Episode Details

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice.

We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets.

ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.

Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:

• What Anneka means by “fast money versus slow money.”
• Why it’s important for advisors to bring private markets “to the kitchen table.”
• How to transform savers into investors — and why that matters.
• Why focus on private markets.
• The challenges with building a private markets business.
• Figuring out how to partner with alternative asset managers.
• How and why ING has focused on curation when building its private markets platform.
• The benefits and challenges of evergreen funds.

Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.

Show Notes
00:00 Message from our Sponsor, Ultimus

01:43 Welcome to the Alt Goes Mainstream Podcast

01:57 Introduction to Johan Kloeze and Anneka Treon

03:19 Guest Welcome and Backgrounds

04:05 Johan's Journey at ING

05:07 Anneka's Background and Ambitions

06:58 The Importance of Private Markets

07:56 Wealth Creation and Preservation

08:25 Building the Private Markets Business

14:55 Educational Approach to Private Markets

16:19 Making Private Markets Human

20:54 Curating the Right Managers

23:02 Slow Money vs Fast Money

24:07 The Bookcase Analogy

24:21 Cash Flow Dynamics

24:27 The Importance of a Stable Financial Foundation

24:53 The Role of Quality Managers in Investment

25:16 Motivations Behind Public vs. Private Markets

26:13 Educating Younger Clients on Slow Money

28:04 The Role of ING in Providing Diverse Investment Options

28:47 Challenges in Building a Private Markets Platform

29:46 The Success of Evergreen Vehicles

31:25 Anneka's Perspective on ING's Private Markets Strategy

32:18 Humanizing Private Markets

32:54 Opportunities in the ELTIF Space

34:24 Educating Clients on Private Markets

36:29 The Future of ING's Private Markets Platform

37:43 Balancing Digital and Human Approaches

38:49 The Importance of Simplifying Investment Concepts

38:57 The Role of Liquidity in Private Markets

39:53 Lessons Learned in Building an Investment Platform

41:38 The Entrepreneurial Spirit of ING's Clients

42:46 The Need for Harmonization in Private Markets

44:36 The Growth Roadmap for ING's Private Markets

45:07 The Future of Private Markets Investments

Editing and post-production wo