ING's Anneka Treon and Johan Kloeze - lessons learned from building a private markets platform for private wealth clients in Europe

Welcome back to the Alt Goes Mainstream podcast. Today’s episode was filmed at ING’s HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING’s wealth management and private markets practice. We sat down with Anneka Treon, ING’s Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING’s big ambitions in private markets. ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management. Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:What Anneka means by “fast money versus slow money.”Why it’s important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds. Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth. Show Notes 00:00 Message from our Sponsor, Ultimus 01:43 Welcome to the Alt Goes Mainstream Podcast 01:57 Introduction to Johan Kloeze and Anneka Treon 03:19 Guest Welcome and Backgrounds 04:05 Johan's Journey at ING 05:07 Anneka's Background and Ambitions 06:58 The Importance of Private Markets 07:56 Wealth Creation and Preservation 08:25 Building the Private Markets Business 14:55 Educational Approach to Private Markets 16:19 Making Private Markets Human 20:54 Curating the Right Managers 23:02 Slow Money vs Fast Money 24:07 The Bookcase Analogy 24:21 Cash Flow Dynamics 24:27 The Importance of a Stable Financial Foundation 24:53 The Role of Quality Managers in Investment 25:16 Motivations Behind Public vs. Private Markets 26:13 Educating Younger Clients on Slow Money 28:04 The Role of ING in Providing Diverse Investment Options 28:47 Challenges in Building a Private Markets Platform 29:46 The Success of Evergreen Vehicles 31:25 Anneka's Perspective on ING's Private Markets Strategy 32:18 Humanizing Private Markets 32:54 Opportunities in the ELTIF Space 34:24 Educating Clients on Private Markets 36:29 The Future of ING's Private Markets Platform 37:43 Balancing Digital and Human Approaches 38:49 The Importance of Simplifying Investment Concepts 38:57 The Role of Liquidity in Private Markets 39:53 Lessons Learned in Building an Investment Platform 41:38 The Entrepreneurial Spirit of ING's Clients 42:46 The Need for Harmonization in Private Markets 44:36 The Growth Roadmap for ING's Private Markets 45:07 The Future of Private Markets Investments Editing and post-production work for this episode was provided by The Podcast Consultant. A word from AGM podcast sponsor, Ultimus Fund Solutions This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency. 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Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream.