As we prepare for Series 5 of the Fiftyfaces Podcast, we are delighted to bring you this preview from Series 5, a joint podcast between Fiftyfaces Productions and Alvine Capital.  Alvine Capital is a specialist investment advisor and fund placement boutique. Nate Kirk is the co-founder of Everside Capital Partners, a private credit fund focused on the lower-middle market based in New York City. He founded the firm together with Moritz Poehl in 2016, and was previously a portfolio manager at Third Avenue Management, where he focused on stressed and distressed credit, special situations and flexible credit, and prior to that worked as a Trader and High Yield Credit Researcher at J P Morgan. Our conversation starts with Nate’s early education and the passion that he developed for rowing in his teens and beyond. While he admits that he didn’t always have the “best form” as a rower, his passion, discipline and dedication to the sport distinguished him and taught him the characteristics of grit and perseverance that proved to be useful in the corporate world. We hear about how he had to channel that grit to find his first entry into the world of finance, and about the lessons that the volatility in the financial world presented. These lessons related to client treatment – particularly in times of challenge, dealing with counterparties and seeking pockets of return along the road less traveled. We conclude with reflections on how personal setbacks can lead to a reckoning of what it is that truly matters in life and on the challenges – and rewards of finding a solid work/life balance.Alvine Talks Podcasts are co-hosted by Tom Raber and Aoifinn Devitt and aim to bring a deeper understanding of the people and processes behind the strategies that drive differentiated returns.

In this latest episode of our Latin American Voices Series we are joined by Uwe Schillhorn who featured in our main series in early 2024, in which he described his period living in Chile and the insights gained from all of that time on the ground. That podcast is here: https://open.spotify.com/episode/4wiSyXvKN9eccFEXDiK9Sm?si=0qwkL-1jSQGaPMFdDyA62gWe move then to mapping the Chilean institutional investor landscape, and Uwe details the pension fund landscape, the insurance companies and family offices that comprise the investor base. We chat about the economic backdrop and the preferences that this has led to when it comes to portfolio construction. We then move to the focus on Yupa Fund Services as a placement agent serving the Chilean institutional landscape.This latest installment of our Latin American Voices series is intended to shed more light on the Chilean economy and its institutional investors, particularly of interest to international managers seeking to diversify their investor base into the region.

Sam Garetano is Senior Vice President at Brookfield Asset Management, where he works in the infrastructure area with a particular focus on data centers. He has spent his entire career in various roles in finance including at Blackrock and Adams Street Partners.Our conversation starts with Sam’s somewhat unconventional path into finance. He initially thought he would pursue a career in sports broadcasting, after pursuing a degree in broadcast journalism. While that career path was not to be, we reflect on how a love of statistics and an eye for detail can align with a flair for financial analysis. We move then to his move to Brookfield and into the infrastructure area and speak about the opportunity set in the burgeoning field of data centers. In this dynamic area, staying up to date is key and Sam mentions the evolution of data centers from small, single-purpose structures to large, power-consuming facilities. This naturally has led to a surge in demand for power which is a further source of infrastructure investment opportunity. Our discussion spans the importance of global reach, local investment and the evolving financial ecosystem around infrastructure and data centers. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Karl Scheer is Chief Investment Officer at the University of Cincinnati, a role he has held for over 13 years. He previously worked in a series of consulting and other financial roles. Karl gave a wonderful overview of his career in this Capital Allocators Podcast with Ted Seides, so we wanted to take up where that left off, and hear about his evolution in the CIO role since that interview.We start by asking about what, from his rich background, Karl continues to draw upon in his CIO work and ask what has changed, both about the market backdrop and how he perceives the role.  We discuss the constraints that come with size, and how the venture capital and private equity ecosystems are evolving. We also tackle the shifts he has made in managing the fund from a material hedge fund position and active management in public equities to a focus on private equity, growth equity, and real assets.With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Cesar Collier is Managing Partner and Head of Latin America at Siguler Guff & Company. Based in Sao Paolo he previously worked in a series of private equity roles, as well as in retail at Wal-mart and Carrefour Brasil. Our conversation starts by tracing Cesar's early inspirations, the long history of army service in his family and the lessons that he learned in a setting that was at times tough, requiring team work and endurance. His foray into retail was so less strenuous - although it was an area that he thrived in and gained senior experience quite early Cesar is open about the relentlessness of retail's pace of problem solving. This volatility, need to adapt to trends and need to trouble shoot proved to be a good set of training tools for a switch into private equity and finance.We turn then to discus the current Brazilian financial backdrop - where high interest rates (at around 15%) and a weak currency are currently factors and how this affects the appetite of the domestic investor as well as presents opportunities for external ones. Cesar is passionate about the opportunities to invest in Brazil, and describes some strategies in particular, such as legal claims, in which he draws upon his legal roots but also flexes a complexity premium and the benefits of "patient capital" to find a fertile area of return. This podcast is full of the unexpected, from unexpected areas of opportunity in Brazil that other investors may overlook to inspirations and life events that forced either a pivot or a change of style. We are delighted to bring you this additional insight from our Latin American voices series. 

