BNY's Jose Minaya on How AI Is Transforming Asset Management

Barry speaks with Jose Minaya, global head of BNY Investments and Wealth. In this episode, Jose and Barry discuss his career buy-side trading, investing in the alternatives space. The also discuss the changes blockchain and AI are bringing to asset management.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. This is Masters in
Business with Barry Ritholts on Bloomberg Radio.

Speaker 2 (00:17):
On the latest Masters in Business podcast Wow. Jose Menaya
runs wealth management services at B and Y Bank in
New York. Incredible bank, incredible history. They're literally the first bank.
Bn Y is the first bank in America, the first
publicly listed stock on the New York Stock Exchange. Not

(00:39):
only do they have two point two trillion in assets,
but they touch about one out of every five dollars
in assets globally. They touch, you know, sixty seventy trillion
dollars worth of assets, whether it's through their clearing, their infrastructure,
their custodianship. They're just a massive bank, the oldest bank

(01:01):
in America, the first bank in America, formed by Alexander Hamilton.
Jose has a fascinating background and a fascinating career as
both a chief investment Officer and CEO. Few people are
better positioned to talk about not only what's happening in
the state of wealth management in the US and globally,

(01:24):
but what's coming next, What digital technology and tokenization means
for asset managers, as well as the impact of AI
on how we're all going to deal with our dollars.
I thought this conversation was absolutely fascinating, and I think
you will also with no further ado, my Master's in
Business interview of BN wise jose Manayah. So let's start

(01:49):
out talking about your background Bachelor's and finance from Manhattan College,
an MBA from Tuck Business School at Dartmouth. What was
the career plan?

Speaker 3 (02:01):
You know, I my career plan was always a work
in progress. I always say I almost had like a
little bit of a Forest Gump approach to starting my career.
I first, I'm a first generation American, so you know,
I grew up in Washington Heights to a dominic in
a Dominican family, Dominican parents, So baseball was big my life.
And for a while there I thought I was going

(02:21):
to be a pro baseball player.

Speaker 2 (02:22):
Would you play?

Speaker 4 (02:23):
I was? I was a pitcher.

Speaker 3 (02:25):
Uh huh, did pretty well, did pretty well up until
the point that I didn't and then.

Speaker 2 (02:29):
High school of college, high school and college. I pitched
in high school. No curveball. That's the end of your
pitching career.

Speaker 3 (02:36):
Yeah, I My whole thing is if I threw strikes.

Speaker 4 (02:38):
I did pretty well. If I didn't, I was going
to get in trouble.

Speaker 2 (02:41):
So you a little control issue? Is that the problem?

Speaker 4 (02:43):
Yeah, a little control issues.

Speaker 2 (02:45):
Yeah, it's hard to throw both hard and accurately.

Speaker 4 (02:48):
Yes it is, Yes, it is.

Speaker 3 (02:49):
It's like like everything else, it's about trying to find
the balance.

Speaker 4 (02:52):
Right.

Speaker 2 (02:52):
So that's right. So you mentioned your first generation American.
How did that affect you? What? What does that do
to your world? You your work ethic, How does it
affect your outlook and career progress?

Speaker 3 (03:07):
I think being a first gen and and just kind
of my you know, the neighborhood I grew up which
I often described to people. You know, if you've been
to Chinatown, well, Washington High School, and I grew up
there was the Dominican version of Chinatown. But look, I
mean I grew up around strong family values. I had
a great home life, very privileged that way, strong work.

Speaker 4 (03:28):
Ethic coming in, but I but I did.

Speaker 3 (03:30):
But I did grow up in a bubble, right, So
one end what I took with me when I exited
or left that bubble was work, work ethic, was kind
of really understanding relationships and that. But then when I
left that bubble, it was more defined by Okay, I
was in different audiences. I was in situations where then

(03:53):
more acclimating was kind of more my focus and my
goal for early early part of my career.

Speaker 2 (04:00):
Really really interesting. You come out of talk, you end
up being an analyst. Tell us about the early days
post post grad school.

Speaker 3 (04:10):
Yeah, I think post grad school, I was still trying
to figure out what I what I really wanted to do,
because you know, if I even go pre you know,
coming out of undergrad, you know, I had a finance degree,
I was good at math, and you know, I asked people,
what are you supposed to do with this? And people
mentioned Wall Street in firms like JP Morgan and Goldman Sachs,
and I was fortunate enough to get a job at
JP Morgan. I went everyone was taking a gmat. I

(04:33):
had no idea what a gmat was, but I figured
I'm supposed to take it as well, and I went
to grad school. And then coming out of grad school,
I went back to Wall Street. I not necessarily thinking
that's what I wanted my career to be, but I
didn't really have a plan for anything else. I think
as I started really searching around what I wanted to do,
and instead of advising people, kind of doing things that

(04:53):
we're going to be there for the long term, build something,
you know. I found my way into the byside, right,
and that my first job kind of in investing, working
at AIG Global Investment group.

Speaker 4 (05:03):
I think today it's called.

Speaker 3 (05:04):
Pinebridge, but that was my first real investing job, and
even there finding my way. I started out inequities and
I was like, Okay, I like this, but I felt like,
you know, the other side, as I ran into people
on the bond side and private credit, I felt that
that was more kind of cash flow based versus I
used to get annoyed where my model. I felt like

(05:25):
my models were right, but the markets never cooperated with
so it didn't matter that I was right.

Speaker 4 (05:30):
I felt more at home.

Speaker 3 (05:32):
In that environment where it was more around, okay, how
how do I judge the downside? How do I kind
of really analyze cash flows? And then I found myself
on the by side and I found myself as a
private credit manager. I think from there, interesting enough, I said, hey, this,
I found my thing.

Speaker 4 (05:49):
I love doing this.

Speaker 3 (05:50):
And I always found myself in situations where I did
what I did really well and somebody always asked me
to do a little more. And in that little more,
it was always kind of like extending myself and say, okay,
am I still the smme? Or am I now gathering
and doing different things? And then ultimately, especially when I
was at TIA, it was this idea of like, oh,

(06:11):
you know, should we go into agriculture, should we go
into commodities? And I was like, well, here, I'm a
kid from New York City. I don't really know anything
about agriculture and commodities, but you know what, I kind
of dived in and said this is interesting. This was
the other thing that took me to another place in
my career that I'd say I took another people viewed

(06:33):
as a big risk because at that point, know, I
was managing about a fifteen billion dollar private credit portfolio.
Back then that was a that was a pretty major thing.

