Welcome back to the Alt Goes Mainstream podcast.

Recently, AGM partnered with Pangea to bring together a group of executives in private markets and wealth management in London for a live AGM podcast featuring Cheri Belski of T. Rowe Price, one of the largest asset managers in the world with over $1.59T AUM.

Cheri is the Global Head of Product at T. Rowe Price, where she's responsible for setting the vision for T. Rowe Price's product development and their strategy in private markets.

Cheri also chairs the Product Strategy Committee and is a member of the Investment Management Steering Committee. She is also a vice president of T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Associates, Inc. Cheri has been with T. Rowe Price since 1997.

Cheri and I had a wide-ranging conversation on private markets. We discussed:

• Why did T. Rowe Price look to add alternatives offerings?
• How traditional asset managers have approached adding private markets capabilities.
• Why T. Rowe Price acquired Oak Hill Advisors.
• Build, buy, or partner to add alternatives?
• Who will win the distribution battle in the wealth channel — traditional asset managers or alternative asset managers?
• Opportunities and challenges with product construction and innovation for the wealth channel.
• What the future holds for private markets.

Please enjoy this fascinating conversation with Cheri. Thanks Cheri for sharing your wisdom and experience. We hope you enjoy.

Show Notes

00:00 Introduction: Going Mainstream

00:40 Welcome to Alt Goes Mainstream Podcast

00:43 Live Podcast in London with Cheri Belski

00:54 Cheri Belski's Role at T. Rowe Price

01:19 Discussion on Private Markets and Traditional Asset Managers

01:37 Podcast Begins: Marylanders in London

01:59 Host Introduction: Michael Sidgmore

02:31 T. Rowe Price's Venture into Alternatives

04:35 Why T. Rowe Price is Entering Alts

05:46 Building, Buying, or Partnering in Alts

07:09 Acquisition of Oak Hill Advisors

07:13 Integration Challenges and Successes

12:06 Brand Strategy in Alternatives

14:36 Distribution Strategies for Alts

16:20 Traditional vs. Alternative Asset Managers

19:36 Challenges and Opportunities in Private Markets

19:41 Advisor Relationships and Education

22:29 Product Construction and Client Needs

24:36 Challenges in Private Markets

25:44 Future of Alternative Investments

26:20 Conclusion and Farewell