🎥 ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

Welcome back to the Alt Goes Mainstream podcast.Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:* What Anneka means by “fast money versus slow money.”* Why it’s important for advisors to bring private markets “to the kitchen table.”* How to transform savers into investors — and why that matters.* Why focus on private markets.* The challenges with building a private markets business.* Figuring out how to partner with alternative asset managers.* How and why ING has focused on curation when building its private markets platform.* The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.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.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis 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. 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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] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from Ultimus, our Sponsor01:42 Welcome to the Alt Goes Mainstream Podcast02:03 ING’s Private Markets Day03:19 Introduction of Johan Kloeze and Anneka Treon04:07 Johan’s Background and Role05:03 Anneka’s Background and Ambitions06:59 The Importance of Private Markets08:33 Building the Private Markets Business09:50 Evergreen Fund Structures14:00 Client Education and Engagement16:47 Making Private Markets More Human20:02 Curating the Right Partners23:32 Quality and Scale in Private Markets23:39 Fast Money vs. Slow Money24:41 The Importance of a Balanced Portfolio25:44 The Importance of Manager Quality25:48 Motivations Behind Public Market Investments26:33 Backing Skilled Managers26:55 Client Experience and Speed Dating27:07 Educating Younger Clients27:17 The Role of Social Media in Investments28:24 The Dangers of Fast Money28:56 ING’s Role in Providing a Full “Bookcase” of Investment Options29:42 Challenges in Building the Private Markets Platform30:41 Operationalizing Evergreen Vehicles31:58 The Success of ING’s Private Markets Platform32:28 Anneka’s Perspective on ING’s Private Markets Strategy33:18 Humanizing Private Markets33:59 Opportunities in the ELTIF Space35:09 Educational Efforts for New Investors37:49 The Future of ING’s Wealth Business38:20 The Importance of Personal Approach39:09 Balancing Digital and Traditional Investment Models42:10 The Role of Private Markets in Client Portfolios48:57 Conclusion and Final ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 14,000 Substack subscribers & followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, 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