Speaker 2 (06:42):
Like a lot of money.

Speaker 4 (06:43):
I felt like a lot of money and it was
and is.

Speaker 3 (06:47):
And I kind of made a decision from doing these
kind of nights and weekends on this project of going
into farmland, I made a decision to say, you know what,
I'm going to leave all this behind. I want to
go try to build this and even the CIO at
the time said, are you sure you want to do this?

Speaker 4 (07:02):
Because you know, maybe I'll.

Speaker 3 (07:04):
Tell you what, why don't you give this a run?
But you know what, we'll keep your job warm for you.

Speaker 4 (07:09):
Here. I think he figured he'll come running back in
six months.

Speaker 2 (07:12):
Give this a run, meaning the CIO position.

Speaker 4 (07:15):
Meeting running a farmland fund.

Speaker 2 (07:17):
Oh okay.

Speaker 3 (07:18):
And you know, so I went out and said, oh,
I want to do this. We ended up becoming the
largest farmland fund institutional manager for farmland assets globally.

Speaker 4 (07:30):
At the time.

Speaker 3 (07:31):
And you know, one of the things that my philosophy
and doing these things is you know, taking the confidence
to always kind of try things that get me excited
and that I feel passionate about. But I think throughout
my investing life, you know one mantra I've always had is,
you know, you've got to be really good at knowing
what you don't know. And that comes with being more humble,
That comes with kind of asking a lot of questions,

(07:54):
not being intimidated by bringing people around you that are
smarter than you. Because I was like, hey, I could
understand people, I can under stand math. Now how do
I fill in these blanks? How do I get people
around me They're going to give me kind of the
knowledge that I know I don't have, and that career
proession was from farmland. They said, hey, w you did
an amazing job. Can you take real estate? Can you

(08:14):
take natural resources? Can you take all of private markets?
And then ultimately can you be the chief investment officer
and then growing that into a acid management firm? And
what I realized was that what I thought my passion
was was in investing, but the real passion that I
really found was was in building, building things, you know,

(08:34):
managing teams and bringing teams together.

Speaker 2 (08:36):
So I want to circle back to building what you
did at Nouvene. How do you go from JP Morgan
to AIG to Merrill? What ultimately leads you to Nouveen?

Speaker 3 (08:48):
You know, what leads me to Nouvene is just I
always say, like picking up the breadcrumbs.

Speaker 4 (08:52):
Right.

Speaker 3 (08:52):
I was on a journey of really kind of searching again,
what's my passion, what I want to do. I was
very fortunate, you know, here I am. I'm sitting on
at a job on Wall Street at JP Morgan. Very
fortunate to have it, but I couldn't see myself doing
that job for twenty years. Then I'm like, oh, I'm
fortunate to get a job on the byside, and I'm like, okay,
this is great.

Speaker 4 (09:12):
I'm at AIG.

Speaker 3 (09:13):
You know, it's a terrific opportunity, terrific firm. Yet there's
still that thing that I'm kind of still trying to
find that feels like, hey, what's really getting my juices going?
And you know, it was always that search for that
thing that kind of made me get up early in
the morning. And when I ultimately landed at Newvine, which
was part of TIA, that was that role. And I

(09:35):
ended up being there twenty years. And I would tell
you the large the longest role I've ever had in
my life in my entire career was my five years
or so, as is my role as CEO there.

Speaker 2 (09:47):
Even twenty years is a long time in the modern
world to be at any one firm. It seems people
don't do that anymore. What was it that kept you there?
It sounds like they kept pilot on new challenges and
really keeping you engaged.

Speaker 3 (10:02):
Yeah, that's exactly right, meaning like the longest role I've
had in my career is the five years I was
the CEO part of that Every three four years someone
was giving me something else to build.

Speaker 4 (10:13):
I always say, I get itchy.

Speaker 3 (10:15):
Maybe I'm not the best steward in the world, but
what does get me excited is building things, kind of
building new teams, you know, the challenge of kind of
like growing a capability, and I got to do that.
Over the course of twenty years. I've been extremely blessed
and same thing and moving to my role now it's
a tremendous opportunity. And you know, I could still say

(10:36):
that twenty plus years. I still get excited every morning
to kind of go to work.

Speaker 2 (10:41):
When you say building new teams, give us an example
of some of the sort of teams you helped build
that kept you occupied for twenty years.

Speaker 3 (10:50):
Sure, I mean one I mentioned the Farmland example. That
was a complete startup.

Speaker 2 (10:55):
From scratch, from zero.

Speaker 3 (10:56):
From zero dollars to kind of go in and building
a team. You know, very proud of what we did
in private credit. You know, we started the Churchill Group
with you know again that was finding the right people,
finding Ken Kinsell, who was a tremendous leader and had
a team with him, and we started with zero. Today,
that broader platform at Neuvene is almost you know, just

(11:17):
short of one hundred billion in private credit. So there's
multiple examples like that where the basically the blueprint was
either we were doing an acquisition or we were finding
a team, and we're saying, Okay, we've got the right
makings here of a team. How do we give this
team the right tools and go out and try to
grow grow a platform.

Speaker 2 (11:36):
So you're no strange too. Alternatives. We've talked about farmland,
real estate, private credit, private debt, natural resources. What is
your view today on alts? What do you think about
what kind of feels a little bit like a land rush?
What's going on in the world of altz today?

Speaker 3 (11:53):
Yeah, and you know it feels like a land rush,
but I will tell you that this has been building
for some time. And the interesting thing is, you know,
if I go back ten fifteen years ago, my pitch
talking to clients around alternatives was one that was largely academic, right,
It was this idea of diversification.

Speaker 4 (12:11):
Diversification.

Speaker 3 (12:12):
Hey, by the way, I know you haven't seen inflation
in twenty years, but it may show up, and if
it does, are you protected for it? By the way,
you may be going to a market where there's a
lot more volatility. Have you thought about that? And then also, hey,
have you thought about yield? You know, you know there's
ways to kind of think about principal protection and your
portfolio and then yield and alternatives. I would say it's

(12:32):
just the way of bringing in the right correlations into
your portfolio. And some of the biggest alpha and alternatives
is the lack of access.

Speaker 2 (12:42):
Meaning the iloquidly you can't sell in a panic because
the market's a off eight percent.

Speaker 3 (12:47):
Yeah, and in many ways, you know you're you're going
to kind of structure and get a return you're looking
for because you need to have a specific skill or
access point to get those assets, so that maybe the
market's are a little bit less efficient.

Speaker 4 (13:00):
You know.

