Daniel Adamson, President of Capital Constellation and Senior Managing Director at Wafra, explains the driving thesis behind creating a joint venture structure among sovereign wealth funds and public pensions.
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“And I think a lot of the greatest innovations in Financial markets have come not through technology changes, but through structural changes.”
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More from Daniel Adamson
AssertionPartly supported
Adamson: Asset management firms hold $15 trillion in total enterprise value
“There's 15 trillion dollars of enterprise value held in asset management firms. Compare that to the hundred trillion of AUM held institutionally, and you realize this is a massive migration of value from institutions to the managers that serve them.”
Daniel AdamsonMay 4, 2020▶ 30:06Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Rigid distinctions between LPs and GPs are structurally false
“I am contrarian and thinking about structure. I don't accept the false distinctions like LP and GP, for example, as somehow set in stone.”
Daniel AdamsonMay 4, 2020▶ 1:05:23Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Great professional relationships start without rigid, predefined roles
“I think folks thought this is somebody we'd like to work with and let's see what happens, which incidentally I think is the way a lot of great professional relationships begin rather than filling a particular box.”
Daniel AdamsonMay 4, 2020▶ 13:34Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Insight
Adamson: Finance lacks the collaborative virtual platforms seen in the tech industry
“What we've seen in other industries and Airbnb is a great example of this, but there are many, many others is entrepreneurs working together through a kind of virtual company. Through tech, through governance enables animal spirits to flourish and creates a ki…”
Daniel AdamsonMay 4, 2020▶ 19:04Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Disclosure
Adamson: Constellation launched with 100% asset owner equity and milestone-based vesting
“We started with asset owners on a hundred percent and management can vest in if certain milestones are reached over a very long period of time to something that will be meaningful to them and keep them part of the fold.”
Daniel AdamsonMay 4, 2020▶ 32:09Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
Disclosure
Adamson: Constellation caps asset owner membership at 12 to avoid scale diseconomies
“I think the ultimate goal would be to have, let's say, 10 to 12 asset owners be part of this. Beyond that, I think we start to get diseconomies of scale, and it's harder to share information.”
Daniel AdamsonMay 4, 2020▶ 33:14Daniel Adamson – Innovation from Asset Giants at Capital Constellation (EP.136)
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