Alternative Allocations with Tony Davidow

In episode 10 of the Alternative Allocations podcast series, Tony and Matt Brown of CAIS share their enthusiasm for alternative asset classes and strategies and discuss the evolution of the alternative investment landscape. With product innovation and further demand for access, the need for world class managers becomes ever more important to continue to provide opportunities to more and more advisors. Matt Brown is the Founder, CEO, and Chairman of CAIS. He has spent over 30 years at the intersection of wealth management, alternative investments, and platform design. He began his career as a financial advisor at Shearson Lehman Brothers and Smith Barney. In 2009, Matt founded CAIS, the first truly open marketplace for alternative investments, where financial advisors and asset managers can engage and transact directly on a massive scale. Financial advisors, the professionals we designate to oversee our economic futures, do not have the same access to alternative investments in comparison to large institutions. CAIS is changing that. Matt believes entrepreneurship is the major driver of economic and social change. He’s spent the better part of two decades working with Endeavor, the world’s leading organization for high impact entrepreneurs. During his tenure, he had the opportunity to mentor dozens of entrepreneurs from around the world, including Africa, Latin America, and the Middle East. Matt is honored to have been on Endeavor’s South African and Turkish Boards which ultimately led to a position on the Global Board of Directors. The experience deepened his belief that helping entrepreneurs build and scale their businesses promotes economic growth and prosperity. It’s Matt’s personal mission to ensure that anyone with a dream, and the drive to achieve it, has an equal opportunity to make it happen. Matt Brown | LinkedIn Transforming the world of alternative investing - CAIS (caisgroup.com) Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

In episode 9 of the Alternative Allocations podcast series, Tony sat down with Patrick McGowan of Sanctuary Wealth, to discuss the importance of educating advisors on alternative asset classes. Patrick shared his thoughts on structure versus strategy as well as the importance of conducting due diligence. Patrick McGowan is a Managing Director, Head of Manager Research and Alternative Investments at Sanctuary Wealth. In this role, Mr. McGowan oversees a team responsible for all alternative investment matters including manager sourcing, due diligence, selection, and monitoring. He serves as a member of the Alternative Investment Committee. Previously, Patrick was a Senior Vice President and Head of Product Management at Azimut Alternative Capital Partners, the New York-based GP-stakes arm of Azimut Group, one of the largest independent wealth management companies in Europe. Mr. McGowan joined Azimut from Invesco Private Capital, the $1 billion private equity and venture capital arm of Invesco (NYSE: IVZ), focusing on efforts for Invesco’s CalSTRS SMA and a fund-of-funds. Prior to Invesco, Mr. McGowan was at OC Private Capital, a joint venture between The Carlyle Group and OppenheimerFunds, the advisor to a $1 billion close-ended interval fund focused on private credit. Prior to this role, Mr. McGowan was a Senior Director at AI Insight, supporting RIAs and wealth management firms’ alternative investment due diligence efforts, and establishing regulatory and fiduciary best practices. Mr. McGowan started his career at OppenheimerFunds, then worked at Altegris Investments as a Vice President. Mr. McGowan earned a bachelor’s degree from Vanderbilt University in Nashville, TN. He holds FINRA Series 7 and 63 registrations. Home | Sanctuary Wealth Patrick McGowan | LinkedIn Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

