“The industry’s top podcast focusing on the business side of running an asset management firm.” ~ Forbes.com

About the Podcast

Operational Leaders features leaders and innovators from the investment management industry. Guests discuss “the business of running the business.”

Topics extend beyond investment strategies and instead focus on efficient operations, best practices and risk management – all elements critical to the integrity of the investment management industry and the safeguarding of investor assets.

Each episode provides listeners with actionable information about a wide range of issues encountered by senior executives tasked with running the firm.

Host Terrance J. O’Malley is a 25-year veteran of the investment management industry, serving in senior executive positions and focusing on organizational structure, operations, law, compliance and communications. With three books and dozens of articles to his name, he is arguably the private fund industry’s most published expert on the operational side of the busines.  His books include The Insider’s Guide to Hedge Funds: Successfully Managing the Middle and Back Office and the Investment Adviser’s Legal and Compliance Guide, both published by Wolters Kluwer.

Podcast Episodes

  • Signing Off
  • Season Three in Review
  • A Season Finale Message of Thanks and Giving Back with Sumudu Waas of HFC
  • Sylvain Forté Discusses Alternative Data and the Use of Artificial Intelligence for Investing
  • Richard Change on Technology Solutions for Efficient Firm Management
  • John Brennan Talks Digital Transformation and Organizational Change
  • Elaine Chim Discusses Fund Administration in the Private Equity Space
    Elaine Chim heads the private equity product for the Americas and APAC at the Apex Group.  From her position, she maintains a unique view of the market for fund administration and a broader array of client services for private equity firms.  In this episode, Elaine discusses the growing use of third-party administrators by private equity […]
  • Amy Bryant and Peggy Gielen on Jersey as a Fund Domiciliation Jurisdiction
    Jersey Finance celebrates its 20th year as a member organization formed to champion the competitive position of Jersey’s finance industry.  The celebration coincides with the Island of Jersey’s 60th anniversary as a leading finance center.  In this episode, Jersey Finance Deputy CEO, Amy Bryant, and Legal and Technical Manager, Peggy Gielen, discuss the merits of […]
  • Evan Katz Shares his Insights on Raising Investor Capital
    The ability to raise capital is fundamental to the success of any investment management firm.  Evan Katz often stands in the middle of that effort, serving as Managing Director of Crawford Ventures, a firm dedicated to helping hedge and PE funds grow, thrive and raise substantial investor capital. In this episode, Evan talks about his […]
  • Shaun Murray Talks Collateral, Margin and Derivatives
    Shaun Murray helps lead Margin Reform, a UK-based consultancy focused on helping clients address margin, collateral and legal issues in the derivatives, repo and securities lending space.  He joined Margin Reform as CEO in 2019, teaming up with former colleague Chetan Joshi, the firm’s founder and COO. In this episode, Shaun provides some background on […]
  • James Newman Delves into Operational Due Diligence
    In November 2019 James Newman and his business partner, Quentin Thom, left their in-house positions and founded perfORM Due Diligence Services.  Their firm is an innovative, flexible and technology-driven ODD service, and the first of its kind in the UK. In this episode, James talks about how he and Quentin saw the need for an […]
  • Brian Davis Shares his Perspective on the Alternatives Industry through Legal Recruiting
    More than twenty years ago, Brian Davis left his legal practice and became one of the top legal recruiters in the profession.  He focused his talents on financial services and later became a recognized pioneer for concentrating his work in the alternative asset space.  Today, Brian serves as the Managing Partner in New York for […]
  • John Phinney Discusses Operational Soundness and the Importance of Data, Research and Analytics
    John Phinney has held almost every C-Suite position in the investment management industry.  He has seen some of the best practices – and the worst – on the operational side of the business.  In 2013, he left the in-house world behind and co-founded Convergence, Inc., a firm committed to filling a void in data, research […]
  • John D’Agostino Explains the ABCs of Crypto