Candice Richards is Founder and CEO of Moxie Platforms. Moxie builds custom women’s platforms, initiatives and events for firms in the financial services industry. She previously worked as Managing Director, Head of ESG and Compliance Officer at MidOcean Partners.We hear about Candice’s upbringing and a certain “moxie” that led her to reach out, make contacts, and network assiduously from an early age. She doesn’t pretend that this was easy, but she does discuss, candidly, how it got easier with time. This is essential advice for young professionals today, and it is heartwarming to hear it laid out in such a clear way.We move then to her early career, the professionals that mentored her and the experiences that led her to found Moxie and the problem that she perceived in the industry that she wished to solve. We speak about the response to the movement she has built and why she is excited about the future.Finally in the reflections section we talk about her mother – herself no stranger to moxie – who gave Candice the immortal advice to “buy her own baubles”. She has been committed to fending for herself ever since. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

James Fletcher is the founder of Ethos Investment Management, based in Salt Lake City. He has over 19 years of investing in Emerging Market and was previously Director and Senior Portfolio Manager of the $1billion EM Small and Mid-cap fund at APG Asset Management. Our conversation starts with the seeds that started James’s passion for Emerging Markets – an extended stay in Brazil, where he learned to speak Portuguese and was entirely immersed in the brands and consumer culture of the dynamic country. This led to a hunger to uncover what is less well known about regions under the Emerging Markets umbrella, and we dive in to this – including the unique, research driven, approach that the team takes at Ethos. We also refer to the origins of the name – it defines both their approach to investment management and portfolio construction as well as the ethos of the companies they invest in – companies committed to their mission, with honesty and integrity.We move then another passion – James is also the founder of Young Investors Society (www.yis.org). Young Investors Society has become a leading global Financial Literacy organization teaching financial literacy and long-term investment skills to high-school students in over 1,000 high-schools across the world. We hear about lives changed and the impact felt by giving an opportunity to thousands of young people and about the power of lighting the spark for investing. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Karey Barker  is Founder and Managing Director of Cross Creek, a late-stage venture capital firm headquartered in Salt Lake City, Utah.  She has over 25 years of broad public and private investment experience and holds a number of Board roles, including ARUP Laboratories. Our conversation walks through Karey's career which saw the unusual move from analysis of public equities into venture capital investing, and we hear why they are more similar than we might think. We move then to the current opportunity set in venture investing - particularly at the late stage of venture investing (within 1-2 years of going public) which is the expertise of Cross Creek. Karey discusses some of the sectors where she sees the most compelling opportunity sets, including areas likely to impact the consumer, some of which have been overlooked in the current market hype.We end with a reflection on lessons learned and the industry as it is today, from an LP and allocator perspective. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its client

