Explore every episode of the podcast Billion Dollar Backstory

You didn't sign up to be a marketer. You signed up to manage money.

But the second you start your own boutique? Welp…

Marketing, sales, distribution, hiring... they're all your job now too.

Sean Peche knows that struggle firsthand. 

He's the Founder and Fund Manager at Ranmore Funds, a $650M investment boutique where "that's how it's always been done" isn't really a good enough reason to keep doing something.

And that applies to a lot more than how Sean invests. He's challenged a whole lot of the traditional playbook while building the business too.

So what does building a boutique differently actually look like?

In this Encore episode, Sean breaks it all down.

Listen in to hear:

• Why he dedicates one day a week to distribution (and protects the other four for the portfolio)
• The LinkedIn prospecting approach he leaned on before he had a marketing team
• Why his approach to hiring looks very different from your typical asset manager
• How "charitable marketing" lets Ranmore grow its network while doing some good along the way
• The mindset shift that happens when you stop thinking like a fund manager and start thinking like a founder
• Why honesty and humility might be a bigger competitive advantage than this industry gives them credit for

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Ten years ago, Andy Raskin wrote a piece called "The Greatest Sales Deck I've Ever Seen."

And Stacy Havener is still thinking about it.

Not because you need to build a SaaS deck, but because the structure underneath it works on allocators too.

Too many pitch decks start with some version of: "Let me tell you all about us."

You go into a long spiel about your fund’s process and performance. Meanwhile, the allocator is sitting there with a very reasonable question: "Okay... why should I care?"

That's the gap Stacy digs into in this Story Snack.

Listen in to learn:

• What a decade-old SaaS sales deck can teach fund managers about raising capital
• Why allocators move faster to avoid pain than to chase upside
• How to frame old way vs. new way without accidentally insulting the allocator
• Why "better" might not be the word you want, and what to say instead

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Most boutiques market the product. Manish Khatta barely mentions his.

Roughly 90% of what Potomac Fund Management puts out has nothing to do with the funds. No performance charts. No fact sheets. Their most successful piece of content is a five-minute video series about fintech gossip that never says the word Potomac.

It sounds backwards. It's also how Potomac went from around $130 million in 2020 to $1.2 billion today, after more than three decades of hovering in the low hundreds of millions.

In this episode, Manish and Stacy get into:

• What "eyes on brand" actually means, and why product marketing comes second
• The scrappy pandemic video that started it all
•  Why he told his team not to measure ROI for two full years
• The Eminem clip he was told not to play at a conference, and why he played it anyway
•  What happened when Potomac started partnering with its own competitors
• Why he's now pivoting back to postcards, suits, and old-school marketing

About Manish Khatta:
Manish Khatta is a quant who has spent his entire career creating and refining technical trading strategies. A lifelong Potomac employee, he programmed the initial work behind Potomac's mechanical trading systems and now runs the firm as CEO and CIO. He's a father of four who leads an RIA built on content and transparency, and he spends his free time playing tennis and being on the water.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Should you ever repurpose an old post on LinkedIn?

Short answer: yep.

Slightly more annoying answer: it depends.

Before you copy, paste, and send that post back into the wild, figure out why it flopped the first time. Was it actually a good post the algorithm didn't push out? Or was the post itself a little off? Those are two very different problems.

In this Story Snack, Stacy gets into how she decides which posts deserve another shot, which need a tweak first, and which she'd leave alone.

Listen in to hear:

• The one reason NOT to repost that Stacy isn't buying
• How to distinguish a reach problem from a writing problem
• When a few tweaks will do, and when you need more than that
• Why her short Tuesday posts aren't just chopped-down versions of longer ones
• What working with the LinkedIn algorithm right now

This is Story Snacks: a bite-sized series for fund managers who want to get better at strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

What if luck plays a bigger role in fund success than anyone wants to admit? 

Simon Evan-Cook isn’t just throwing that idea out there. He’s lived it. 

He spent years on the allocator side, vetting fund managers and learning what really sticks (hint: it’s not just your track record).  

Now that he’s a fund manager himself, he’s pulling back the curtain on the truth no one wants to say out loud… 
 
Yes, being good at what you do matters, but so does luck, timing, and learning how to stack the odds in your favor.  

In this Episode, Simon and Stacy dig into:  

• Why some of the most skilled fund managers don’t always win 
• 13 ways emerging managers can make their own luck 
• What allocators actually remember after your pitch 
• And why being honest, even when it’s uncomfortable, is the real differentiator 

This is Billion Dollar Backstory: Encore, because some conversations are just too good not to bring back.

About Simon Evan-Cook: 

Simon Evan-Cook is an award-winning multi-asset fund manager. In 2022 he joined Downing to set up and manage the Downing Fox range of funds. Before that he built his reputation at Premier Asset Management from 2006, where he was a senior member of their highly successful multi-asset team. He began his career with Fidelity in the late 90s, before joining Rothschild Asset Management and then Gartmore. 

Simon also writes on investment (and beyond), including a monthly column for Citywire Magazine and his investment blog on Medium.com. Outside of work, he enjoys spending time with his family and dog, devouring movies and books, and superficially damaging European golf courses. 

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Waiting for LinkedIn leads to fall from the sky, land in your DMs, and show up in your funnel? You might be waiting a while.

Posting matters. But there's a missing piece between the post and the people who engage with it, and that's where you go from random strangers to actual rapport (and maybe even grabbing coffee IRL). 

Stacy Havener has a weekly habit to help you fill the gap, and it's not a heavy lift.

In this Story Snack, she's sharing:

• The habit she calls "clearing the deck," and why responding days late still counts
• What she DMs people who engage, without asking for a single thing
• How she follows up when a commenter isn't in her network yet
• Why a lot of the power of LinkedIn is in the shadows, with the people who never comment
• The note she sends profile viewers, and the one question that gets them talking

If your LinkedIn strategy is basically post and pray, this one's for you. You’ll walk away with quick tips that’ll help you stop waiting around for leads and start going after them (without feeling spammy or weird). 

This is Story Snacks, a bite-sized series for fund managers who want to get better at strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Different > better.

Especially in an industry that loves to rank, chart, compare, and benchmark errrthing. 

Because when everyone is trying to prove they're better, everyone starts sounding pretty much the same.

In this Encore episode, Stacy is bringing back one of her favorite conversations about what it actually takes to stand out.

She’s covering: 

• Why leaning into what makes you different means going to the edges and getting radical
• Why 80% of executives think their company is differentiated, while only 10% of customers agree
• How to create a category of one 
• What differentiation is, and what it absolutely is not
• Why you must be brave enough to attract and repel 

This is Billion Dollar Backstory: Encore, because some conversations are just too good not to bring back.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

You want to post on LinkedIn.

Compliance wants to hit the taboo buzzer.

Cool. Now what?

In this Story Snack, Stacy Havener shares how to stop treating compliance like the department of "no" and start bringing them into the growth conversation.

