YouSaid · the spoken record

Jeff Assaf

lines on the record
58
first
2024-07-29
most recent
2024-07-29
sittings or episodes
1
sources
podcast

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  1. “Thing. And anyhow, it accelerated. And now I was frustrated at Oppenheimer and felt I really needed to do something different. The bottom line is started talking to them, decided it's a good fit, decided we're going to move to Bear Stearns. We're going to call up the Bear Stearns Investment Consulting Group. That's what ICG is, by the way. And we start Bear Stearns Investment Consulting Group. And it was the same sort of model where we did manager research. And there was one guy who literally on the very first day that I was there comes downstairs, introduces himself to me. Says, I've got a client for you. First day. He's never met me before. He has heard of me. It then turns out that his assistant, who now works for us today, went to college with me.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Who I thought were smart. This went on for a couple years, and then Oppenheimer figured out I was doing it. And said, why don't we use that? Why don't we start a business with that? Which was my intention, but give them credit. The manager at the time had this idea. And I said, yeah, that'd be great. And so we started this business called the Oppenheimer Consulting Group. And that business was advising the brokers at the firm who had clients that had wealth. So we did that. We started it. I think we had eight or ten people, something like that. And it was good, but we were starting to outgrow Oppenheimer and it was becoming political and the New York people were starting to meddle too much. So fast forward, 10 years at Oppenheimer and it was time to leave. And the guy who had hired me at Oppenheimer had three or four years earlier moved to bear. And he knew me and I knew some of the bear guys and they had had conversations about you should come to Bear Stearns and do this.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “The first time Joe Biden ran for president was back then eighty four eighty five eighty six. This guy decided to take one year off to go work on Biden's campaign, the sabbatical. So he came to me and he said, I'm going to do this. You've got this under control. I want you to run my book. And he changed the way I was compensated from a salary to a piece of the action. And that caused my comp to almost triple. What happened was I would do the transactional stuff in the mornings and in the afternoons I started calling money managers. I wanted to talk to buy side guys about why they owned whatever the stock was. Because I had this view about the way the business was set up and the incentives for sell-side research to recommend a transaction. Because back then, that's how they made their money. That led to me building a database of money managers.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “I go back to LA and he starts introducing me to different firms, Kidder, Goldman, Oppenheimer, whatever. I ended up getting offers and I took Oppenheimer. And I'm basically an assistant to a senior broker who, when I did my first interview, that senior broker was on his honeymoon. And so the manager of the office, who's the one who interviewed me, said, there's this guy who I think might be interested in hiring you, but he's on his honeymoon. Can you come back next week and meet him? And that's what happened. And I met him and he hired me. This was back when the business was transactional. So during trading hours, I would be doing whatever transactions needed to be done that he was telling me to do. In the afternoon, my job was cold call. Trying to build a business. One thing leads to another. I wasn't cut out for that, my boss decided.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Like the bureaucracy. This is not good Going to have to just quit I told my dad And my dad's like, I did not pay for you to go to business school to quit after four months. And my dad had his same job at his company for his entire career. He started as an engineer, ended as president, did the whole ascent. So he was of that culture. You could probably use more of that today. But anyhow. So when he was away on a trip in London, I quit. I'm talking to one of my other fraternity brothers who was a broker at what was Sheerson at the time. He had been a broker for a year or two. And he was making eight times. And he said, you should go into the investing business. I'm good at it and you'd be better than me. So if you want to go into it, I'll introduce a bunch of places.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Was a four month program. Okay, that's good enough. Sorry, ticket. Hot, it's humid, The city was not great back then It wasn't my I had a buddy who did the same thing. He was at UCLA. I went to SA. He was a fraternity brother. Came to New York, he went to a different money center bank. His job when he Training was in L Job when I finish trading was in New York. I just like, I cannot now start a job here. And I don't like New York. Don't like big money center banks. And being a credit analyst.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Economics professor. Of Official advisor I didn't know what I wanted to do. Which is actually why I went to business school. Now, I'm finishing business school. I still don't know what I want to do. And I asked Pro What do you think I should And he said, You should go to New York and work for one of the money center banks. They have these MBA training programs and do one of them. They're all good It'll give you some training and you might get some ideas. So I applied to, I don't remember how many. Plenty of offers Purposely chose. Wasn't the highest paying one Although they were all within a few grand of each other. Was the shortest program.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “On today's show is Jeff Aesop, the founder and chief investment officer of ICG Advisors, where he oversees $7 billion in assets for a highly curated group of AD client families. While Jeff keeps his client names confidential, ICG manages money for a roster of successful athletes, entertainers, and business professionals with a combination of tailored investment solutions and white glove service. Many of those clients he's served for decades. Conversation covers Jeff's path to investment allocation through Oppenheimer, Bear Stearns, and eventually ICG. We discuss defining client objectives, selecting managers, building low volatility portfolios, assessing re-ups in private equity, and serving as a good partner to managers and clients.”

    2024-07-29 · Capital Allocators · Jeff Assaf - Protecting Clients and Assets at ICG (EP.398) · IDENTIFIED FROM THE TRANSCRIPT · source