🎥 Goldman Sachs' Kyle Kniffen - standing on the shoulders of Goldman Sachs to be "a complete partner" for the wealth channel

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode is with someone responsible for growing the footprint of one of the largest private markets businesses in the industry.

We sat down at Goldman Sachs’ 200 West office with Kyle Kniffen to discuss the evolution of the firm’s work with the wealth channel and how an intensified focus on private markets is helping to drive the firm’s strategic imperatives in asset and wealth management.

Kyle is a Managing Director, Global Head of Alternatives, Third Party Wealth, at Goldman Sachs, which has over $500B of AUM in private markets. He’s responsible for the distribution of both Goldman Sachs private markets products and third party products to the wealth channel.

Kyle and I had a fascinating conversation about the most pressing trends and questions in private markets. We discussed:

* How lessons learned from traditional asset management have helped Goldman with its private markets business.

* The benefits of a broad platform when it comes to helping the wealth channel navigate private markets.

* Why advisors should integrate private markets solutions.

* How to build a wealth channel business.

* How to think about evergreen funds versus closed end funds.

* The next innovation in productization.

* Why co-investments are becoming more popular with the wealth channel.

* Are evergreen funds here to stay?

Thanks Kyle for coming on the show to share your wisdom and expertise.

Clip #1: What it means to be a “complete partner.”

Clip #2: Bringing all of Goldman Sachs to every touchpoint with a client.

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.

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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 Opening Remarks

00:42 Guest Introduction: Kyle Kniffen from Goldman Sachs

02:00 Sponsor Message: Ultimus Fund Solutions

03:20 Welcome to Goldman Sachs

03:23 The Importance of Education in Private Markets

04:08 Kyle's Background and Journey

05:08 Goldman's Heritage in Private Markets

05:45 Client Demand for Thought Partnership

07:13 Consultative Sales Approach

07:41 Lessons from Institutional Clients

13:17 Segmenting the Wealth Channel

13:39 Serving Different Client Segments

15:06 Customization and Differentiation

15:48 Global Coverage and Relationships

20:46 Balancing Goldman and Third-Party Products

28:29 Balancing Closed-End Funds and Alternatives

28:42 Who Should Invest in Alternatives?

29:32 Asset Liability and Liquidity in Investment Strategies

30:27 Technology Innovations in Private Markets

31:00 Exciting Progress in Alternative Strategies

31:47 Enhancing Transparency and Communication

32:21 The Puzzle of Private Market Structures

32:58 Post-Sale Transparency and Investor Experience

34:00 Engaging Clients with Rich Content

34:40 The Importance of Brand and Marketing

36:53 Customization in Wealth Management

38:47 Educating Advisors on Private Markets

39:11 Delivering Novel Insights and Education

40:35 Goldman Sachs Investment University

42:50 Lessons from ETFs and Mutual Funds

43:42 The Role of Performance in Adoption

45:09 Tools for Advisors and Clients

46:08 Understanding Private Markets' Impact on Portfolios

47:38 The Future of Private Market Customization

49:35 Excitement in Private Markets

51:17 Advisor Interests and Innovations

53:09 The Importance of Scale in Private Markets

54:18 The Next Frontier in Private Equity Secondaries

55:34 Conclusion and Final Thoughts

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

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