Because yes, we live in a culture of compliance. And yes, we have business goals too.

Listen in to hear:

• How to get compliance out of "department of no" mode
• The question to ask so you know what topics are actually off-limits
• How to use safer language without sanding off your entire point of view
• Why LinkedIn is possible in a regulated industry, even if your team is nervous

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Most people assume a successful career in finance starts with the "right" degree.

Lindsey Stewart's started behind the counter at McDonald's.

At 18, he made the decision to skip university, avoid student debt, and learn by doing. Years later, that path led him to Morningstar, where he now helps some of the world's largest institutional investors turn complex data into better decisions.

In this episode, Lindsey and Stacy discuss: 

• Lindsey’s backstory – from an investor relations firm to a Big Four acquisition to Morningstar
• Why he put McDonald's back on his LinkedIn profile after years of leaving it off
• What nearly broke him about the CFA exam, and what finally helped him pass
• The bias he sees across the finance industry (and why it may be holding talented people back)
• Why "sounding smart" and being understood are not the same thing

More About Lindsey Stewart:

Lindsey Stewart, CFA, is Director of Institutional Insights at Morningstar, where he leads content and outreach for institutional investors. His 25-year career spans investor engagement, financial regulation, and communications at firms including KPMG and the UK Financial Reporting Council. 

He is a Chartered Management Accountant and holds the CFA designation, and was a Senior Leader Finalist at the 2021 Black British Business Awards.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Your company's LinkedIn page is not the main character.

It matters. It has a job.

But if your LinkedIn strategy is built around the logo doing all the talking, Stacy Havener has thoughts.

In this Story Snack, Stacy breaks down the biggest LinkedIn mistake she sees asset managers make: treating the platform like something it was never built to be.

And there's a stat behind it that might make you rethink who's actually posting on your firm's behalf.

So yes, "our employees share the company posts" technically creates activity. Whether it creates trust is a different question.

Listen in to hear:

• What LinkedIn actually is, and why most firms are using it backwards
• The stat that should make you rethink who gets the microphone
• Why employee advocacy falls flat when it turns into copy-paste content
• What LinkedIn is cracking down on right now, and why it matters
• How to show up more human without abandoning professionalism

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

"Ditch the pitch" is easy to say.

But it's hard to do when you're staring at a calendar invite and realizing you've been leading with the deck for years. 

And you start thinking, “Okay, if I'm not presenting, what am I actually doing in there? Am I just… winging it?”

Nope. In this Story Snack, Stacy’s breaking down what your meetings will actually look like once you put the deck aside and why ditching the pitch is probably a lot easier to pull off than you think. 

Listen in to learn:

• How the typical pitch backfires in meetings
• Why the allocator should always be the hero of the meeting
• The meeting structure that works from a behavioral science standpoint 
• How that structure actually removes the pressure to perform 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Every fund manager wants the story that gets allocators to lean in and say yes every single time they tell it. 

So, this is often a hard pill to swallow…A story that actually works doesn't always get you a yes. 

A powerful story either gets you a heck yes or a heck no, but never a maybe. 

And even though hearing heck no is uncomfortable, getting closure in sales is everything (so you don’t waste your time on allocators who’ll never be the right fit). 

That’s why in this Story Snack, Stacy’s sharing the one kind of story that gets allocators off the fence without fail. 

She’s also breaking down how to own the sharp edges in that story that’ll help allocators finally decide: this is for me. Or it isn't.

Listen in to learn:

• Why "maybe" is the outcome you should be trying to avoid
• How to connect who you are, why you invest the way you do, and who your strategy is built for
• Why your differentiators need to attract and repel
• A question that’ll help you find your sharp edges fast

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

The capital-raising memo says: pitch harder, send the long intro email, and voilà, meetings.

Stacy Havener never got that memo.

She came into this industry as an English lit major who wanted to be a college professor. Finance was a means to an end, not the whole plan. She had no idea there was a "right" way to do capital raising.

So she just led with what she knew best, which was storytelling and creating human connection. 

It wasn't until someone tapped her on the shoulder and said, "What are you doing? Because you keep raising money," that she realized what she was doing was different.

Different, and working.

She took her high school soccer coach's fund from $1M to $500M in two years. Then joined a firm at $17M and helped grow it to $5B in three.

In this Story Snack, she's breaking down exactly how and why the answer is never more volume, more cold emails, or more at-bats.

Listen in to learn: 

• Why "get more meetings" is the wrong goal if the meetings you’re getting aren't converting
• How to use small, genuine "gives" to build trust before you ever ask for a meeting
• Why give, give, give, ask beats pitch, pitch, pitch every time

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

When an allocator says "We only work with established managers," it can feel like a door closing in your face. 

And the natural instinct is to pry it back open by explaining yourself, defending your track record, and making a case for your fund. 

Stacy Havener's advice: don't go there.

Because handling objections to close deals is a thing. It's just not the right thing in this moment.

That’s why, in this episode, Stacy’s breaking down what to do instead when you keep hitting the same wall in meetings.

Listen in to learn:

• Why "too small" or "too new" is usually a timing mismatch, not a hard no 
• The three words that change the whole vibe: "Tell me more." 
• The questions that uncover real requirements around AUM, allocation size, and track record 
• How to capture their language so your follow-up actually lands when the timing is right

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

If you’ve ever thought, “Okay, I have to cover process… but I can literally see their eyes glazing over,” you’re not alone. 

Because when you walk through your process like everyone else, allocators don't hear "rigor." They hear "table stakes," and they're already half checked out by the time you get to the good part.

In this episode, Stacy Havener breaks down how to fix that without scrapping the slide entirely. 

Listen in to hear:

• How to cover process without just reading the boring slide out loud
• The fastest way to make your process feel different (even if the slide isn’t)
• The one line Stacy wants you to stop using when talking process (because it’s a big fat nothing sandwich) 

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

At 15, Harald Berlinicke got a front-row seat to Black Monday during a bank internship outside Berlin. It was total chaos, with people yelling "SELL!" and a 20% drop in a single day.

Most people would have run away from that pressure. But Harald ran toward it. And that's the day he knew he wanted to be in finance.

Decades later, he's the guy on the other side of the table as a fund selector and family office CIO, with a surprisingly impressive LinkedIn presence for someone who will tell you straight up that he's an introvert.

In this episode, Stacy sits down with Harald to talk about the human side of selection and why "give, give, give" beats "pitch, pitch, pitch" every single time.

Listen in to hear:

• Harald's Black Monday origin story and how that early chaos shaped his view of markets and decision-making 
• Why "people do business with people" is painfully true in fund selection 
• His playbook for building relationships on LinkedIn as an introvert 
• The provocative CFA poll he ran and what that debate says about where the industry might be headed

More about Harald Berlinicke: 

Harald Berlinicke, CFA is CIO of the fifth-generation Max-Berlinicke-Erben family office in Berlin, where he oversees a multi-asset portfolio with a focus on asset allocation and manager selection. He co-founded New Bond Street Asset Management in London and served as Partner and Head of Structured Credit Investments, growing the boutique to a peak of €8B AUM. He later spent 2014–2023 at Scope Group as Director of Alternative Investments and now advises independently-owned investment boutiques. A CFA charterholder since 2003, Harald is also a long-standing CFA Institute volunteer and a widely followed voice on LinkedIn known for making complex investment topics accessible.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Six months into launching your fund and already feeling like you're making every mistake in the book?