    John D’Agostino is one of the industry’s leading experts on cryptocurrency.  He sits on the board of several of the industry’s largest crypto-focused hedge funds, leads the Digital Asset Working Group for AIMA and much more.  He is also the former Head of Strategy for the New York Mercantile Exchange. John joins this episode to […]
  • Michelle Noyes on the Alternative Investment Industry’s Top Global Trade Association
    Michelle Noyes serves as a Managing Director and Head of the Americas at the Alternative Investment Management Association (or AIMA), where she has worked since 2012.  In this episode, Michelle provides an inside look at the industry’s top global trade associations and some of the challenges the organization faced and overcame this past year.  In […]
  • David Lewis Discusses COVID’s Impact and the Ability to Run a Successful Firm
    In 2001, David Lewis founded a one-person consulting practice that has since grown to become OperationsInc, one of the largest HR consulting practices in the U.S.  When the COVID pandemic hit nearly twenty years later, David and his team set out to become nationally recognized experts on all matters related to managing companies through the […]
  • Kathleen Muir Explains Brand Creation and Content
    A key to every successful investment management firm is the ability to attract and retain capital.  And that key begins with a story.  Kathleen Muir, founder and CEO of the Muir Network brings her twenty plus years of experience in the alternatives industry to help managers develop and communicate their story or their brand.  In […]
  • Ron Biscardi Talks Capital Introductions in a Digital Environment
    Ron Biscardi has spent the better part of his career in finance focusing on connecting investors and managers.  Along the way, he built the world’s largest capital introduction conference. In 2020, Ron saw the impact of the global pandemic and the resulting food insecurities that impacted so many.  He decided to combine his ability to […]
  • Mark Fordyce on Comprehensive Outsourced Solutions
    Mark Fordyce had an idea to create a firm that provides a full suite of outsourced services to alternative investment managers.  Then he executed on it.  The result – in 2009 Mark co-founded Blue River Partners which has since grown to become the preeminent outsourced service provider to the alternative asset management industry. In this […]
  • Rich Chen Makes the Case for the Boutique Law Firm
    After spending the better part of his 20-year career at top multinational law firms, Rich Chen decided to strike out on his own.  In 2019, he started the boutique law firm of Richard L. Chen PLLC.  He focuses on providing legal and business advice to investment management firms. In this episode, Rich discusses his career […]
  • Grace Reyes Promotes Diversity and Inclusion by Connecting Movers and Shakers
    Grace Reyes has become one of the most prominent voices in finance when it comes to promoting diversity and inclusion in the investment industry.  In 2020 she founded The Investment Diversity Exchange (TIDE) to focus on these goals and create a united voice for diversity. In this episode, Grace talks about her career in finance […]
  • Alan Meaney Talks Automating Fund Reconciliations and Data Management
    Alan Meaney stands at the forefront of the fintech movement that’s changing the operational side of investment management firms. He serves as the CEO and was co-founder of Fund Recs, a company originally built to automate the trade and transactions reconciliation process.  Now Fund Recs is venturing out to help firms automate their internal process. […]
  • Gary Berger on Audit, Tax and Advisory Services in the Private Fund Industry
    Gary Berger has spent over 30 years providing audit services and business advice to the private fund industry.  Along the way, he became a trusted advisor to existing managers and a “first call” for start-up managers seeking a range of advice from organization structures to economic and tax issues. In this episode, Gary discusses how […]
  • Season Two in Review
    The following is an index and brief description of guests who joined the Operational Leaders podcast for Season Two: Episode  1:  Anthony Scaramucci, Founder and Partner, SkyBridge Capital Episode  2:  Jason Duffy, Founder, Fieldstone Insurance Group Group (explaining health insurance) Episode  3:  Christine Chang, Family Office CEO Episode  4:  Ed Klees, Partner, Hirschler law firm […]
  • Dan Nathan Flips the Script
  • Dan Nathan on the Private Fund Business and His Role as Advisor and Commentator
  • Governor Martin O’Malley – Lessons from Leadership in the Information Age
    After the election comes the governing.  Few have been as innovative and successful as Martin O’Malley who served as the mayor of Baltimore and two terms as governor of the great state of Maryland.  Many of the lessons he learned – chronicled in his new book, Smarter Government: How to Govern for Results in the […]
