2019 will be a year of opportunities and challenges in the world of digital media.
The digital duopoly of Google and Facebook will face unprecedented regulatory scrutiny, as Amazon muscles its way into the digital ad space.
Meanwhile, pay-TV companies will continue to struggle as cord-cutting accelerates and TV consumption shifts to digital, and millennials and Gen Z will drive explosive growth in eSports.
Find out about these transformational trends and more in Business Insider Intelligence’s Top 10 Trends in Digital Media slide deck.
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The Digital Health Ecosystem Report from Business Insider Intelligence
Until now, healthcare was the only remaining industry that had yet to feel the rapid impact of digitization endured by retail, banking, and media. But consumer adoption of digital tech, regulatory overhauls, and a shifting reimbursement model are forcing healthcare players’ hands.
Digital health innovation offers market incumbents new opportunities to combat constricting margins, labor shortages, and rising costs.
But it also poses a threat to slow movers, as new entrants lean on their digital prowess and lack of legacy infrastructure to cut costs and remain nimble. As such, incumbents are turning to acquisitions, partnerships, and new investments to strengthen their digital health services.
The first Digital Health Ecosystem Report from Business Insider Intelligence explores the current healthcare ecosystem, industry trends that are driving digital transformation, and where the industry is headed.
We outline the role of each of the industry’s major players — including payers, providers, and manufacturers — and how they’re affected by healthcare’s digital disruption.
Here are some of the key takeaways from the report:
- Digital health is at the forefront of transformation in the healthcare industry — both as a driver of and an answer to the challenges industry players are grappling with.
- All of the industry’s major players — including payers, providers, and manufacturers — are affected by healthcare’s digital disruption.
- A confluence of forces induced healthcare’s embrace of digital health, including changing consumer expectations, a new and disruptive reimbursement model, and rising healthcare costs
- Tech-focused entrants are also breaking into healthcare, acting as catalysts for change and threatening legacy players’ bottom lines.
- Key digital health solutions like EHRs, digital therapeutics, telehealth, AI, wearables, and blockchain are the foundation of the industry’s digital awakening.
- Early evidence that digital health can address many of the industry’s myriad challenges has fueled a vibrant US digital health funding market in 2018, with overall funding hitting $6.8 billion at the end of Q3.
In full, the report:
- Details the US healthcare landscape by the role that payers, providers, manufacturers, and distributors play in the healthcare ecosystem.
- Gives an overview of how digital health is enabling incumbents to overcome industry challenges.
- Outlines how tech-focused healthcare entrants are pressuring incumbents and accelerating healthcare’s digital transformation
- Identifies promising digital health funding areas to illustrate what the future of digital health will look like.
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The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of Digital Health.
The companies mentioned in this report include: Aetna, Alphabet, Amazon, American Well, AmerisourceBergen, Anthem, Apple, Arizona Care Network, Arterys, Babylon Health, Beth Israel Deaconess Medical Center, Bay Labs, Blue Cross and Blue Shield Association, Blue Mesa Health, Bright Health, Cardinal Health, Cedars-Sinai, Cleveland Clinic, Clover Health, CVS, DePuy Synthes, Devoted Health, Dexcom, Doctor on Demand, Express Scripts, Fitbit, Fresenius Medical Care, GE Healthcare, Geisinger, Glooko, GSK, healthfinch, IBM, IDx, Johnson & Johnson, Mass General, McKesson, Medtronic, Merck & Co., Merck KGaA, Microsoft, NewYork-Presbyterian, Northwell Health, Novartis, Olive, Omada Health, Optum Rx, Oscar Health, Pear Therapeutics, Pfizer, Philips, PillPack, ResMed, Rite Aid, Roche, Samsung, Sanofi, Senseonics, Suki, Tallahassee Memorial Hospital, T-Mobile, UnitedHealth Group, Verily, Viant, Walgreens, Walmart, Wellpepper, Zocdoc
Meet 2019's Rising Stars of Wall Street from firms like Goldman Sachs, Blackstone, and Apollo shaking up investing, trading, and dealmaking
Meet the 2019 class of Wall Street’s rising stars.
From starting a hedge fund before age 30 to running their own alternative-data shops and helping lead $27 billion investments, this group of young finance leaders is in a league of its own.
It was harder than ever this year to select just 25 people. We received hundreds of entries from bosses, colleagues, recruiters, and others working in the finance industry.