You're in good company. That's exactly how the founder who wrote in is feeling. And honestly, year one can do that to a person. 

The chaos is real. The second-guessing is real. The wondering-if-anyone-will-ever-take-you-seriously is very, very real.

In this Story Snack, Stacy Havener tackles the fear that tends to sit underneath all of it:

"I'm too early to be taken seriously."

It's not irrational. It's just not the whole story. And if you believe it too hard for too long, it might be the thing that keeps you invisible when you could be building real conversations.

Listen in to hear:

• The year-one myth Stacy calls BS on: “don’t market until you have 3 years of track + $100M–$200M AUM”
• Why year one gets derailed more by business decisions than investment decisions (products, partners, hires, marketing choices)
• Who you should be talking to early (innovators + early adopters) and why they don’t play by the “come back later” rules

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

What if the biggest problem with “Emerging Markets” is the name?

Edward Lam thinks that label has been doing the category a disservice for decades.

Today, he’s sitting down with Stacy to zoom out and question the category…then zoom back in to what that means for portfolios, risk, and real alpha.

Edward grew up in Hong Kong, went to boarding school in the UK, and landed in EM in 2004. 

He had no training program or mentor, just four walls of books he was determined to read. By the time he left, he’d taught himself accounting, built a research function from scratch, and was running a fund that grew from £1M to £3.5B.

Listen in to hear: 

• How Edward built his own training program from scratch and why that became one of his biggest edges
• What "subordinate currency regimes" means and how it changes everything we thought we knew about EM risk 
• The tension between building something investable and staying true to the thesis
• What scaling from £1M to £3.5B actually looks like when you have to earn every rung yourself
• Why he walked away from asset management, what the gap taught him, and what brought him back

More About Edward Lam:

Edward Lam entered the fund management industry in 2004 as an analyst at Emerging Markets specialist Lloyd George Management, covering Taiwan and technology. In 2007, he co-founded Somerset Capital Management, where he served as Head of Research and chaired the investment committee. In 2010, he launched Somerset’s EM Dividend Growth strategy, scaling it from a ~$1.5M seed to nearly $4B AUM. Edward left Somerset in 2020, then joined Sloane Robinson in 2023, became CIO, and launched the SR Ocellus fund in 2024.

In his free time, he enjoys reading about the history and philosophy of finance, including many areas that others (based on feedback) find boring. 

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Commenting is one of the most underrated relationship builders on LinkedIn, especially if you want to stay on people’s radar without cranking out content nonstop.

But most people comment in a way that does nothing, or worse, makes things weird.

You know the two classics:
 
1. “Great post!” (nothing burger)
2. And the thoughtful comment followed by an immediate pitch DM. (instant ick)

In this Story Snack, Stacy Havener breaks down how to comment in a way that actually builds familiarity and trust over time, without sounding awkward, annoying, or desperate. 

Listen in to hear:

• How to choose which posts to comment on so allocators and prospects start seeing you everywhere (in a good way)
• The “what NOT to do next” move that instantly turns goodwill into cringe (and what to do instead)
• The mindset shift that will help you stop overthinking and start commenting like a real friend giving out high-fives (not weird pitch slaps) 

Because the people who’ve consistently shown up for Stacy on LinkedIn? She’d run through a wall for them. 

That’s what you’re building toward when you do this the right way. Tune in to learn the right way to approach commenting on LinkedIn. 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

93% of the population. Almost entirely locked out of an industry that says it wants the best talent.

Laurie Robathan grew up on the wrong side of that statistic. He was raised in inner-city Bristol, went to a state school, and grew up in a single-parent family. He found his way into finance through one thin thread of chance, and he's never forgotten how easily it could have gone the other way.

At some point, that thread started to feel less like luck and more like a problem. Because what about everyone who never gets that thread at all?

So Laurie walked away from a successful career in finance and built Fairfield in its place. It's a charity on paper, but really it's a business proposition designed to fix what he calls an inefficiently functioning labor market. Because when 80% of senior finance leaders come from just 7% of the population, that's not meritocracy. That's a pipeline problem.

And he's not solving it from a boardroom. He's on trains, in school assemblies, at North London career fairs at 8pm. Doing the work.

In this episode, Stacy Havener sits down with Laurie for one of those conversations that stays with you long after it's over.

Listen in to hear:

• Why finance doesn't have a talent problem, it has an access problem 
• Why the best person for the job may never make it to the interview room 
• How Fairfield prepares students to belong before they ever walk through the door
• What individuals and firms can do to help

More About Laurie Robathan:

Prior to his retirement from the finance industry, Laurie worked in the City for over 15 years, the last 10 years being at Kepler Partners LLP as Senior Partner. Before Kepler, he had roles at Scottish Widows Investment Partnership and Close Brothers Bank. As a member of Kepler’s management committee, Laurie had input into all areas of the asset management business. He holds the Investment Management Certificate (IMC) and has an MSc in Finance & Investment from the University of Bristol.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

You want to post more on LinkedIn. You know it matters. You've probably even got a draft sitting there.

But the fear of being judged, specifically by people who already know you in real life, keeps stopping you cold.

In this Story Snack, Stacy Havener breaks down exactly why that happens, why your brain is making it bigger than it is, and how to move through it without just white-knuckling your way to the post button.

Listen in to learn:

• The behavioral bias that makes the fear of being judged feel so intense 
• How to make peace with your posts not being everyone’s jam
• The art of owning who you are online and letting the wrong people opt out

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Robert Gardner has built four ventures in financial services,  including Redington, the UK investment consultancy that’s advised on £800B+ in assets.

Now he’s taking on a new category: Natural Capital.

Because nature has always been “investable”, just usually as a commodity.

The old way looks like squeezing every ounce of value out of the Earth without any regard for long-term consequences. The playbook was essentially cut it down, harvest it, extract the value, and move on. 

Robert thinks that model is outdated, and he’s building the alternative, making nature an investible asset class (more like real estate or infrastructure), where the value comes from what nature does, not what you can take from it.

In this episode, Stacy Havener sits down with Robert to get concrete about what investing in nature looks like in the real world.

Listen in to hear:

• What changes when you’re not raising money for a strategy… but for a new asset class
• How Robert translates Natural Capital into familiar investing language (property/infrastructure)
• A real case study (Nestlé + oyster reefs) and the incentive chain behind it
• What underwriting looks like when your revenue is tied to nature doing its job
• Why legitimacy comes from repetition + simplicity (not complexity)
• The early-stage trust-building lesson every emerging fund manager needs

More about Rob Gardner:

Robert is Co-Founder & CEO of Rebalance Earth, the UK’s largest dedicated Natural Capital asset manager. He previously served as Investment Director at St. James’s Place and co-founded Redington, Mallowstreet, and RedSTART. His work is focused on making nature an investible asset class and proving finance can be a force for good.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Let's talk about conference season.