Jose Manuel Silva is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region.This is a replay of the first episode of our Latin American Voices series. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Fernando Bonardi is currently working as a family office advisor from his base in Buenos Aires. He formerly was head of BNY Mellon Investment Management in Santiago, Chile for 17 years, and prior to that held a series of financial roles. With a career that has spanned decades, Fernando has worked through many different cycles in Argentinian market history, and we discuss the evolution of his career adaptations he had to make – such as relocating to work from Chile for a number of years, when the bank he was working with pulled out of Argentina. We then explore the current climate in Argentina, and reflect on the adjustments that the population has had to make. We discuss persistent inflation and other economic crises, and how this led to a breach of trust and drove savings overseas. We examine the psychological impact of a lack of trust and ongoing uncertainty, and ask whether it instills a resilience, agility and an ability to move quickly in a population.Turning then to the current election cycle, Fernando lays the groundwork for some cautious optimism, but recognizes that the situation is and continues to be fluid.We recorded this podcast prior to the September 8 elections in Buenos Aires which delivered a blow to President Milei’s party.

Joanne Donnelly is the CEO at the London Pensions Fund Authority, a role she has held since April of this year. She was previously Head of Pensions at the Local Government Association and prior to that worked in HM Treasury, the NHS and the UK Home Office.  Our conversation takes us from the big picture, starting with international law, which was Joanne’s original specialist area, to the local level, her current focus, and there were many fascinating stops in between. We hear about various roles in public agencies, and how this shaped her approach to governance and ultimately service. We hear about the paramount importance of communication early and often and how this forges the link with ultimate beneficiaries. Why we made this? Joanne is an emerging leader in the dynamic world of public pensions, which is particularly in focus in the UK today. Why we think you will like it? It is rare to find a leader who sets the standard in the challenging area of public pension funds. Joanne is one of these leaders, and we can learn a lot from her insights on governance, communication and transparency.  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Lauren Juliff is Climate and Sustainability Product Lead and Head of UK Institutional at Storebrand Asset Management UK. Her educational background is in science and she has a MSc in Climate Change: Environment, Science and Policy. We start our conversation with Lauren’s background and a passion for dance that she has carried throughout her life. We mention this as a reminder to take time to nurture health, and joy, even in the small moments. Moving then to her professional career we discuss the evolution of climate and sustainability products, and how she was motivated to pursue a post graduate degree in the area of climate change policy. We discuss then how this enriched her approach to product development and solution building and look at the outlook for this and similar strategies.  Why we made this? Lauren is a passionate industry member with a unique blend of an academic background in Climate Change, Environment, Science and Policy as well as an understanding as to how sustainability products are fashioned and delivered.  Why we think you may like it? A growing body of investors is interested in climate and sustainability products, and this podcast provides insights on product positioning, the evolving nature of client demand  With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Jose Manuel Silva, who is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region. 

Jon Salstrom is Executive Director and Chief Investment Officer at the Cincinnati Retirement System, a role he has held for almost two years. He previously worked in a series of consulting and financial analyst roles. Our conversation starts by tracing his earlier career path, and particularly his roles in consulting which set him up well for the current role with the City of Cincinnati. We dive in then to what shifts he noticed in himself, and in his backdrop, when he made the move to public service, and explore the best practice in governance that is key to making progress and protecting capital in this area. Moving to mission and purpose we discuss the fund’s asset mix, key priorities as well as size and funding level, and the overarching sense of purpose that guides him and his team. "Strength in Unity" is the motto of the City of Cincinnati.  Why we made this? US public defined benefit funds are a key component of the US institutional landscape. Sitting at the intersection of politics and finance, these funds may have to wrestle with funding, cash flow and stakeholder issues that are complex, while often operating with lean teams. Jon Salstrom is a relatively new leader in this space, and we wanted to capture his perspectives and approach as an allocator in Cincinnati. Why you may find this useful? The discussion provides insight into what is top of mind for a  public fund allocator today, as well as an charming description of a shift from the private sector to embracing public sector mission and purpose. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

