🎥 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. * And much more. Thanks John for coming on the show to share your wisdom and views on private markets and working with the wealth channel. Clip #1: What has it been like having a front row seat to the growth of private markets? Clip #2: Combining Brookfield and Oaktree to build a wealth solutions business. Clip #3: Turning a challenge into a huge advantage. 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 02:30 John Sweeney's Career Background 03:58 John's Early Career at Morgan Stanley 04:34 Evolution of Alternative Investments 05:15 Impact of Technology on Private Markets 06:43 Service and Distribution Strategies 07:36 Building Brookfield Oaktree's Wealth Business 07:56 Importance of Client Service 09:35 Staffing and Organizational Growth 11:08 Brookfield and Oaktree Partnership 12:45 Focus on Investment Solutions 13:29 Understanding Client Needs 14:06 Wealth Channel Strategies 14:52 Focus on Real Assets and Credit 16:11 Global Expansion and Market Strategy 16:38 Challenges and Opportunities in Wealth Management 17:48 Differentiating Large GPs 18:10 Brand Building and Recognition 19:05 Effective Client Engagement 20:29 Insights and Education for Advisors 22:39 Evergreen Funds and Client Relationships 25:22 Balancing Content and Engagement 27:32 Investment Philosophy and Market Context 32:49 Delivering Returns and Income 33:02 Accessing Evergreen Funds 33:16 Compounding Returns Over Time 33:23 Thinking in Decades 33:34 Private Credit Evolution 33:48 Experience and Results 34:12 Brand and Education 34:23 Distinguishing in Good and Bad Times 34:51 Showcasing History and DNA 35:45 Brookfield Real Estate 36:07 Oaktree's Credit Roots 36:28 Integrating Two Brands 36:48 Building Solutions Across Brands 37:16 Global Presence and Marketing 37:27 Private Wealth Arm of Brookfield 37:52 Investing in Megatrends 38:59 Importance of Scale 39:48 Navigating Wealth Channel Conversations 40:45 Competing on Different Fronts 41:35 Complementary Areas and Adjacencies 43:08 Global Expansion and Regional Strategies 43:35 Survey Insights on Alternatives 44:54 Global Opportunities in Private Markets 45:14 Regional Differences in Distribution 46:03 Building a Local Team 48:37 Building a Culture of Shared Success 49:19 Educating Advisors and Sales Teams 52:44 The Future of Private Markets and Model Portfolios 56:18 Exciting Opportunities in Real Estate and Beyond 57:41 The Appeal of Music Royalties and Human Connection 59:26 Conclusion and Final Thoughts Editing and post-production work for this episode was provided by The Podcast Consultant. Join over 10,000 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com