You showed up and collected a gazillion business cards. You smiled until your face hurt. And three days later you got home, looked at that stack of business cards, and thought… now what?

If that sounds familiar, this Story Snack is for you.

In this episode, Stacy breaks down why conferences tend to feel like a huge waste of time. 

She’s sharing what she’s learned over the years about what it actually takes to make a conference worth your time. 

Listen in to learn: 

• What most people get backwards about conference ROI
• The pre-work that changes who you meet (and how those meetings feel)
• How to turn “great meeting you” into “let’s keep talking”
• Why doing less on-site and more upfront is the move

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Shannon is Managing Director and Chief Investment Officer for Wealth at Neuberger Berman, a firm with north of AUM, and she's spent years on the other side of the table, sitting through roughly 300 manager meetings a year. She knows exactly what earns credibility fast. And she knows exactly what kills it.

In this episode, Stacy Havener sits down with Shannon to pull back the curtain on what allocators are actually looking for,  and why the managers who win aren't the ones performing. They're the ones listening.

Because the real answers don't come out when you're trying to sound smart, they come out when you're genuinely trying to understand. And the questions you ask say a lot more about you than the vocabulary you use.

Shannon also gets into what it actually means to build solutions from real client problems instead of copying the industry playbook and why a $560B firm can still feel boutique when the mindset is right.

Listen in to hear:

• Why courage almost always precedes confidence 
• What 300 manager meetings a year taught her about what allocators really care about 
• How she asks questions that make people drop the script 
  Why focusing on trying to sound smart backfires for PMs in meetings 
  Why complexity bias can quietly hurt your distribution 
• What allocators mean when they say "help us help you" 
•  Why simple, repeatable messaging wins,  especially when someone else has to retell your story

More About Shannon Saccocia:

Shannon Saccocia, CFA, is Managing Director and Chief Investment Officer for Wealth at Neuberger Berman, a global investment manager with north of $560B AUM. As a member of the firm's global Asset Allocation Committee, she works closely with investment leadership to establish market views, strategic and tactical asset allocation, and portfolio recommendations for Wealth clients.

Before joining Neuberger Berman in 2023, Shannon served as Chief Investment Officer at SVB Private and Boston Private Wealth, overseeing portfolio construction, manager selection, and asset allocation. She has also held senior roles at Banyan Partners and Silver Bridge Advisors focused on manager selection and portfolio construction.

Shannon holds a BA in Economics and History from Brandeis University and has earned both the CFA and CIMA® designations. She is a longtime CNBC contributor and is regularly featured across financial media. She lives in the Boston area with her husband and two children.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

What do a Notre Dame finance degree, a brief detour into ninth-grade teaching, a Merrill Lynch internship, and 20 years at BlackRock have in common?

They’re all plot twists on the road to finding exactly where you belong.

In this episode, Stacy sits down with Ellen Bockius, Head of Business Development & Marketing at JLAM, a boutique real estate investment firm focused on the Mid-Atlantic coast, an area big institutional money often overlooks.

Ellen shares what it’s like to build a career by raising your hand and moving across businesses… and then suddenly have the “scaffolding” that held your career together at a big shop disappear. She doesn’t gloss over that chapter. She walks right into it.

Listen in to learn:

• How Ellen went from “maybe I’m meant to be a teacher” to getting recruited into BlackRock (back when it wasn’t a household name)
• What it was like to be a right-brained creative in a sea of left-brained people at BlackRock 
• What happens when the company that felt like your identity is suddenly no longer part of your story 
• Why moving from a big shop to a boutique is harder than people think 
• JLAM’s edge: operating experience + overlooked secondary/tertiary markets where big funds won’t even pick up the phone

This one is for anyone who’s ever wondered if the push they didn’t ask for might actually be the gift they needed.

More about Ellen Bockius:

Ellen Bockius is the Director of Business Development & Marketing at JLAM, where she leads investor relations, capital raising, and strategic partnerships. She previously spent 20+ years at BlackRock in senior marketing and client leadership roles, including Managing Director and Head of Institutional Client Marketing. 

A native Delawarean and proud graduate of the University of Notre Dame, Ellen is also deeply committed to education and community service. She serves on the Catholic Diocese of Wilmington School Board and has been actively involved in various industry and philanthropic organizations. When she’s not helping shape the future of JLAM, she’s raising four incredible children with her husband, Troy, her most rewarding and fast-paced role yet. 

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

What if the questions you ask say more about you than the answers you give?

Two weeks before graduating from college, Buffy Alegria walked into a bank job interview knowing basically nothing about banking. 

But she did walk in with four pages of questions on a yellow legal pad.

They hired her before she finished the first page.

That moment set the tone for everything that came after.

Today, Buffy is the co-founder of Loud Ventures, a healthcare-focused venture capital firm built on a simple (and kind of radical) belief:

The traditional VC model was designed for tech, and Healthcare doesn’t play by those rules.

After years in commercial banking, negotiating remote work way before it was normal, raising a women’s health fund entirely virtually during COVID, serving on a rural health board for more than a decade, and learning firsthand (as a patient) what happens when systems break down… Buffy and her co-founder Navin decided to build something different…

Venture capital for healthcare, by healthcare.

In this episode, you’ll hear:

• The interview move that changed her trajectory (and why four pages of questions is a power play)

  
  

• How she negotiated remote work postpartum before remote work was a thing

  
  

• What it was really like raising a women’s health fund as a first-time manager… on Zoom… during COVID

  
  

• Why “underserved” isn’t a buzzword at Loud Ventures (women’s health + rural health as a serious lens, not a niche)

  
  

• What it actually means to be loud and active beyond the check

  
  

• A real-world example of innovation meeting reality: pediatric anesthesia in dental offices, reimbursement pathways, and why “great idea” isn’t enough

  
  

• Buffy’s diligence philosophy: why qualitative signals like curiosity and adaptability can matter more than early numbers

If you’re building in healthcare (or allocating to it), this one will make you think differently about what “good” looks like.

More about Buffy Alegria:

Buffy Alegria doesn't just invest in healthcare: she's lived it. From the NICU to the boardroom, her path through banking, women's health venture, and hospital governance taught her that real progress takes more than a check.

As Managing Partner of LOUD Ventures, she’s proving that healthcare venture can be done differently by building alongside founders with capital, clinical depth, and operational grit. 

 
When she's not building the future of healthcare, she's skiing, hiking, or water skiing in the Pacific Northwest with her two dogs. Oh, and wearing her newest hat: dedicated college campus road-tripper cheering on her athlete daughters.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

What if the secret to building a firm people know, like, and trust wasn’t a slicker pitch deck… or a better track record?

