Money Maze Podcast

John Claisse explores the evolution of alternative investing, from private markets and hedge funds to AI, digital assets, due diligence and opportunities across Asia.
Albourne has expanded from its genesis in Sussex in 1994, to one of the most recognized global investment advisors in the world of alternatives. It is unusual both as an employee-owned organisation, and because it has adhered to its original vision of advising only and never to manage capital. 
John Claisse frames the alternative industry today. He discusses institutional priorities, the change in allocating behaviour, the secular shift of retail flows into private assets, and what clients want across the alternative assets spectrum. 
He discusses private equity and private credit trends in light of the current malaise, and why he expects further growth in these asset flows in the years ahead.  He weighs some of the investment dilemmas facing allocators, why Hedge Fund interest is strong, why digital assets are being increasingly scrutinised for their potential appeal, and where investment allocations might be headed. 
*Please note that at the 53:00 mark, Simon Sebag Monetfiore's upcoming book is mistakenly titled The Crucible. The correct title is The Cauldron: The Making of the Modern Middle East
The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.
*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

“Airlines are a terrible business. They’re capital‑intensive, unionized, and heavily regulated… there’s very little moat.” So Warren Buffett once observed. But is that still true? 

In this episode, we examine the thesis for investability and try to understand the direction and shape of flying.  

Ed discusses the economics, competition, premiumisation, the case for “a moat” or structural advantage, and what customers want.  

He also explains why the competitive landscape has changed, why new entrants will find it much harder, the opportunity with retail-in-flight, the extraordinary partnership with American Express via Sky Miles, and the reason why future returns might well be higher than those of the past. ‍
The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.
*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

It is already changing how firms conduct research, construct portfolios, manage risk, and make investment decisions. 
In this special compilation episode, we bring together three perspectives from across public markets, hedge funds and private markets, to explore how AI is transforming investment management today and where it may lead tomorrow. 
Andrew Veglio, founder and CEO of Vantage Investment Management, examines where AI sits in the evolution of technologies and argues the end game is replacement not improvement of much of what we, as investors, do. 
Kristian West, Head of Investment Platform at J.P. Morgan Asset Management discusses how they are embedding AI across their global investment platform, sharpening research, investment process and execution.  
Then Lucia Soares, Chief Information Officer and Head of Tech Transformation, shares how Carlyle is using AI to accelerate decision-making, improve portfolio and risk management, and create value across its portfolio companies. 
Together, they discuss AI's impact on alpha generation, research, trading, portfolio construction, productivity, and the implications for the role of human judgement in our investing world.
The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.
*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Most CEOs take years to make their mark.  

But after three decades dissecting and helping other people’s businesses at PwC, our guest today spent just two years inside Schroders before deciding it was time to sell the 222-year-old business. 

In this conversation, Richard Oldfield explains why he was convinced it was the right path to take, and why the family-controlled business and its board were persuaded.  

He describes the irresistible forces changing the investment business and specifically analyses the co-existence of private and public assets, the potential paths of passive and active, and if size matters more than ever. 

He discusses the footprint, asset mix and culture which Nuveen offers and how the combined group will manage $2.5tn, becoming one of the world’s largest active managers.  
He explains why public markets are essential, how AI is being implemented in their business, the important Asian opportunity, and why benchmarks can provide the wrong skew in understanding risks.   
The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.
*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

In the world of global credit and event-driven investing, there are few firms that have been both quietly competitive, whilst simultaneously successful and long-standing.  
Founded over 40 years ago, Davidson Kempner may not be a household name, but they have navigated cycles by identifying the opportunities which emerge from dislocations, and complexity when the power between borrowers and lenders shifts.  
In this conversation, we discuss if it’s possible to assess where we are in the economic cycle. Tony then disentangles the term “private credit” and explains where he believes blockages and problems exist.  
He talks about the interdependence of private equity and private debt, and why he thinks the market may be underestimating the time needed to work through these issues.  
He explains where he sees capital is as scarce and where it has been abundant, and what that means for risk-taking.  
Finally, he discusses why Europe may have less growth but has many opportunities, why lending in India appeals, and most interestingly why we may be in “a golden age of absolute return.” 
The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG.
*During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.