저자: HowardMarks · 외국인
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Apollo·Oaktree·Ares가 10년간 9,000만 달러를 투입해 흑인 인재의 대체투자 업계 진입을 돕는 'Alt Finance' 프로그램을 발표했다. 프로그램 구성: HBCU(Howard, Spelman, Morehouse, Clark Atlanta)와 협력한 멘토링 펠로십, 장학금, Wharton 교수진이 설계한 가상 교육과정으로 구성된다. 멘토링은 비영리단체 Management Leadership for Tomorrow가 운영한다. 존 라이스(MLT 창립자)는 인재 파이프라인은 이미 존재하며 문제는 업계가 이들을 발굴·양성하지 못한 데 있다고 주장한다. 사관학교식 접근이 아니라 석유 기업처럼 여러 해에 걸쳐 인프라에 투자하는 방식이 필요하다고 비유했다. 하워드 막스는 업계 다양성이 실질적으로 부족하며, 2020년 이후 관심이 높아졌지만 자사 성과는 업계 대비 나은 편이나 여전히 부족하다고 평가했다. Oaktree는 약 6년 전부터 다양성 조직이 있었고, 다양성·포용 전담 직책을 신설했다. 시장 전망: 막스는 연준 회의 이후에도 공격적 포지션을 늘리지 않고 중립을 유지한다고 밝혔다. 경제 성장과 재개방은 긍정적이지만 인플레이션 우려도 있어 'steady as you go'라는 입장이다. 공개시장은 너무 쉽게 접근 가능해 가격이 빨리 오르므로 기회는 사모투자, 사모대출, 신흥시장 등 비전통 자산에 있다고 보았다. 특정 종목·지수에 대한 1~3개월 방향 예측은 없음. 라이스는 프로그램 방향을 강조하며 인터뷰를 마무리했다.
다듬은 글
apollo's global management oak street capital management and aris management said this week they're committing 90 million dollars over 10 years in an effort to attract more black talent to their industry the alt finance program will include a mentored fellowship a scholarship program and a virtual institute offering courses designed by the university of pennsylvania's wharton school the mentored fellowship will be run by the non-profit management leadership for tomorrow for more on this joining us now is oak tree capital management co-chairman howard marks and john rice uh who is the founder and ceo of management leadership for tomorrow good morning to both of you guys very important uh efforts here and initiatives howard i'll start with you from your vantage point how severe is the the lack of diversity in the alternative investment industry right now oh it's pretty severe uh i mean it's it's a condition that uh we we've been making some progress we've been focusing on it but we really want to amp up the rate of of progress and the events of 2020 focus the whole world on equality and opportunity and i think that's timely john talk to us about the mentored fellowship so if someone receives these funds and they're able to get into this program what will that that fellowship look like yeah thanks for having me and uh and i'll start by saying i think what we're you know we're a racial equity uh uh nonprofit organization and and and we we you know we focus on both the individual and institutional sides of advancing racial equity and and so we've got a unique lens on on how you know on what is going to be most important to moving you know creating the progress that that howard mentioned and what we're so excited about is that oaktree uh aries and apollo have come together and taken a very innovative and comprehensive approach to move the needle on racial equity within the alternative investment sector uh and i think you know the that that that comprehensive approach starts with uh you know diagnosing sort of and having a clear sense of why we are where we are and what we need to do to move the needle and when you do that analysis then you know you conclude that it's not a pipeline problem actually the talent is there uh and and and what these organizations need to do uh is actually to to cultivate and prepare uh and to expose that pipeline to the fantastic opportunities that are uh available in the alternative investment space so there are four key elements you know that they put together within the context of this comprehensive approach and around this alt-finance initiative and the first one you know is really partnering deeply with hbcus you know for to start howard spelman morehouse and clark atlanta with more to come but partnering deeply with hbcus to actually expose more students and to help them develop the uh the understanding and the excitement about the opportunity and the second piece is is really providing hundreds of students you know with uh who those who get most excited about the space with a comprehensive preparatory experience uh and so that they can get you know placed in the investor track uh internships and full-time roles and then giving the support in the coaching to be successful navigating once they're there on the job and then the third piece of this is is partnering with the wharton business school to provide a best-in-class applied finance uh and investing skills curriculum that's really an overlay you know that connects what students are learning in the classroom to what they are to what investors do on the job and that and and then the final piece is that they've made a big commitment to uh to scholarship dollars you know not just for the alt finance fellows uh but for a broader swath of students at hbcus so that they can uh focus the majority of their uh and uh their energies on intellectual development and career career preparation uh uh and and and so that they're not distracted continue to be distracted by staying personally financially viable once in school so we're very excited about the comprehensive nature it's a 10-year commitment that i think can be transformational not just for the students not just for the schools not just for the industry that is financial services and in alternative investments but also for society howard john notes that the pipeline of talent is there the pipeline of diverse talent is there for these jobs why do you think the industry continues to overlook this talent i i think it's not just a matter of the industry overlooking the talent i think that that there are a lot of you know clever people out there who could make make their mark in our area but they have to know about the area they have to develop the skills that are necessary and they have to um they have to find us and we have to find them uh so there's a lot involved in moving people from possibility to to to career and and on that french on what do you think is the the biggest tension point that still needs to be improved upon i mean this is something you work on every day right is it the getting people to the correct match is it earlier on in the process what still needs the most work yeah well i think it actually cap you know howard starts to really capture it you know i look at it as what we've been doing in the past uh you know is with respect to attracting a broader more diverse talent pool uh into the sector um it's essentially i'll use an analogy you know the way we do in the past is essentially akin to you know elite college admissions uh when you don't yet have the brand awareness among you know uh the diverse population uh and uh and moving you know going from uh an approach uh that that's akin to leed college admissions to one that with that this initiative really embodies which is more akin to how oil companies you know execute their business so you know if you're an elite college you know you make great opportunities available you know you do a little outreach to the few places where you have some uh relationships uh and then you just affect this you know assume expect folks to apply and then when they don't um knock at your door then you know you're you're a little bit stuck you're trying to figure out you know where that pipeline is but the well the orientation that they're taking much more comprehensive approach is more akin to how old companies do their business which is essentially hire smart people scientists in their case to find out where those deposits are right invest over multiple years to in uh in the infrastructure the drilling infrastructure and the pipeline infrastructure go down and get that crude and bring and then transport it to your refineries where you add that uh you know this the secret sauce and turn it into finished product for sale and that's really the mentality the mindset that uh that needs to happen uh to move the needle and that's really the sort of the underpinning of the alt finance approach uh that uh howard and his colleagues are are rolling out today i like that analogy john uh that's a good one a good good visual howard i want to ask you you mentioned 2020 of course which drew redrew people's attention to these issues um you at oaktree have been at this for a few years however in terms of your diversity efforts before 2020.
