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Mar 19, 2018 · 1h 8m · capital-allocators

Wayne Wicker - Managing for Millions who Matter (Capital Allocators, EP.44)

Wayne Wicker · 49m spoken Ted Seides · 14m spoken
0:00 / 0:00

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In this live episode of Capital Allocators, host Ted Seides interviews Wayne Wicker, Chief Investment Officer of ICMA Retirement Corporation, exploring his extensive career spanning corporate pensions, endowments, direct portfolio management, and multi-asset defined contribution plan leadership. Wicker shares strategic insights on fiduciary portfolio construction, active versus passive allocation, manager selection, and delivering long-term retirement security for public sector workers.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Ted holds 23.1% of the talking time here. How this is scored →

Ted as informed peer 3.5 Guest teaching 3.3 Guest disagreement 0.7 Ted pushing back 1.1
05100:0015:0030:0045:001:00:005:32–12:55 · Ted as informed peer 3/10 Early Career Beginnings and the Dayton Hudson Pension Fund Ted guides Wayne through his early career trajectory from seventh-grade stock buying to Dayton Hudson. Wayne shares detailed institutional history about 1980s multi-asset investing, while Ted keeps prompts open and conversational.12:55–16:22 · Ted as informed peer 3/10 Tactical Asset Allocation Lessons and the 1987 Market Crash Ted prompts Wayne on key takeaways from his decade at Target, prompting Wayne to detail their 100% tactical derivative hedge during Black Monday 1987. Wayne reflects philosophically on why taking binary dramatic bets is unneeded to compound long-term.16:22–21:07 · Ted as informed peer 4/10 Endowment Management at Howard Hughes Medical Institute Ted demonstrates familiarity with endowment structures and liability hurdles, asking Wayne to distinguish corporate pension constraints from Howard Hughes Medical Institute. Wayne explains the difference between corporate actuarial pressures and pure endowment spending mandates.21:07–26:05 · Ted as informed peer 3/10 Direct Portfolio Management at Cadence and Transition to ICMA Ted tracks Wayne's move into direct equity portfolio management at Cadence and subsequent hire at ICMA Retirement Corporation. Wayne delivers an engaging narrative regarding managing managers versus running equity books directly.26:07–30:45 · Ted as informed peer 2/10 Sponsor Message: Ridgeline Cloud Asset Management Platform This segment contains a mid-roll sponsor ad read for Ridgeline followed by the transition into the live conference session where Wayne explains ICMA's defined contribution mandate and style-box framework.30:46–35:12 · Ted as informed peer 4/10 Active versus Passive Management in Defined Contribution Plans Ted probes into constraints around external style-box mandates and active management. Wayne explains that active management provides cyclical alpha in niches like emerging markets and fixed income, while highlighting SEC compliance frictions.35:12–37:22 · Ted as informed peer 3/10 Board Governance, CIT Demutualization, and Stable Value Strategy Ted asks how ICMA navigates board governance and regulatory hurdles. Wayne details their shift to Collective Investment Trusts (CITs) and educates on the daily pricing dynamics of stable value products as bond substitutes.37:22–43:29 · Ted as informed peer 4/10 Long-Term Capital Horizons and Managing Participant Behavior Ted playfully challenges Wayne on DC participants selling at bottoms during crises like 2008. Wayne pushes back gently against the extreme framing, explaining their massive field education team and the stabilizing role of stable value funds.43:29–49:45 · Ted as informed peer 5/10 Pension Funding Challenges and Public Sector Talent Dynamics Ted presses on systemic public pension shortfalls and asks why talented managers would stay in lower-paying public allocator roles. Wayne defends public sector CIO caliber, pointing to mission focus, lower cost of living, and massive asset scale.49:45–54:24 · Ted as informed peer 4/10 Manager Selection Scale, Fee Negotiation, and Exit Signposts Ted challenges Wayne's signposts for firing managers, arguing that wealth and 80% time commitment might actually reduce overtrading. Wayne pushes back with real-world examples of distracted managers funding soccer fields and golf courses.54:24–59:08 · Ted as informed peer 4/10 Quantitative Analytics and Internal versus External Asset Management Ted inquires whether ballooning asset size should prompt fully passive management and how internal quant risk teams are evaluated. Wayne notes their outperforming active growth/income strategy and outlines factor-based internal capabilities.59:08–1:02:14 · Ted as informed peer 3/10 Career Milestones, Growth Fund Turnaround, and Audience Q&A Ted asks Wayne to candidly reflect on his biggest success and failure over 14 years. Wayne openly admits struggling for a decade to fix an underperforming growth fund before audience questions on emerging markets and target date designs.5:32–12:55 · Guest teaching 3/10 Early Career Beginnings and the Dayton Hudson Pension Fund Ted guides Wayne through his early career trajectory from seventh-grade stock buying to Dayton Hudson. Wayne shares detailed institutional history about 1980s multi-asset investing, while Ted keeps prompts open and conversational.12:55–16:22 · Guest teaching 4/10 Tactical Asset Allocation Lessons and the 1987 Market Crash Ted prompts Wayne on key takeaways from his decade at Target, prompting Wayne to detail their 100% tactical derivative hedge during Black Monday 1987. Wayne reflects philosophically on why taking binary dramatic bets is