  • Season Two – Outtakes and Bloopers
  • Nida Panchee on the Growth of Outsourced Services
    For almost twenty years, Nida Panchee worked in-house for private equity firms on both the investment and the operations sides of the business. Then she decided to take a step back. But she soon found herself with a growing list of projects and clients. From that beginning, she founded Panchee Advisory, an up-and-coming outsourcing firm. […]
  • Yohan Kim Discusses Managed IT and the Importance of Data Management
    Perhaps no area in the investment management business evolves as quickly, constantly or significantly as information technology. Yohan Kim and his team at RFA are among the industry’s leaders in responding to these changes and providing clients with tailored IT solutions. Yohan currently serves as President and CEO of RFA. He joins the podcast to […]
  • Ingrid Pierce Explains Offshore Jurisdictions and the Appeal of Cayman
    Ingrid Pierce is one of the world’s top fund attorneys. She serves as the Global Managing Partner at Walkers and heads the firm’s Cayman Investment Funds Group. In this episode, Ingrid answers the fundamental question, why Cayman? She explains the reasons behind the use of offshore fund vehicles and how Cayman – with its well […]
  • Bill Salus Adds his Independent Perspective on the Fund Administration Business
    Bill Salus has spent the past 30 years in the fund administration business, and previously served as Global Chief Executive Officer for Apex Fund Services. He is now the CEO and Founder of Paddock Consultancy, a firm that advises asset, fund, and investment servicing firms on engagements across the investment management ecosystem. In this episode, […]
  • Meredith Moss – Automating the Investor Experience
    There has to be a better way to invest in alternative funds. Meredith Moss and her team at Finomial have found one. Meredith has been leading Finomial as CEO since its start in 2011. The company has created a client lifecycle management platform enabling digital client onboarding for investors and their fund managers and administrators. […]
  • Pete Cherecwich Explains the Expanding Role of Asset Servicing
    Pete Cherecwich serves as the President of Northern Trust Asset Servicing where he oversees 10,000 employees and multiple business lines. From this position, he has a unique perspective on the asset management business. In this episode, Pete provides background on the evolution of the asset servicing business from custodian to fund administration and to outsourced […]
  • Rado Lipuš on Sourcing and Assessing Alternative Data
    The quest for alternative data has grown exponentially over the past few years, and so have the challenges of identifying and assessing the value of alternative data sources. Rado Lipuš and his team at Neudata have been at the forefront of helping investment management clients find, evaluate and select new data sources that will advance […]
  • Mike DeSanti on the Technology Reshaping the Middle and Back Office
    Over the course of his 40-year career in FinTech, Mike DeSanti has been at the forefront of almost every technological advance in the business. He believes we are in the midst of another great movement forward. In this episode, Mike talks about his role as President of LightPoint Financial Technology, a firm he joined in […]
  • Melissa Kelley-Hilton Speaks About Investigative Due Diligence
    For the past 20 years, Melissa Kelley-Hilton learned her investigative skills in a variety of roles and increasing leadership positions. She recently decided to strike out on her own and start Hilton Global Associates, an investigative due diligence firm. In this episode, Melissa talks about her experience in the business, what lead her to start […]
  • Frank Byrd on the Transition from Hedge Funds to Outsourced Family Office
    In 2003, Frank Byrd served as co-portfolio manager for one of the year’s biggest hedge fund launches. Today he is the Founder and CEO of Fielder Capital Group, a firm that serves as an outsourced family office. In this episode, Frank discusses his journey and transition to an outsourced family office, including some of the […]
  • Leslie Picker Covers the Asset Management Industry for CNBC
    Leslie Picker spends her days steeped in the investment management industry looking for the next big story – whether breaking news, identifying an emerging theme or landing an exclusive interview. In this episode, Leslie talks about her career and how this rising star went from Kansas to New York City. She discusses her passion for […]
  • Ed Klees Takes the Allocators’ Side of Fund Agreements.
