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Alternatives

Investors continue to seek nontraditional ways to diversify portfolios with new sources of risk and return. We offer a variety of alternative strategies to meet evolving client needs.

  • Investment Strategies Strategies for diverse risk and return appetites
  • Research Expertise Experienced managers and innovative analysis
  • Investment Capabilities Wide-ranging expertise
  • Investment-Management Teams

We offer high-quality products in select areas. Since 2009, we have significantly increased our alternatives portfolio-management and research teams.

Additions since 2009:

11 Porfolio Managers

20 Research Analysis

9 Specialists

Growth in alternatives has been focused in areas that complement our traditional offerings, primarily through acquisitions of pedigreed talent:

  • Real Estate investment co-heads from Goldman Sachs and iStar Financial in 2009
  • Multi-Manager strategies team from SunAmerica Financial Group in 2010
  • Select US Equity team from Caxton Associates in 2011
  • Commercial Real Estate Debt CIO from Gramercy Capital Management in 2012

The agility to outperform: Our investment teams operate independently, but with access to the firm's broad infrastructure.

  • We offer institutional strength plus small-team agility
  • Our funds are managed by experienced investment teams and operate independently of the firm’s other asset managers
  • Investment teams focus solely on portfolio management; operations and investor relations are handled by others
  • We have a world-class global infrastructure and regulatory footprint
  • Risk management is twofold: the investment teams have accountability and are also overseen by a separate, independent risk-management team

Marc Gamsin
Head—Multi-Manager Strategies

Greg Outcalt
Co-CIO—Multi-Manager Strategies

Brahm Cramer
Co-Head—Real Estate Group

Jay Nydick
Co-Head—Real Estate Group

Roger Cozzi
CIO—Commercial Real Estate Lending

Michael Canter
CIO—Securitized Assets

Kurt Feuerman
CIO—Select US Equity

Michael DePalma
CIO—Quantitative
Investment Strategies

Ashwin Alankar
CIO—Enhanced Risk
Allocation Strategies

$16B Total AUM
$2B Liquid Alternatives
$1B Hedge Funds
$11B Multi-Manager
$2B Closed-End Drawdown Funds*

*Closed-end drawdown fund AUM based on committed capital

As of September 30, 2013

FEATURED SERVICES DESCRIPTION
Select Equity Long Short Select US Equity Long/Short seeks to achieve long-term growth of capital. Its investment universe is primarily composed of large and mid-cap US stocks, although the Portfolio opportunistically invests in non-U.S. issuers and smaller-cap companies. Investments are unconstrained by style or sector. The Portfolio’s experienced investment team applies intensive fundamental analysis and macroeconomic insights to identify investment opportunities and potential short-sale candidates. These candidates can be characterized by their: potential for earnings growth on a three- to five-year time horizon; strong management teams and understandable and transparent business models; emphasis on catalysts that could propel earnings such as positive earnings revisions or dissipating investor fear around a stock; shareholder-friendly actions (e.g., dividends and share buybacks); and short-term valuation concerns or long term headwinds to the business model, in the case of short candidates. The team’s process includes the flexibility to adjust the Portfolio based on evolving market opportunities—including reducing its net exposure when market risk is excessive. Market exposure is typically 30-70% net long.