Diversity, Equity & Inclusion 4: Joel Wittenberg – A Prescription for the Future (Capital Allocators, EP.154)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.7 • 841 Ratings
🗓️ 31 August 2020
⏱️ 55 minutes
🧾️ Download transcript
Summary
Joel Wittenberg is the chief investment officer and vice president of W.K. Kellogg Foundation, where he has managed the foundation's $8 billion in assets since 2009. The Kellogg Foundation is guided by the belief that all children should have an equal opportunity to thrive. In accordance with that mission, in 2007 its Board committed to be an effective anti-racist organization that promotes racial equity. Over the ensuing thirteen years, the organization has become a leader in applying research and taking effective action.
Our conversation touches on Joel's background in the fixed income markets and the application of duration and convexity to allocating capital. We then turn to his work at the Foundation fostering racial equity. We discuss the importance of open conversations about race, Kellogg's expanding equity program for majority-owned managers, emerging manager allocations and impact investments. Lastly, Joel shares his plans to broaden the expanding equity program to allocators and managers in the coming years.
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Transcript
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| 0:00.0 | Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets. |
| 0:10.5 | Ten East brings benefits of having your own family office without the cost and headaches of doing so. |
| 0:16.8 | It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner. |
| 0:24.2 | Michael and his investment team offer members the opportunity to co-invest by offering at their |
| 0:29.1 | discretion. Michael and his team source, diligence, and commit material personal capital to each |
| 0:35.3 | investment. The opportunities shared on the Ten East platform |
| 0:38.9 | offer exposure to private credit, real estate, niche venture and private equity, and other |
| 0:44.5 | idiosyncratic investments that typically aren't available through traditional channels. |
| 0:49.2 | The principles have over a decade track record of investing in these types of exposures |
| 0:53.5 | across more than 350 |
| 0:55.7 | transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting, |
| 1:01.8 | just as you'd expect from an institutional investment organization. I've known Michael for about a |
| 1:07.0 | decade, and after becoming impressed by the quality of 10 East offerings, its research |
| 1:11.6 | process, and high-quality investment team, I became an advisor to the organization, an investor |
| 1:17.1 | in multiple offerings. You can learn more and join me as a member at 10east.com. That's the number 10, |
| 1:25.4 | east.co. |
| 1:33.1 | Thank you. That's the number 10, east.co. Diversity, equity and inclusion, awareness, and action is brought to you by Northern Trust |
| 1:39.1 | Front Office Solutions. |
| 1:41.3 | Northern Trust's platform empowers asset owners with better operations and tech |
| 1:45.9 | support to allow investment teams and CIOs to meet their middle and front office needs. |
| 1:51.6 | Their blend of technology and service has resonated and generated a lot of interest from listeners |
| 1:57.8 | of the show. Diversity, equity, and inclusion is deeply ingrained in the culture at Northern Trust, |
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