What if it was the audacity to just be yourself?

Sweta Singh didn't wonder. She just built it.

Before she was a founder, she was on the other side of the desk entirely, issuing bonds for the State of New York, watching how public money moves through communities, hospitals, schools, and retirement funds. Most portfolio managers never see that side. Sweta did. And she never forgot it.

Twenty-five years later — Wellington, Income Research, Thornburg — she took the leap. City Different is what happened next.

In this episode, Stacy Havener sits down with Sweta to talk boutique building, muni bonds, and why being "boring" in the right part of the portfolio is actually the goal. 

Listen in to hear: 

• Sweta’s backstory – From India to full scholarship to Albany bond issuer 
• How she got hooked on finance (and why the policy/markets/human behavior collision lit her up)
• What issuing bonds before managing them taught her about how muni debt connects to real voters, real communities, and real consequences
• The City Different origin story: why the name is a love letter to Santa Fe (and a reminder to stay different)

More about Sweta Singh:

Sweta Singh is a fixed-income portfolio manager and co-founder of City Different Investments, with more than 25 years of industry experience. Her desire to constantly learn and adapt has been her greatest gift, and the thread that connects every chapter of her career.

After immigrating to the U.S. and earning degrees from the University of Massachusetts (summa cum laude), the University of Texas at Austin, where she was awarded the Barbara Jordan Fellowship, and SUNY, she began her career in New York State's Debt Division, learning every aspect of bond issuance from the ground up.

That other-side-of-the-desk foundation carried her through roles at Wellington Management, Income Research and Management, Breckinridge Capital Advisors, Thornburg Investment Management, and Wilkins Investment Counsel, building expertise across municipal bonds, corporate credit, agencies, and treasuries along the way.

Sweta believes investing is dynamic and that its future belongs to the best of both human and machine. It's a belief she brings to life every day at City Different Investments.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Most CEO stories start with an Ivy League credential and a tidy career ladder, but this one starts with a blackjack table.

Before Natalie Wolfsen was running Orion, she was dealing cards to pay for college. At the time, she had no idea that the lessons she was learning on that casino floor would follow her all the way to the C-suite.

In this episode, Natalie opens up about the chapters that don't fit neatly on a résumé and why she believes those are often the most important ones.

Listen in to hear: 

• How she parlayed casino marketing into a career in finance
• Why she walked away from a thriving role at American Express to try entrepreneurship
• The startup that failed in 8 months and why she'd do it again in a heartbeat
• How saying yes to "inconvenient" opportunities compounded into a career she never could have planned

More about Natalie Wolfsen:
 
Natalie Wolfsen joined Orion Advisor Solutions as CEO in October 2023 and is a member of the firm’s Board of Directors. She is the former CEO of AssetMark and has nearly 30 years of financial services industry experience. For over 25 years, Natalie has served independent advisors (RIA and broker-dealer affiliated) with more than a decade of working with independent and insurance broker-dealers. Prior to joining AssetMark in 2014, Natalie previously held digital and investment platform development, investment solution management, strategy and marketing roles at First Eagle Investment Management, Pershing, Charles Schwab and American Express. Natalie has an MBA from University of California, Los Angeles and a Bachelor of Arts degree from University of California, Berkeley.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Every allocator asks: “What makes your boutique different?”

And most fund managers default to something like, “Our people are great!” or “Our process is best-in-class!”

Which is fine. It’s just… also what everyone else says.

In this episode, Stacy explains why saying “We’re better” in meetings won’t do you any favors and why being different (even if it’s uncomfortable) is the best way to stand out to allocators. 

Listen in to learn:

• Why you don’t want to make up differentiators in the moment

• Why trying to be polite is the fastest way to blend in and be forgotten 

• The Truism Test (a fast way to spot a “differentiator” that’s actually table stakes)

• The prompt that reveals where you’re out of consensus with your peers (and why that’s your edge)

• Why the best differentiator often takes a little courage to say out loud

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

“Ugh… I’m going to sound like a broken record.”

If you’ve felt that in a 2nd or 3rd meeting, you’ve probably had the urge to “freshen up” your story just to keep it interesting.

In this episode, Stacy breaks down why that instinct can backfire.

She’s digging into what actually matters in follow-up meetings, especially when new people join, when the sales team thinks “we already covered that,” and when you’re tempted to improvise a whole new version of your story.

Listen in to learn:

• Why “repetitive” might be a you problem (not a them problem)
• Why you don’t want your story to shift too much between meetings
• The simple test for whether you should “run it back” (even in a 3rd meeting
• How to tee up repetition without it feeling awkward

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Most founders lead with the team because they’re trying not to sound egotistical.

But allocators aren’t sitting there thinking, “Wow, great org chart.” They’re thinking: “Do I understand this firm yet?”

In this episode, Stacy breaks down what allocators actually want in the first meeting and why you’re better off leading with a crisp origin story (even if the founder isn’t in the room to tell it).

Listen in to learn: 

• How to tell the founder story without it sounding like “me, me, me”

• What to do when you’re not the founder (or the founder isn’t there)

• How co-founders/co-managers can stay aligned on one clear version of the story

• Where to place team so it builds trust instead of overwhelming the opener

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

If your meeting goes off the rails, it’s not because your prospects are “unruly.” It’s because no one’s driving.

And with the right moves, you can take the wheel fast without making it weird.

In this episode, Stacy breaks down how to prevent unhelpful tangents before you ever walk in the room (hello, champion prep call) and what to do in real time when someone hijacks the conversation.

Listen in to learn how to:

• Prep with your champion so you walk in knowing who’s who in the zoo (and who might go rogue)

• Use a simple meeting prep doc so everyone stays aligned on the goal, flow, and roles

• Redirect tangents — whether they come from the prospect or your fund manager — without anyone feeling embarrassed (we don’t kick people under the table around here) 

• Be the Jimmy Fallon of the meeting who breaks the ice and keeps things moving without making it awkward sauce 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Ever felt the urge to tidy up your story before sharing it? You scan the room, see the impressive bios and the blazers, and think: “Oof... maybe I should skip that part.”

You’re not wrong for feeling that way, and you’re definitely not the only one.

In this episode, Stacy opens up about her London panel debut, where she felt that pull to edit out the messy parts of her story on the fly. She’s explaining why she chose to dig in her heels and tell the raw version, even though it was nerve-racking (and why she recommends you do the same). 

Listen in to learn: 

• Why you shouldn’t prepare multiple versions of your story, pitch, or deck for different crowds 
• How to adjust your story to fit the room without sacrificing authenticity and clarity 
• The “still me, just work-me” approach that will help you tweak your delivery without losing the vulnerable parts of your story that make you memorable 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

If you’re still following the traditional sales funnel framework in 2026, your firm’s growth is sure to stall. 

Because the “inverted triangle” view of a funnel is oversimplified, and it’s starting to feel like the fundraising version of that tired investment process slide that makes everyone want to poke their eyes out. 