    Sometimes the decision to make an investment can turn on the contents of a fund’s offering documents. Few people understand that better than Ed Kless. Ed has been a trusted advisor to some of the nation’s top endowments and other leading institutional allocators for over 25 years. He has held the position of General Counsel […]
  • Christine Chang Talks about the CEO Role and Family Offices
    Christine Chang has spent the better part of her career in the investment management business, and a significant amount of that time working in family office organizations. Most recently, she held the position of Chief Executive Officer. In this episode, Christine recaps her career. She explains how, with a liberal arts background, she rose to […]
  • Jason Duffy Explains Health Insurance
    Jason Duffy started selling insurance to hedge funds in 2000. At about the same time, he founded Fieldstone Investment Group, a specialized insurance and benefits brokerage focusing primarily on alternative asset managers, as well as family offices, investment advisors and other professional firms. His firm brokers a full range of insurance products. In this episode, […]
  • Anthony Scaramucci of SkyBridge Capital Provides the Founder’s Perspective
    In 2005, Anthony Scaramucci founded the investment management firm SkyBridge Capital. It was the culmination of 15 years in the industry that began at Goldman Sachs. Since then, Anthony and his team have weathered the ups and downs of the financial markets to turn SkyBridge into one of the industry’s leading firms specializing in fund […]
  • Here Comes the New Season of the Operational Leaders Podcast
    Here it comes! Starting Wednesday, September 9th. Welcome back to the Operational Leaders podcast where we discuss the business of running an investment management business. The upcoming season will feature a whole slate of new guests, new issues, and new perspectives. We’ll also provide more great actionable information. We’ll post weekly episodes and feature some […]
  • Season One in Review
    The following is an index and brief description of guests who joined the Operational Leaders podcast for Season One: Preview Episode: John Brennan, Chief strategy Officer, Eze Castle Integration Episode 1: Michael Merrigan, Founder, Shadmoor Advisors (operational due diligence) Episode 2: Andrea Colabella, Co-Founder, Cardea Group (executive recruiting) Episode 3: Norm Champ, Former Director, U.S. […]
  • Gregory Zuckerman, Author and Special Writer for the Wall Street Journal, Discusses His Latest Book
    Gregory Zuckerman has spent more than twenty-five years covering some of the biggest stories in the private fund industry. Along the way, he developed a keen interest in the incredible investing prowess of Jim Simons and his firm Renaissance Technologies. And Greg wanted to write a book about it. Though reluctant at first, Simons and […]
  • Outtakes and Bloopers – Season One
    Thanks for listening to Season One of the Operational Leaders podcast. To wrap things up on a lighter note, we put together a brief episode featuring outtakes and bloopers. Enjoy. And please check back over the summer for the occasional pop-up episode. We’ll see you again in the fall for Season Two.