Our selection criteria: We asked that nominees be 35 or under, based in the US, and stand out from their peers. Editors made the final decisions.
We’ve included people with a variety of roles and experiences from companies including Apollo Global Management, Blackstone, Goldman Sachs, BlackRock, and the New York Stock Exchange.
Here’s our list of the next crop of Wall Street leaders.
Additional reporting by Alex Morell, Bradley Saacks, and Dakin Campbell.
Adam Parker, 34, Center Lake Capital
Adam Parker has been focused on running his own hedge fund as long as he can remember. It’s why he worked to get into the Wharton School of the University of Pennsylvania, why he chose to join a relatively unknown hedge fund out of school instead of what was then one of the biggest investment banks in the world, and why he’s already running $350 million at his own fund before the age of 35.
“People should do what they’re passionate about,” he said.
His fund, Center Lake Capital, started with $30 million five years ago, but his strategy of making concentrated bets in under-the-radar software companies has attracted more capital. The firm just outgrew its shared offices in the SoHo neighborhood of New York City and is moving to its own space near Bryant Park in midtown Manhattan, he said.
He started investing in college after he sold a GrubHub-like company he and a couple friends started. From there, he interned at the Lehman Brothers real-estate group in summer 2007 and was choosing between returning for a full-time position or joining the now shuttered Force Capital. He chose Force.
“At the time, my parents didn’t think it was the smartest thing, but that’s what I wanted to do,” he said.
After working as an analyst, he eventually interviewed with billionaire Stanley Druckenmiller, and worked for Duquesne Capital until Druckenmiller closed the fund. He then went to PointState Capital, which was started by Duquesne veterans, and became a portfolio manager after just a year, running $150 million to start out.
Center Lake launched in 2014 with multiyear commitments from a few critical investors, Parker said. Now he believes the firm has differentiated itself because of the concentrated investments and specific focus within the tech world.
“You have to be focused, because everything is a tech company now,” he said.
He foresees the fund getting bigger, even “multiples bigger, but not five multiples.”
“We don’t want to be a multibillion fund.”
Evan Feinberg, 32, Tiger Global
After growing up in central New Jersey, Feinberg started at the University of Pennsylvania with plans to be a lawyer and had no idea what investment banking even was. It took only a year for him to transfer into the Wharton business program, and the rest is history.
Feinberg worked at Morgan Stanley during the summer of the financial crisis and joined Silver Lake Capital, a private-equity firm in New York, after he graduated. There, he discovered how much he enjoyed working with early-stage companies. He joined Tiger Global six years ago as the hedge fund run by the billionaire Chase Coleman decided to expand more into the private markets.
In that time, Feinberg estimates he has been a part of 40 to 50 different investments Tiger Global’s private-investing team has made, including co-leading the firm’s investments in the Brazilian financial-technology unicorn Nubank and the buzzy workout company Peloton. Both the investments were made earlier on in the companies’ histories — series B for Nubank and series A for Peloton — a fact Feinberg is proud of.
Feinberg says he has been able to spend a lot of time around successful entrepreneurs and CEOs in his career — and has been able to nail down some traits that he believes lend themselves to future success.
He’s looking for founders that are inspirational but also grounded, so they don’t let their vision get the best of them, while also being able to get employees and investors to buy into the potential of the company.
Jennifer Lee, 31, Edison Partners
Jennifer Lee is a vice president at the growth-equity firm Edison Partners with a focus on fintech investments. Despite being so early in her career, Lee, who joined in 2016, has already co-led several investments for the firm.
This year alone, Lee co-led a $100 million series C round in the mobile bank MoneyLion in July and a $62 series B in the alternative-investment platform YieldStreet in February. She also serves as a board observer in both firms.
Lee brings a unique perspective to the growth-equity investing world. She previously served as the first sales executive for ForgeRock, an enterprise software company that launched in the wake of Sun Microsystems’ acquisition by Oracle. Lee guided the company through series A, B, and C rounds that led to $52 million in funding.
She holds an MBA from Columbia Business School and a bachelor’s degree in economics from Johns Hopkins University.
Ashley Serrao, 33, Tradeweb
It has been rough sledding for many private companies looking to make the jump into the public markets. However, for all those that have failed in their public debuts — or struggled to even get there — Tradeweb represents a success story.