Speaker 3 (13:01):
The interesting thing is today that academic conversation has turned
into urgency.

Speaker 4 (13:06):
Right.

Speaker 3 (13:07):
So now, while markets have obviously continued to be at
all time highs, I think individual investors have felt what
volatility feels like, whether that was coming out of the
global financial crisis, whether that was at of COVID and
the pandemic. We have felt and seen a lot of
significant volatility.

Speaker 2 (13:25):
Twenty twenty two, first time in forty years, stocks and
bonds both down double digits. Like people seem to think
volatility gets conquered every few years, and whenever there's any
sort of complacency, the market says, now's the time to
teach people volatility never goes away.

Speaker 3 (13:41):
Yeah, And throughout that, throughout that time period, you've also
have seen the growth of index funds.

Speaker 4 (13:46):
Right. So also on top.

Speaker 3 (13:47):
Of that is this idea of like you know, I
always say the world's become more commoditized when I entered
the industry, you differentiate it yourself by picking better securities
than the next person and driving returns.

Speaker 4 (13:59):
Then all of us sudden there was a focus on cost.
Believe it or not.

Speaker 3 (14:02):
Once upon a time, you know, paid nobody paid attention
to fees. I think then it was well, no, you're
going to compete on fees as well, and then became
the race to zero. Today, you know, investment performance is
obviously extremely important, but it's table stakes cost. We're all
we're all kind of basically at the bottom end of

(14:22):
that curve for costs. So now it's more around what
are the outcomes you're going to deliver to someone. Technology
is it's a big component. It is the flexibility that
you offer you offer clients but it is ultimately about
what is the outcomes you're going to get to clients.
And that's seventy thirty portfolio. That passive fund. It said, hey,
you're in a target day fund. You don't have to

(14:44):
do anything, just sit back and it all adjusts and
drives kind of the returns you need. Well, in those
moments where correlations go to one, it didn't feel so good.
That's right, it didn't feel so good. And I think
now there's more sophistication in terms of how you package
you know, solutions, more sophistication now on the need to
get alternatives to clients.

Speaker 4 (15:07):
I think these things all now.

Speaker 3 (15:08):
I think again, what was an academic conversation today is
is an urgency.

Speaker 2 (15:14):
So the phrase I've heard from a number of people
over the past year or so has been seventy thirty,
sixty forty. That's the old way. The new way is
fifty thirty twenty. Are you in that camp?

Speaker 3 (15:28):
Yeah, Look, I think fifty thirty, twenty one, thirty thirty. Look,
at the end of the day, I would say it's
not really about whether you should be in the fifty
to thirty. Ultimately, it starts with a conversation around what
are the outcomes you're looking for? What are your needs
right these these markets and when you think about alternatives,
by the way, these are not get rich quick schemes.

(15:49):
These are not like, oh my god, we need alternatis
because there's like this outsized return in many cases. I'd
mentioned to you Farmland that was a four to six
percent return market, but.

Speaker 2 (15:58):
Extremely in long time and long term.

Speaker 3 (16:01):
Yeah, but it gave you a certain correlation. So yes,
fit like all these different mechanisms.

Speaker 4 (16:07):
At the end of the.

Speaker 3 (16:08):
Day, though, what it's really all about is what are
the outcomes you're trying to drive for your clients, and
what is the sophistication we have and the ability to
construct those portfolios? And the most important thing in constructing
those portfolios is do you have access to a broad
array of capabilities? Because the more access you have to

(16:28):
different types of assets, the better the outcome.

Speaker 4 (16:32):
Is portfolio theory one oh one.

Speaker 2 (16:34):
Coming up, we continue our conversation with jose Manaiah, global
head of b and Wise Investment and Wealth, discussing his
experiences at New Veen ti AI. I'm Barry Ritolts. You're
listening to Masters in Business on Bloomberg Radio. I'm Barry Redults.

(17:04):
You're listening to Masters in Business on Bloomberg Radio. My
special guest this week is jose Manaiah. He is the
global head of B and Y Investments and Wealth, helping
to manage over two point two trillion dollars in client assets.
So when you were at Nouvene, you ran about a
trillion dollars in assets. You led the company through a

(17:27):
big expansion through the COVID pandemic, and then you helped
expand the entire digital engagement. Tell us a little bit
about what you put together at Neuvene.

Speaker 3 (17:39):
Well, I think again on veen I if I you know,
was quite a twenty year journey because I joined when
it was basically just the investment team for TIA.

Speaker 2 (17:49):
That was right after the dot com implosion around O
four something.

Speaker 4 (17:52):
That was around four.

Speaker 3 (17:54):
Actually, yeah, I really started in five, and really I
was just in it was just an investment team. Like
I said, I joined as a fixed income portfolio manager.
At the time, we're managing money for about a two
hundred billion dollar general account. Everything was based in New
York City.

Speaker 2 (18:12):
When you say general account, you're managing it on behalf
of Nouvene, not specific clients.

Speaker 3 (18:16):
I was managing on behalf of the balance sheet of TIA,
which is an insurance which is an insurance company, so
largely just that was really the structure Nouve. We had
not acquired Nouvine yet at that time. But from that
two hundred billion you fast forward to today and what
I was there to help build and it became a

(18:37):
trillion dollar asset manager, one where it still managed the
approximately two hundred billion dollar balance sheet, but then it
raised another eight hundred plus billion and just outside capital
and these are sobbing wealth funds, wealth platforms, retail, and
it grew to about almost two hundred and fifty billion

(18:58):
in alternatives as well, So pretty diversified, diversified shop, which
now you're seeing a lot of firms trying to kind
of capture that same not just scale, but diversity in
their business.

Speaker 2 (19:12):
Let's talk a little bit about real assets that you've
had a lot of background in. Tell us about real estate, agriculture, timber, infrastructure.
Tell us how you built those areas previously at Neuvene,
now at B and Y.

Speaker 3 (19:26):
Sure And I think, look, I think first of you
think about those different asset classes. I go back to
these are not typically, you know, strategies that you're trying
to get outsized returns. If they sometimes they come and
they're very much welcomed. They're typically pretty structured transactions, right,
whether it's buildings with rents, farmland with the leases, infrastructure

(19:48):
with kind of twenty thirty year contracts. Often there is
a hedge against inflation, whether that is contractual or just
by the nature of the commodity.

Speaker 2 (19:58):
So prices go up. Langos follows.