  • Michael C. Neus – Author, Scholar and Esteemed Industry Veteran – on the State of the Alternatives Industry
    Over the past two plus decades, the alternative fund industry has seen its share of changes, including on the operational side of the business. Michael C. Neus has been there to help guide some of the top firms through these changes. He has served as a General Counsel, a Chief Compliance Officer and a Chief […]
  • Katherine Burton Shares the Journalist Perspective
    For more than two decades, Katherine Burton has been a groundbreaking journalist for Bloomberg News. She has been at the forefront of every major story involving the alternative fund business, often breaking major stories of the day. She also wrote a watershed book chronicling some of the leading managers in the 2000’s and their response […]
  • Tim O’Shea on Listed Derivatives and the Futures Market
    The world of listed derivatives and futures is a place not well known to many in the asset management industry. For those on the outside, it can seem quite distant and opaque. Tim O’Shea joins this episode to help shed light on listed derivatives and the futures market. Tim has spent the better part of […]
  • Meet the Journalist – The HFM Team
    The journalists who write the stories are often as interesting as the industry they cover. They can also help shape public perceptions about firms, managers and investors. This episode marks the first in a series of periodic interviews with leading journalists who cover the alternative fund business. In this episode, we hear from three top […]
  • Bart McDonough Provides Valuable Lessons on Managed IT and Cybersecurity
    Technology can be a great thing. But harnessing its possibilities requires the right professionals and the right protections. Bart McDonough, the CEO and Founder of Agio, has spent more than 20 years working in cybersecurity, business development and IT management within the alternative fund industry. Ten years ago, he founded Agio a hybrid managed IT […]
  • Joseph Signorile Discusses the Chief Operating Officer Role
    It all rolls up to the Chief Operating Officer. For over 15 years, Joe Signorile has held the COO position in the private fund industry. He also founded Our Peer Group (“OPG”), a leading best-in-class private network of COOs and CFOs that enables peer-to-peer communications. Joe joins this episode to discuss the responsibilities and challenges […]
  • Poseidon Retsinas Tackles Trading Agreements for the Buy Side
    Trading agreements are lengthy and complicated. The consequences of missing an issue or getting bad terms can be significant, particularly in times of turbulent markets. Getting the best terms requires focus, dedication and deep industry knowledge that is not always easy to find. Attorney and business person, Poseidon Retsinas, saw an opportunity. In 2019, he […]
  • Scott Chace Explains Outsourced Trading
    Outsourced trading isn’t new. Twenty years ago, Scott Chace and his business partner, Robert Fleming, co-founded CF Global Trading. The firm has since grown into one of the leading outsourced trading solutions for institutional asset managers. In this episode, Scott talks about the origins of outsourced trading, and why its appeal has grown in recent […]
  • Josh Barlow on the Role of Independent Fund Directors
    Josh Barlow spent over twelve years at PAAMCO where he led Operational Due Diligence and Accounting. This experience reinforced his view on the importance of fund governance and the value of independent directors who can deliver both oversight and practical guidance. In 2018, Josh left PAAMCO to become the founder of Valhalla Fiduciary, a consulting […]
  • Paul Calderone Talks Treasury Management
    As firms grow and counterparties multiply, the job of tracking and managing cash, collateral and other aspects of treasury becomes increasingly challenging – and critical. Paul Calderone, the Chief Operating Officer at Hazeltree, joins this week’s episode to discuss treasury management for alternative investment firms. With over 30 years of experience in the alternative space, […]
  • Cosimo Montagu on Organizing One of the Industry’s Top Conferences
    Cosimo Montagu Looks Forward to the Next Top Industry Conference One day, we’ll all be able to get together again, maybe at some sunny tropical location to attend a top industry conference.  When we do, Cosimo Montagu, Editor and Organizer of the GAIM Ops event series, will be ready. In this episode, Cosimo provides a […]
  • Kimberly Patlis Walsh Explains the Insurance Landscape
      Insurance can be a world unto itself, with It’s own language, all sorts of different players and multiple types of coverages.  Kimberly Patlis Walsh, President and Managing Director at Corporate Risk Solutions, has spent the better part of her 20+ year career helping investment management clients navigate the insurance landscape. In this episode, Kim […]
  • Fizza Khan Discusses the Role of the Compliance Firm