Check out episode 8 of the Alternative Allocations podcast series, Tony had the opportunity to sit down with Jeb Belford, CIO of Clarion Partners, to discuss the challenges and opportunities with commercial real estate. They discuss the headwinds, rising interest rates and a challenging office sector, and where Jeb sees opportunities in the coming years. Jeb Belford, Managing Director, is the Chief Investment Officer of Clarion Partners. He is an equity owner in the Firm, chairman of the Firm’s Investment Committee, and a member of the Executive Board. From 2013-2021 Jeb was the lead Portfolio Manager of the Firm’s open-end core fund, with overall responsibility for fund management and portfolio strategy. From 2005-2012, Jeb was the Portfolio Manager for the Lion Value Fund, the Firm’s value-add investment platform. Prior to becoming a portfolio manager, Jeb was a senior member of the Firm’s Acquisitions Group, completing investments across a broad range of strategies. His background includes all key aspects of portfolio management, including acquisitions, financing and sales totaling over $20 billion in all property types and risk strategies, in markets across the U.S., Brazil and Mexico. Jeb joined Clarion Partners in 1995 and began working in the real estate industry in 1984 at Winthrop Financial Associates, Boston, MA. Jeb has a B.A. in Mathematics and Religion from Dartmouth College. About Clarion Partners | Alternatives by FT Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

Check out episode 7 of the Alternative Allocations podcast series, focusing on evaluating and allocating alternatives with my guest Jackie Klaber. Jackie and I discuss a range of topics including communicating to clients, the role and use of alternatives, product evolution, and allocating to alternatives in today’s market environment. Jackie C. Klaber is a Managing Director and Head of Alternative Investments at Rockefeller Capital Management. She is a member of the firm’s Management Committee and Chair of the Manager Approval Committee. Jackie is responsible for sourcing and structuring differentiated alternative investment opportunities for the firm’s clients. Jackie previously worked at Goldman Sachs & Co. in the Alternative Investments & Manager Selection division, where she was responsible for sourcing and diligencing a range of alternative investments over time, including in hedge funds, private equity, and credit. Jackie also served as a Business Unit Manager and as a Member of the Data Science Committee. From 2012-2014, Jackie worked at Citigroup with the management team of the Investment Banking division. Prior to these roles, she graduated from Yale Law School / Yale School of Management, where she completed a J.D./M.B.A. and served as an editor of The Yale Law Journal. She has experience at the U.S. Department of the Treasury, Covington & Burling LLP, and the Yale Investments Office. Jackie received a bachelor’s degree from Yale College and a master’s degree from Columbia University. She is a member of the New York State Bar Association and the Brookings Council as well as a Term Member at the Council on Foreign Relations. She serves on the Board of the Yale Law School Fund and of the Seedlings Foundation. Rockefeller Capital Management Jackie (Carter) Klaber | LinkedIn Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

We recently hosted a group of global institutional clients from 23 different countries for an educational event in our San Mateo headquarters. This feature episode is a panel discussion that Tony moderated with Brooks Ritchey, chairman of K2 Advisors, and Peter Blue, head of Alternative Solutions at Franklin Templeton Investment Solutions. We hope you enjoy this special edition of our podcast series. ********* Brooks Ritchey joined K2 Advisors (a hedged strategies division of Franklin Templeton) in 2005 and is currently a Portfolio Manager and Chairman. He is also a voting member of the K2 Investment Committee. Prior responsibilities at K2 include Co-Chief Investment Officer, Co-Head of Investment Research & Management, and Head of Portfolio Construction. Mr. Ritchey works with clients and investment management teams to analyze market and macroeconomic conditions, help determine asset allocation tilts, and manage absolute return and multi-asset hedged portfolios. Mr. Ritchey began his investment career in 1982 as a proprietary trader for the NYSE Specialist Firm of Conklin, Cahill & Co. Since 1987, Mr. Ritchey has successfully managed multi-asset mutual fund and hedge fund portfolios for institutional and registered portfolios while located in New York and Paris. Prior employers include Steinhardt Partners, Citibank, Finch Asset Management, Paribas, AIG, and ING/Barings. Mr. Ritchey graduated from Franklin & Marshall College in 1982 with a B.A. in Business Administration and is Series 3 NFA registered. Peter Blue is the Head of Alternatives Solutions for Franklin Templeton Investment Solutions. He is responsible for the development and implementation of multi-asset alternatives capabilities for the Solutions team. Most recently, he was a client portfolio manager, also for Franklin Templeton Investment Solutions. Mr. Blue focuses on designing, managing, and maintaining multi-asset investment solutions for institutional clients in the Americas. Prior to joining Franklin Templeton, Mr. Blue was an investment analyst at QS Investors, a quantitative multi-asset and equity manager, where he was responsible for leveraging the breadth of QS' capabilities in the creation of new and custom investment solutions. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create Franklin Templeton Investment Solutions. Before QS Investors in 2019, Mr. Blue was an alternatives product specialist at Legg Mason. Previously, he held product development, business development, and investment analyst roles with Guggenheim Partners, AlphaMetrix and Cambridge Associates, respectively. Mr. Blue holds a Bachelor of Science degree in business administration from Washington & Lee University, where he graduated magna cum laude. He also holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA) and Financial Risk Manager (FRM) designations. Mr. Blue is a member of the CFA Society New York and the Global Association of Risk Professionals (GARP).