Speaker 3 (20:01):
So the simple kind of math on these things are
I'm clipping a coupon, so there's a yield component and
it's a pretty steady one. I have a gold like
protection because if you think about what do I own.
I own farmland in a particular case, well, that produces
a need for society and perpetuity, So there's a certain

(20:23):
kind of protection in your principle in owning that, or
you know wind farms. Just again there's intrinsic value. I
have a yield, but it's usually tied to a commodity,
and because of that, there's also an inflation hedge component
to it, and it brings down my volatility because it's
again it's more of that consistent return profile. So it

(20:43):
plays that part in portfolios that it gives a yield,
It gives it in a way that should be pretty
kind of high sharp ratio, lower volatility. Now today that
market is starting, it's trying to get into more mainstream. Now,
if I fast forward to my opportunity going to Be
and Why. Now, look, I had that journey in my

(21:05):
previous life. What I saw in Be and Why is
where the industry is going right B and Y. Obviously
it's two times the size of where where I came from,
but it's also part of BE and Why.

Speaker 4 (21:15):
The bank and Be and Why.

Speaker 3 (21:17):
The bank touches about a fit a fifth of the
world's investable assets. So there's almost amazing, Yeah, there's almost
sixty trillion dollars, call it fifty five to fifty six
trillion to be exact, that the bank is touching, and
it's either managing these assets, it's either custoding these assets,
or it's helping move kind of the financial the global
financial markets around. That is tremendous kind of access points

(21:41):
to someone like me sitting as an asset manager because
I'm working at I'm working at a firm that is
one of the largest asset servicers in the world. It
also is one of the largest services to wealth platforms.
I registered investment advisors. Well, I have a wealth platform,
I manage I manage an investment platform. How do I
get advantage of the fact that there's tremendous technology being

(22:05):
invested to help serve asset managers? And if you go
back to a comment that we talked about previously, which
is if the world's becoming more commoditized with performance and cost,
then what is the difference? The difference in what is
the tip of the spere is technology? You hear about
tokenized assets, which of which B and Y is on

(22:26):
the forefront. That's just about helping clients move money quicker.

Speaker 2 (22:30):
To define what tokenized assets mean when we're talking about
stops or bonds.

Speaker 3 (22:35):
I think the simplest way that I think about tokenized
assets is it's an ability to again be more liquid,
Meaning if you were in a T plus one scenario,
do you have the ability to be in a T
plus five minutes?

Speaker 2 (22:48):
So for the layperson, T plus one means you sell
something today, it clears tomorrow, the cash is in your
account one day later. T plus zero, as some people
call it, means you sell it and you instantly get
the cash. Is that what tokenization does for for people?

Speaker 3 (23:05):
That's a big component. So that's creating that liquidity where
if you had to wait twenty four hours, now you
can wait a lot less than twenty four hours. The
other thing that it helps do is also kind of
you're able to earn a yield on but.

Speaker 2 (23:20):
You're getting the cash now. For most people, one day
doesn't matter. But scale that up to an institution, scale
it up to a banker, ensure that day times thousands
and thousands of accounts and transactions really adds up, doesn't it.

Speaker 3 (23:34):
I mean, scale that to again, B and Y is
kind of touching and helping move fifty five trillion dollars.

Speaker 2 (23:40):
So T plus zero or T plus five minutes that's
much better than T plus one.

Speaker 3 (23:45):
And it's a big difference. And your ability again to
potentially earn a yield in that process also right in
that whole T plus one in that twenty four hours,
In many cases you're not able to earn a yield
while that money is clearing.

Speaker 2 (23:59):
So back in any battle days when it was T
plus three, we were always told, hey, it takes three
days to just make sure there's no fraud. The right
stock is going to the right buyer, the money goes
to the right account, and when they got trunk down
to one day. Well, technology has allowed us to do this,
but we still need a day just to verify everything.

(24:22):
What is it that allows us to go to T
plus zero? Is it just technology? Tell us how that works?

Speaker 3 (24:30):
Yeah, I think obviously the blockchain technology is one component.
The other component is the fact that you know, one
of the reasons being why I can lead in this
area is that it custodies around eighty plus percent of
the digital assets.

Speaker 2 (24:45):
Digital assets meanwhile ethereum, bitcoin, any other sort of things
like that.

Speaker 3 (24:50):
And it's one of the It is the largest custodian
in the world in general. So clearing something becomes a
lot easier when it's all sitting inside. I mean, think
about a warehouse. I don't have to move it from
one warehouse to the other. That makes life a lot easier.

Speaker 2 (25:04):
So that's from one way. You're not even moving it
from one road to another. You're just changing the label.
Here's who owns this?

Speaker 4 (25:10):
Yeah, now, and again I will tell you for me.

Speaker 3 (25:12):
It's I was having a conversation with our CEO about
this the other day where I'm like one of the
other things I love about my career right now. Look,
it's been a long time since I've walked into rooms
and I'm learning something because typically, you know, I was
a subject matter expert, and typically most rooms that I
walked into I felt like I was the expert in
that in that category. I'm not an expert on tokenization.

(25:35):
I'm not an expert on custody. I work at a
firm that has experts, and you know, you're quickly quickly
learning and what's important there. I go back to, Hey,
but what I do understand, even though I know what
I don't know is this matters to my clients. So
all of a sudden, if I am trying to think about, hey,

(25:57):
how am I pitching my services to clients in Asia
and around the globe? And I and I have a
differentiating factor, meaning I can help you go to T
plus zero. That is a differentiator from a relationship perspective.
And this is what I mean by where today it's
it's there's so much more consolidation in the asset management

(26:19):
industry because scale is important. And why scale important because
you then need to be able to service and invest
in these technologies to service your client. AI is a
big topic today and I would I would argue and say, well,
if it's no longer debatable that AI is here and
it's going to be disruptive, is going to make a difference.

(26:39):
So if you believe that, you also have to believe
that the firms who can invest in it are going
to be the winners for tomorrow. Now, you know, being
able to invest hundreds of millions of dollars in in
AI that takes significant scale, That takes kind of diversified businesses,
being able to hire engineers. Right, So when I was

(26:59):
sitting usually in the role of running an asset management shop,
it's very hard for me to even say, how am
I even going to attract engineers from solicon Valley? How
am I going to be able to pay them? Well,
B and Y is a massive tech stack, right, Like
they can attract a lot of engineers, they can attract
a lot of investment in AI. I just happen to
be in that realm, part of that universe, and I'm

(27:19):
going to be able to benefit from that technology.

Speaker 2 (27:23):
So let me step back a second, because we're all
guilty of using acronyms and even something like B and why.
You and I understand it, but perhaps the listener needs
to learn a little more. B and Y is Bank
of New York. It's been around for how long?

