🎥 PGIM's Dominick Carlino - operating at the intersection of asset management, insurance, and wealth management

Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry’s largest platforms.We sat down in Prudential’s Newark studio with PGIM’s Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm’s wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:* How the distribution of private markets investment solutions has evolved.* The benefits of an integrated platform across insurance and asset management.* Navigating the playing field of collaboration and competition between asset managers and insurance companies.* The importance of education.* How, why, and where evergreen funds will be adopted.Thanks Dom for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.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: “The asset liability matching model is in our DNA.”Clip #2: How does having such a broad based platform allow PGIM to think differently about product construction?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. 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] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:56 Early Career and Transition to Distribution05:10 Experiences at Morgan Stanley and Merrill Lynch05:25 Evolution of Private Markets Distribution07:24 Wealth Management and Private Markets09:30 Joining Prudential and PGIM12:00 Prudential’s Unique Position in the Market13:31 Asset Liability Matching in Wealth Management14:59 Liquidity Risk in Private Markets17:14 Education and Evergreen Products17:52 Credit Risk in Private Credit18:35 Prudential’s Approach to Credit Risk Management19:24 Vertical Integration and Acquisitions20:49 Partnerships and Strategic Growth21:38 Future of Private Markets and Asset Management21:57 The Future of Asset Management22:11 The Race to Scale in Asset Management23:16 The Importance of Distribution23:36 Breaking Down the Product Set23:58 Innovative Product Construction24:32 Market Leadership and Capabilities24:58 Client and Advisor Preferences25:37 Simplifying Implementation26:26 Evergreen Funds and Market Trends27:01 Turnkey Options and Diversified Exposure28:05 Specialized Strategies in Private Markets29:07 Educating the Distribution Force30:16 Skills for Effective Distribution33:11 Organizational Alpha and Trust34:18 Brand Essence and Client Trust35:43 Partnerships and Distribution36:54 Insurance and Asset Management Synergies39:08 Future of Private MarketsThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor endorses any mentioned company or any linked third-party content.PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM’s personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM’s clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant. Join over 13,600 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