In Episode # 5 of the Alternative Allocations podcast series, focusing on the opportunities in secondaries with my guest Taylor Robinson, we discuss the diversity and opportunities in the secondaries market. We discuss how the extraordinary growth in private equity, coupled with slowing exits, has created opportunities for secondaries managers to acquire assets at attractive valuations. Taylor Robinson is a Partner of Lexington Partners, primarily focused on sourcing, negotiating, and executing secondary transactions. Taylor joined Lexington Partners in 2008 from JPMorgan, where he was in investment banking and leveraged finance. Aside from his investment focus and other Firm responsibilities, he is a member of Lexington’s ESG steering committee and Franklin Templeton’s global Stewardship & Sustainability Council. Resources: About Lexington Partners | Alternatives by FT Why private equity | Alternatives by FT Taylor Robinson | LinkedIn Alternative Allocations: The growth and diversification of secondaries | Franklin Templeton Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

In this episode of the Alternative Allocations podcast series, Aaron and I discuss asset allocation and portfolio construction, and the merits of goals-based investing. We also dive into the current market environment, the versatility of alternatives, the need for education, and total portfolio allocation. Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP oversees UniFi by CAIA™, a learning platform dedicated to educating the private wealth management industry on alternative investments. Aaron is a frequent speaker and writer on various topics of alternative investments and his work has been published in CAIA’s educational programs, numerous academic journals, books, and industry publications. Aaron’s industry experience lies in private wealth management, where he oversaw asset allocation, portfolio construction, and manager research efforts for high-net-worth individuals and institutional retirement plans. He earned a B.S. with distinction in Finance and a Master of Finance from Penn State University. He is a Past President of CFA Society Columbus and serves as a board director and Programs Chair for CFA Society Philadelphia. Aaron is an adjunct professor and serves on multiple advisory boards for Penn State University. Resources: CAIA - Chartered Alternative Investment Analyst Association Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP | LinkedIn Alternatives by Franklin Templeton Franklin Templeton Alternatives Education The cost of being too liquid white paper Tony Davidow, CIMA® | LinkedIn

In episode 3 of the Alternative Allocations podcast series I discuss democratizing alternative investments with my esteemed guest Jenny Johnson, President and Chief Executive Officer of Franklin Templeton. Jenny and I chat about opportunities in the wealth management channel, the need for advisor education, and why she is committed to growing Franklin Templeton’s alternatives business. In a career spanning 35 years, Jenny has been a key driver of the company's transformation to what is now one of the largest global investment managers with over U.S. $1.4 trillion in assets under management. During the course of her career, Jenny has held leadership roles in all major divisions of the asset management business, including investment management, distribution, technology, operations and wealth management. She has led the evolution of Franklin Templeton since becoming CEO in February 2020, and has further diversified the company's investment capabilities and client solutions through key strategic acquisitions and investments. Jenny has received many recognitions, including being named to Forbes' "World's 100 Most Powerful Women" and "50 Over 50" lists in 2022. She has been named to the 2023 Barron's list of the "100 Most Influential Women in US Finance," marking the fourth consecutive year she has been honored. She was also named to Pensions & Investments' inaugural class of "Influential Women in Institutional Investing" in 2023. Jenny serves on a variety of boards, including the International Advisory Panel of the Monetary Authority of Singapore, the New York Stock Exchange (NYSE) Board Advisory Council and, in 2023, was appointed to the US-Brazil CEO Forum. Additionally, Jenny is a board member of the Memorial Sloan Kettering Cancer Foundation, Thermo Fisher Scientific and Catalyst. Previously, she has served on several other boards, including Stanford's Lucille Packard Children's Hospital and the San Francisco Giants. Jenny earned her B.A. in economics from the University of California at Davis. Jenny Johnson | LinkedIn Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