I am delighted to launch this bonus series featuring leading financial thinkers in Latin America with this podcast with Nicolás Dujovne, recorded live in Buenos Aires in late August. Nicolás is an Argentine economist and former Minister of the Treasury between 2017 and 2019 under the administration of Mauricio Macri. He has had a long career in financial markets, primarily as an economist, and since 2020 has been a partner of Tenac Asset Management, which recently won best Emerging Markets Macro Fund over two years as awarded by the Hedge Fund Journal.  Our conversation traces Nicolás's early interest in photography, and how this shaped his sense of perspective in his chose career as an economist. We dive in to his core beliefs as an economist and some of the "truths" that his experience in living and working through economic crises has taught him about the importance of fiscal discipline.We trace the evolution of the economic backdrop throughout his career, moving in to his time in the Treasury and his assessment of the current state of reforms being implemented under President Milei. With elections looming in September much remains to be seen, but we discuss potential paths and hopes for the future. Finally we turn to his current role at Tenac Asset Management, and examine some of the macro drivers in markets today and the level of difficulty in navigating them. This special series focused on South America will be released occasionally on a Friday. We welcome feedback, guest suggestions and more. 

Nadia Cobalovic is Senior Vice President at Northern Trust and Global Head of Omnium Services, where she oversees teams encompassing Middle Office Operations, Back Office Administration and Data Delivery. She also contributes to business growth, strategic initiatives and new initiatives. Our conversation starts with her early career aspirations to be a war correspondent and later, to work in U.S. government agencies. Delays and bottlenecks ultimately led to a forced—but serendipitous—pivot into financial services. What began as a temporary role at Citadel became the start of a dynamic 25+ year journey, one that now finds her leading Omnium Services at Northern Trust—still alongside some of the same colleagues who have been part of her career from the very beginning.We speak then about the evolving world of hedge fund services and how AI, cyber security concerns and changing investor and fund needs are shaping it. Moving to career reflections we discuss the importance of giving credit where it is due – sometimes to oneself, and the joys that working for a supportive team – and together – for over 25 years can bring. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

It has been an exciting summer, but we have managed to squeeze in a set of global guests for Series 4 of our 2025 Fiftyfaces Podcast – which takes us from the evolving world of hedge funds and the support infrastructure needed, to emerging market equities to late-stage venture capital to public pension pooling.We start with hearing from Nadia Cobalovic, and the evolving world of hedge fund operations, then turn to Jon Salstrom, one of two Cincinnati investors on this Series, who describes the mission with which the Cincinnati employees retirement system runs their pension scheme. Staying with local government we change gears to the UK and the fast-paced set of changes occurring there, hearing from Jo Donnelly, CEO of LPFA. We revert to sustainability, with a side of dance, in a joyful discussion with Lauren Juliff of Storebrand, and then move to our first foray into Emerging Markets this series with an in-person interview with Jose Manuel Silva, conducted live in Santiago, his base. We then go back to Cincinnati, to check in with Karl Scheer, CIO of the University of Cincinnati endowment. It is back to Emerging Markets then, with an interview with James Fletcher, founder of Ethos Investment Management, and from emerging markets to emerging sectors, we then hear what excites Karey Barker of Crosscreek ventures, also based in Salt Lake City about the current opportunity set in innovation.Because we like to hear of movers and shakers who are forcing us to think differently about how we show up in work, an engaging discussion with Candice Richards, will remind you to “buy your own baubles” and let your authenticity shine through at work, and finally are back to picks and shovels, with a discussion with Sam Garetano of Brookfield Asset Management on the appeal of data center investing.  Thank you to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is an asset management boutique that seeks out game-changing companies and other assets that can sustain long-term growth and remain resilient in a changing world. As an investment manager, it aims to deliver strong returns for its clients while supporting the firms that are backed on their behalf to succeed.

