The Ledger, every show

“We're building effectively a more merchant focused, principal focused, not agent focused asset manager. And we think that, that model's gonna win.”

“We're experimenting with, you know, what we listed our first fund on blockchain with five different protocols, and we're tokenizing the fund, where I think funds will actually trade. And even though they're quarterly liquid, they'll trade every day, three 65, …”

“If you look at how much equity capital's been raised in the last, since the GFC, we're over 50% of total equity capital raised in retirement insurance businesses”

“Everyone has a hard time betting on that, but it feels like the stars are aligned that potentially you see a higher growth regime in Europe for the first time in a decade.”

“I think private asset exchanges will happen.”

“Now you have venture companies actually building defense companies that are going to be super asset heavy. And now you have hyperscalers that have never had any debt that need a lot that are becoming now more capital intensive.”

“So we were able to get 90% of the bonds on board. They launch this exchange. The exchange gets blocked.”

“There's not, frankly, there's only a few investors that can Finance them with matched liabilities at the scale, and we're fortunate to be one of them. I think we'll be a leader in that. Intel was just the start of that.”

“We're a, Eight hundred billion, just under eight hundred billion dollar asset manager. A vast majority of our capital is in credit. We're growing at a hundred and fifty billion a year. We're writing anywhere between a billion to two billion of annuities per we…”

“We're the biggest investor in a vast majority of our products.”

“We're about to go through this generational shift in power, infra, defense spend in Europe, it's been completely underspent and is needed globally. Everybody needs more compute. I don't think there's a debate on that.”

“You know, we have a 15 trillion dollar securitized market here in the US. There's a five hundred billion securitized market in Europe. The economies aren't that different in size. You know, we're 30 trillion here, we're 24 trillion in Europe.”

“We trade at, because of all the benefits of us growing faster and having better companies, bigger talent pool, that, that resulted in most of our equities trading at somewhere between five and seven turn multiples higher, multiple trillions of value.”

“I'd say, broadly speaking, we have a high level view that all assets are gonna get more liquid over time.”

“91% of private wealth clients don't have an alt.”

“There are certain states today which will take a rated private asset and comp it, like a rated IG private asset, and it eats against their private equity bucket because it's deemed private.”

“Atlas was the structured products business at Credit Suisse. It was the number one profit center for a decade, generating a big percentage of CS's earnings for a long time with effectively no losses.”

“That situation went from, you know, us being down half a billion dollars to up a billion dollars probably in a matter of six months.”

“We put in ten billion dollars into the ecosystem across dip, secured, securitized product, pref, buying a business out of the platform.”

“The core, let's say core credit, core equity businesses are going to get consolidated. So if you're kind of met big, you're going to become mega and you're going to distribute and produce products. And I think there'll be consolidation there and you're kind of…”

“Our hybrid business is effectively the space between, you know performing credit and private equity, everything in between. And that's been a really fast growing segment for us at just over eighty billion dollars.”

“You can trade a pool of investment grade bonds at three basis points, but if you want to trade a single name bond, it's, you know, half a point to a point wide, which is just vastly different in terms of cost of execution.”