That’s thanks in large part to Ashley Serrao, who is head of US corporate development and investor relations for the electronic marketplace and played a critical role in the listing. Tradeweb popped 27% during its April initial public offering, helping the company raise more than $1 billion.
Serrao first joined Tradeweb in 2017 to work in corporate development after nearly a decade at Credit Suisse as an analyst. Initially interested in a career in equity research, Serrao developed a passion for strategy, dealmaking, and working with investors.
Serrao graduated from Bates College with a bachelor’s degree in economics.
Justin Zhen, 31, Thinknum
When joining the quantitative shop Strategic Investment Fund right out of college, Justin Zhen had big plans for how data could be used to help make investment decisions. However, it didn’t take long to recognize there were some major gaps in the way firms were having to sort through unique datasets they found online.
Zhen left the fund in June 2013 and worked with Gregory Ugwi to take Thinknum live in April 2014, hoping to build one central copy of the web’s data that would be more accessible to investors looking to use the information.
Fast forward five years, and alternative data has exploded, with some industry experts predicting the market will reach $7 billion in 2020. And while other startups in the space have faced tough times because of increased competition, Thinknum managed to raise $12 million in a series A round that involved ex-Visa CEO Joe Saunders.
A Princeton graduate, Zhen holds a bachelor’s degree in financial engineering.
Ivan Brown, 33, NYSE Group
Ivan Brown is a NYSE lifer, having joined the exchange group immediately after graduating from New York University’s Stern School of Business, where he was valedictorian.
After starting as a business analyst working across the company, he soon jumped on the options team and has helped to essentially build the business from the ground up. For Brown, it represented a chance to immediately have an influence in an area of the market the NYSE was looking to grow.
Brown would continue to climb the ranks, eventually being named head of options in April 2016. He wasted no time building up the NYSE’s options markets, NYSE American and NYSE Arca, growing market share from 14.9% in the beginning of 2017 to 19.2% in earlier this year.
A major focus of Brown and his team will be preparing for the transition of the options markets onto NYSE’s new trading-technology platform, Pillar.
Lucy Dobrin, 31, Providence Equity Partners
Lucy Dobrin is a vice president at Providence Equity, where she is responsible for a variety of technology and advertising investments.
This has included the acquisition of the ad-tech company DoubleVerify, an investment in the data company EdgeConneX, and the acquisition and subsequent sale of Learfield, a sports-marketing company.
Dobrin joined Providence in 2011 after working as an analyst in the financial-sponsors group at Bank of America Merrill Lynch. She is a graduate of the University of Pennsylvania.
Dobrin points to several mentors who have provided her with guidance and trusted her with job responsibilities that she says have been critical to her professional growth: Harold Varah, who she worked under at Bank of America, as well as Providence Equity executives Davis Noell and Chris Ragona.
Dobrin is a director on the boards of DoubleVerify and EdgeConneX.
Thomas Sozzi, 29, Citadel Securities
As Citadel Securities looks to make a bigger push into acquiring more Wall Street clients, Thomas Sozzi will play an important role.
Sozzi is vice president of institutional equities at the Chicago-based market maker, leading the business development of Citadel Securities’ equity and exchange-traded-fund (ETF) businesses for over 200 clients, including hedge funds, asset managers, and banks.
Sozzi joined Citadel Securities after spending just over four years at JPMorgan, where he started as an analyst on the equity-derivatives desk and eventually spent time in institutional sales in the complex products for a variety of strategies.
A graduate of the University of Chicago, Sozzi played on the football team and earned a bachelor’s degree in economics. He has returned to school and is working on obtaining his MBA from the University of Chicago Booth School of Business while continuing to work at Citadel.
Matthew Alfieri, 33, Centana Growth Partners
Matthew Alfieri blazed his own path to make his way on Wall Street. At the State University of New York at Albany, Alfieri cofounded the university’s first student-managed investment fund. Despite not attending a school traditionally targeted by Wall Street’s top firms, Alfieri was still able to nab a full-time position at Goldman Sachs as an investment-banking analyst upon graduating with a bachelor’s degree in business administration.
Alfieri spent nearly a decade at the bank, eventually serving as vice president at Goldman’s principal-strategic-investments group, which makes strategic long-term investments in technology companies. While with the group, he led eight investments for the group and served on the board of directors of six companies.
In 2017, he moved across the aisle and landed at the growth-equity firm Centana Growth Partners, where he serves as a vice president with a focus on fintech investments and works with two of the firm’s portfolio companies, Quantitative Brokers and Alaia Capital.
Peter Yongvanich, 33, UBS
The seed of Peter Yongvanich’s fascination with markets was planted in childhood, when his father, a stock-market enthusiast, would send him to the store to buy him copies of Barron’s. Flash forward a couple decades, and Yongvanich is running an entire stock-derivatives sales team at UBS and the youngest managing director in global equities at the firm.
After studying engineering at Cornell University, Yongvanich started out right away with UBS in the Stamford, Connecticut, office in 2007 providing derivatives solutions to North American hedge funds, asset managers, and other financial institutions. Rather than focusing on maximizing any single trade, Yongvanich’s strategy hinged on accruing sticky long-term relationships that would pay dividends over the long haul.
It’s paid off, as he’s been a perennial top producer on his team. Early on, he helped boost tier-two US clients into top clients, and he had the foresight to raise his hand and shepherd an initiative to boost coverage of Canadian pension funds and asset managers, which proved lucrative for the firm.
More recently, he’s led efforts to provide more bespoke, exotic derivatives and become one of the firm’s specialists in executing complex transactions for investors. He’s now the head of US institutional-equity-derivatives sales.
Amanda Deckelman, 32, Bank of America Merrill Lynch
Amanda Deckelman, a standout sales professional in Bank of America Merrill Lynch’s fixed-income division, is a lifer at the firm, interning at Merrill while she was an undergrad at Notre Dame and then joining in 2008 as a first-year analyst in repo and short-term rates trading.
That means she had a front-row seat as Wall Street, and the broader global economy, crumbled amid the financial crisis. Deckelman didn’t just survive the chaos — including Bank of America’s takeover of Merrill and the culling of thousands of jobs — she seized the opportunity and vaulted her career forward, working long hours trading the firm’s debt book as a junior staffer amid the fallout.
Her efforts gave her not only valuable experience, including an appreciation for liquidity and how quickly it can evaporate, but they also impressed superiors and set her up for greater responsibility. In 2012, she transferred to Chicago and moved over to the sales side on the same desk, quickly becoming one of the top revenue generators. Now a director running the repo-sales team and managing key relationships, she’s the No. 1 producer in short-rates sales and a top-10 producer across fixed-income, currencies, and commodities sales.
Wilson Handler, 34, Apollo Global Management
Wilson Handler is a principal at Apollo Global Management, and his nine years of deal experience with the private-equity behemoth has placed him on the boards of a handful of companies within his area of focus: the energy sector.
Handler joined Apollo in 2011 and hit the ground running, immediately working on what would be his biggest deal during his time there.
Apollo had just made a splashy hire from Riverstone, bringing on board Greg Beard to head up a fund dedicated to energy investing, and Beard hired Handler to be his associate.
The first deal they worked on together was the backing of Athlon Energy, a fund that would acquire oil and natural-gas properties in the US.
Apollo invested hundreds of millions of dollars into Athlon before selling it in 2014 for a huge profit to the Calgary, Alberta-based Encana Corp.
Handler said it remained the biggest deal he’s ever worked on and set the groundwork for a nine-year working relationship with Beard, who led Apollo’s natural-resources private-equity business until recently.
Handler’s background suits him well for any kind of transition period. He started off as an investment-banking analyst at Lehman Brothers in 2007 and worked there until its bankruptcy in 2009. The experience taught him to take things in stride.
“When things are good, they are good but probably won’t last forever,” he said.
Handler serves on the boards of Jupiter Resources Inc., CSV Midstream Solutions, American Petroleum Partners and EP Energy.
Benjamin Pike, 35, Ares Management
Benjamin Pike is a principal at Ares Management and a key player behind the private-equity firm’s push to profit from combating climate change.
Ares, which is raising money for a fund to support infrastructure projects that cut greenhouse-gas emissions and promote better use of natural resources, is relying on Pike to travel to places like Alaska to scope out investment opportunities.
“I’m chasing things like electrical-vehicle charging, energy efficiency, and waste to fuel,” Pike said.
One company Ares is eyeing, he said, takes the waste from oil, fat, and grease from food chains and turns it into diesel fuel that is better for the environment.
“There is a real dearth of folks who are doing this, which is why there is an opportunity,” Pike said of his specialty, which he has honed ever since he was an analyst at Merrill Lynch in its energy and power investment-banking division in 2007.
Pike spent almost two years at Merrill before joining Energy Investors Funds, a private-equity firm focused on energy and infrastructure investments. In 2015, Ares bought the firm, giving Pike an opportunity to bring his specialty to a larger platform. He hasn’t let it go to waste.
Talk to Pike, and he will give you the skinny on anything from how Alaskans pay way too much in taxes for their utilities to how there’s too much pollution from oil and gas producers who burn gas into the sky. “You fly into North Dakota, and it looks like people have lit candles,” he said.
Pike thinks private equity can offer a solution by financing promising projects that help the environment.
Sachin Bavishi, 35, Blackstone Group
Sachin Bavishi is a principal in Blackstone’s private-equity group, where he focuses on new investment opportunities in technology, media, and telecom (TMT).
This year, he was part of the deal team that put together the massive $27 billion merger between the data company Refinitiv and the London Stock Exchange this summer.
Bavishi joined Blackstone in 2013 from Wharton after spending two years at the private-equity firm Olympus Partners as an associate.
While Bavishi works closely with Blackstone’s other TMT dealmakers, one deal he was responsible for sourcing himself was the firm’s acquisition of Vungle, the mobile-advertising company.
Bavishi’s childhood was split between the US and India. He grew up in Wisconsin until he was 11 years old and then moved to India with his family. It was the mid-1990s and a turbulent period for the country, marked by bombings and economic reform.
“I had to adapt to that environment,” Bavishi said. “I didn’t speak the language.”
The ability to adapt is something Bavishi has kept with him throughout his career.
Sometimes, though, he’s found it’s worth it to be stubborn.
After working as an electrical engineer in college, he decided it wasn’t for him and wanted to explore a career in finance. At the time, his university’s career-services center was for business-school students only.
“I showed up every day asking them to make an exception,” Bavishi said. “I think they got tired of me showing up. I guess that paid off.”
The investment bank Piper Jaffray was the only firm that made a bet on him. He started there in summer 2007 as an analyst, beginning what would become a promising career in finance.
Chloe Duanshi, 29, Rockefeller Capital Management
At Rockefeller Capital Management, Chloe Duanshi, the firm’s head of quantitative research, pulls from her math and engineering backgrounds — as well as her love of fiction — to help clients understand their portfolios.
Her role, simplified, is “to paint a picture of the considerations clients need to take into account” across asset classes and construct an all-weather portfolio.
“Every portfolio I build is a story about the investor,” Duanshi said, since portfolios are tailored to investors’ risk preferences and other considerations. A colleague praised her knowledge of every asset class.
Because investors of all stripes have behavioral biases, “having a blueprint for the portfolio introduces discipline. Quantitative methods make this more tangible,” she said.
Duanshi, who is trilingual, joined the fast-growing firm in March after five years at Morgan Stanley and three at BNP Paribas before that.
Samantha Tortora, 32, BlackRock
After a March promotion to head of BlackRock investor relations, Samantha Tortora may be the youngest in her role across Fortune 500 companies.
She’s had a quick rise at BlackRock, where she started as a summer intern. After finishing her applied-math degree at Columbia, she joined full time as an analyst in scientific active equities.
After 18 months, she started looking for a more entrepreneurial role and became the first employee on the investor-relations team. She now leads the group, which has grown to about six people, and takes pride in overseeing BlackRock’s investor day, seen as a model for other companies.
And if leading investor relations for the largest asset manager wasn’t enough, Tortora launched a corporate-sustainability program to engage with a wide group of stakeholders to advance sustainability at BlackRock.
Henri Pierre-Jacques and Jarrid Tingle, 28, Harlem Capital Partners
Henri Pierre-Jacques and Jarrid Tingle built résumés that could have landed them at the finance jobs of their choice after graduating from Harvard Business School. They chose to go the entrepreneurial route instead, turning their experience in angel investing into a formal venture-capital shop, Harlem Capital Partners.
Pierre-Jacques, a Northwestern University alumnus who started two businesses while in college, started off in investment banking at Merrill Lynch, while Tingle, a Wharton grad, did investment banking at Barclays. The duo worked in private equity at ICV Partners before business school.
ICV, a black-owned firm, proved a formative experience for the pair, in which they learned about the business from the front through back office.
“Given the firm was minority-owned, I saw myself in the team,” Tingle said. “The benefit of being at a middle-market private-equity firm was that we got access to everything. We were doing initial diligence on deals, we presented to the investment committee, and we met with CEOs and CFOs of companies one-on-one.”
They started HCP in 2015 to do angel investing and formalized the business with a fundraise. They’re hoping to invest in 1,000 diverse founders over 20 years across industries. HCP focuses on women and minority entrepreneurs, demographics that Pierre-Jacques said receive only 3% of venture-capital funding. It’s a big market, and they’re not shy about being ambitious. The pair plans to invest in about 30 companies out of its first fund, with seven deals done so far.
“We want to raise $1 billion in the next 10 years to tackle this mission,” Pierre-Jacques said.
They’re not going it alone. Based on a connection from one of HCP’s investors, the private-equity giant TPG said in June it would invest in Harlem Capital and Fund I. The firm also partners with KKR, First Round Capital’s Dorm Room Fund, and the Consumer Technology Association.
David Haber, 32, Goldman Sachs
David Haber grew up a long way from Wall Street — and Silicon Valley, for that matter. The vice president in Goldman Sachs’ corporate-strategy department was raised in Chula Vista, California, 10 minutes from the Mexican border. He was entrepreneurial as far back as high school, selling tacos at his public high school’s football games, among other ventures, to make a couple extra bucks for gas money.
At Harvard, Haber made friends with people who would go on to work at Airbnb, Facebook, and throughout the venture industry. And after several years post-graduation working with Rory Riggs, the serial entrepreneur and founder of Royalty Pharma, he took a job at Spark Capital, a Boston-based venture firm focused on media and consumer-internet startups. While there, Haber helped source and seed an early investment in Plaid, now one of Silicon Valley’s hottest startups.
Eager to try his hand at his own company, Haber left Spark in 2013 to found Bond Street, a startup focused on small-business lending. The next year, Haber met Omer Ismail, a Goldman managing director then exploring a foray into digital banking. In October 2017, Haber sold Bond Street to Goldman for an undisclosed sum.
At Goldman, Haber took a role in strategy for its fledgling online bank, Marcus, and used the perch to meet for brainstorming sessions with senior execs. One of those was Stephanie Cohen, who was recently tapped by CEO David Solomon as head of strategy. Cohen asked Haber to make more than 50 Silicon Valley introductions as she put together her plan for Launch With GS, the bank’s commitment to invest $500 million in women-led startups and investment managers. Haber later moved from the Marcus strategy team to Cohen’s firmwide strategy team.
During his time at Goldman, Haber has deepened the bank’s connections to the startup and venture communities — helping source an investment in the Argentinian banking app Uala — and explored how the investment bank could best deploy tech for its strategic advantage.
Jonathan Bailey, 34, Neuberger Berman
When Jonathan Bailey joined the $333 billion investment-management firm Neuberger Berman two years ago as the first head of environmental, social, and governance (ESG), some of his colleagues were skeptical about his role, which centers on integrating ESG factors across asset classes.
One team said ESG didn’t apply to their strategy. Fast forward two years, and Bailey has won them over — the group now integrates ESG into stock-buying decisions and “has come on a journey of understanding what this means and how it can help them improve that performance,” Bailey said.
So far, Bailey has built a team of seven to work specifically on ESG, and the firm now has about 140 employees globally that sit on various ESG groups. He has integrated ESG into asset classes that hadn’t traditionally considered the factors, such as fixed income, and continues to build out new strategies. That work has helped win multibillion-dollar mandates “that we would not have won three years ago.”
Because ESG is still an emerging area of finance, there are few traditional career paths to Bailey’s seat. His own trajectory started with a history degree from Oxford, followed by two years of consulting with McKinsey, where he modeled climate change for major companies.
Then his career took a turn: He went to work for the president of Rwanda for a year, focusing on economic-development issues. After that, he went to Harvard for an MBA and master’s in public policy. Next was two years at Al Gore’s Generation Investment Management, then back to McKinsey and an affiliated nonprofit before joining Neuberger Berman.
Alexandra Wilson-Elizondo, 33, MacKay Shields
The recession taught Alexandra Wilson-Elizondo about the importance of prudent financial management up close.
One of the few industry jobs the economics major could find during the downturn was working the call center at Vanguard. The finance giant needed Spanish speakers to assist 401(k) clients, so she helped investors facing economic difficulties decide how they could make hardship withdrawals and other choices.
“It was a scary time and a very humbling experience,” she said.
