00:00So we're going to talk about the marathon, but we should probably talk about private markets first, because as I mentioned, I mean, Wellington has been making this push.
00:07You think about Wellington, a lot of folks think about, you know, public equities, public bonds, but talk us through the strategy that Wellington is taking here and building up this platform.
00:17Yeah, great. Well, thanks again for having me. It's really great to be here, as I said.
00:20So, you know, it's interesting. Maybe I thought I'd spend a little bit of time about how I got to know Wellington as an organization.
00:25So I actually grew up, you know, prior to joining Wellington about a year ago, I spent about 15 years at Goldman Sachs, about 10 years of that in our manager selection business.
00:33I actually grew up on the public side covering Wellington as a client.
00:36So like you, I got to know Wellington as an organization on the public side covering long-only funds.
00:42It's been really interesting for me as, you know, a relative newcomer to Wellington to hear about Wellington's private platform and to basically share the story.
00:50I mean, Wellington has been actually in the private markets for about 10 years.
00:53I like to say we're a roughly 10-year-old business with inside a 100-year-old asset manager.
00:58And I think that's a really interesting way to phrase it because it really gives us the agility of a relatively new business with inside the stability and kind of scale of a big, large asset manager.
01:07As you said, we manage over a trillion dollars in assets across public fixed income, active equities and alternatives.
01:14And so, you know, you think about, like you said, it's sort of a startup within a much older company.
01:2010 years is certainly not an insignificant amount of time.
01:23But, I mean, where are you when it comes to truly building out your private capabilities, when it comes to, you know, spinning out and ramping up the platform?
01:31Yeah, so, you know, it's funny.
01:33I mean, we started our first flagship strategy, our late-stage growth strategy, I think really sits at the nexus of public and private investing and is a great example of the way that we leverage the breadth of the firm.
01:44So this is a strategy that invests in companies that are growing and are generally but not always on a path to public markets.
01:50And so that team really leverages the breadth of the firm in terms of those insights.
01:56As we expanded, we grew from that late-stage strategy on the venture side, kind of went earlier stage, expanding into sectors that were of expertise to us, in particular in biotech and then early-stage venture.
02:09And then more recently, we've been building out our capabilities in private credit over the last several years, hiring several dedicated teams to execute on private credit strategies.
02:18Well, let's talk about that a little bit more, because, you know, you mentioned you joined in 2024.
02:23There are certainly some new faces when it comes to your private teams.
02:26When it comes to adding headcount for these capabilities, is there still more room to grow here, or do you pretty much have the team in place?
02:33I think there's a couple more hires that we're going to be making, but I would say, largely speaking, we have the team in place today, particularly in the private credit space where we've brought on three different capabilities.
02:45It's, you know, I think Wellington offers a really phenomenal platform from which that we can hire.
02:52It's a firm that really values independent intellectual thought, and so the idea is to bring talent into the organization where they can execute on their craft, but really plug into a broader investment ecosystem that's really, truly collaborative across both the public and the private side.
03:07And I have about a minute left with you.
03:09I have to ask about the marathon.
03:11Of course, you're on the board of New York Roadrunners.
03:13I know that you're running on Sunday.
03:15In 30 seconds, what do the next two days look like for you?
03:18Oh, my gosh.
03:18Thank you so much for asking.
03:19So, yeah, the New York City Marathon is truly, like, the best day in the best city in the world.
03:24I can say this.
03:26You know, I'm a little bit biased because I did grow up here, and this is my 12th time running the marathon.
03:30But the next couple of days look like a lot of rest, a lot of, you know, carbo-loading, a lot of liquids.
03:36And so it's just going to be a really, really great day, and I'm just so fortunate to be able to be part of it for the 12th year now.
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