Lisa Laird is CIO at Mercy Investment Services in St. Louis. She has previously held senior strategist roles as well as other healthcare leadership roles, and currently holds a number of additional board roles. Our conversation starts with her dream to become a ballet dancer, and how this ultimately required a serious pivot, and we then hear about a series of financial services roles that ultimately culminated in her current CIO role for a religious institution. Having not had many guests with this connection on our podcast before it was interesting to dig into some of the unique characteristics of this type of role, which in Lisa’s case includes a commitment to impactful investments. We discuss the definition of impact in this case, and how it is implemented and complementary to some of the charity and philanthropic work done by this institution. Finally we reflect on the importance of kindness and how it can be a touchstone through one’s career and life. Thank you to GCM Grosvenor and Resolute Investment Managers, Inc. for sponsoring Series 3 of 2025. GCM Grosvenor is a global alternative asset management firm with a longstanding commitment to supporting small, emerging, and diverse investment managers. For over 30 years, the firm has developed expertise in funding and guiding these managers as part of its broader activity across alternative investments. With over $20 billion in AUM dedicated to small and emerging managers and $16 billion in AUM dedicated to diverse managers, GCM Grosvenor leverages its experienced team, broad network, and proprietary sourcing capabilities to support their success. Through the Small, Emerging, and Diverse Manager Program, the firm creates opportunities for investors to access a wide range of talent while seeking to drive strong returns and impact. For more information, visit www.gcmgrosvenor.com Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners.

Nick Spencer is a senior consultant and sustainability risk specialist in the Milliman Life and Financial Services practice based in London. He is a Fellow of the Institute and Faculty of Actuaries and past Chair of its Sustainability Board and a past Council Member. He has written extensively on the integration of climate risks into actuarial work as well as on natural capital, biodiversity and broadly on aspects of the climate transition. Our sweeping discussion starts with risk, which, as an actuary, has been the backbone of Nick’s career – analyzing it, measuring it, mitigating it. We look at the challenge of sustainability through a risk lens, and ask whether carbon should remain at the forefront of the discussion or whether it is more critical now to expand the list of priorities. Staying on the topic of risk we speak about standards, reporting and mitigation, and circle into adjacent areas such as the challenge of biodiversity loss, renewable agriculture and the hydrology cycle.  Naturally, some of these seem to be at times insurmountable challenges, and we assess the right mindset for staying in this industry long term.Thank you to GCM Grosvenor and Resolute Investment Managers, Inc. for sponsoring Series 3 of 2025. GCM Grosvenor is a global alternative asset management firm with a longstanding commitment to supporting small, emerging, and diverse investment managers. For over 30 years, the firm has developed expertise in funding and guiding these managers as part of its broader activity across alternative investments. With over $20 billion in AUM dedicated to small and emerging managers and $16 billion in AUM dedicated to diverse managers, GCM Grosvenor leverages its experienced team, broad network, and proprietary sourcing capabilities to support their success. Through the Small, Emerging, and Diverse Manager Program, the firm creates opportunities for investors to access a wide range of talent while seeking to drive strong returns and impact. For more information, visit www.gcmgrosvenor.com Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners.

In Part 1 of this special series focused on our brain power and whether we are losing our minds, we addressed the slide we are reported to be experiencing in terms of attention span and critical thinking capacity.  Now In Part 2 we ask what we can do now to address slide. We are joined again by Carolina Pacheco-Punceles. She is a Behavioral Economist, AI Survival Kit Creator, Executive Function Strategist and her Linked In bio states that she is Equipping Humans with the Skills to Think Clearly, Lead Wisely & Thrive in a Disrupted World We suggest that the first step is acknowledging the problem – we then discuss the idea of training our minds and “going to the mental gym”, and look at strategies from those discussed by Niall Ferguson – creating an analogue study system where books are read in paper form and discussed without the use of electronic devices, to hybrid strateiges that encourage us to harness AI without relying it on exclusively. If you enjoyed this short podcast series please send us your ideas for addressing the slide in our cognitive capacities.