It flops because not everyone in your funnel needs the same thing, and “just checking in” isn’t a follow-up strategy that actually moves people forward.

That’s why in this episode, Stacy’s breaking down what actually works to keep your funnel healthy.

Listen in to learn: 

 • Why the funnel isn’t a simple inverted triangle (and what it really looks like in practice)
 • What people at the top, middle, and bottom of the funnel actually need from you
 • The real job of the middle of the funnel (and why most teams ignore it)
 • Why filling the top of the funnel is harder than closing deals 
 • Creative ways to get in front of new prospects (without spammy outreach)
 • Why LinkedIn works so well for this when you share the right kind of content 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

You thought you nailed the meeting. The conversation went well, heads were nodding, and everyone seemed engaged. Then you followed up with a thoughtful email and… crickets.

Or maybe you got hit with the four words every fund manager dreads hearing: "We’ll watch you."

Most people take either of those as signals to retreat and move on. But what if they're actually something else entirely?

In this episode, Stacy explains why hearing "no" (or radio silence) doesn't always mean your deal is dead. 

She's also sharing the high school soccer philosophy that changed how she handles rejection in sales, plus the exact move that turned a "we'll watch you" into a $50 million yes.

In this episode, you'll learn:

• What "maybe" really means and why it's probably not what you think
• How to spark the honest conversation that could actually save the deal
• A meeting-prep strategy that helps you avoid ghosting before it ever happens

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

You made it to the final investor meeting again. You were sure this one was yours because your pitch was on point (no surprise, given that you rehearsed every line). 

But still... no deal.

What gives? Why are you always the bridesmaid but never the bride? 

In this episode, Stacy is breaking down why so many fund managers find themselves stuck in this frustrating loop. 

Listen in to learn: 

• Why trying to win allocators over in the last round is a losing game

• The kind of meeting prep that actually pays off (hint: it doesn’t involve you rehearsing lines for hours in the mirror)

• How to make your message land without over-explaining and putting everyone in the room to sleep 

• Why the final few minutes of your meeting are crucial and the secret sauce to standing out with your closing 

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

If you’re like most founders, “creating a yearly business plan” is one of those tasks you keep bumping to the bottom of your to-do list. 

Maybe you tell yourself you’ll get to it when things slow down, but they never do. 

And before you know it, you’re steamrolling into the new year without a plan, which leads to overthinking every single decision and drowning in busy work. 

And somehow you end the year wondering how you were so busy… without feeling like you moved the needle at all. 

Stacy doesn’t want that to be your reality at the end of 2026. That’s why today, she’s walking through the exact planning framework she uses with clients inside her membership, The Boutique Investment Collective.

In this episode, she covers:

• How to set a 10-year “10-bagger” goal that feels exciting and directional (not something that makes you freeze or avoid the plan altogether)
• Her process for breaking big annual goals into quarterly focuses you can realistically carry while still running a business (and a life)
• Why it’s time to stop using AUM as your only scorecard
• How to get clear on what’s in your control, what isn’t, and where you’re wasting energy trying to force outcomes
• The mistake that’s making your sales harder than they should be (and how to streamline your sales process in 2026) 

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Everyone loves a success story, but what we don’t talk about enough is what it costs to get there.

And what it’s like before the money is wired or anyone cares. 

Before all of that, there was a guy with a phone, a thesis, and a long list of people telling him no.

That guy was Cole Wilcox.

In this episode, Stacy Havener sits down with Cole, CEO & CIO of Longboard Asset Management, to talk about what it really takes to build an investment firm when you don’t start with pedigree, proximity, or institutional backing, just conviction and the willingness to keep going when quitting feels rational.

In this episode, you’ll hear:

• How one cold call turned into Longboard’s first $5M 

• Why founder-led fundraising is unavoidable in the early years, no matter how strong your strategy is

• What it feels like to hear “call me at $100M”… and then hear it again at $1B

• How surviving multiple market crises permanently reshaped Cole’s relationship with risk

• The moment Longboard nearly shut down, and the structural pivot that kept the firm alive

• The real cost of broken partnerships (and why people issues end more firms than markets)

• What resilience actually looks like when walking away feels like the logical move

• Why staying power might be the most underrated edge a founder has

More About Cole:

Cole Wilcox, Chief Investment Officer at Longboard, has specialized in trend following investment strategies for over 20 years. As a co-author of award-winning research, he has been profiled in bestselling investment books, featured in major media outlets such as The Wall Street Journal, CNBC, and Bloomberg, and is a frequent guest on popular podcasts. Cole leads a highly accomplished team at Longboard, delivering innovative, low-correlation investment strategies that leverage trend following to capture market opportunities.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

“Be authentic.” “Own your story.” “Sharpen your edges.”

We say these things at Havener Capital all the time (and Stacy says them a lot). But here’s the real question: do they actually move the needle?

Mike Denklau, founder of Dorset Agriculture, is here to tell you they do. Today, he’s giving us a behind-the-scenes look at what happens when you stop code-switching… and start building from your real story.

Before launching Dorset, Mike was part of Harvard’s endowment, helping manage a $4B+ agriculture and timber portfolio. Long before that, he was an Iowa farm kid. The journey from flannel in the fields to fund meetings in Boston is full of lessons for any founder navigating identity, fundraising, and first-time firm-building.

Here’s what you’ll hear in this episode:

• How a kid from Iowa ended up managing billions at Harvard and how that full-circle moment sparked Dorset’s launch

• The overlooked opportunity in ag investing most firms ignore (and where meaningful, steady alpha may actually be hiding)

• How Mike landed his first investor without a pitch and without trading his comfy flannel in for a stiff suit to fit in 

• Why boutique founders need to stop hiding behind polish and let LPs see the messy middle (because that’s where conviction is built)

• What early-stage fundraising actually feels like and how to keep going when the uncertainty feels personal and loud

This isn’t just a story about agriculture. 

It’s a case study in what happens when you own your different, build what the market didn’t even know it needed, and let your backstory do what it does best: open doors that fitting in never could. 

More about Mike Denklau: 

Mike was born into a third-generation farming family and raised on a farm in Iowa. He has 14+ years of investment and finance experience and was involved with $8B+ of transactions.

Prior to Dorset, Mike was an agriculture investor at Solum Partners and Harvard Management Company. Previously, Mike held investment and investment banking roles at Hudson Advisors, Barclays, and Lehman Brothers.

Mike earned a MBA and JD from Northwestern University and a BBA in Finance and a BS in Political Science from the University of Iowa. Mike is also a member of the Illinois State Bar Association.

Mike enjoys golf, skiing, and Hawkeye football. He currently lives in Boston with his wife, two children, and golden retriever.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

In this industry, everyone talks about innovation. But innovation rarely starts in a conference room. It starts when a client hits a wall. When they’re overwhelmed, under pressure, or staring at an opportunity they can’t quite reach alone.

