How have you been a change agent at your organization? What have you done that you’re particularly proud of?
I joined Prudential in 2013 as part of the company’s initiative to rebuild their in-house alternatives investment team. Despite being a junior professional, I was able to take on a lot of responsibility, and ultimately helped shape the internal processes the group still uses today.
But perhaps the thing I’ve done during my career that I am most proud of has the least to do with my day-to-day work life. Shortly after joining Prudential, I was asked by our organization’s CIO to join a team that would work with a local high school to organize a series of events designed to provide young women and minorities with exposure to career possibilities in science, technology, engineering and mathematics (“STEM”) fields. I have participated in these events over the past three years and am encouraged by some of the preliminary results.
What is the asset class or investment that keeps you up at night, and why?
Long-bias, concentrated equity-oriented managers whose strategies lend themselves to position crowding.
What methodologies have you adopted within your institution?
I have not yet introduced new methodologies to my team’s investment process, but have actively supported the Portfolio Manager in standardizing and streamlining elements our team uses to underwrite new opportunities and monitor our existing portfolio. For example, I was responsible for building and implementing the framework / process for developing our asset allocation targets. More recently I created an alpha and attribution template that enables us to compare results across managers with similar strategies.
Where do you fall in the passive vs. active debate?
Active management has been and, I believe, will continue to be a source of alpha. The current environment of low rates and low growth has made passive strategies more appealing as investors search for yield.
What are the changes you’d like to see the institutional investing community make in 10 years?
More transparency and uniformity of performance reporting that would allow us to leverage technology and more effectively manage our portfolios.
Who is a manager you don’t currently work with whose brain you’d like to pick?
Nelson Peltz.
Ideally, where would that meeting take place?
Trian’s NYC offices.
What is the software investment tool that helps you most?
eVestment.
What would improve the relationship between you and managers?
Overall, I am extremely pleased with my relationship with the managers in our portfolio.
Why did you choose your current path?
Before joining Prudential, I was a credit and investment banking analyst at Key Bank, where I worked closely with leveraged finance and M&A teams on sponsor deal financing and capital raises. It was through that experience that I developed a strong interest in alternative investments and portfolio management.