Episode Details

Welcome back to the Alt Goes Mainstream podcast.

Today’s episode takes us inside the world of wealth from the perspective of one of the industry’s largest alternative asset managers that has made the wealth channel core to its firm’s DNA from the beginning.

We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.

Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He’s at the forefront of Blue Owl’s private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.

Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION’s Investment Committee and was responsible for all aspects of CION’s business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry’s Rising Stars.

Sean and I had a fascinating conversation about what it’s like to work with the wealth channel. We discussed:

• The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm’s story of scale.
• Lessons learned from growing and scaling a private wealth business in the US and internationally.
• The differences between the wealth channel a few years ago and the wealth channel today.
• What the wealth channel wants and needs from its alternative asset manager partners.
• Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.
• The opportunity in the 401(k) and retirement channels.

Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.

Show Notes
00:00 Introduction to Ultimus, our Sponsor

01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview

02:10 Guest Introduction: Sean Connor

04:07 Growth Drivers for Blue Owl

04:45 Diversification and Market Strategy

05:17 Focus on Private Credit and Real Assets

06:54 Brand Essence and Market Leadership

11:25 Client Education and The Nest

14:21 Implementation Challenges in Wealth Channel

17:56 Customization in Wealth Management

19:20 Product Structuring and Client Needs

23:41 International Expansion and Market Strategy

26:23 Building Brand Internationally

28:01 Maintaining Entrepreneurial Culture

28:42 Challenges and Success in Scaling

30:38 Future Growth Areas in Wealth Business

30:42 Evolution of the Wealth Business

31:08 Expanding Product Strategies

31:37 Growth Opportunities in the US Market

32:23 Global Expansion and Execution

33:01 Retirement Market Potential

34:10 Bringing Parity to Retirement Ecosystem

35:19 Challenges and Opportunities in Retirement

35:39 Regulatory Changes and Education

36:38 Long-Term Investment Strategies

39:03 Private Credit and Direct Lending

40:47 Market Structure and Underwriting

43:47 Competition and Market Share

45