🎥 Nomura Capital Management's Robert Stark - building a private credit business within a global bank

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode dives into private credit and building an asset management business inside of a leading global bank.

We sat down in Nomura’s NYC office with Robert Stark, the CEO of Nomura Capital Management LLC (NCM) and Head of Investment Management in the Americas for the Nomura Group.

Robert brings deep experience in financial services to Nomura. He was previously the Founder & CEO of Alterum Capital Partners LLC, where he focused on building an investment management business at the intersection of private markets and RIAs. Prior to Alterum, he was a Senior Managing Director and member of the Executive Committee at FS Investments, where he was responsible for Corporate Development. He also spent 7 years at JP Morgan across Asset & Wealth Management. He joined JP Morgan from Russell Investments, where he was a member of the Executive Committee. He started his professional career at McKinsey & Company, where he was a Partner serving clients in asset management, investment banking, insurance, and private equity.

Robert brings both a consultant’s analytical perspective and an operator’s practical approach to his work building the credit business at Nomura Capital Management.

Robert and I had a fascinating and wide-ranging discussion about building an asset management business in a fast-growing segment of private markets: private credit. We covered:

* The state of the private credit market.

* How to build an asset management business.

* What it takes to work with the wealth channel.

* The entrepreneurial spirit of RIAs.

* Open architecture vs closed architecture in private credit.

* Keys to success in the evergreen fund space.

Thanks Robert for coming on the show to share your wisdom and expertise on private markets and wealth management.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

Clip #1: What is the next phase of private markets?

Clip #2: What did you need to start a credit business?

Clip #3: There must be a way to provide a broader audience with a very diverse way to access private credit.

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 Message from Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast

02:06 Guest Introduction: Robert Stark

03:49 Evolution of the Asset Management Industry

04:12 Regulatory Changes and Market Shifts

05:39 Building an Asset Management Business

07:06 Challenges in Asset Management

07:43 Entrepreneurial Journey at Nomura

09:56 Private Credit Market Insights

11:30 Diversification in Private Credit

13:05 Client-Centric Solutions in Private Credit

15:19 Building a Scalable Private Credit Business

16:11 Nomura’s Long-Term Commitment

17:31 Public vs. Private Credit

18:28 Client Needs and Investment Solutions

22:01 Origination in Private Credit

23:16 Open vs. Closed Architecture in Private Credit

24:58 Educating Investors and Advisors

27:51 Early Stages of Private Credit Solutions

28:40 Future of Private Credit and Evergreen Funds

29:14 Keys to Success in the Evergreen Fund Space

31:08 Understanding Investor Needs

31:27 Building a Trusted Brand

31:40 Importance of Nomura’s Support

31:57 Challenges of Starting Up

32:25 Capital and Talent Requirements

33:04 Nomura’s Long-Term Vision

33:52 Nomura’s Wealth Management Legacy

34:30 Expanding in the US Market

35:13 Japanese Market Insights

35:50 Open Architecture Strategy

36:19 Global Client Network

36:58 Focus on RIA Client Segment

38:21 Challenges with RIA Clients

39:18 Entrepreneurial Spirit in RIAs

40:13 Fiduciary Alignment

41:01 RIA Firms as Partners

41:55 Strategic Acquisitions

43:49 Evolving Wealth Management Space

46:50 Team Structure and Coverage

49:03 Long-Term Business Plan

51:05 Investor Education

55:33 Future of Private Markets

58:59 Continuous Innovation

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

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