unneeded to compound long-term.16:22–21:07 · Guest teaching 3/10 Endowment Management at Howard Hughes Medical Institute Ted demonstrates familiarity with endowment structures and liability hurdles, asking Wayne to distinguish corporate pension constraints from Howard Hughes Medical Institute. Wayne explains the difference between corporate actuarial pressures and pure endowment spending mandates.21:07–26:05 · Guest teaching 3/10 Direct Portfolio Management at Cadence and Transition to ICMA Ted tracks Wayne's move into direct equity portfolio management at Cadence and subsequent hire at ICMA Retirement Corporation. Wayne delivers an engaging narrative regarding managing managers versus running equity books directly.26:07–30:45 · Guest teaching 2/10 Sponsor Message: Ridgeline Cloud Asset Management Platform This segment contains a mid-roll sponsor ad read for Ridgeline followed by the transition into the live conference session where Wayne explains ICMA's defined contribution mandate and style-box framework.30:46–35:12 · Guest teaching 4/10 Active versus Passive Management in Defined Contribution Plans Ted probes into constraints around external style-box mandates and active management. Wayne explains that active management provides cyclical alpha in niches like emerging markets and fixed income, while highlighting SEC compliance frictions.35:12–37:22 · Guest teaching 4/10 Board Governance, CIT Demutualization, and Stable Value Strategy Ted asks how ICMA navigates board governance and regulatory hurdles. Wayne details their shift to Collective Investment Trusts (CITs) and educates on the daily pricing dynamics of stable value products as bond substitutes.37:22–43:29 · Guest teaching 3/10 Long-Term Capital Horizons and Managing Participant Behavior Ted playfully challenges Wayne on DC participants selling at bottoms during crises like 2008. Wayne pushes back gently against the extreme framing, explaining their massive field education team and the stabilizing role of stable value funds.43:29–49:45 · Guest teaching 4/10 Pension Funding Challenges and Public Sector Talent Dynamics Ted presses on systemic public pension shortfalls and asks why talented managers would stay in lower-paying public allocator roles. Wayne defends public sector CIO caliber, pointing to mission focus, lower cost of living, and massive asset scale.49:45–54:24 · Guest teaching 4/10 Manager Selection Scale, Fee Negotiation, and Exit Signposts Ted challenges Wayne's signposts for firing managers, arguing that wealth and 80% time commitment might actually reduce overtrading. Wayne pushes back with real-world examples of distracted managers funding soccer fields and golf courses.54:24–59:08 · Guest teaching 3/10 Quantitative Analytics and Internal versus External Asset Management Ted inquires whether ballooning asset size should prompt fully passive management and how internal quant risk teams are evaluated. Wayne notes their outperforming active growth/income strategy and outlines factor-based internal capabilities.59:08–1:02:14 · Guest teaching 3/10 Career Milestones, Growth Fund Turnaround, and Audience Q&A Ted asks Wayne to candidly reflect on his biggest success and failure over 14 years. Wayne openly admits struggling for a decade to fix an underperforming growth fund before audience questions on emerging markets and target date designs.5:32–12:55 · Guest disagreement 0/10 Early Career Beginnings and the Dayton Hudson Pension Fund Ted guides Wayne through his early career trajectory from seventh-grade stock buying to Dayton Hudson. Wayne shares detailed institutional history about 1980s multi-asset investing, while Ted keeps prompts open and conversational.12:55–16:22 · Guest disagreement 0/10 Tactical Asset Allocation Lessons and the 1987 Market Crash Ted prompts Wayne on key takeaways from his decade at Target, prompting Wayne to detail their 100% tactical derivative hedge during Black Monday 1987. Wayne reflects philosophically on why taking binary dramatic bets is unneeded to compound long-term.16:22–21:07 · Guest disagreement 0/10 Endowment Management at Howard Hughes Medical Institute Ted demonstrates familiarity with endowment structures and liability hurdles, asking Wayne to distinguish corporate pension constraints from Howard Hughes Medical Institute. Wayne explains the difference between corporate actuarial pressures and pure endowment spending mandates.21:07–26:05 · Guest disagreement 0/10 Direct Portfolio Management at Cadence and Transition to ICMA Ted tracks Wayne's move into direct equity portfolio management at Cadence and subsequent hire at ICMA Retirement Corporation. Wayne delivers an engaging narrative regarding managing managers versus running equity books directly.26:07–30:45 · Guest disagreement 0/10 Sponsor Message: Ridgeline Cloud Asset Management Platform This segment contains a mid-roll sponsor ad read for Ridgeline followed by the transition into the live conference session where Wayne explains ICMA's defined contribution mandate and style-box framework.30:46–35:12 · Guest disagreement 1/10 Active versus Passive Management in Defined Contribution Plans Ted probes into constraints around external style-box mandates and active management. Wayne explains that active management provides cyclical alpha in niches like emerging markets and fixed income, while highlighting SEC compliance frictions.35:12–37:22 · Guest disagreement 0/10 Board Governance, CIT Demutualization, and Stable Value Strategy Ted asks how ICMA navigates board governance and regulatory hurdles. Wayne details their shift to Collective Investment Trusts (CITs) and educates on the daily pricing dynamics of stable value products as bond substitutes.37:22–43:29 · Guest disagreement 2/10 Long-Term Capital Horizons and Managing Participant Behavior Ted playfully challenges Wayne on DC participants selling at bottoms during crises like 2008. Wayne pushes back gently against the extreme framing, explaining their massive field education team and the stabilizing role of stable value funds.43:29–49:45 · Guest disagreement 2/10 Pension Funding Challenges and Public Sector Talent Dynamics Ted presses on systemic public pension shortfalls and asks why talented managers would stay in lower-paying public allocator roles. Wayne defends public sector CIO caliber, pointing to mission focus, lower cost of living, and massive asset scale.49:45–54:24 · Guest disagreement 2/10 Manager Selection Scale, Fee Negotiation, and Exit Signposts Ted challenges Wayne's signposts for firing managers, arguing that wealth and 80% time commitment might actually reduce overtrading. Wayne pushes back with real-world examples of distracted managers funding soccer fields and golf courses.54:24–59:08 · Guest disagreement 1/10 Quantitative Analytics and Internal versus External Asset Management Ted inquires whether ballooning asset size should prompt fully passive management and how internal quant risk teams are evaluated. Wayne notes their outperforming active growth/income strategy and outlines factor-based internal capabilities.59:08–1:02:14 · Guest disagreement 0/10 Career Milestones, Growth Fund Turnaround, and Audience Q&A Ted asks Wayne to candidly reflect on his biggest success and failure over 14 years. Wayne openly admits struggling for a decade to fix an underperforming growth fund before audience questions on emerging markets and target date designs.5:32–12:55 · Ted pushing back 0/10 Early Career Beginnings and the Dayton Hudson Pension Fund Ted guides Wayne through his early career trajectory from seventh-grade stock buying to Dayton Hudson. Wayne shares detailed institutional history about 1980s multi-asset investing, while Ted keeps prompts open and conversational.12:55–16:22 · Ted pushing back 0/10 Tactical Asset Allocation Lessons and the 1987 Market Crash Ted prompts Wayne on key takeaways from his decade at Target, prompting Wayne to detail their 100% tactical derivative hedge during Black Monday 1987. Wayne reflects philosophically on why taking binary dramatic bets is unneeded to compound long-term.16:22–21:07 · Ted pushing back 1/10 Endowment Management at Howard Hughes Medical Institute Ted demonstrates familiarity with endowment structures and liability hurdles, asking Wayne to distinguish corporate pension constraints from Howard Hughes Medical Institute. Wayne explains the difference between corporate actuarial pressures and pure endowment spending mandates.21:07–26:05 · Ted pushing back 0/10 Direct Portfolio Management at Cadence and Transition to ICMA Ted tracks Wayne's move into direct equity portfolio management at Cadence and subsequent hire at ICMA Retirement Corporation. Wayne delivers an engaging narrative regarding managing managers versus running equity books directly.26:07–30:45 · Ted pushing back 0/10 Sponsor Message: Ridgeline Cloud Asset Management Platform This segment contains a mid-roll sponsor ad read for Ridgeline followed by the transition into the live conference session where Wayne explains ICMA's defined contribution mandate and style-box framework.30:46–35:12 · Ted pushing back 2/10 Active versus Passive Management in Defined Contribution Plans Ted probes into constraints around external style-box mandates and active management. Wayne explains that active management provides cyclical alpha in niches like emerging markets and fixed income, while highlighting SEC compliance frictions.35:12–37:22 · Ted pushing back 1/10 Board Governance, CIT Demutualization, and Stable Value Strategy Ted asks how ICMA navigates board governance and regulatory hurdles. Wayne details their shift to Collective Investment Trusts (CITs) and educates on the daily pricing dynamics of stable value products as bond substitutes.37:22–43:29 · Ted pushing back 3/10 Long-Term Capital Horizons and Managing Participant Behavior Ted playfully challenges Wayne on DC participants selling at bottoms during crises like 2008. Wayne pushes back gently against the extreme framing, explaining their massive field education team and the stabilizing role of stable value funds.43:29–49:45 · Ted pushing back 2/10 Pension Funding Challenges and Public Sector Talent Dynamics Ted presses on systemic public pension shortfalls and asks why talented managers would stay in lower-paying public allocator roles. Wayne defends public sector CIO caliber, pointing to mission focus, lower cost of living, and massive asset scale.49:45–54:24 · Ted pushing back 2/10 Manager Selection Scale, Fee Negotiation, and Exit Signposts Ted challenges Wayne's signposts for firing managers, arguing that wealth and 80% time commitment might actually reduce overtrading. Wayne pushes back with real-world examples of distracted managers funding soccer fields and golf courses.54:24–59:08 · Ted pushing back 1/10 Quantitative Analytics and Internal versus External Asset Management Ted inquires whether ballooning asset size should prompt fully passive management and how internal quant risk teams are evaluated. Wayne notes their outperforming active growth/income strategy and outlines factor-based internal capabilities.59:08–1:02:14 · Ted pushing back 1/10 Career Milestones, Growth Fund Turnaround, and Audience Q&A Ted asks Wayne to candidly reflect on his biggest success and failure over 14 years. Wayne openly admits struggling for a decade to fix an underperforming growth fund before audience questions on emerging markets and target date designs.

