Retail and wealth management platforms inside large banks are increasing exposure to private markets—but not through hype, shortcuts, or “democratization” headlines.

They’re doing it through institutional-grade manager research, governance, and due diligence.

In this episode of Dakota Live, host Robert Morier sits down with Scott Lavelle, Managing Director and Head of Investment Advisor Research & Product Management at PNC Bank, to unpack how one of the largest U.S. bank platforms evaluates, selects, and monitors investment managers across public and private markets.

Scott oversees the teams responsible for sourcing, vetting, and monitoring external managers—while also determining how private market strategies are structured, governed, and delivered to retail and wealth clients at scale.

What this episode covers

• Why retail bank platforms are expanding private market allocations—and why most clients are still under-allocated relative to policy targets
• How banks are introducing evergreen private market structures cautiously, selectively, and with fiduciary discipline
• The manager research process behind private equity, private credit, venture, and hedge fund strategies inside a regulated bank environment
• Why due diligence—not product demand—drives platform decisions
• The role of operational due diligence in private markets (and why it’s risk you never get paid to take)
• How banks think about fees, access, and manager skill when evaluating private strategies
• Where fund-of-funds still make sense (and where they no longer do)
• How institutional governance changes the pace—but improves the durability—of private market adoption

Rather than relying on industry buzzwords, Scott explains—step by step—how PNC has selectively added private market strategies, expanded alternatives exposure, and evolved its platform only where investment merit, manager capability, and client outcomes align.

This is a rare look inside how retail banks actually make private market decisions—from the perspective of the people accountable for getting them right.

In this episode of Dakota Live!, host Robert Morier sits down with Scott Schweighauser, Managing Partner of Borealis Strategic Capital Partners, for a wide-ranging conversation on GP seeding, hedge fund history, and why now is such a compelling moment to back emerging managers.

Scott brings decades of experience across trading, fund-of-funds investing, and early-stage hedge fund seeding to unpack how the hedge fund industry has evolved—from the early, relationship-driven days through institutionalization, the GFC, and today’s renewed focus on differentiated alpha.

The discussion explores why emerging managers can outperform early in their lifecycle, how thoughtful seed structures create alignment, and what allocator-grade manager research and due diligence really look like in practice.

The conversation also weaves in Scott’s lifelong passion for rowing—using the sport as a powerful metaphor for teamwork, trust, grit, and leadership. From sunrise rows on the Charles to building durable investment partnerships, Scott shares why having fun in the work matters, and how joy, curiosity, and discipline coexist in great investing organizations.

Key topics covered:

• GP seeding and strategic capital for emerging hedge fund managers
• A brief history of hedge fund investing—and why the opportunity set is changing
• Why “why now” matters for seeding and early-stage manager selection
• Manager research, sourcing, and qualitative due diligence
• Alignment, structure, and avoiding adverse selection in seeding deals
• Early-stage performance dynamics and the “emerging manager premium”
• Rowing, leadership, trust, and building teams under pressure
• Why curiosity and enjoyment are underrated edges in long-term investing



Whether you’re an allocator, GP, institutional sales professional, student of the markets, or simply curious about how investment talent is identified and supported, this episode offers a thoughtful, experience-driven look at hedge funds, seeding, and the human side of manager selection.

In this episode of the Dakota Live! Podcast, host Robert Morier welcomes back Chris Schelling for his second appearance on the show—and his first since joining Aksia.

Aksia is one of the world’s leading alternatives research and portfolio advisory firms, advising on approximately $400+ billion across private equity, private credit, real assets, and hedge funds.

With deep institutional roots and a global footprint, Aksia is known for its rigorous manager research, operational due diligence, and portfolio construction expertise—capabilities that have made it a trusted partner to pensions, endowments, sovereign wealth funds, and increasingly, the private wealth channel.

Chris brings a rare perspective to this conversation. Having served as a senior institutional allocator, a multi-family office CIO, and now a Managing Director at Aksia focused on the wealth channel, he sits at the intersection of institutional-grade alternatives and advisor-led portfolio construction.

This conversation goes beyond headlines. Topics include:

• Why Aksia’s institutional research engine matters as alternatives move into private wealth
• How private credit, hedge funds, and private equity are evolving post-2025
• The role of portfolio construction, liquidity management, and governance in alternatives
• Where Chris sees real opportunity—and real risk—across private markets
• What wealth advisors often misunderstand about alternatives (and how Aksia is addressing it)

This episode offers a first look at how Aksia is translating decades of institutional expertise into the wealth channel, and how Chris is helping advisors think more clearly about alternatives—not as products, but as portfolio tools.

If you’re an allocator, advisor, GP, or investment professional navigating the next phase of private markets, this is a conversation worth your time.

