T. Rowe Price's Cheri Belski - how a $1.59T asset manager is approaching private markets: AGM x Pangea Private Markets Live Podcast

Welcome back to the Alt Goes Mainstream podcast.Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM. Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets. Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.Cheri and I had a wide-ranging conversation on private markets. We discussed:Why did T. Rowe Price look to add alternatives offerings?How traditional asset managers have approached adding private markets capabilities.Why T. Rowe Price acquired Oak Hill Advisors.Build, buy, or partner to add alternatives?Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?Opportunities and challenges with product construction and innovation for the wealth channel.What the future holds for private markets.Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.Show Notes00:00 Introduction: Going Mainstream00:40 Welcome to Alt Goes Mainstream Podcast00:43 Live Podcast in London with Cheri Belski00:54 Cheri Belski's Role at T. Rowe Price01:19 Discussion on Private Markets and Traditional Asset Managers01:37 Podcast Begins: Marylanders in London01:59 Host Introduction: Michael Sidgmore02:31 T. Rowe Price's Venture into Alternatives04:35 Why T. Rowe Price is Entering Alts05:46 Building, Buying, or Partnering in Alts07:09 Acquisition of Oak Hill Advisors07:13 Integration Challenges and Successes12:06 Brand Strategy in Alternatives14:36 Distribution Strategies for Alts16:20 Traditional vs. Alternative Asset Managers19:36 Challenges and Opportunities in Private Markets19:41 Advisor Relationships and Education22:29 Product Construction and Client Needs24:36 Challenges in Private Markets25:44 Future of Alternative Investments26:20 Conclusion and Farewell

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