🎥 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. 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 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. Join over 11,000 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