Elizabeth Burton on Liquidity in Pension Funds

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 15 September 2023

⏱️ 64 minutes

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Summary

Bloomberg Radio host Barry Ritholtz speaks with Elizabeth Burton, managing director and client investment strategist at Goldman Sachs Asset Management. She advises institutional clients on investment strategies and portfolio objectives, working alongside global client advisers and product strategists across public and private markets. Prior to joining the firm, Elizabeth was chief investment officer at the Employees' Retirement System of the State of Hawaii. Before that, she served as a managing director in the quantitative strategies group at the Maryland State Retirement Agency, where she was responsible for the agency's absolute return portfolio and oversaw risk management. Elizabeth serves on the board of directors of the Chartered Alternative Investment Association. In addition, she serves on the board of the Hill School. Elizabeth earned an MBA in finance and econometrics and statistics from the University of Chicago in 2011. She is a charterholder of CAIA.

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0:00.0	Hey, it's Adam Grant. The new season of my TED podcast Work Life is out now.
0:05.0	The past few years have been full of changes to how we work. There's so much more we can rethink about our jobs.
0:11.0	Join me as I dive into the science of making work not suck. This season we'll explore how to fix your meetings,
0:18.0	bust pure accuracy, and make the most out of your breaks and vacations.
0:22.0	Listen to Work Life with Adam Grant wherever you listen to podcasts.
0:30.0	This is Masters in Business with Barry Redholz on Bloomberg Radio.
0:38.0	This week on the podcast I have an extra special guest. Elizabeth Burton is Goldman Sachs Asset Management's
0:46.0	client investment strategist. Previously she was chief investment officer at various state pension funds, including Maryland and Hawaii.
0:56.0	I found this to be really an intriguing conversation with somebody whose investment charge is unconstrained.
1:04.0	She can go anywhere, do anything. She provides advice to institutions and high net worth investors that isn't limited by the typical
1:16.0	buckets or lines or structure that you so often see. Her job is portfolio and product solutions,
1:26.0	and that means she can go anywhere in the world and do anything. I thought this conversation was absolutely fascinating,
1:33.0	and I think you will also, with no further ado, Goldman Sachs Asset Management's Elizabeth Burton.
1:40.0	Hi Barry, thank you for having me. That is quite a resume. Let's start a little bit before we get to what you do with Goldman Sachs.
1:48.0	Let's talk about your background, which is really kind of fascinating. First, you have a degree in French.
1:54.0	How does that lead to a degree to a focus on investment management?
1:58.0	I do have a degree in French. A little bit of a cheat there,
2:02.0	unless you consider English majors cheating as well, who speak English. But my grandmother is from Normandy.
2:08.0	I've been speaking French, as long as I can remember. I love French literature. I actually have some relationship far, far away to Jules Varn.
2:18.0	How does that relate to finance? It doesn't, but my parents told me college is the last time you can study an R-dime, anything you would like.
2:28.0	They were both in finance, and I decided that must be the absolute last thing I ever wanted it to do.
2:36.0	The University of Chicago Booth School of Business, was this just an inevitable, unavoidable thing? Your parents come from that.
	...

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