speaking balance: gold is Ted, purple is the guest (3 minute bins)

0:00 · Ted 100% · guest 0%0:00 · Ted 100% · guest 0%3:00 · Ted 88.6% · guest 11.4%3:00 · Ted 88.6% · guest 11.4%6:00 · Ted 1.2% · guest 98.8%6:00 · Ted 1.2% · guest 98.8%9:00 · Ted 3.4% · guest 96.6%9:00 · Ted 3.4% · guest 96.6%12:00 · Ted 6.1% · guest 93.9%12:00 · Ted 6.1% · guest 93.9%15:00 · Ted 4.5% · guest 95.5%15:00 · Ted 4.5% · guest 95.5%18:00 · Ted 27% · guest 73%18:00 · Ted 27% · guest 73%21:00 · Ted 4.7% · guest 95.3%21:00 · Ted 4.7% · guest 95.3%24:00 · Ted 29.5% · guest 70.5%24:00 · Ted 29.5% · guest 70.5%27:00 · Ted 41.2% · guest 58.8%27:00 · Ted 41.2% · guest 58.8%30:00 · Ted 6.2% · guest 93.8%30:00 · Ted 6.2% · guest 93.8%33:00 · Ted 18.9% · guest 81.1%33:00 · Ted 18.9% · guest 81.1%36:00 · Ted 21.5% · guest 78.5%36:00 · Ted 21.5% · guest 78.5%39:00 · Ted 21.1% · guest 78.9%39:00 · Ted 21.1% · guest 78.9%42:00 · Ted 13.7% · guest 86.3%42:00 · Ted 13.7% · guest 86.3%45:00 · Ted 28.9% · guest 71.1%45:00 · Ted 28.9% · guest 71.1%48:00 · Ted 15.1% · guest 84.9%48:00 · Ted 15.1% · guest 84.9%51:00 · Ted 19.8% · guest 80.2%51:00 · Ted 19.8% · guest 80.2%54:00 · Ted 18.2% · guest 81.8%54:00 · Ted 18.2% · guest 81.8%57:00 · Ted 13.1% · guest 86.9%57:00 · Ted 13.1% · guest 86.9%1:00:00 · Ted 14.6% · guest 85.4%1:00:00 · Ted 14.6% · guest 85.4%1:03:00 · Ted 5% · guest 95%1:03:00 · Ted 5% · guest 95%1:06:00 · Ted 29.8% · guest 70.2%1:06:00 · Ted 29.8% · guest 70.2%
Sharpest disagreement ▶ 53:00 Wayne rejects premise that semi-retired managers perform fine

