Colin Lancaster, Global Co-Head of Discretionary Macro and Fixed Income at Schonfeld Strategic Advisors

It was a pleasure to welcome Colin Lancaster, Global Co-Head of Discretionary Macro and Fixed Income at Schonfeld Strategic Advisors, back to the Alpha Exchange. Our discussion focuses on the evolution of the multi-manager model, portfolio construction, and the challenges of navigating today’s macro environment.   Colin discusses the importance of systems, data, and risk infrastructure, and why scale has increasingly become a competitive advantage. We explore how firms differentiate themselves through strategy mix, geographic focus, and organizational culture, even as the industry has converged around a similar set of core investment disciplines.   A further theme throughout the discussion is talent. Colin outlines his approach to identifying and underwriting portfolio managers, emphasizing self-awareness, intellectual honesty, resilience, and the ability to articulate a sustainable edge. He also discusses the growing importance of managing correlations across strategies, particularly during periods of market stress.   Lastly, we turn to the macro backdrop, including inflation persistence, sovereign bond markets, central bank policy, and the changing role of liquidity in financial markets. Colin shares views on crowding, leverage, and the risks associated with concentrated positioning across increasingly interconnected markets.   I hope you enjoy this episode of the Alpha Exchange, my conversation with Colin Lancaster.