Check out episode 2 of the Alternative Allocations podcast series, focusing on the opportunities in alternative credit strategies with my guest Rich Byrne. Rich and I explore the current market environment, and the opportunities in direct lending, distressed, and real estate debt. Rich Byrne is President of Benefit Street Partners, a wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), and serves as Chairman and Chief Executive Officer of Franklin BSP Lending Corporation, Franklin BSP Capital Corporation, Franklin BSP Realty Trust, Inc. (NYSE: FBRT), and Benefit Street Partners Multifamily Trust. Prior to joining Benefit Street Partners, Rich was Chief Executive Officer of Deutsche Bank Securities, Inc and was the Co-Head of Global Capital Markets at Deutsche Bank as well as a member of their Global Banking Executive Committee and Global Markets Executive Committee. Before joining Deutsche Bank, he was Global Co-Head of the Leveraged Finance Group, and Global Head of Credit Research at Merrill Lynch & Co. Rich earned an MBA from the Kellogg School of Management at Northwestern University and a BA from Binghamton University. He is a member of the Board of Directors of Wynn Resorts, Limited (NASDAQ: WYNN), and New York Road Runners. He is also Founder and Chief Executive Officer of KASAI Elite Grappling Championships. Benefit Street Partners Why Private Credit? Richard Byrne | LinkedIn Alternatives by Franklin Templeton Tony Davidow, CIMA® | LinkedIn

In this inaugural episode of Alternative Allocations, host Tony Davidow interviews John Bowman from the CAIA Association (CAIA), discussing “The State of the Alts Industry.” According to research conducted by CAIA, over the last twenty years, total investable assets allocated to alternative investments have increased 150% with alternatives now representing about 15% of the total investable universe. Davidow and Bowman discuss the “democratization” of alternatives and lessons learned from institutions. They discuss the growth of alternatives across the wealth management community, and the confluence of events that make this an ideal time to consider allocating to alternatives – the current market environment, product innovation, and access to institutional-quality managers. John serves as Executive Vice President for the CAIA Association, overseeing the industry-leading CAIA charter, thought leadership and content development, and CAIA's Asia Pacific strategy. John has devoted over 20 years to the asset management industry to recover the narrative of the value that the investment profession brings to society. John previously served as Managing Director for the Americas for CFA Institute and as a portfolio manager at Mellon Growth Advisors (MGA) and State Street Global Advisors (SSgA). John is a prolific writer and commentator, frequently appearing in industry and business publications such as the Wall Street Journal, The New York Times, Pension and Investments, Financial Advisor, The Independent, Wealthmanagement.com and CNBC, and various podcasts. CAIA - Chartered Alternative Investment Analyst Association John L Bowman, CFA | LinkedIn Alternatives by Franklin Templeton The cost of being too liquid white paper Tony Davidow, CIMA® | LinkedIn

We’re excited to introduce our new podcast series “Alternative Allocations” focused on helping advisors make better-informed decisions about the role and use of alternative investments. Join host, Tony Davidow, Senior Alternatives Strategist with the Franklin Templeton Institute, for this monthly podcast series designed specifically for sophisticated advisors who are seeking alternative investments to meet their clients’ goals and objectives. To learn more, please visit alternativeallocationspodcast.com.