Brookfield Oaktree Wealth Solutions' John Sweeney - building a high-performing wealth solutions business

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into the details of distribution and how to build a high-performing global business to serve the wealth channel across brands and strategies.

John Sweeney is the Chief Executive Officer of Brookfield Oaktree Wealth Solutions, a business unit that was created to harmonize the distribution efforts across the Brookfield and Oaktree brands. He previously served as Head of US Business Development and Sales for Brookfield Oaktree Wealth Solutions and was a Managing Director and Head of the Americas intermediary business at Oaktree Capital. He also served as president of Oaktree Funds from 2014-2018.

Before joining the alternative asset manager side of the business, John had extensive experience working in alternative investments roles at private banks. Before joining Oaktree in 2013, he was a Managing Director and Head of Product Management and Development for the alternative investments business at Morgan Stanley. Prior to that, he was the Head of Product Management in the US for the alternative investments business of the Citi Private Bank.

John and I had a fascinating and informative discussion. We covered:

• How John is building Brookfield Oaktree’s wealth business.
• The benefits of scale.
• Wisdom from John’s Oaktree colleague Howard Marks.
• How advisor education is critical to the adoption of private markets.

Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel.

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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 to our Sponsor, Ultimus Fund Solutions

01:55 Welcome to Alt Goes Mainstream

02:06 Introduction to John Sweeney

03:58 John's Early Career at Morgan Stanley

04:34 Evolution of Alternative Investments

05:15 Impact of Technology on Private Markets

06:42 Service and Distribution Strategy

09:33 Building Brookfield Oaktree's Wealth Business

11:16 Brookfield and Oaktree Acquisition

12:42 Creating Investment Solutions

14:07 Understanding the Wealth Channel

15:05 Global Distribution Strategy

17:52 Importance of Brand and Service

19:06 Effective Client Engagement

21:09 Advisors vs. Institutional Investors

22:27 Evergreen Funds and Distribution

25:09 Balancing Content and Engagement

27:15 Investment Philosophy and Market Context

29:36 Risk Control and Consistency

30:53 Generational Wealth Transfer

31:40 Educating the Next Generation of Investors

32:04 Long-Term Track Record and Conclusion

32:18 Delivering Returns and Long-Term Success

32:31 Accessing Evergreen Funds

32:45 Compounding Returns Over Time

32:52 Thinking in Decades

32:57 Private Credit and Economic Cycles

33:16 Experience and Results

33:41 Brand and Experience in Private Markets

34:55 Marketing and History

35:12 Brookfield Real Estate Introduction

35:34 Oaktree's Credit Roots

35:55 Integrating Two Brands

36:15 Building Solutions and Partnerships

39:03 Global Presence and Scale

39:13 Navigating Wealth Channel Conversations

40:34 Competing in Various Deal Sizes

41:16 Exploring Secondary Markets

41:56 Private Capital Opportunities

42:50 Survey Insights on Alternatives

44:04 Global Wealth Channel Strategies

44:44 Regional Strategies and Local Teams

47:42 Building a Culture of Shared Success

48:42 Educating Advisors

49:43 Early Stages of Wealth Channel

51:41 Model Portfolios and Solutions

56:32 The Appeal of Music Royalties and Human Connection

58:14 Conclusion and Final Thoughts

Editing and post-production work for this episode was provided by The Podcast Consultant.