Wilson-Elizondo then completed an 18-month rotational program, where she realized she wanted to work in the markets directly, rather than evaluating external managers. She joined the growing index desk, then went to the money-markets group. At Vanguard, she also learned how to code, a skill she uses in her current job to work on an ETF risk-management system.
Coding “is something that helps distinguish me from everyone else because not a lot of people know how to put the tech with the portfolio management together,” she said.
Family took her to New York, where, in 2015, she joined MacKay Shields, a division of New York Life Investments. There, she is the firm’s youngest portfolio manager and oversees approximately $7 billion for a global client base. In addition to her work on the active side, she helped launch the global fixed-income team’s ETF business, which she manages.
Wilson-Elizondo and her team have overseen the creation of several strategies for Mackay, such as a high-yield ETF, an ESG corporate-bond portfolio, and a suite of enhanced products.
Outside work, she’s training for her second marathon — running provides her best ideas — and enjoys gardening and travel.
Becky Baker, 28, Fidelity
Covering consumer stocks like McDonald’s was the luck of the draw for Becky Baker, who started at Fidelity after an undergraduate internship. Sectors are randomly assigned, but she couldn’t be happier with consumer — or have performed much better.
“It’s hard for me to imagine a group I could be more passionate about than the stocks that I own,” she said.
Now an analyst and portfolio manager running the $560 million Fidelity Select Leisure Portfolio, her fund climbed 17% over the past year, putting it in the top 1% of funds in its Morningstar category. Baker makes bets on companies like McDonald’s, which she reaped the benefits of overweighting, basing her thesis on how the company would climb from initiatives like mobile ordering and menu upgrades.
Baker can see firsthand how companies are implementing technology as a consumer herself. Last year, during a work trip to China for Starbucks’ investor day, she visited multiple stores on the ground.
“I went to buy a coffee, and they had to go back to the store and open a drawer and get a credit card reader out bc nobody had paid by credit card that day,” she said. “That showed me how fast China is moving on technology.”
The former collegiate runner has hung up her competitive racing shoes but still enjoys running for fun, including the Boston Marathon a few years ago.
Gal Krubiner, 31, Pagaya
Gal Krubiner is accustomed to having hundreds of direct reports.
The young entrepreneur leads teams in New York and Israel. But well before he cofounded the artificial-intelligence-focused Pagaya, teenage Krubiner had 700 kids reporting to him and his partners as a scouting leader in Israel. From that experience, as well as competitively flying radio-controlled helicopters, he fell in love with leadership, discipline, and “the ability to have big dreams and execute them.”
Finance attracted him not long after his scouting days, when he started buying bonds, largely of Israeli companies, in his early 20s to learn more about markets on his own. Krubiner went on to study economics and statistics and then worked in London, where he learned about electronic trading before moving to Zurich and advising wealthy families and institutions.
Read more: Investing startup Pagaya just raised $100 million in a bet that technology can reshape the consumer credit markets
Krubiner wanted to correct what he viewed as asymmetric information between the buy side and the sell side, with the latter sometimes having the upper hand. The best way to attack that problem was to “build the right machine that knows to spot good investments,” so Pagaya was created.
Now the firm, led by Krubiner as CEO, uses artificial intelligence to evaluate and buy individual loans in the US, a departure from the traditional process of pooling debt and then selling it. Pagaya has issued $515 million of asset-backed securities, investing on behalf of pension funds, insurance companies, and banks. The company plans to enter other types of lending, including auto loans and corporate credit, and eventually a real-estate fund.
Sam Powell, 32, Gamut Capital
Sam Powell is a principal at Gamut Capital Management, a fund launched by two former Apollo Global Management executives in 2015.
The firm has raised $1 billion and is busy putting all that money to work, this year buying a US iron-casting business from American Axle & Manufacturing Holdings Inc. for $245 million.
A big part of Powell’s role is expanding its technology-investment practice. So far, he has been assessing data centers and telecom companies, among other businesses, as possible investments.
“We have a whole list of companies on our watch list,” Powell said.
Powell started at the firm in January after spending four and a half years at Silver Lake, departing the company as a principal. Silver Lake, known for its technology investing, provided Powell with some useful expertise to support Gamut. While there, he helped managed companies like Red Ventures, a Charlotte, North Carolina, digital-marketing company Silver Lake co-owned alongside General Atlantic.
“I’m trying to bring my technology experience at Silver Lake and employ it here at Gamut, but from a different perspective,” Powell said, adding that Gamut is focused on value investing more so than growth investing.
