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Partner perspectives

Welcome to Partner perspectives with Madeleine Sinclair, Head of North America Distribution at Blue Owl. This series features conversations with top financial advisors, highlighting how alternatives have helped improve outcomes for their clients’ portfolios and offering advice for advisors who may be interested in taking their first steps into the private markets.

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Madeleine Sinclair

Senior Managing Director, Head of Private Wealth Distribution, North America
Sitting down with Patrick McGowan

Increasing investment options for individual investors

In this Partner Perspectives discussion, Madeleine Sinclair, Head of North America for Private Wealth at Blue Owl Capital, sits down with Patrick McGowan, Head of Alternative Investments at Sanctuary Wealth, to explore how private markets are evolving and what that means for today’s advisors and clients. Drawing on years of experience across both traditional and alternative asset management, Patrick shares how the quality of underlying investments and the expansion of private market opportunities have reshaped the way advisors think about portfolio construction. 

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MS: Hi. I'm Madeleine Sinclair, Head of North America for Private Wealth with Blue Owl Capital, and this is Partner Perspectives. I'm joined today by Patrick McGowan, Head of Alternative Investments with Sanctuary Wealth. Welcome.

PM: Thanks, Madeleine, appreciate the time.

MS: I think about your career — you've spent a long time in alternative investments, leading all the way up to your position now as Head of Alternative Investments. I'd love to know what drew you to the space.

PM: Well, I had a background on the traditional asset management side at first, and I remember it was very eye opening for a variety of reasons. The two big ones were that a lot of the products that I saw out there on the public side — on the traditional side — essentially all had the same characteristics. And on top of that, the broad opportunities on the private market side were really interesting to me.

MS: And you've seen so much evolution, I'm sure — even structurally — between the offering maybe 15, 20 years ago and now. What do you think has been the single biggest impact to individual investors allocating to alts today versus 15 years ago?

PM: It would have to be the quality of the products themselves. And what that means to me, most importantly, is the quality of the underlying investments that are inside them — making sure you're getting what institutions are getting, or the quality of the investments that the asset manager has. So I view that as pretty much the first question we have when we meet with managers: before we talk about their vehicle or any other features of their products, we ask about their asset class and how they find these opportunities.

MS: I'm sure you're approached by many asset managers getting into the space. How are you differentiating one asset manager from another as it relates to alternatives?

PM: We look at it from the whole 60/40 portfolio — equities, fixed income — and what was at first sort of a single solution, maybe something like direct lending in an alternatives bucket. What we're really thinking about now is, as more managers have come into the space, how they're differentiated. And if we have products that are competing now not only for one single asset class, but across a variety of asset classes.

MS: And one of the accelerants that Blue Owl sees to the growth of alternatives is going to come down to education. We must have education reaching the end client. How do you think about that at Sanctuary Wealth — for clients who have never experienced an allocation to alternatives, or even advisors who are having that conversation for the first time?

PM: Part of it is working with managers who have the ability to interface with our advisors and create content. And of course, they have to have the investment leadership and capabilities to create that content. So we want to work with great managers who can do that. There's a huge difference in the way our advisors understand the space, and therefore how they’re able to make those allocations in a meaningful way — not just in quantum, but in terms of why they’re doing it, how it enhances the portfolio, and where in the portfolio they’re drawing from.

MS: And your guidance, Patrick — if you're just getting started, where should you think about first?

PM: We believe that private markets are really becoming more and more a larger percentage of the overall capital markets. Therefore, you should think about investing in private markets as an extension of your public markets. As the companies in there have become a larger percentage of companies overall that are remaining private, we want advisors to think about investing on sort of a pro rata slice. So then the real question becomes — and this is the skill we want to work with our advisors on — what is the appropriate sizing? Is it 2%, 5%, 10%, or 20%, or anywhere in between? That’s really where the advisor and their relationship with the underlying client is most important.

MS: Well, Patrick, thank you so much. It's been a delight to have you.

PM: Thanks, Madeleine. I appreciate the time.

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