in your results-based guy how have you done so far how in terms of staffing and such and your diversity initiatives yeah well we you know we i think we've always had uh good intentions and uh an open mind and uh and that of course is not enough uh about six years ago uh our some of our employees uh organized into a diversity effort uh and they've been making good strides and our numbers have been rising and i think our numbers are now scale very well against our industry but they're still inadequate and we still have a lot of work to do and we're glad to do it i think that last year uh whether it was the fact that we were at home watching more tv the fact that the the uh the videos have gotten better of these terrible events uh clearer and less less uh muddled i think that everybody's focusing on these issues much more and of course the pandemic was a very uh unequal experience uh in which uh some people systematically didn't fared much better than others so uh you know we've amped it up uh we've we've created um a a full-time position of the head of diversity and inclusion uh using uh taking one of our uh colleagues who was doing it on a part-time basis as a side job and making it her full uh uh occupation and we're very excited about what that kind of step can bring for oaktree in addition to our participation in old finance john for those watching uh what what type of skills would need to be developed in your program to join a firm like howard's well i think that the uh the approach that we're making you know is is one that cuts across a number of areas right and and you know they're you know colleges are doing a a a a a really good job of providing the kind of curriculum that uh is you know the sort of the academic side the core skills that relate to finance all right uh but uh but what really needs to be you know uh broadened and you need to have an overlay what we call sort of the apply fans that's built you know that's built around what investors actually do okay uh and and that's really where i think you know oaktree apollo and aries you know this is what this is their expertise they're the best in the world at investing all right and our view is that if we can bring the applied orientation okay and and provide an overlay to what students are getting in the classroom then uh you know uh and then also provide the the you know as what's happening we're saying you know a level of exposure and in a relationship so they understand here's the bar right uh and they understand where they stand relative that bar not just on the kind of the underlying skills but also on their market knowledge uh and their understanding you know uh of risk and and how that plays out uh in in uh and what investors do so this is really about you know building on what students are learning in the classroom obviously you know and building on the core analytical skills and uh that are uh you know that you're building and turning you know and making those much more of a orientation from that is about applying them to the real world environment and i think that's what you know when you think about work and business well if you think about these three funds uh these three organizations you know i think it's very much in their sweet spot to complement what students are getting right now and prepare them very successfully for careers in alternative assets well we we can have howard marks on and not talk about the markets howard what are your what's your latest thinking on the markets after the big fed meeting yesterday uh well you know first of all brian a tenant number five of our six tenant investment philosophy is that our investments are not driven by macro forecasts uh having said that uh we do we do think about it primarily in the sense of what is this a time to be aggressive or is this a time to be defensive uh our conclusion is that this is a time to to be at our normal neutral position between offense and defense there are some good things going on uh in the world like the economic growth uh which is very exciting and the uh return of of the reopening of the economy but there are also negatives like the worry of over inflation uh and uh and so forth so i would say uh steady as you go uh not more uh aggressive than usual but also uh not much more defensive and and so howard if you're not looking sort of most you know giving priority to what we're seeing in macro where are you seeing the the most interesting opportunities right now unfortunately uh for most of your viewers the best opportunities are not in the public markets the public markets are just too just too easy to access and uh it's just too easy for people to find out about and hop on the opportunities there until they get fully priced so you know a great deal of what we're doing is in is in private investing and private lending and uh emerging markets and um you know uh things that are that are off the beaten path uh our our sector is called alternative investments and that means really alternative to traditional stocks and bonds and i think it's away from stocks and bonds uh that the greatest uh uh opportunities lie today um that's really interesting howard and i would love to have you back at some time about some of the attempts to bring some of those private opportunities public but we don't have time today um thank you so much for being here both of you really interesting program that you're working on howard marks oaktree capital management co-chairman and john rice management leadership for tomorrow founder and ceo
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