Powell is a graduate of Princeton University and a member of the Economic Club of New York, as well as the Milken Institute Young Leaders Circle.
Seema Amble, 32, Andreessen Horowitz
Seema Amble would be forgiven for not becoming a doctor. Both of her parents, born in India, counted themselves as such, and there wasn’t a lot of finance talk at home. But Amble was largely interested in government and politics throughout high school and into college at Harvard, and that soon morphed into a fascination with financial technology.
At Harvard, she began to recognize the global nature of economics, studying trade flows, global migration patterns, and development, and her curiosity was piqued. She joined Blackstone’s financial-institutions group after graduation, back when the private-equity firm had an advisory arm. (She also interned at Goldman Sachs during her sophomore year at Harvard.)
After two years at Blackstone, she jumped to Altamont Capital Partners, a middle-market private-equity shop, to get more operational experience. In her time between jobs, she worked at a venture fund in India. While at Altamont, Amble was approached to help build an insurance business in Ghana. It was a perfect fit — she wrote her college thesis on how families in South Africa were able to smooth their income, a practice akin to insurance.
In 2013, Amble returned to the states to sign up at Harvard Business School. By the time she left in 2017, Amble had also gotten her law degree. Despite the added workload, Amble was named a prestigious Baker Scholar, the highest academic award given by the school. She also spent time working for the Consumer Financial Protection Bureau.
From Harvard, Amble joined Goldman Sachs Investment Partners, the firm’s growth-equity team, out of San Francisco. One of her tasks for Goldman was to lead their activities in Latin America, where she saw tremendous opportunities for the democratizing force of financial services. In August, Amble joined Andreessen Horowitz as a partner to focus on fintech.
“Life is long, and you put together interesting experiences that make you a smarter, more well-rounded person,” she said, explaining her career progression.
Sondland to testify that Trump directed ‘no quid pro quo’ denial
- The US ambassador to the European Union will reportedly tell Congress next week that President Donald Trump relayed his message that there was “no quid pro quo” involved in withholding $400 in aid to Ukraine.
- Gordon Sondland will tell lawmakers he doesn’t know whether Trump was being truthful when he denied the quid pro quo, The Washington Post reported Saturday.
- A September 9 text exchange between Sondland and the acting ambassador to Ukraine, William Taylor, denied the quid pro quo, and has become a key focus of the House impeachment inquiry.
- The House is looking into whether Trump inappropriately pressed Ukraine to investigate one of his top political rivals, former Vice President Joe Biden.
- Visit Business Insider’s homepage for more stories.
The US ambassador to the European Union is reportedly planning to tell Congress that his infamous text message denying a quid pro quo with Ukraine was dictated by President Donald Trump himself — and possibly not truthful.
Gordon Sondland is set to testify Thursday as part of the House impeachment inquiry. He plans to tell lawmakers he doesn’t know whether Trump was being truthful when he denied a quid pro quo, The Washington Post reported Saturday, citing a person familiar with his prepared testimony.
The House is looking into whether Trump inappropriately pressed Ukraine to investigate one of his top political rivals, former Vice President Joe Biden.
Read more: Federal prosecutors are investigating whether Rudy Giuliani violated foreign lobbying laws in Ukraine
One facet of the investigation is Trump’s withholding of $400 million in aid to Ukraine, and whether he sought to exchange it for the investigation into Biden.
A September 9 text exchange between Sondland and the acting ambassador to Ukraine, William Taylor, has become a key focus of the House impeachment inquiry.
“I think it’s crazy to withhold security assistance for help with a political campaign,” Taylor texted Sondland.
Roughly five hours later, after reportedly phoning Trump, Sondland responded to Taylor.
“The President has been crystal clear: no quid pro quo’s of any kind,” Sondland wrote. “The President is trying to evaluate whether Ukraine is truly going to adopt the transparency and reforms that President Zelenskiy promised during his campaign.”
Read more: Familiarity with the Ukraine scandal is rising and so is support for impeaching Trump
Trump and his allies have used Sondland’s text as evidence that Trump wasn’t trying to withhold the aid for his own personal gain.
But Sondland plans to tell Congress that he does not know whether Trump was being truthful when he denied the quid pro quo.
“It’s only true that the president said it, not that it was the truth,” the person familiar with Sondland’s testimony told The Post.
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