John Zito

And it was such a new thing.

and the design of the cds market very new the design of index products very new and this isn't that long ago that was 22 23 years ago and you look at today we're a just under 800 billion dollar asset manager a vast majority of our capital is in credit we're growing at 150 billion a year

We're writing anywhere between a billion to two billion of annuities per week.

We originated 260 billion of investment grade product last year, investment grade and private asset product last year.

The scale is crazy and hard for people to believe, but it's been a complete retooling of the way that capital markets even function.

What we're trying to build is probably something that, first off, no one's really tried before.

For us, we have this very large traditional asset manager.

Traditional asset manager is, okay, we take your money, we invest it the best of our ability, we take some sort of fee, but it's not our money, we're investing your money.

And three years ago, we really said, we think the future of asset management is being aligned with our clients in a way that no one else is.

So we merged with our...

insurance retirement service company called Athene.

And with that brought on close to half our balance sheet, just over $300 billion today of our own balance sheet, which we're investing every day, 95% investment grade, 5% alternatives.

We'll write an annuity at four or 5%.

We'll invest that money at six and a half.

So we're guaranteeing you that income and we're keeping the balance.

But we switched the whole model on its head where we're not only an asset manager as a third party business, asset light, capital light, but we are also a principal investor.

And we're creating an alignment that I think in all times people know whether or not they believe we're doing a good job making good investments, they'll know we're aligned.

We're aligned with effectively a very large first loss position.

in our retirement service business through a theme.

We're the biggest investor in a vast majority of our products.