Faster Forward

Institutional investors are taking a closer look at sports—not just as a passion project, but as a distinct and evolving asset class. In this episode of Market Pulse, Jason Wright, managing partner and head of investments for Project Level at Ariel Investments, joins Northern Trust’s Grant Johnsey to explore the investment case for women’s sports. Drawing on his experience as a former NFL executive and operator, Wright explains where he sees inefficiencies in the market, what’s driving growth across teams and leagues, and how investors should think about sports within a diversified portfolio. The conversation covers the structural dynamics shaping the industry, from media rights and valuation gaps to the emergence of a new, underserved fan base. Wright also outlines how Project Level is approaching the space—investing not only in teams, but across the broader ecosystem supporting the future of women’s sports. Important Disclosures The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel. Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments. Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.

In this episode of Faster Forward, host Grant Johnsey welcomes Tristan Thomas, managing director of Portfolio Strategy at 50 South Capital, for an in-depth conversation about the hedge fund industry’s transformation. Tristan shares his personal journey from Wall Street to Chicago, offering a unique perspective on how hedge funds have evolved over the past two decades. The conversation covers topics such as why hedge funds are experiencing a renaissance, with record inflows and performance that rivals traditional equities—yet with significantly less volatility. Tristan breaks down the factors driving this growth, including investor demand for downside protection and the industry’s shift toward greater transparency and lower fees. The discussion explores the rise of customization in hedge fund strategies, as managers adapt to meet the specific needs of institutional investors, family offices, and global allocators. Tristan explains how new strategies are emerging, why event-driven and macro funds are attracting capital, and how regional differences shape investment approaches. Tune in for expert analysis, practical tips, and a candid look at the future of hedge funds in today’s dynamic market.

In this episode of Market Pulse, host Grant Johnsey sits down with Mike Kelly, founder and managing partner of Developer Town, to explore how artificial intelligence is reshaping both personal productivity and the corporate landscape. Mike shares practical examples of leveraging AI at home and work, discusses the challenges and opportunities of deploying AI in large organizations, and offers actionable advice for business leaders preparing for an AI-driven future. The conversation also dives into the evolving role of AI agents, data security, and the impact of open-source innovation on markets and investing. This episode delivers fresh insights on navigating the fast-changing world of AI.

In this special edition of Market Pulse, host Grant Johnsey, Head of Market Solutions, Banking & Markets, Americas sits down with Louis-Vincent Gave, founding partner and CEO of Gavekal Research, for a deep dive into the forces reshaping global markets. Louis shares his perspectives on China’s dramatic transformation from a real estate-driven economy to an industrial powerhouse and explains how strategic moves in manufacturing and supply chains are challenging Western industries. The conversation explores the emerging economic integration between Russia, China, and India—and why most investors are missing out on this “boom of epic proportions.” Louis also discusses the implications of global reflationary policies, currency volatility, and the evolving role of gold and banking in a multipolar world. If you want to know more about the future of global markets, this episode delivers actionable insights and bold predictions. Gavekal Research’s website: https://research.gavekal.com/

In this episode of Faster Forward by Northern Trust Asset Servicing, host Grant Johnsey, Head of Market Solutions at Northern Trust, sits down with Kate McCabe, Head of Outsourced Chief Investment Officer (OCIO) Solutions at Northern Trust, to explore the dynamic growth and transformation of the OCIO space. From the rise of multibillion-dollar plans to the increasing demand for transparency, technology, and global expansion, Kate shares insights from decades of experience and Northern Trust’s recent “Asset Owners in Focus” global peer study. Tune in to hear more about: Why OCIOs are scaling rapidly and attracting larger, more sophisticated asset owners How consolidation is reshaping the provider landscape What asset owners are demanding in terms of data, governance, and investment access How Northern Trust is evolving its service model to meet the needs of both OCIOs and asset owners Connect with Grant Johnsey: LinkedIn: Grant Johnsey About Grant Johnsey: Northern Trust: Grant Johnsey Connect with Kate McCabe: LinkedIn: Kate McCabe About Kate McCabe: Northern Trust Appoints Katherine McCabe to Lead OCIO Strategy for Asset Servicing

