In this insightful episode of the Dakota Live! podcast, host Robert Morier engages in a thought-provoking conversation with Alex Gurvich, Director of Investment Research and Head of Asset Allocation for PFM Asset Management. The episode delves into the intricate world of investment decision-making, with a focus on understanding the complexities behind manager research and asset allocation. Alex shares his rich experience spanning over 25 years in various sectors of finance, including his transition from a physics background to a career in finance. His journey illuminates the multifaceted nature of the investment industry and the intellectual rigor required to navigate its challenges.
PFM Asset Management is a leading Outsourced Chief Investment Officer (OCIO), working with organizations of all sizes across the nation and have $166.3 billion in assets under management as of September 30, 2023. The firm’s focus is solely on institutional clients, including cities, counties, school districts, pension funds, utilities, insurance pools, higher education, and healthcare institutions.
One of the most engaging aspects of the episode is Alex's detailed explanation of the process and philosophy behind selecting investment managers. He emphasizes the importance of understanding a manager's approach to investments, their decision-making processes, and their ability to navigate various market conditions. The conversation particularly highlights the blend of art and science in manager research, underscoring the importance of qualitative assessments alongside quantitative analyses. This inside look into manager selection offers listeners valuable insights into the subtleties of portfolio management and investment strategy.
Alex also discusses the evolution of his own role and the importance of adapting to the changing dynamics of the finance industry. He stresses the need for continuous learning and flexibility, sharing personal anecdotes that reveal the challenges and opportunities encountered in his career. This theme of adaptability resonates throughout the podcast, providing a compelling narrative for listeners interested in the ever-evolving landscape of finance and investment.
The episode concludes with a reflection on the importance of education in Alex's career. He shares his experiences as a teacher and student, emphasizing the value of fostering a learning environment and the impact of nurturing future professionals in the field. This focus on education not only highlights Alex's commitment to the growth of the industry but also serves as an inspiration for listeners at all stages of their professional journeys. The podcast is a must-listen for anyone interested in the intricacies of investment management and the personal growth that accompanies a career in finance.
Alex Gurvich: / alexgurvich
Robert Morier: / robertlmorier
Our Website:
dakota.com
PFM Asset Management: www.pfmam.com/
🎙️ Listen to the Podcast:
Spotify:
open.spotify.com/show/3NUXRMz...
Apple Podcast:
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Disclaimer:
PFM Asset Management LLC ("PFMAM") is an investment adviser registered with the U.S. Securities and Exchange Commission and a subsidiary of U.S. Bancorp Asset Management, Inc. ("USBAM"). USBAM is a subsidiary of U.S. Bank National Association ("U.S. Bank"). U.S. Bank is a separate entity and subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services or performance of PFMAM.
NOT FDIC INSURED : NO BANK GUARANTEE : MAY LOSE VALUE
0:00 Intro
1:36 At the desk
2:20 Alex Gurvich Intro
3:54 An interest in physics
5:09 Analytics and scientific methodologies in finance
8:02 PhD dissertation
10:35 A mess of carbon footprint data
12:29 The use of carbon emissions data
13:55 From physics to finance
15:08 Starting in VC
16:23 The Rockledge Group
18:00 Commonfund
18:55 Investing in individual stocks
19:56 Combining managers
20:26 PFMAM overview
22:09 Team structure
23:51 Hiring entry level?
24:29 Sourcing managers
25:42 VC sourcing
27:29 How early stage?
28:26 Top down process?
30:36 Operational due diligence
31:14 Views on outsourced vendors
32:21 Cadence of interacting with clients
33:18 Manager must haves
36:08 Sizing managers
39:08 Philosophy on the exit
42:00 The character of a manager
43:00 Areas of opportunity
46:22 What is PFM's competitive edge?
48:01 Learning from the students
49:10 Investment committee at Friends School
50:16 "What you are is an expression of history"
51:04 Mentors
54:11 Outro
Негізгі бет The Art and Science of Investing with PFM Asset Management
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