Based in Los Angeles, he left Crow Holdings in August after two and a half years as a Director of Investor Coverage and Business Development. 

❖ George Rupp joined Driftwood Capital in August 2021 as Managing Director, Business Development & Consultant Relations in Miami. Previously, he was with Walker & Dunlap Investment Partners as a Managing Director, Capital Formation. 

❖ Klaus L. Svendsen transitioned to Arrow Global Group in September 2021 as a Managing Director of Client and Capital Formation in London. He was previously at Starwood Capital Group as a Managing Director and Head of Capital Raising & Investor Relations Europe. 

❖ Robert Weinert joined Roosevelt Management Company in July 2021 as Head of Investor Relations & Business Development in New York. He was with Blackstone since 2006, most recently as a Principal.
SECONDARIES

❖ David Boal joined Coller Capital in September 2021 as a Partner focused on EMEA Investor Relations. He was most recently a Managing Director and Head of EMEA with Siguler Guff for over six years in London. 

❖ James Fish joined Evercore's Private Capital Advisory in July 2021 as a Vice President. He was with Triago for the last six years, most recently as a Partner. 

❖ Marc Fitorre joined the secondaries advisory team with Triago in July 2021 as a Principal from Cebile Capital. He was responsible for secondaries origination and execution across North American and APAC.  

❖ Earl Hunt began his new role with Apollo Global Management in July 2021. He joined as a Partner and CEO of Apollo Debt Solutions and Co-Head of Secondaries. Most recently, he was with Goldman Sachs as a Partner, Relationship Management & Strategy. He is based in New York. 

❖ David Markson joined Evercore's Private Capital Advisory in July 2021 as a Managing Director in New York. Before Evercore, he was at Triago, where he was Head of Secondaries North America. He was with the firm for 12 years. 

❖ Patrick No joined Lazard's Private Capital Advisory in August 2021 as a Managing Director with APAC fundraising and secondary solutions cover. Previously, he was Head of Asia Financial Sponsors with Credit Suisse for the last five years. 

❖ Michael Pilson joined Triago in July 2021 as a Partner on the firm's secondaries advisory team. He was with Eaton Partners as a Managing Director for the firm's GP secondary advisory most recently. He was responsible for secondaries origination and execution across North American and APAC
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