Speaker 4 (27:40):
Two hundred and forty plus years. I think I've whear
two forty one two.

Speaker 2 (27:44):
So more than almost two and a half centuries, more
than two centuries.

Speaker 3 (27:48):
I got to add to that because I'm always fat.
I will tell you, even as I joined B and Y,
there are things I did not know. You know, obviously,
it's the first bank in the United States. It was
the first bank to issue the first loan or warrant,
begun by Alexander Hamilton. It's the first company traded on
the New York Sock Exchange, was the first first public company.

(28:09):
You know, our first clients of the of the bank
where George Washington and Eliza Hamilton and you know. So
it's it's just got incredible, incredible.

Speaker 2 (28:17):
History, unbelievable history. In addition to all that history, B
and Y is also affiliated through ownership with a lot
of really well known names within finance. Tell us about
some of the other divisions that maybe people will be
more familiar with those names.

Speaker 3 (28:35):
Yeah, and I tell you, I think this has a
lot to do with kind of the recent performance you're
seeing about the firm, because it's unlocking what we would
describe as you know, B and Y is a platform
operating has a platform operating model, meaning it has multiple platforms.

Speaker 4 (28:51):
You know.

Speaker 3 (28:52):
Of course, it has an asset manager, and it has
a wealth business. As we said, it's got a two
trillion dollar acid manager. It's got about a three hundred
and fifty billion dollar private bank wealth platform. By the way,
it also owns pershing.

Speaker 2 (29:04):
And Giant clearing shop and.

Speaker 3 (29:06):
And that captures around almost three trillion and advisors advisors
capital that it's servicing through a technology and a service
and a service platform. It has an asset servicing arm,
and that asset servicing is serving both asset managers and
asset owners doing things like custody uh, fund accounting. It

(29:28):
it has a treasury component as well. You know, the
other interesting thing about being WI is it clears all
the treasuries of the United States, So, uh, you know,
it's a jesip, It's a it's a significant bank, uh
and plays an important part in our financial and our
financial system.

Speaker 2 (29:45):
Really really interesting. So tell me the story of how
you move from Neuvene to your role as global head
of B and Y Investments. You're doubling the size of
the assets you're responsible. Have you approach this change? What
sort of challenges did you face?

Speaker 3 (30:03):
You know, I think every challenge that's kind of a
that's really attracted me, including what you know, what kept
me in my previous role and the different roles I
was in It was the opportunity for growth, right, And
I think looking at at B and Y and seeing
where I believe the industry is going just so a
tremendous opportunity of what is a true trillion dollar shop,

(30:25):
you know, should should easily be a four trillion dollar shop, right,
And you think about the ecosystem that we play in
within be and why right, as I mentioned you, you know,
we we manage money for other people as an asset manager.
We manage money also as a wealth platform for for
families and individuals. Yet we also have we also service

(30:48):
other wealth advisors through purshing. But there also are the
clients of the firm. I'm an acid manager, A lot
of my competitors are clients of B and Y as well.
So and then you think about the technology that it
takes to do all that and and grow that technology stack.
I feel like a kid on a candy store for

(31:08):
two reasons. One, that's a tremendous amount of infrastructure and
capabilities that are there that I should have a home
field advantage to. The other thing is that has become
a lot easier in my job. Is you know, when
you touch a fifth of the world's assets, most people
are your clients, So getting having a conversation with potential clients.

Speaker 4 (31:33):
Is very easy to do.

Speaker 3 (31:34):
A lot of what you've seen the recent success of
B and Y and I think you said this earlier
is a collection of a lot of different things that
were either acquired or built. Is that, But it was
also a very siloed organization for a while. The ability
of having that cross connection if I look at a
world that AI is going to be important, you know,
being able to touch your clients in multiple ways and

(31:55):
have broader technology. I am sitting in that in a
spot where in those all those platform operating models, I'm
two of those, but I'm fitting in pretty well. I'm
trying to take the advantage of the other five or
six that are around me. A great example of that
that I is Archer.

Speaker 4 (32:14):
Archer is a digital platform. It's a technology platform for SMAs. Right,
so I e.

Speaker 3 (32:20):
Your ability to clients want to be able to We
talked about solutions, your ability to go to an Archer.
And by the way, my previous job Archer was a
client of Archer.

Speaker 2 (32:30):
And SMA stand for separately managed accounts.

Speaker 4 (32:33):
Separately managed accounts. So again, now you go back to technology,
meaning you may be able to manage bonds and equities
and alternatives or even tax managed solutions. Believe it or not.

Speaker 3 (32:44):
Bringing that together in a package for individuals takes technology.
Of course, asset managers traditionally their stock pickers or investors
are not technology people. So you go to that platform
and do that. Now, when I join B and Y,
I'm like, okay, this is great. Acquired Archer. I know
that they have a great capability for doing this and
this is a growing market. And already our wealth platform

(33:07):
is a client of Archer before it was even acquired.
The Acid Management on being White was already a client
was acquired. Now Archer is also free to grow because
it services a broader, broader capability.

Speaker 2 (33:19):
So if your services be and why and be and why, clients.

Speaker 3 (33:22):
Yeah, and that's important because again, if you think about this,
the model of tomorrow and what scale matters is one
you can it's its own business and just kind of
providing what Archer does to the broader to the broader community,
we get an inside where we get an inside view
and a home field advantage and getting it ourselves. Typically,

(33:42):
if I build my own SMA platform, I have to
not worry about how do I feed it to grow it?
Other people are feeding it to grow it, and I
get the benefit of kind of being attached to it.
And I think that connectivity around Hey, everything I do
on the acid management side, you know, all those clients
are pursing they buy that as well. Should we not
be engaging with our clients to do more for them.

(34:04):
It's like, sure, we're doing clearing for you and custody
and offering you technology. We also have asset management, all
of them obviously by asset management as well. So having
those connective dots, I think is I think is a
tremendous competitive advantage.

Speaker 2 (34:20):
So I want to talk a little bit about your role.
I want to define it better. At NEUVIN, you were
CIO and then you were CEO. Two distinct positions. Your
title is head Global Head of B and Y Investments
and Wealth. Sounds like a little bit of each you're building,
but you're also helping to direct the investing. Tell us

(34:41):
a little bit about your roles and responsibilities in this
new position at B and Y.

