This episode of the Global Investment Leaders podcast features Mike Manning, CFA, CAIA, the managing partner at NEPC, a full-service global investment consulting firm. Manning shares his insights with Rosemont CEO Chas Burkhart on the firm’s evolution since its founding in 1986 and its positioning for the future.
“You do right by the clients, you set up the company in a way that you can be as independent as you can from conflicts of interests, and you think broadly about clients’ investment portfolios. If you do that right, your business will grow,” Manning shares. Manning also discusses the firm’s focus on its people, from attracting and retaining talent to preserving the culture of employee ownership through the sustainable and fluid transfer of equity to the next generation of leaders.
Throughout the conversation, Burkhart and Manning discuss how NEPC runs its business in the same way it advises its clients to operate. This includes being:
- Disciplined about how much the firm will extend itself
- Diversified across all segments
- Dynamic, being nimble and opportunistic whether it’s adding new talent, services or client segments
One such example of being dynamic was NEPC’s decision to build a team to serve the private wealth market, which was historically underserved by independent, institutionally minded consulting firms. Manning credits NEPC’s ownership structure, without quarterly earnings or outside owners to consider, with the ability to make that investment over many years.
Finally, Manning and Burkhart discuss the current investment landscape and the themes that Manning and his firm are following for their clients. These include:
- The forward-looking returns in the public markets, which are unlikely to be sufficient to help clients meet their objectives
- Opportunities in private markets and illiquid investments, particularly in private debt, due to its attractive risk profile and cash flow
- Investing to compensate for rising inflation
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