    Compliance veteran Fizza Khan started Silver Regulatory Associates in 2018.  As CEO of a now ten-person firm, Fizza saw an opportunity to establish a consultancy that capitalized on her compliance experience and her views on the best model for delivering compliance advice. In this episode, Fizza discusses the impact of Coronavirus on her firm and […]
  • Brian Shanly on Outsourcing the Back Office
      Outsourcing back office functions has been a growing trend in the investment management field.  The coronavirus pandemic will likely accelerate that trend.  2912 Advisors sits at the top of a new generation of outsourcing firms, providing a high-quality, high-touch option with the added benefits of operating remotely and creating functional redundancy. Brian Shanly, co-founder […]
  • Jack Inglis, CEO of AIMA, on the State of the Alternatives Industry
    Jack Inglis leads the alternative investment industry’s top international trade association, with around 2,000 corporate members in more than 60 countries. Jack spent 25 years in a variety of senior executive roles throughout the alternatives business before becoming the CEO at AIMA in 2014. Jack joins the Operational Leaders podcast to discuss what it means […]
  • Monel Amin Talks about Digitizing Due Diligence
    Leader and innovator, Monel Amin, saw a problem and set out to fix it. The due diligence process of exchanging information between allocators and managers was manually intensive, administratively burdensome and most importantly, a two-sided problem. Together with her team of experts, Monel created DiligenceVault, the first two-sided digital diligence platform for investment managers, asset […]
  • Bill Kelly, CEO of the CAIA Association, Talks about Alts Investing and its Future
    William J. “Bill” Kelly is the CEO of the Chartered Alternative Investment Analyst Association (“CAIA”). Formed in 2002, the CAIA Association has 12,000 members worldwide, 31+ CAIA chapters and sponsors over 250 events annually. Its Charter designation has become the globally-recognized credential for professionals managing, analyzing, distributing, or regulating alternative investments. In this episode, Bill […]
  • Tom Hardin Tells his Tale of Insider Trading, and its Consequences.
    One of the most powerful stories on the Street. For a few insider trades and about $46,000 in personal profits, Tom Hardin threw away his bright future as an investment analyst. The FBI tracked him down and tapped his shoulder. Facing inevitable felony charges, Tom became “Tipper X,” the government’s most productive cooperating witness in […]
  • Steve Bruce on Strategic Communications and Branding
    Steve Bruce has been referred to as the Dean of Alternative Fund Strategic Communications. For 40 years, he has helped some of the top hedge funds and private equity firms navigate the tricky waters of public relations. And in 2010, he co-founded his own public relations firm, ASC Advisors. In this episode, Steve talks about […]
  • Des Johnson on the Fund Administration Business
    Where passion, enthusiasm and executive skills combine with the fund administration business, you will find Des Johnson, CE0 of Centaur Fund Services USA. Des has over 20 years of experience in the investment fund industry holding top positions at some of the industry’s leading fund administrators in Ireland, Bermuda and the United States. In this […]
  • Norm Champ, former top regulator, author, speaker and law firm partner
    One of the industry’s true Renaissance People. Author. Speaker. Partner at Kirkland & Ellis. And former Director of the SEC’s Division of Investment Management. In this episode, Norm Champ discusses his latest book, Mastering Money. He talks about how his time at the SEC helped inspire the book and shape his views on achieving financial […]
  • Andrea Colabella, Executive Recruiting for Investment Management
    Ten years ago, Andrea Colabella and her business partner, Steve Shapiro, set out to start their own executive search firm, the Cardea Group. They focused their efforts on the operational and infrastructure side of the investment management business. Now Andrea is one of the up and coming leaders in the executive search field. In this […]
  • Michael Merrigan on Operational Due Diligence
    Michael Merrigan officially starts season one of Operational Leaders with a discussion on operational due diligence. Michael is a rising star in the business with 20 years of experience and the founder of Shadmoor Advisors, an independent ODD consulting firm he established in 2014. Michael covers a broad range of topics including a discussion about […]
  • John Brennan talks Information Technology
    John Brennan kicks off the Operational Leaders podcast series with a discussion about information technology and the role of the Chief Technology Officer. John is a 25-year industry veteran and most recently spent nearly 10 years as the Chief Technology Officer at Highfields Capital. In this episode, John discusses the importance of standards and procedures, […]