In this episode of dakota live, host Robert Morier sits down with Stephanie Szymanski, Chief Investment Officer of Lakeview Capital Management, for a wide-ranging, practitioner-level conversation on how single-family offices actually invest.

Stephanie pulls back the curtain on what it means to run portfolio construction inside a single-family office, covering how family office CIOs think differently from endowments and foundations when it comes to asset allocation, manager selection, liquidity, and after-tax outcomes.

This episode is essential viewing for:
• Asset managers seeking to work with single-family offices
• Emerging managers navigating early allocations
• Allocators and CIOs comparing family office vs institutional models
• Students and analysts interested in family office careers

Topics covered include:
• How single family offices structure multi-asset portfolios across public and private markets
• The role of hedge funds as diversifiers, return enhancers, and risk reducers
• Why many family offices invest earlier than institutions—and how they assess manager risk
• Active vs passive decision-making in global equities
• How family offices evaluate emerging market and ex-US equity managers
• The realities of private equity pacing, distributions, and capacity constraints
• Why many family offices do not focus on direct investing
• Manager due diligence, triangulation, and relationship-driven underwriting
• What asset managers misunderstand most about family offices
• Career advice for analysts and investors interested in allocator roles

Stephanie also shares practical insight into:
• Running a lean investment team
• Hiring and developing junior analysts
• Building conviction without rigid RFP processes
• Why focus and strategy discipline matter more than scale

If you want a real-world look at how single family offices make investment decisions, this conversation delivers clarity, nuance, and uncommon transparency.

In this episode of dakota live!, host Robert Morier sits down with Aaron Dirlam, Co-Founder and Chief Investment Officer of Springtide Partners, for a wide-ranging conversation on building conviction in uncertain markets—and why humility remains one of the most underappreciated edges in investing.

Founded in 2017, Springtide Partners has grown into a trusted investment partner for RIAs, family offices, and financial institutions, advising on over $80 billion in client assets. In this discussion, Aaron shares how Springtide’s mean reversion framework, disciplined research process, and client-first mindset have been refined through multiple market cycles—from pre-COVID volatility to today’s rapidly shifting macro environment.

Key topics include:
・How Springtide approaches manager research and due diligence, with a heavy emphasis on qualitative judgment, succession, and culture
・Why mean reversion remains central to portfolio construction—and where the opportunity set looks most compelling today
・The evolution of the OCIO model, rising client service expectations, and what RIAs truly need from outsourced partners
・Springtide’s framework for private markets, including secondaries, venture capital, private credit, and niche real assets
・The role of humility—in founders, portfolio managers, and investment teams—and how it shows up in long-term performance

Aaron also reflects on nearly two decades of partnership with his co-founder, the lessons learned building a boutique investment firm, and how Springtide balances conviction with risk control in an increasingly competitive landscape.

This episode is a must-listen for CIOs, manager research professionals, RIAs, and allocators seeking a clearer lens on conviction-driven investing—and what it truly means to earn a seat at the table.

We’re kicking off 2026 the same way many investors are setting their New Year’s resolutions: by going straight to the source.
In our first episode of the new year, Dakota Live goes on site to SEI’s headquarters in Oaks, Pennsylvania to sit down with Ryan Hicke, CEO of SEI Investments (NASDAQ: SEIC).
These on-location CEO episodes consistently generate the strongest engagement across our audience of allocators, asset managers, advisors, and institutional sales professionals—and this one delivers on every front.
What This Episode Covers (and Why It Matters in 2026)
As a publicly traded, global financial services firm operating at the intersection of asset management, technology, operations, and advice, SEI offers a unique lens on where the industry is headed. In this wide-ranging conversation, Ryan Hicke and his colleagues Michael Lane, Head of Asset Management and Sean Lawlor, Head of Strategic Growth Initiatives share how SEI is thinking about:

• Growth vs. Risk: Why SEI focuses on accelerating good outcomes rather than merely avoiding bad ones
  
  
• Culture as Strategy: How SEI’s open, meritocratic culture drives innovation and accountability
  
  
• Private Markets & Alternatives: What the future portfolio really looks like beyond the traditional 60/40
  
  
• Tokenization, AI, and Technology: Why SEI wants a “courtside seat” to emerging technologies instead of watching from the sidelines
  
  
• Stratos Wealth Acquisition: How integrating advice reshapes SEI’s long-term strategy across administration, asset management, and client outcomes
  
  
• Public Company Discipline: Balancing quarterly earnings pressure with long-term shareholder value creation
  
  
• Leadership in a Changing Market: What it actually means to lead through complexity, regulation, and rapid industry change
  
  

This is not a headline-driven discussion. It’s a candid look at how a public company CEO thinks about decision-making, capital allocation, talent, and culture when the stakes are real and the time horizon matters.
A New Year Perspective from the C-Suite
We close the episode with a New Year reflection—professional and personal—on leadership, judgment, balance, and what it means to build durable organizations in a world that rewards speed but punishes shortsightedness.
If your 2026 resolution includes:

• Understanding how publicly traded investment firms think strategically
  
  
• Gaining insight into where asset management, alternatives, and advice are converging
  
  
• Learning how CEOs actually weigh growth, risk, and culture behind closed doors
  
  

This episode is for you.

In this special On the Road episode, we travel to Baylor University in Waco, Texas, to record a live, on-campus conversation with some of the most thoughtful allocators and investment leaders in the institutional investment world.
Hosted from Baylor’s campus, this episode brings together endowment leadership, OCIOs, asset managers, and students for a wide-ranging discussion on long-term investing, manager research, risk, character, and relationship-driven decision-making—the things that actually matter when capital is on the line.
Joining the conversation:

• Dave Morehead, Chief Investment Officer, Baylor University
  
  
• Renee Hanna, Managing Director of Investments, Baylor University
  
  
• Chris Dion, Co-Chief Investment Officer, Brockenbrough
  
  
• Michael Holmberg, Senior Portfolio Manager, Neuberger Berman
  
  

Together, they explore how real investment decisions are made—not in theory, but in practice.
What this episode covers

• How institutional investors think about risk, conviction, and portfolio construction
  
  
• Why relationships and trust are competitive advantages in manager selection
  
  
• The role of character in underwriting GPs, OCIOs, and long-term partners
  
  
• Emerging managers vs. scale managers: where alpha really comes from
  
  
• Why Baylor has avoided private credit—and what that says about discipline
  
  
• How allocators collaborate with one another while still competing
  
  
• What “wearing risk” actually means inside an investment office
  
  
• Advice for students entering asset management, investing, and finance careers
  
  

The episode opens with personal travel stories—missed flights, first road trips, international misadventures—that set the tone for a broader theme: learning happens on the road, through experience, mistakes, and shared perspective. From there, the conversation moves deep into the realities of endowment management, OCIO partnerships, and strategic alignment between LPs and GPs.
This recording is also part of an experiential learning initiative that brought Drexel University students to Baylor through a competitive writing contest, giving them firsthand exposure to institutional investing, allocator thinking, and professional dialogue in action.
If you’re interested in:

• Institutional investing
  
  
• Endowments and foundations
  
  
• Manager research and due diligence
  
  
• OCIO models
  
  
• Private markets and portfolio construction
  
  
• Teaching finance through real-world experience
  
  

…this episode offers a rare, candid look inside how thoughtful investors think, collaborate, and lead.
Recorded live at Baylor University | Waco, Texas.
Part of the On the Road series.

In this episode of dakota live!, Robert Morier welcomes Scott Perry, Partner and Head of OCIO Portfolio Strategy at NEPC, one of the largest investment consulting firms in the industry.

Scott brings nearly two decades of institutional experience and a candid perspective on how the OCIO model is evolving — from portfolio construction and liquidity management to alignment of incentives, pacing, and risk.

We cover what it really takes to be an effective discretionary partner in a world defined by complexity, compressed alpha, and a rising demand for private markets access.

Scott breaks down NEPC’s “secret sauce,” including second-level thinking, cross-asset research collaboration, 250-point due-diligence checklists, and the importance of doing the “dirty work” — the legal, operational, fiduciary, and back-office responsibilities that clients often underestimate.

We also dive into the strategic acquisition wave sweeping the investment landscape. Scott offers an inside look at NEPC’s partnership with Hightower, why the RIA channel represents a major growth opportunity, and how private market capabilities and model portfolios will increasingly blur the lines between institutional and wealth.

And, because relationships are still the game behind the game, we talk basketball. NEPC’s legendary Friday-morning runs, the roots of the Year Up Charity Tournament, and how the same court-sense — knowing when to pass, when to take the shot, and how to read the room — translates into durable client partnerships and long-term trust.

Topics Covered:
• OCIO evolution and what institutions should look for in a partner
• Democratizing the endowment model — and why access still matters
• How NEPC evaluates managers (and why attribution beats storytelling)
• Strategic acquisitions & the Hightower partnership
• Private markets pacing, venture vs. buyout dispersion, and niche lending
• The rise of active ETFs and the future of manager-client alignment
• Relationship building, committee dynamics, and managing emotion

Whether you’re a CIO, allocator, manager, RIA, or an emerging professional in the field, Scott offers one of the clearest views into how OCIO decisions get made — and how the industry is changing in real time.

Watch, learn, and subscribe for more insights from the people shaping institutional investing.