Speaker 3 (34:46):
Yeah, I think I look at one end of the
spectrum is very similar to my previous role, which is
B and WHY Investments. Is an asset manager, you know,
obviously it's a much bigger one than the firm came from,
but it's an asset manager, and there you know, I'm
the chief executive for that particular platform. We also have
a wealth platform and very different from asset management. It's

(35:09):
more dealing with individuals and advice, but there's also synergies
in the business right, meaning if you're a wealth advisor,
you're talking about how do you create investment products, how
do you source them? What we have investment products, and
how do how do we make sure those two groups
are talking to each other. What's the products that we're creating.
If you're an asset manager, A big part of who

(35:30):
our clients are are wealth advisors. So having a good
understanding of kind of what wealth advisors need it really
helps to have a wealth advisor in house, so I'm
managing a larger platform, but at the end of the day,
my job is still very similar. It's about picking the
right teams and people.

Speaker 4 (35:47):
You know, we talk about two trillion dollars and I
would tell you two trillion should go to four trillion.
We don't own any of that money the end of
the day.

Speaker 3 (35:54):
Our biggest value set of what we do and have
is our people and obviously the technology that we can
offer those folks, but people is kind of really our business.
And I've kind of seen my job today really as
the chief chief people officer for.

Speaker 4 (36:08):
How we kind of build teams around this.

Speaker 2 (36:10):
Coming up, we continue our conversation with jose manya global
head of b and WISE Investment and Wealth, discussing his
experiences at New Veen TIAA. I'm Barry Ridholts. You're listening
to Masters in Business on Bloomberg Radio. I'm Barry Ridults.

(36:41):
You're listening to Masters in Business on Bloomberg Radio. My
special guest this week is jose Manaiah. He is the
global head of b and Y Investments and Wealth, helping
to manage over two point two trillion dollars in client assets.
So let's talk about who the clients are at B
and Y. You mentioned rias and advisors my day job,

(37:06):
but you also work with institutions. You work with high
net worth and family offices, as well as other players
in the investing world who are also clients. Sounds like
you guys are a little bit of everything to a
lot of different people. How do you keep all that

(37:27):
running smoothly? How do you keep all those balls in
the air?

Speaker 4 (37:29):
Yeah?

Speaker 3 (37:30):
Well, look, I think B and Y is often described
as the bank of banks, right because again it's kind
of that broader provider and in goes the opportunity set right.
Like again, you look at the firm, I don't know
the last tight look, that stock was about one oh six.
You know, that's in less than a three year span
of thereabouts from forty dollars. It makes it one of
the best performing kind of financial stock.

Speaker 2 (37:52):
And financials have been kind of lagging the tech sector
for a couple of years. They're stunting to play a
little bit of catch up.

Speaker 4 (37:58):
They're playing a little catchup. They're doing better, but I
think few are doing better, if any, are doing better
than be And why some of It goes back to
that question you just asked me. Yeah, that there's a
lot of these the way the way typically these conglomerates
or these platforms would typically manage, we're very siloed. You know.

Speaker 3 (38:18):
The ability to bring in the technology and the leadership
to say, how do we have better connectivity across all
our platforms is where the value proposition is and the
market is seeing that and the market is rewarding that.

Speaker 2 (38:32):
So it's funny. Earlier we talked about how commoditized so
much of the world has become. You're basically saying we
need to be an integrated solutions provider and not just
have these commoditized silos, which is what exists outside of
a mega bank of banks like v.

Speaker 3 (38:50):
And why Yeah, so much. We used to talk about
the you know, concept of selling watches. You know, I
think that you know, the world doesn't really it's it's
hard to sell watches. Now people are looking for they need,
you know, our clients are getting more efficient, they need
to scale their operations as well. And it's the idea
of like do I want to work with one hundred

(39:10):
and fifty managers or am I better off working with
twenty thirty or forty. And if I'm going to go
from one hundred and fifty different types of managers, you know,
to twenty or thirty, how do I pick those twenty
or thirty?

Speaker 4 (39:24):
What's going to differentiate that?

Speaker 3 (39:26):
So I think a lot of that is is what's
driving the need for scale, It's what's driving the need
for consolidation, and it's also driving a lot of innovation.

Speaker 2 (39:35):
So you've mentioned technology a couple of times. We've talked
about tokenization and a little bit about AI. What are
the big technological trends that we can look for over
the next couple of years. Where are you thinking about
how technology is going to have the biggest impact on
asset managers and on investors.

Speaker 4 (39:57):
Yeah, it's interesting, and honestly, I often my narrative has changed.
I used to say, look, AI is going to be
very disruptive, but I have no idea if it's five
years from now or twenty years from now. And by
the way, that makes it very difficult to invest in it,
right because it's when are you going to get the
returns for it? You know?

Speaker 3 (40:17):
Clearly now that's come into a lot more clarity because
where you know, AI has begun to already yield returns
for firms and be and Y is no different is
on the productivity side, right you know. I think Being
Why is one of the first firms to have digital employees,
So digital employees that can work on real problems, and
that's driving productivity increases.

Speaker 4 (40:39):
And that's kind of been a large part of the
narrative with AI.

Speaker 3 (40:43):
Now the new narrative is it can also provide value
add So again, an as an investor, do you have
the capability of instead of the old way of We're
going to look at satellite pictures and see how many
cars are there on the driver? Well, now a I
can actually track devices and kind of see where things
are coming. AI is able to go through a lot

(41:06):
more information and and asseeminate that information. So uh, you know,
I I still say that human beings with a I
will be better than human beings without AI.

Speaker 4 (41:17):
I e.

Speaker 3 (41:17):
You're still going to need the component for for human
beings in the mix. But so much of the future
is unknown and and and by the way, I think
that's also the uneasy part that we are today in
our markets because if you if you speak to individuals
on one end, I can kind of picture and say
the economy is doing great. Earnings earnings are strong, consumer

(41:41):
household balance sheets are strong, wages are still relatively you
know strong as well, and there's a there's a strong
kind of like very constructive view to putting your money
in the market today, even at these valuations. The other
side of that story is okay, but then are we

(42:02):
losing the independence of the fad? Are there geopolitical issues
and wars out there that can also you know, cause
massive disruptions in the global economy, policy issues you know,
and fiscal issues coming to the forefront that could just
be mistakes that happen. So at the same time, there's
so many things then that can go wrong. I always

(42:26):
say we're probably at an all time high of things
that can go wrong. Yet where you shit today should
feel pretty good in terms of you know, the economics
and the economy. And I think technology is the same thing.
It's like, wow, AI is going to be disruptive. What
we think I can do is literally changing every week,

(42:46):
every month, and again that in many ways is exciting.
In many ways, it's also extremely unsettling.

