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Capital Allocators – Inside the Institutional Investment Industry

Capital Allocators – Inside the Institutional Investment Industry

By: Ted Seides – Allocator and Asset Management Expert
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About this listen

 Allocator and asset management expert, Ted Seides, conducts in-depth interviews with leaders in the institutional investing industry. Guests include Chief Investment Officers from leading allocators, asset managers, strategists, thought leaders, and many more. Our mission is to learn, share, and help implement the process of premier investors. Learn more and join our community at capitalallocators.com.2022 Economics Personal Finance
Episodes
  • Jeff Aronson – Building Centerbridge Across the Capital Structure (EP.468)

    Jeff Aronson – Building Centerbridge Across the Capital Structure (EP.468)
    Nov 3 2025

    Jeff Aronson is Co-Founder and Managing Principal of Centerbridge Partners, a $43 billion alternative investment firm he started in 2005 after two decades at Angelo Gordon. Jeff's career spans forty years of investing across credit and private equity through multiple market cycles, giving him a front-row seat to the evolution of the alternatives industry.

    Our conversation covers Jeff's path from law school to distressed investing, lessons learned under mentors John Angelo and Michael Gordon, and the founding of Centerbridge with Mark Gallogly to bridge the worlds of private equity and credit. We discuss the firm's distinctive model of investing on both sides of the balance sheet in sector teams, building culture and compensation systems to reinforce collaboration, and adapting strategy through changing credit environments. Jeff also shares his perspectives on late-cycle market behavior, the shifting dynamics of private credit, partnerships with insurers and banks, and the challenge of staying differentiated as alternatives become mainstream.

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    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)
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    53 mins
  • Mike Trigg and Sanjay Ayer – The Discipline of Getting Better at WCM (EP.467)

    Mike Trigg and Sanjay Ayer – The Discipline of Getting Better at WCM (EP.467)
    Oct 27 2025

    Mike Trigg and Sanjay Ayer are Portfolio Managers at WCM Investment Management, a $120 billion investor in growth stocks, where Mike also serves as Co-CEO. I've had the opportunity to chronicle the growth of WCM over the years in conversations with Paul Black, Mike, Sanjay, and other members of the team. Paul first joined the show in 2018 when WCM managed $25 billion, and Mike last appeared four years ago with Paul, describing a piece they had just written entitled How to Build a $100 billion Money Manager. That podcast marked a near-term peak in assets for the firm and subsequently offered a great case study in humility, adaptation, and evolution.


    In this conversation, we unpack how WCM navigated its most difficult stretch of performance in a long time – what they learned from it, and how they came out stronger on the other side. Mike and Sanjay discuss changes to their investment process, like putting the trajectory back in moat trajectory and searching for the cult in culture, retooling the research funnel, integrating AI as a research partner, and expanding into private markets. As always with WCM, a common thread throughout our discussion is doubling down on the firm's core values to think different, get better, and serve others.



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    Learn More
    Follow Ted on Twitter at @tseides or LinkedIn
    Subscribe to the mailing list
    Access Transcript with Premium Membership

    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)
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    58 mins
  • [REPLAY] Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)

    [REPLAY] Paul Black and Mike Trigg – How to Build a $100B Money Manager (Capital Allocators, EP.227)
    Oct 27 2025
    Paul Black and Mike Trigg from WCM Investment Management are both past guests on the show who have taken an investment philosophy focused on culture and moat trajectory to turn a once struggling boutique into a $100 billion powerhouse.

    Paul came on the show a few years ago when WCM had quietly grown to $25 billion in assets, and Mike joined a year ago to dive into their research process. Their colleague Mike Tian shared another perspective earlier this year when he described applying WCM's moat trajectory discipline to investing in China.
    In this continued exploration of WCM, we start with the truly unique facts about the firm's rebirth a decade ago and turn to key features of its success, including embracing change, the importance of culture - alongside some characteristics of toxic cultures, hiring practices, telling the truth, integrating new team members, managing turnover, and transitioning leadership to the next generation.

    Learn More
    Follow Ted on Twitter at @tseides or LinkedIn
    Subscribe to the mailing list
    Access Transcript with Premium Membership Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)
    Show More Show Less
    1 hr and 5 mins
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