That’s where Ultimus Fund Solutions steps in. This team doesn’t just throw tech at the problem. They roll up their sleeves, pick up the phone, and build real solutions, side by side with their clients.

In this episode, you’ll hear what that actually looks like:

• A multi-billion-dollar RIA streamlining 400+ SMAs and mutual funds into a single ETF that’s now at $1.2B and climbing
• A $20B alternatives manager slashing launch time nearly in half with Ultimus Gateway
• A private credit strategy that didn’t exist until Amanda’s team built it, piece by piece
• A middle office crew turning “random one-off asks” into a well-oiled machine
• A data team translating challenging requests into crystal-clear, decision-ready KPIs

If you’ve ever wondered what a true partnership feels like in financial services, this is your peek behind the curtain.

More About Ultimus:
Ultimus Fund Solutions delivers fund servicing, middle and back office support, and one-of-a-kind solutions across ETFs, mutual funds, private funds, and alternatives, with real people who actually listen, collaborate, and deliver.

Learn more at billiondollarbackstory.com/ultimus

Panels are weird. Everyone’s trying to look smart without sounding rehearsed. 

And somehow you’re supposed to introduce yourself and tell memorable stories in just a matter of minutes. 

It’s not easy, and it’s not something you want to wing (especially if you want to make sure your participation is worth your while).

That’s why, in this episode, Stacy’s breaking down her top dos and don’ts for showing up sharp and human on a panel. Whether you’re intro’ing yourself or riffing off someone else’s point, these moves will help you actually make your time on stage count.

You’ll learn:

• What makes a 90-second intro land
• How to make a panel feel less like a meeting that should’ve been an email
• A better way to add to someone else’s point (without just repeating it and blending in)

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Most people love to talk about the “boutique advantage,” but very few can show you what it actually feels like from the allocator’s side of the table.

Seb Stewart can.

Seb is Partner and Head of US Institutional BD at Pacific Asset Management (~$20B AUM) and Chair of IMI, the global think tank for specialist firms. 

In this episode, Seb and Stacy sit down at NASDAQ Studios to discuss what allocators actually value, why boutiques win when they stop acting like large platforms, and how human behavior (not products or performance) raise real funds. 

In this episode, you’ll hear about:

• Why fundraising is really about selling people and behavior, not products
• The underestimated trust dynamic between PMs and fundraisers
• The behavioral cues allocators read before they ever open your deck
• Why boutiques win on access, alignment, independence, and specialization
• Key insights from IMI’s landmark research on what truly sets boutiques apart
• Why distribution and story remain the biggest choke points for boutiques 

More About Seb:
Prior to joining Pacific as Head of US Institutional Sales, Seb spent 11 years at emerging market specialist, Somerset Capital Management LLP where he had been a Partner, Head of Client Services and latterly Deputy Head of Marketing. Seb helped grow the firm from $1.5bn to $10bn in AUM, working with institutional and wholesale clients across the world, with a particular focus on pension funds, foundations, endowments, family offices and investment consultants in the US.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

If your firm’s outside the U.S. and you’re thinking about bringing your fund here, you’ve probably already started googling and found yourself a million new to-dos. 

But before you start checking off all of the boxes (structure, fees, compliance, product, etc.), make sure you’re not skipping the vital first step most fund managers miss.

In this episode, Stacy breaks down the underrated first step that sets successful firms apart when they expand into (or out of) the U.S. and why the smartest managers start with who, not how.

You’ll learn:

 • The mindset shift that saves months of frustration
 • How co-creating with investors builds traction early
 • Who to call when you’re entering or exiting the U.S. market
 • A smarter way to test your idea before spending a dime

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

You know those Wall Street movies where young, hungry salespeople make 500 dials a day?

That was real life for Devon Drew.

He built his career in distribution at some of the biggest asset managers in the world—including Vanguard—before walking away from it all to launch AssetLink, a tech platform designed to disrupt how fund distribution gets done.

Because Devon realized something: the model wasn’t just archaic, it was broken.

Now, he’s putting powerful tools in the hands of fund managers who’ve been overlooked for too long and giving wholesalers a way to work smarter, not harder.

In this episode, Stacy and Devon discuss: 

• What it’s really like to go from Wall Street to founder life

• Why the old-school “spray and pray” sales model needs to go

• How AssetLink is making sales teams more efficient (and more human)

• What Silicon Valley taught Devon about innovation (and what Wall Street can learn from it)

• His experience with Google’s accelerator program and what it means to build “tomorrow, today”

More About Devon:

Devon Drew is the Founder & CEO of AssetLink, an AI-powered platform modernizing fund distribution.

With 18+ years in asset management and over $30B raised, his career spans major players like:

• Merrill Lynch & J.P. Morgan Chase (Financial Advisor)

  
  

• Fred Alger & American Century (VP, Wealth Management Sales)

  
  

• Vanguard ($10T AUM, Sr. Exec in Broker/Dealer Sales)

In 2021, Devon founded DFD Partners, the early version of what would become AssetLink, a tool built to help under-resourced managers compete and win in distribution.

Drew has been recognized for his innovative work, receiving several accolades, including:

• Top 25 Founders of 2025 by Founders Square

• 2025 AWD Pioneer Award

• Top 10 to Watch in 2024 by wealthmanagement.com

• Finalist for the Wealthies Award in 2023, 2024 & 2025

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

The founder is retiring. The team is evolving. The story… gets archived?

Not so fast.

In this episode, Stacy shares what to do before you toss the origin story and how to transition from version 1.0 to 2.0 without losing the magic.

Inside the episode:
 • Why “retiring the founder” ≠ “retiring the story”
 • How to pull legacy threads into your firm’s next chapter
 • What to do if the original story was never that strong to begin with

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

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Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

Some RIAs slap ESG labels on products and call it impact investing. Chat Reynders has been doing it for real, since before it was cool.

In this episode, Chat sits down with Stacy Havener to unpack the story behind Reynders, McVeigh Capital Management, the $4B firm he co-founded after starting his career… raising money for a whale documentary.

Yes, really.

In this episode, you’ll hear about:

• The wild backstory of how raising $4.5M for an IMAX film on whales sparked Chat’s lifelong mission to fuse capital with purpose
• Why Chat walked away from traditional finance (and how that shaped his view on sustainable investing)
• The truth about ESG, what Wall Street got wrong, and how Reynders McVeigh is doing it differently
• The power of curiosity, clarity, and staying true to your story (especially in a world full of productized sameness)
• How declaring your firm’s identity can fuel growth both externally and within your team

Whether you're a founder, an investor, or someone trying to align your money with your mission, this conversation will get you thinking.

More About Chat: 

Chat Reynders is the Chairman and CEO of Reynders, McVeigh Capital Management, a $4B RIA he co-founded in 2005. With over 25 years of experience in investment management and social venture investing, Chat is known for blending fundamentals with forward-thinking strategies—and for being a true pioneer in values-driven investing.