Speaker 2 (42:53):
To say the very least. Since you brought up the
current state of the world profits for all time high,
but it seems like risk sort of all time highs.
I want to throw two of your own quotes back
at you and get your thoughts on it. In the
beginning of this year, you said risk assets are going higher.

(43:14):
What led you to that conclusion? And has the year
played out as you expected?

Speaker 4 (43:20):
Clearly?

Speaker 3 (43:20):
Look, I think and I think there was a little bit.
I think I was challenged a little bit on that comment.
And remember I said it right after Liberation Day, so
the markets were obviously falling off. There was a tremendous
amount of concern with the tariffs and what would come.

Speaker 4 (43:35):
You know, I had two thoughts there.

Speaker 3 (43:38):
One understanding that I thought the current administration that we
have was going to be about the carrot and the stick,
and we started out the year with the stick, but
you know what, the carrot was going to show up
at some point. And then too, this other view of
you know, most of us don't have a choice to
be risk off, right, the idea that, like, you know,
being risk off through these different cycles hasn't really paid off.

(44:00):
So the one thing you should do is like go
back and look at the fundamentals. But yes, if you're
saying I'm going to just take a correlation of one
or just take broad market exposure. It's more than again
the academic conversation being more of an urgency if you
think about the actual conversation around I'm structured for solutions
for outcomes in my portfolio, then why should you be

(44:22):
risk off?

Speaker 4 (44:23):
You already planned for this.

Speaker 3 (44:26):
I maybe planned to have part of my principle protected
and maybe plan to have certain amounts of yield or
uncorrelated assets in my portfolio. So my deput is again one,
the fundamentals are there to not say exit the market,
but two, this should not always be around should I
buy this stock or that stock, or should I go
bonds or equities.

Speaker 2 (44:44):
Has to be broader.

Speaker 4 (44:45):
It has to be.

Speaker 3 (44:46):
It has to be broader because you know, we're not
a hedge fund, and a lot of what we do
is not about that.

Speaker 4 (44:51):
It is about driving long term outcomes.

Speaker 2 (44:55):
So another quote of yours that caught my attention was,
NOI is that all time highs? I totally agree, but
explain your point of view.

Speaker 4 (45:06):
Yeah, and I'll explain it.

Speaker 3 (45:07):
I'll explain it both in terms of kind of the
where we are in our markets and then also like
it's also like a personal philosophy.

Speaker 4 (45:15):
One.

Speaker 3 (45:15):
This is what I mean by things look very calm,
things look very constructive, Yet we can I think my
team at the time, and this was back in January,
I think there were like twenty six or thirty different
like press releases or things that happened that kind of
really jolted the markets in some way or cause concern.

(45:37):
So the list of the things going on, whether it's inflation,
whether it's political, you know, the FED policy.

Speaker 4 (45:46):
Changes, wars, the list endless. It's endless.

Speaker 3 (45:50):
So there's that I think is at an all time
high of the things that Okay, what's the list of
what can go wrong? But then you know the other
thing with noise, And I say this to my kids,
I try to I'm still trying to master this is
that in most cases, eighty percent of what you hear
is just.

Speaker 2 (46:05):
Noise, right, and already in stock prices.

Speaker 4 (46:08):
Yeah, it's there. It's like twenty percent actually matters.

Speaker 2 (46:11):
You know.

Speaker 3 (46:11):
I said, to be a good investor, you have to
be good at knowing what you don't know. But I
also think you also have to be good at taking
emotion off the table. You could see a lot. Obviously
we're pretty divided country politically. I always say like, don't
bring that to your investing, right, So it's more like,
take the emotion out, don't let the noise suck you in,

(46:31):
go back, and it's about the fundamentals.

Speaker 4 (46:33):
It's about what's in front of you. It's about your outcomes.

Speaker 2 (46:36):
I love the concept of knowing what you don't know.
Let's address that. What are investors not talking about, not
thinking about? But should what topics, assets, geography, policy, data points, whatever,
What is not at the forefront of many investors' minds,

(46:56):
but maybe is getting overlooked.

Speaker 4 (46:59):
You know.

Speaker 3 (47:00):
Well, and again this is going to sound very simple,
and it's been talked about since the beginning of our markets.
You know, it's true diversification. And again it sounds simple,
but it's not because you know, the old diversification is
that seventy thirty, sixty forty stocks bonds. The markets are

(47:21):
a lot more complex and sophisticated. That idea of having
that conversation now around, Let's talk about what I'm trying
to accomplish. Not Hey, I think large caps are hot now,
so I'm going to put you in them. Hey, you know,
you see technology stocks. I think technology is going to
do really good. That to me is what's really being overlooked.

(47:43):
Is again where I know a lot of people sit
down with their advisors and they're getting that academic you know,
dissertation on you should be diversified.

Speaker 4 (47:51):
This is why.

Speaker 3 (47:52):
This is how, But often the conversation falls right back
to is it large caps, small caps?

Speaker 4 (47:57):
Is it tech stocks? Is it banks? Is it financials?

Speaker 3 (48:00):
Like that's not the right conversation, even if it alts
for public it's it's everything.

Speaker 4 (48:05):
It's all of that, and it's using technology and solutions
and packages to create the right construct for individuals.

Speaker 2 (48:13):
It makes a lot of sense to me. I only
have you for a couple of more minutes, So let's
jump to our speed round our favorite questions we ask
all our guests, starting with who were your mentors who
helped shape your career?

Speaker 4 (48:27):
You know, I've had so many, and I'll tell you
you know, they started with family members. I've had professors.

Speaker 3 (48:34):
I've had, you know, the dean of the business school
and then not in college I felt like was a
mentor to me. I have my previous bosses that I
still stay in touch with and try to have lunch
and dinner with. So I have many people that I
can that I can kind of think.

Speaker 2 (48:51):
Huh, that's very nice. Let's talk about books. What are
some of your favorites? What are you reading right now?

Speaker 4 (48:58):
You know there's I'm not a I'm not a fixing us,
so most of what I read is nonfixtioning.

Speaker 2 (49:02):
I love all I'm the same way.

Speaker 3 (49:03):
I love all the I love all the Michael Lewis's books.
Recently read The Boys in the Boat. So I just
love the story about people, and I love I love
reading about books that you know you see perseverance in
human beings. Right now, I'll tell you I'm not reading
anything right now. I'm getting ready to read something and
I'm wondering if it's going to stick. But I've been

(49:24):
hearing a lot about The Meditations by Marcus Aurelius. Oh sure,
And I made the comment around eighty percent of things
you hear as noise. My understanding is that book has
a lot about that in there, of like what you
should really spend your time thinking about. So I was,
I was that synopsis, and I've heard two people now
mention it. So I said, I'm getting ready to read that.

