Technology Skills Requirement Accelerating Across All Functions as a Result of AI Focus
The pace of change driven by AI tools development is accelerating the shift toward technology qualifications in all functions that we originally observed almost a decade ago. Distribution, investment and platform (operations, finance, administration, legal, HR) executives, particularly in the C-Suite, do not need to bring programming skills to the table. However, it is now table stakes that they have a highly sophisticated knowledge of the full range of technology tools and applications that are available to their firms, and they must be demonstrably smarter users of these technology tools as leaders of their respective functions.
This technology skill requirement manifests itself in many ways, and we are asked to integrate these into every job description on all our searches. Executives are spending greater time up-skilling their technology knowledge. Career training and experience examples include CMOs with MBAs and early STEM education credentials rather than agency experience; CFOs with computer science degrees and experience with accounting automation and enterprise management systems, and CHROs with HRIS and data analytics skills.
Private Markets Distribution – Wealth Solutions Takes Center Stage
Following on the groundbreaking work we did recruiting the initial product and distribution team to launch Blackstone’s wealth management capabilities, a wide variety of private market firms are following in their footsteps to expand distribution capabilities in these intermediary channels focused on the UHNW segment. Many of the original team members, such as Joe Lohrer and Sheila Rapple, are still in leadership roles at Blackstone. Recently following in Blackstone’s footsteps include HarbourVest with the recruitment of Venu Krishnamurthy as Managing Director and Head of Global Private Wealth and Ray Ahn as Managing Director and Chief Marketing Officer.
Our most recent work in this area is now focused on the defined contribution channel, as private market firms prepare to expand their distribution activities in wealth to qualified plans. The DC channel presents a host of challenges due to complex operational and regulatory interface issues with plan administrators, and the increased scrutiny that fiduciary oversight requires for how these less liquid strategies are integrated into plan investment solutions. Recent examples include Greg Porteus to Blue Owl as Managing Director and Head of Defined Contribution Retirement Solutions, and earlier, Steve Ulian as Managing Director and Head of Defined Contribution at Apollo Global.
Wilbanks Partners in the Field with Clients
Over the last year we remained active working and visiting with clients in a wide range of public forums, always on the lookout for the best talent and staying abreast of industry best practices.
IPAVision 2025 Annual Meeting (September, Boston). Anya Coverman, her team, and the Board at the Institute for Portfolio Alternatives did a thorough job making this year’s IPAVision conference in Boston a great update on best practices in private market product and distribution trends. The record turnout of 500+ professionals made it a productive time with new and prospective clients in private markets. New initiatives in the defined contribution market was one of the more interesting topics under conversation.
IPASummit 2025 (April, Washington, DC). This was our first time at the IPASummit in Washington, and the 300+ industry leaders from the largest private markets firms made the networking, visits with clients on wealth distribution leadership projects, and best practices valuable. It was a bonus that the event occurred concurrently with the ICI Leadership Summit 5 blocks away!
This was our first time at the IPASummit in Washington, and the 300+ industry leaders from the largest private markets firms made the networking, visits with clients on wealth distribution leadership projects, and best practices valuable.
Financial Times Future of Asset Management (October, NYC). The new venue for the FT Future of Asset Management in Hudson Yards made the networking with over 500 clients and friends more productive. As always, the roster of speakers was an all-star list of industry leaders, and the “journalist as moderator” format gave the panelists no room to hide in addressing hot topics!
Independent Directors Council Fund Directors Conference (October, Scottsdale). This has been a very productive conference on our schedule for over a decade, earlier known as the IDC “Chicago conference.” With over 450 attendees, we find the visits with clients and the member-driven content curated by Tom Kim, his team and the Board of the IDC to be a highlight of the year.
ICI/IDC Mutual Funds Conference (March, San Diego). This was a memorable event with great speakers and a fantastic San Diego Harbor venue for networking with over 1000 professionals in attendance.
NACD Annual Meeting (October, Washington, DC). NACD hosted over 1800 directors and corporate sponsors in Washington, DC, with a deep program of topics on governance best practices that was very worthwhile. We saw many clients and friends, and in a testimony to the quality of the programming, the final session on the last day was packed!
NYU Law Forum Program on Corporate Compliance and Enforcement’s Annual Directors Academy(October, NYC). The innovation and high quality of the presentations and workshops, as well as the networking opportunities with over 100 professionals, made this a memorable event. It was an added bonus to be in the village at my wife’s alma mater, NYU Law, and to meet Dean Troy McKenzie.
Investment Company Institute 2025 Leadership Summit and Annual Meeting (April, Washington, DC). CEO Eric Pan opened the conference with comments about the importance of private markets and innovative registered fund products, embracing the wave of change. The capacity group of 800 professionals was a great venue for meeting with clients and keeping up on innovation in new product development around interval funds, active ETFs, and other creative ‘40 Act structures.
Investment Company Institute 2025 ETF Conference (September, Nashville). This was the ICI’s long overdue inaugural ETF conference which was oversubscribed with 800+ professionals. It was better organized and had more relevant content than many of the “pay to play” private ETF conferences. The interesting takeaway is that active ETFs will lead to a much wider group of entrants into the ETF segment as mid-sized asset managers adopt these products for the first time as just another channel to distribute their products at a full fee, which matches our conversation with a number of potential clients.