Beyond finance, he’s raised over $150 million through public/private partnerships to support cultural and environmental initiatives worldwide. A longtime producer of socially conscious IMAX films (including the Oscar-nominated Dolphins), Chat’s passion for impact extends to his work on the board of the MacGillivray Freeman Educational Foundation and other nonprofits.

His work has been featured in The Wall Street Journal, Forbes, Barron’s, and Business Week.

Want More Help With Storytelling?

 +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth:https://www.stacyhavener.com/subscribe   

- - -
Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Out of more than 100 episodes, this is the one that brought Stacy to tears.
And once you hear it, you’ll understand why.

Meet today’s guest, Lon Stroschein, founder of Normal 40, where he works with high-achieving professionals who look successful on the outside but feel stuck on the inside.

In this episode, he and Stacy talk about:

• His backstory – how he went from farm kid to D.C. insider to leading billion-dollar deals in corporate America
• What made him walk away from all of it with no backup plan, just a gut feeling that he was meant for more 
• Why “success” can still feel empty (even when everything looks great on paper)
• What it really means to outgrow your life (and how to know when you’ve hit that point)
• The freedom that comes when you stop pretending and finally get honest with yourself

And the surprising patterns he’s seen after thousands of coaching convos with top performers who feel stuck, too

This one’s real, raw, and full of truth.
If you’ve ever thought “there’s gotta be more than this,” hit play.

More About Lon: 

Lon Stroschein is the founder of Normal 40®—a movement for elite providers who’ve built success but feel quietly stuck. He helps high performers trade the life they’ve outgrown for one they actually want.

A fourth-generation South Dakota farm kid, Lon’s values were shaped by early mornings, hard work, and quiet grit. He spent six years working for a U.S. Senator, followed by six years in private banking and finance, then 14 years as a public company executive—leading strategy, growth, and M&A, including a $2.1B transaction.

In 2022, Lon made The Trade—leaving the title, income, and image behind, without a backup plan. No resume. No safety net. Just a belief that his work there was done, his best decade was in front of him, but that it wasn’t going to be found where he was standing. 

Since his resignation, Lon has coached thousands of elite professionals—physicians, executives, entrepreneurs, attorneys—who feel stuck at the top. Through 1,000+ confidential coaching calls (Rambles), he’s built the world’s most honest library of career transformation—and a library of some of the most incredible stories you will never hear. 

What he’s learned is simple: most people aren’t lost—they’re just done pretending.

Lon’s best-selling book, The Trade, continues to reshape the lives of people he will never meet.

Want More Help With Storytelling?

 +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth:https://www.stacyhavener.com/subscribe   

- - -
Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

A lot of people build firms.
Very few sell them.
Even fewer?
Walk away from it all to start again.

But that’s exactly what Toussaint Bailey did.

After building and selling a $2B RIA, he’s back on the founder path, this time leading Uplifting Capital, a values-first platform rethinking what private market investing could look like.

In this episode, he sits down with Stacy to discuss: 

• His backstory – How growing up in SoCal shaped his belief in “actionable faith in possibility”
• Why he left a law partnership to help build an RIA
• The cultural ethos that scaled Enso Wealth to $2B AUM and an eventual exit
• Why he launched Uplifting Capital and how it’s redefining access to values-aligned private markets
• A storytelling framework any fund manager can use to stand out (hint: it starts with “we’re not that.”)

About Toussaint Bailey:

Toussaint’s career has been built on a belief in the promise of possibility. As Founder and Managing Partner at Uplifting Capital, this belief manifests itself as investment in “Impact Alpha,” funds, and companies that produce compelling financial performance through gap-closing solutions in critical areas like education, healthcare, affordable housing, and renewable energy. 

Prior to founding Uplifting Capital, he was CEO and Chairman of Enso Wealth Management, a private wealth firm with a mission to translate wealth into fulfillment for clients and advisors. Toussaint joined Enso shortly after its formation in 2017, overseeing the firm’s rapid growth to nearly $2 billion of assets under management and its eventual acquisition. Before financial services, Toussaint spent over a decade as a practicing attorney.

Toussaint has served in several advisory and board capacities, including Impact Investment Subcommittee of the Alternative & Direct Investment Securities Association; Investor Advisory Board of HBCU Founder Initiative; Advisory Board of Catalyst Housing Group; Advisory Board of SIY Global; and Board of Regents of Saint Mary’s College of California.

Resources Mentioned in This Episode: 

Book: Finding Meaning by David Kessler (the “sixth stage” of grief: finding meaning).

Want More Help With Storytelling?

 +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth:https://www.stacyhavener.com/subscribe   

- - -
Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

The finance and investment industry is a tough club. It’s known for being money-centric, number-focused, aggressive… even cutthroat.

And few places capture that intense energy quite like the trading floor of the NYSE, where today’s guest, Joe Greco, cut his teeth.

He started as a floor trader and media commentator, appearing on CNBC and guiding real-time market decisions.

Today, as Founder & President of PALIO, Joe coaches executives in wealth, finance, and investing, helping them make high-stakes decisions with clarity, speed, and trust.

In this episode, Joe sits down with Stacy to discuss: 

• Why he left the chaos of Wall Street to coach the C-suite
• How being a husband and father of five reframed his definition of success
• What Wall Street taught him about leading with clarity and speed 
• The future of AI in Finance 

More about Joe:

Joseph Greco is the Founder & President of PALIO, where he coaches high-performing leaders and teams in finance and beyond. A former NYSE trader and media commentator, Joe blends financial acumen with behavioral insight to drive growth, alignment, and leadership transformation.

He’s also an active investor in commercial real estate and global sports teams, including Campobasso 1919, Ascoli FC, and Brooklyn FC.

Joe lives in Larchmont, NY with his wife and five daughters, and brings a spirit of faith, adventure, and continuous growth to everything he does.

Books Mentioned in This Episode:
Rerum Novarum: Encyclical Letter of Pope Leo XIII On Capital and Labour | https://a.co/d/dW1CdSU

Want More Help With Storytelling?

 +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth:https://www.stacyhavener.com/subscribe   

- - -
Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

The chart you shared on LinkedIn isn’t flopping because people “don’t get it.”
It’s flopping because you made them work too hard to understand it.

That’s one of the most common content mistakes fund managers make:dropping data without enough context.

The good news? It’s an easy fix, and in this episode, Stacy shows you how.

She dives into:  
 • 3 quick rules to make your chart posts actually land
 • A better way to use data to tell a story
 • Why one great chart beats four cluttered ones every time

This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week.

Want More Help With Storytelling?

 +  Subscribe to my newsletter to get a weekly email that helps you use your words to power your growth:https://www.stacyhavener.com/subscribe  

- - -
Make The Boutique Investment Collective part of your Billion Dollar Backstory. Gain access to invaluable resources, expert coaches, and a supportive community of other boutique founders, fund managers, and investment pros. Join Havener Capital’s exclusive membership

---
Running a fund is hard enough.
Ops shouldn’t be.
Meet the team that makes it easier. | billiondollarbackstory.com/ultimus

- - -
Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap