Welcome back to the Alt Goes Mainstream podcast. Today’s episode features an industry titan who has been on the forefront of the intersection of alts and wealth. We talk with Stephanie Drescher , Partner, Chief Client and Product Development Officer at Apollo and a member of the firm’s Leadership Team. She oversees the Client and Product Solutions Group (CPS), which includes Apollo’s Global Wealth Management Solutions, Institutional Sales, and Global Product teams. She is also involved with Apollo’s strategic investments in private markets, as a Board Observer at iCapital and a Board Member at Vega. Stephanie is responsible for leading Apollo’s global wealth buildout, which is one of the firm’s strategic priorities. They’ve invested heavily in educational resources and have built out a specialized team to work with the wealth channel. Apollo has set a goal of achieving $150B from its global wealth business by 2029 and, in 2024, under Stephanie’s leadership the global wealth business exceeded the total capital raised in 2023 from the wealth channel. Before joining Apollo in 2004, Stephanie was with JP Morgan for 10 years, working primarily in its Alternative Investment Group. Stephanie and I had a fascinating conversation about how to build and scale a business in the wealth channel. We discussed: What is safe and what is risky? How can investors approach asset allocation and portfolio construction? How working with institutional investors has influenced and helped Stephanie think through how to work with investors in the wealth channel. The anatomy of building a wealth business. How critical is brand building when working with the wealth channel? Thanks Stephanie for coming on the show to share your wisdom and expertise on private markets and work with the wealth channel. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions , a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at
[email protected] . We thank Ultimus for their support of alts going mainstream. Show Notes 00:00 Introduction and Message from our Sponsor, Ultimus Fund Solutions 01:55 Welcome Back to Alt Goes Mainstream 02:04 Introducing Stephanie Drescher 03:55 Stephanie's Journey at Apollo 04:14 Focus on Institutional Clients 04:43 Strategic Focus on Wealth Channels 05:05 Learning from Different LPs 05:27 Early Days at J.P. Morgan 08:04 Importance of Communication 08:17 Transparency and Client Centric Approach 08:56 Educational Initiatives at Apollo 10:07 Apollo Academy Engagement 10:42 Content Creation Strategy 11:37 Combining Short and Long Form Content 11:43 Direct Client Communication 12:00 Distribution and Marketing 12:26 Client Centric Approach 13:06 Creating a Narrative for Private Markets 13:40 Defining Private Markets 14:34 Public vs. Private Markets 15:50 Changing Definitions in Private Markets 16:18 Impact of 2022 on Public Markets 17:02 Concentration in Public Markets 17:41 Benefits of Private Markets 18:17 Helping Clients Understand Private Markets 18:44 Developing Accessible Solutions 19:45 Client Focused Solutions 19:51 Balancing Client Needs and Market Nuances 20:15 Apollo's Origination Capability 22:12 Athene's Role in Apollo's Strategy 24:26 Tax Efficiency in Private Markets 25:39 Wealth Channel vs. Institutional Investors 25:48 Solving for Tax Challenges 25:53 Listening to Client Needs