Wayne strongly refutes Ted's suggestion that 80% effort avoids overtrading by citing specific examples of distracted partners buying golf courses and losing their edge.

 Hardest push from Ted ▶ 42:06 Ted presses on participant panic-selling behavior

Ted directly counters Wayne's defense of participant discipline by pointing out that investors still shifted 5 billion dollars out of equities into stable value right after the crash.

 Biggest teaching moment ▶ 36:24 Wayne explains stable value pricing and regulatory barriers

Wayne educates Ted and the audience on why non-daily priced stable value wraps serve as superior bond duration hedges under CIT structures compared to mutual funds.

 Ted holds their own ▶ 48:25 Ted drills down on public versus private compensation disparity

Ted demonstrates sharp industry insight by challenging the viability of public pension staffing given steep compensation discounts and under-resourced research teams.
the scores for every segment, with the reasoning behind each
ChapterTopicTed as informed peerGuest teachingGuest disagreementTed pushing backWhy
Early Career Beginnings and the Dayton Hudson Pension Fund 3300 Ted guides Wayne through his early career trajectory from seventh-grade stock buying to Dayton Hudson. Wayne shares detailed institutional history about 1980s multi-asset investing, while Ted keeps prompts open and conversational.
Tactical Asset Allocation Lessons and the 1987 Market Crash 3400 Ted prompts Wayne on key takeaways from his decade at Target, prompting Wayne to detail their 100% tactical derivative hedge during Black Monday 1987. Wayne reflects philosophically on why taking binary dramatic bets is unneeded to compound long-term.
Endowment Management at Howard Hughes Medical Institute 4301 Ted demonstrates familiarity with endowment structures and liability hurdles, asking Wayne to distinguish corporate pension constraints from Howard Hughes Medical Institute. Wayne explains the difference between corporate actuarial pressures and pure endowment spending mandates.
Direct Portfolio Management at Cadence and Transition to ICMA 3300 Ted tracks Wayne's move into direct equity portfolio management at Cadence and subsequent hire at ICMA Retirement Corporation. Wayne delivers an engaging narrative regarding managing managers versus running equity books directly.
Sponsor Message: Ridgeline Cloud Asset Management Platform 2200 This segment contains a mid-roll sponsor ad read for Ridgeline followed by the transition into the live conference session where Wayne explains ICMA's defined contribution mandate and style-box framework.
Active versus Passive Management in Defined Contribution Plans 4412 Ted probes into constraints around external style-box mandates and active management. Wayne explains that active management provides cyclical alpha in niches like emerging markets and fixed income, while highlighting SEC compliance frictions.
Board Governance, CIT Demutualization, and Stable Value Strategy 3401 Ted asks how ICMA navigates board governance and regulatory hurdles. Wayne details their shift to Collective Investment Trusts (CITs) and educates on the daily pricing dynamics of stable value products as bond substitutes.
Long-Term Capital Horizons and Managing Participant Behavior 4323 Ted playfully challenges Wayne on DC participants selling at bottoms during crises like 2008. Wayne pushes back gently against the extreme framing, explaining their massive field education team and the stabilizing role of stable value funds.
Pension Funding Challenges and Public Sector Talent Dynamics 5422 Ted presses on systemic public pension shortfalls and asks why talented managers would stay in lower-paying public allocator roles. Wayne defends public sector CIO caliber, pointing to mission focus, lower cost of living, and massive asset scale.
Manager Selection Scale, Fee Negotiation, and Exit Signposts 4422 Ted challenges Wayne's signposts for firing managers, arguing that wealth and 80% time commitment might actually reduce overtrading. Wayne pushes back with real-world examples of distracted managers funding soccer fields and golf courses.
Quantitative Analytics and Internal versus External Asset Management 4311 Ted inquires whether ballooning asset size should prompt fully passive management and how internal quant risk teams are evaluated. Wayne notes their outperforming active growth/income strategy and outlines factor-based internal capabilities.
Career Milestones, Growth Fund Turnaround, and Audience Q&A 3301 Ted asks Wayne to candidly reflect on his biggest success and failure over 14 years. Wayne openly admits struggling for a decade to fix an underperforming growth fund before audience questions on emerging markets and target date designs.

Statements from this episode (13)

Disclosure
Dayton Hudson pension hedged 50% of its portfolio before 1987 crash
“So we took a 100% hedged exposure against equities and in the core of the portfolio, so about 50% of the pension fund.”
Wayne Wicker Mar 19, 2018 ▶ 14:00
Assertion Contradicted
Dayton Hudson pension gained 1,700 basis points on Black Monday
“And then October 19 came, and I think we made 1700 basis points in a day, which was great. You know, the Wall Street Journal highlighted us on their front page”
Wayne Wicker Mar 19, 2018 ▶ 14:19
Assertion Supported
Howard Hughes Medical Institute internally managed its $11B endowment
“It was the second largest medical foundation in the world besides Burroughs Welcome. They were running everything internally at the time. It was about, I think at the time it was about 11,000,000,010 or eleven billion dollars.”
Wayne Wicker Mar 19, 2018 ▶ 15:44
Assertion Supported
Howard Hughes Medical Institute's committee included Yale's David Swensen
“Here we had a very select number, maybe three folks on the investment committee. Folks that, Ted, you know, and David Swenson, who was there from Yale. We had the CIO from General Motors and the former CIO at IBM.”
Wayne Wicker Mar 19, 2018 ▶ 17:30
Insight
Morningstar style boxes communicate strategy best to retail retirement participants
“We decided that one of the best ways to do that was not to think about funds relative to their Lipper universes, but to think about them in terms of Morningstar style boxes, in terms of a way to convey that, because for retail investors and Morningstar spent s…”
Wayne Wicker Mar 19, 2018 ▶ 28:51
Disclosure
ICMA shifted from '40 Act structures to collective investment trusts
“Recently we went from being a forty-act structure to one that is more into collective investment trusts, and I would say that that gives us a number of freedoms that we did not have When we were in a 40 act format”
Wayne Wicker Mar 19, 2018 ▶ 30:01
Opinion
Active management holds an advantage over passive indexing in emerging markets
“I think recently we introduced a emerging markets fund. It took us a little while to get the structure put into place because of some of the things that are unique in emerging markets and clearing. But that is an area that certainly we believe that active has …”
Wayne Wicker Mar 19, 2018 ▶ 31:49
Disclosure
ICMA will use stable value products to reduce portfolio duration risk
“But now that we are a CIT, we're going to reintegrate that as a substitute for bonds. And reduce the amount of duration risk in the portfolio.”
Wayne Wicker Mar 19, 2018 ▶ 36:51
Assertion Supported
Equities yielded positive annual returns in 74% of years since 1926
“Strategas, and they showed annual returns since 1926. It showed that 74% of the time equities are positive. 59% of the time equities provide investors with greater than a 11 to 40% rate of return.”
Wayne Wicker Mar 19, 2018 ▶ 37:54
Disclosure
ICMA saw $5B shift from equities to stable value post-2008
“Between oh eight and probably 20 11, we saw that About five billion dollars shift from equities into stable value, which doubled the size of our stable value fund.”
Wayne Wicker Mar 19, 2018 ▶ 40:46
Insight
Rising rates make stable value a superior intermediate bond substitute
“We think this is a really great time to have stable value, whether it's in your target date funds or in other balanced portfolios. Only because as interest rates are rising, you don't have that impact of duration in stable value that you have in intermediate b…”
Wayne Wicker Mar 19, 2018 ▶ 43:04
Opinion
State pension funds operate some highly sophisticated investment teams
“When you go to talk to most of the leaders on the very large state pension funds today, those guys are really smart. And so I'm really encouraged when thinking about the public DB sector, for instance, that the level of talent that they've been able to attract…”
Wayne Wicker Mar 19, 2018 ▶ 48:13
Disclosure
Billion-dollar allocator mandates structurally exclude hiring sub-billion AUM asset managers
“The downside to that is you probably cut off the bottom end of the types of managers that you can hire in terms of, you're not going to give a manager that has seven hundred million AUM a billion dollars. And we have a lot of billion dollar mandates.”
Wayne Wicker Mar 19, 2018 ▶ 51:03
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