Speaker 2 (49:47):
Let me bastardize that for you and say. What I
took from that was recognize what's in your control, and
that's what you focus on. What the FED is going
to do we can't control. Don't lose sleep over it.
Accept it. It's gonna be what it's going to be.
But focus on the things you can control you can change. Really,

(50:08):
it has absolutely stood the test of time. And if
you're a Michael Lewis fan, I'm gonna self promote his
most recent book that just came out, Who Is Government.
We did a live Masters in Business in April, and
I want to say the ratio of me speaking to
him was probably three percent to ninety seven percent. For

(50:30):
ninety minutes, he just regaled the audience with stories and
had people in stitches, absolutely hilarious stories about Billy Bean
and Brad Pitt. Tears down people's face.

Speaker 4 (50:41):
I'm going to go listen to that. I'm going to listen. Yeah. Absolutely.

Speaker 2 (50:46):
If you're a Michael Lewis fan, I think I've interviewed
him ten twelve times. That's my favorite interview. I heard
stories I never heard before he was his book.

Speaker 4 (50:55):
His books ruined.

Speaker 3 (50:56):
All the movies that have come out off of his books,
they none of them come close in my opinion to
the actual book.

Speaker 2 (51:03):
So I agree with you. The one that's closest is
Moneyball is at least listen the Big Short. I love
the book. The movie wasn't bad. The blind Side the
movie wasn't bad, but Moneyball really captured the moment of.

Speaker 4 (51:20):
I agree that money Ball is probably the closest you
got to the book.

Speaker 2 (51:24):
Yeah, no doubt about that. What about streaming, what are
you watching on Netflix or Amazon Prime? Or what podcasts
are you listening to?

Speaker 3 (51:32):
Yeah, you know, it's very similar to kind of the
whole nonfiction thing. I'm a big fan of documentaries on
on Netflix. So there's two things that I'll kind of
do on streaming. It's it's watching The Men Who Built America,
which is a great documentary. It just again it has
you know, the Jp Morgan's of the world, the Carnegie
of the World, Rockefellers, and Vanderbilts. But what it shows

(51:56):
you is the tremendous amount of risk that these individuals
took and what was a very different.

Speaker 4 (52:03):
Time in America.

Speaker 3 (52:04):
But I love I love the documentaries and then and
then shows What will Happen is I don't watch a
lot of TV. I will watch sports, but I'll hear
things like Breaking Bad. Everyone talked about it. I was like,
all of a sudden, you know, I'm watching it ten
fifteen years after the fact.

Speaker 4 (52:18):
And then that led me to say, hey, there's this
show Better Call Saul.

Speaker 3 (52:21):
So I just went through the whole, not just went
but you know, I've been going through the I went
through Breaking Bad and then like Better Call Saul. And
so the only way I watch shows now is well,
they came out five seven years ago, and now I'll
go in and be like, Okay, I'll dig in.

Speaker 2 (52:37):
So I have two things for you. We saw Madmen
during the pandemic. I never saw a single episode when
I was on TV, like, Wow, this is amazing TV.
And if you're a documentary fan, the Billy Joel documentary,
I saw Joe. We're like three quarters the way through.
It's it's just amazing.

Speaker 3 (52:55):
And I'm a big Billy Joel fan, And yeah, I
thought it was. And again it's to me, it's just
it's history and people, right. You just kind of just
love learning about people. And then especially for me, it's
I'm in awe of folk of people who could do
things I can't write, like, I'm in awe of a
billy Joel when you hear about his process and what
he does, and you're like, it's hard not to get inspired.

Speaker 2 (53:16):
By absolute hundred percent. Our final two questions, what sort
of advice would you give to a recent college grad
interested in the career in investing?

Speaker 4 (53:27):
You know the advice I give everybody coming out of school.
And you know, I think they're waiting to hear for
some kind of special nugget on how they're going to
get ahead doing models or what deals, And I'm like,
do do the easy things really well? Like I did
this intuitively not knowing how important it was, which was
I came into Wall Street. You know they're not going

(53:48):
to give I was fresh out of school. They weren't
going to give me a big client. They weren't give
me a big model. But you know what if someone
said I need copies, I ran and did copies. You
know I could do that that I can do, Hey, book,
book a restaurant for a client dinner. Hey, don't worry
about it. I got it.

Speaker 3 (54:03):
So to me, it's like early life is never going
to be that easy in your career than when you're
first out of school. Don't come in day one thinking
about how do I get on, how do I start
traveling and meet clients and work the big deals. It's
like do the little things really really well? That is
how they're going to be able to judge you early on.

Speaker 2 (54:22):
Good advice And our final question, what do you know
about the world of investing today? You wish you knew
thirty five or so years ago when you were first
starting out.

Speaker 3 (54:33):
Yeah, I think it goes back to the when I
start I first started learning those lessons of don't pay
attention to the noise, pay attention to what really matters,
so you know earlier on. It's hard not to get
emotional about investing sometimes, it's a hard even not to
get completely kind of you know you and I watch
for this in RPMs, like pms can fall in love

(54:55):
sometimes even with companies, stocks and even management teams that
ability to now say hey, and all these cases be objective.
Tell remind yourself, be good at knowing what you don't know,
Take emotion off, focus on what really should matter, not
all the noise that's surrounding it.

Speaker 2 (55:12):
So interesting, jose thank you for being so generous with
your time. We have been speaking with jose Manaiah. He's
global head of B and Y Investments and Wealth, managing
two point two trillion dollars. If you enjoy this conversation, well,
be sure and check out any of the five hundred
and fifty we've done over the past eleven years. You

(55:34):
can find those at Bloomberg iTunes, Spotify, YouTube, or wherever
you get your podcasts from. Be sure to check out
my new book How Not to Invest The ideas, numbers,
and behaviors that destroy wealth and how to avoid them
How Not to Invest at your favorite bookseller. I would

(55:55):
be remiss if I do not thank the crack team
that helps put these conversations together each week. And I
really mean this. Alexis Noriega and Anna Luke are my producers.
Sean Russo is my researcher. Sage Bauman is the head
of podcasts at Bloomberg. I'm Barry Retaults. You've been listening
to Masters in Business on Bloomberg Radio.