MMI 2025 Annual Meeting (April, Washington, DC).The 600 professionals in DC for the MMI was the largest attendance ever for an Annual Meeting and a real testimony to our successful candidate, President Craig Pfeiffer, and his amazing team. Visiting with clients and MMI Board members was nonstop and made me realize what a big deficit missing several of the recent conferences had been. The interesting takeaway is that active ETFs will lead to a much wider group of entrants into the ETF segment as mid-sized asset managers adopt these products for the first time as just another channel to distribute their products at a full fee, which matches our conversation with a number of potential clients. The roles that they will hire for are ETF channel and product managers to assist build out capabilities at the SVP/Executive Director level, rather than division P&L managers at the EVP/Managing Director level.
AAAIM Elevate 2025 (September, NYC). The Association of Asian American Investment Managers’ annual gathering was a wonderful in-person introduction to this group. The 600 professional over-capacity attendance was filled with friends and clients. Spending time with Board member and Head of the Boston chapter York Lo talking about advocacy and the future of the industry was a highlight. All the sessions were great learning experiences, but the highlight for me was the panel of career success stories breaking the glass and bamboo ceiling simultaneously that included friends Sona Menon and Candice Tse.
Toigo Foundation Annual East Coast Gala (June, NYC). 800 guests with the backing of sponsors like Carlyle, Apollo, and Ares packed the Glasshouse rooftop in NYC for the Annual Gala of the Toigo Foundation. We had a great table of independent fund directors led by Theresa Hamacher, Chair and Lead Independent Director of our client Morningstar Funds Trust.
Inclusivity: Rephrasing the Essential Business Strategy of DEI
As the essential business strategies of sustainability and DEI have come under fire, it has become essential to reframe the debate in a fashion that benefits the entire country, not just the more prosperous major coastal urban areas.
“Inclusion and expanded outreach have the potential to increase the value and size of the economic pie, benefiting all workers.”
I was impressed by Miguel Thomas (CEO of the National Association of Securities Professionals) reframing the discussion with Craig Pfeiffer (CEO of the Money Management Institute) on the main stage of the MMI 2025 Annual Meeting in Washington, DC. Inclusivity is a message of outreach and partnership that is equally applicable to every cohort in our society. Thomas said, “Inclusion needs to be framed and incorporated as a business driver expanding growth opportunities, and access to a broader pool of talent and skills.” He cited Milton Friedman who said, “Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.” Thomas summarized, “There is fear that increasing inclusion and opportunity access is a win/lose that will replace workers…[however,] inclusion and expanded outreach have the potential to increase the value and size of the economic pie, benefiting all workers.”
This is a powerful message that allows us to carry forward the work of creating more diverse teams that make better decisions. Despite the political and policy challenges, it is universal among our clients that there remains a strategic imperative in this area in the pursuit of more consistent and superior business growth and profitability.
Wilbanks Partners’ Representative Search Work
- President & CEO – $40 bil RIA
- President & CEO – $30 bil ESG Investment Firm
- President & COO – $5 bil RIA
- President & CEO – Leading Financial Services Association
- President & CEO – $4 bil Family Office
- Board Member – $3 bil ESG Private Equity Firm
- Board Member – $110 bil Global Asset Manager
- Board Member – $10 bil Mutual Fund Complex
- Board Member – $160 bil Global Investment Manager
- Senior Managing Director & Division Head Tax Efficient Solutions Business – $45 bil AUM RIA
- Division Executive & Head of $2 bil Investment Business – Mission-Driven Payment Services Fintech
- Managing Director & ETF Division Manager – $80 bil Asset Manager
- SVP & Head of ETFs – $1 trillion Global Asset Manager
- Partner & Head of Retail Distribution – $200 bil Private Equity Firm
- Head of Private Markets – $15 bil Public Pension
- Head of Retail Marketing – $200 bil Private Equity Firm
- Head of Retail Sales – $200 bil Private Equity Firm
- Partner & CFO – $30 bil Hedge Fund
- Partner & CFO – $4 bil ESG Private Equity Firm
- Treasurer – $3 bil ESG Private Equity Firm
- Chief Investment Officer – $3 bil Endowment
- Chief Investment Officer – $40 bil Multi-Family Office
- Partner & CHRO – $40 bil Global Asset Manager
- Partner & CHRO – Boutique Global Investment Bank
- Partner & CHRO – $4 bil ESG Private Equity Firm
- Partner & COO, Trust Services Business – Large Regional New Hampshire Law Firm
- Managing Director & Head of Client Service & Operations – $40 bil RIA
- Partner & COO – $4 bil RIA
- EVP & Head of Investment Operations & Client Service – $40 bil Multi-Family Office
- EVP & Chief Marketing Officer Retail – $1 trillion Global Asset Manager
- SVP & Head of Digital Marketing – $1 trillion Global Asset Manager
- Head of US Retail Channel Marketing – $700 bil Global Asset Management Firm
- Partner & Chief Marketing Officer – $10 bil Global Institutional Asset Manager
- Portfolio Manager, Emerging Market Local Currency Credit – $50 bil Asset Manager
- Portfolio Manager, Global Small Cap Value Equities – $60 bil Asset Manager
- Head of Investments – $4 bil Family Office
- Head of Family Office Distribution Channel – $6 bil AUM Hedge Fund
- General Counsel – $1 bil Wealth Management Private Equity Fund
- Head of Risk Management – $30 bil Hedge Fund
- Head of Human Resources – $30 bil Hedge Fund
- Head of Channel Marketing – $80 bil ETF Specialty Firm
- Head of Talent & Deputy CHRO – $80 bil Asset Manager
- Product Manager, ETF & Tokenized Asset Classes – $80 bil Asset Manager