The pressure on asset owners is mounting, but so is their influence. With shifting regulations, growing data demands, and interest in alternatives, institutional investors across EMEA are being pushed to rethink their strategies from the ground up. In this episode, host Paul Fahey chats with Mark Austin, Pensions and Insurance Executive, EMEA at Northern Trust, to explore findings from Northern Trust’s global asset owner peer study, “Asset Owners in Focus”. They discuss rising priorities such as liquidity, outsourcing, and data integration, and examine how shifting expectations are redefining strategy in the pension and insurance space across EMEA. Mark discusses: How asset owners are rethinking liquidity needs amid volatility and alternative investments The growing demand for integrated, timely, and accurate data to support portfolio decisions The evolving role of outsourcing in driving efficiency and value recognition Government-driven consolidation in the UK pension space and its operational consequences Why asset owners are beginning to shape pricing and dictate terms with asset managers and other providers Resources: Asset Owners in Focus Connect with Mark Austin: LinkedIn: Mark Austin About Mark Austin: Northern Trust: Mark Austin

Superannuation funds in Australia are evolving rapidly, finding new pathways to optimize returns and manage risks. How are they leveraging size, adapting their operations, and enhancing their data strategies for better investment outcomes? What can other regions learn from their focus on private markets and technology investments? In this episode, host Paul Fahey speaks with Leon Stavrou, Head of Australia and New Zealand at Northern Trust, to discuss key findings from Northern Trust’s asset owner peer study, “Asset Owners in Focus”. They explore emerging trends in the superannuation sector, shifts in strategies, and the growing role of technology and data in transforming investment approaches. Leon Stavrou discusses: The increasing allocation of superannuation funds to private markets, including infrastructure and private credit Challenges and strategies in managing liquidity amid growing investments in less liquid assets Impacts of fund consolidation on insourcing versus outsourcing operational and investment activities How technology and data solutions are enhancing decision-making and operational efficiency The growing interest in alternative assets, including crypto and physical gold, and their integration into portfolios And more! Resources: Asset Owners in Focus Connect with Leon Stavrou: LinkedIn: Leon Stavrou About Leon Stavrou: Northern Trust: Leon Stavrou

In this episode of Faster Forward, host Grant Johnsey sits down with Melanie Pickett, Head of Asset Servicing, Americas, to unpack the latest findings from Northern Trust’s global asset owner survey, “Asset Owners in Focus”. Their discussion dives into how institutional investors around the world are adjusting their strategies amid a rapidly changing landscape. They also touch on the topic of cryptocurrency. While some clients are receiving crypto through gifts or distributions from private equity funds, Melanie notes that strategic asset allocation to crypto remains uncommon, though it’s a trend worth watching. Looking ahead, Melanie emphasizes the growing influence of geopolitical events and tax policy on portfolio construction. Asset owners are shifting from regional allocations to more granular, country-specific strategies. Even traditionally tax-exempt institutions are paying more attention to after-tax investment outcomes due to changing tax treaty landscapes. Key highlights include: The surprising levels of cash reserves that asset owners are maintaining The move towards strategic liquidity management amid market volatility The significance of operational efficiency in managing diverse portfolios A snapshot of regional variations in sustainable investing practices  Resources: Asset Owners in Focus Asset Owners Create a More Powerful Voice with Melanie Pickett Connect with Grant Johnsey: LinkedIn: Grant Johnsey Northern Trust: Grant Johnsey Connect with Melanie Pickett: LinkedIn: Melanie Zairis Pickett Northern Trust: Melanie Pickett About Melanie Pickett: Melanie joined Northern Trust in January 2017, charged with creating a new line of business centered on meeting the portfolio management and technology needs of complex asset allocators around the globe. In late 2018, Melanie led an equity investment in Parilux Investment Technology and built Northern Trust’s first cloud-native software business. In early 2019, Melanie increased Northern Trust’s equity stake in Parilux to a majority position and launched Northern Trust’s Front Office Solutions. Since launch, the platform has grown to serve over $550BN in AUM. Northern Trust fully acquired Parilux in April 2021. Melanie also serves as the global product executive for alternative investments, directing capital and strategy to the firm’s investments in services for limited partners, inclusive of a multi-year digitization initiative utilizing groundbreaking machine learning capabilities. In January 2021, Melanie took responsibility for the firm’s not-for-profit, healthcare, public pension, and Taft Hartley businesses, and in January 2022, she added responsibility for the insurance and large corporate businesses, as well as Northern Trust’s Canada business. Melanie’s remit now spans the entirety of the Asset Servicing business in the Americas, directing the bank’s strategy, growth, and delivery of all firmwide products & services for asset owners and asset managers in the Americas region.