YouSaid · the spoken record

Jose Minaya

lines on the record: 73
first: 2025-10-03
most recent: 2025-10-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Sure. And I think first, if you think about those different asset classes, I go back to these are not typically, you know, strategies that you're trying to get outsized returns. If they sometimes they come and they're very much welcomed. They're typically pretty structured transactions, right? Whether it's buildings with rents, farmland with leases, infrastructure with kind of 20, 30 year contracts. Often there is a hedge against inflation, whether that is contractual or just by the nature of the commodity.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I was managing on behalf of the balance sheet of TIA, which is an insurance company. So largely just that was really the structure. Nuveen, we had not acquired Nuveen yet at that time. But from that 200 billion, you fast forward to today and what I was there to help build, and it became a trillion dollar asset manager, one where it still managed approximately $200 billion balance sheet, but then it raised another $800 plus billion and just outside capital. These are sovereign wealth funds, wealth platforms, retail. And it grew to about almost two hundred and fifty billion in alternatives. As well, so pretty diversified shop, which now you're seeing a lot of firms trying to kind of capture that same, not just scale, but diversity in their business.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“That was around 04. Actually, yeah, I really started in 05 And really, it was just an investment team. Like I said, I joined as a fixed income portfolio manager. At the time we're managing money for about a $200 billion general account. Everything was based in New York City.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think, again, Andrean, was quite a 20 year journey because I joined when it was basically just the investment team for TIA.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And long-term lockup. But it gave you a certain correlation. So, yes, like all these different mechanisms at the end of the day, though, what it's really all about is what are the outcomes you're trying to drive for your clients. And what is the sophistication we have and the ability to construct those portfolios? And the most important thing in constructing those portfolios is do you have access to a broad array of capabilities because the more access you have to different types of assets, the better the outcome is portfolio theory 101.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, look, I think 50, 30, 20, 130, 30, look, at the end of the day, I would say it's not really about whether you should be in the 50, the 30. Ultimately, it starts with a conversation around what are the outcomes you're looking for? What are your needs, right? These markets, and when you think about alternatives, by the way, these are not get rich quick. These are not like, oh my God, we need alternatives because there's like this outsized return. In many cases, I mentioned to you farmland, that was a four to six percent return. But extremely consist”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“It didn't feel so good. And I think now there's more sophistication in terms of how you package solutions, more sophistication now on the need to get alternatives to clients. I think these things all now, I think, again, what was an academic conversation today is an urgency.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Investment performance is obviously extremely important, but it's table stakes. Cost, we're all kind of basically at the bottom end of that curve for cost. So now it's more around what are the outcomes you're going to deliver to someone. Technology is a big component. It is the flexibility that you offer clients. But it is ultimately about what is the outcomes you're going to get to clients. And that 70, 30 portfolio, that passive fund that said, hey, you're in a target date fund. You don't have to do anything. Just sit back and it all adjusts and drives kind of the returns you need. Well, in those moments where correlations go to one. It didn't feel so good.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and throughout that time period, you've also seen the growth of index funds, right? So also on top of that is this idea of like, you know, I always say the world's become more commoditized. When I entered the industry, you differentiated yourself by picking better securities than the next person and driving returns. Then all of a sudden, there was a focus on cost. Believe it or not, once upon a time, you paid any attention? Nobody paid attention to fees. I think then it was, well, no, you're going to compete on fees as well and then became the race to zero. Today,”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and in many ways you're going to kind of structure and get a return you're looking for because you need to have a specific skill or access point to get those assets so that maybe the markets are a little bit less efficient. Know the interesting thing is today that academic conversation has turned into urgency, right? So now while markets have obviously continued to be at all-time highs, I think individual investors have felt what volatility feels like, whether that was coming out of the global financial crisis, whether that was at a COVID and the pandemic. We have felt and seen a lot of significant volatility. 2022.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Diversification. Hey, by the way, I know you haven't seen inflation in 20 years, but it may show up. And if it does, are you protected for it? By the way, you may be going to a market where there's a lot more volatility. Have you thought about that? And then also, hey, have you thought about yield? There's ways to kind of think about principal protection in your portfolio and then yield and alternatives. I would say it's just a way of bringing in the right correlations into your portfolio and some of the biggest alpha and alternatives is the lack of access.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and you know, it feels like a land rush, but I will tell you that this has been building for some time. And the interesting thing is, you know, if I go back 10, 15 years ago, my pitch talking to clients around alternatives was one that was largely academic, right? It was this idea of”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Scratch from zero dollars. From zero dollars to kind of go in and building a team. You know, I'm very proud of what we did in private credit. We started the Churchill group with, you know, again, that was finding the right people, finding Ken Kinsel, who was a tremendous leader and had a team with him. And we started with Zero. Today, that broader platform at Nuveen is almost short of 100 billion in private credit. So there's multiple examples like that where basically the blueprint was either we were doing an acquisition or we were finding a team and we're saying okay we've got the right makings of a team how do we give this team the right tools and go out and try to grow grow a platform”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's exactly right. Meaning the longest role I've had in my career is the five years I was the CEO. Part of that, every three, four years, someone was giving me something else to build. I always say I get itchy. Maybe I'm not the best steward in the world, but what does get me excited is building things, kind of building new teams. You know, the challenge of kind of like growing a capability. And I got to do that over the course of 20 years. I've been extremely blessed. And same thing in moving to my role now. It's a tremendous opportunity. And, you know, I could still say that 20 plus years, I still get excited every morning to kind of go to work.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You know what leads me to Naveen is just I always say picking up the breadcrumbs, right? I was on a journey of really kind of searching, again, what's my passion, what do I want to do? I was very fortunate, you know, here I am. I'm sitting at a job on Wall Street at JP Morgan, very fortunate to have it, but I couldn't see myself doing that job for 20 years. Then I'm like, oh, I'm fortunate to get a job on the buy side. And I'm like, okay, this is great. I'm at AIG. You know, it's a terrific opportunity, terrific firm, yet there's still that thing that I'm kind of still trying to find that feels like, hey, what's really getting my juices going? And, you know, it was always that search for that thing that kind of made me get up early in the morning. And when I ultimately landed at Nuveen, which was part of TIA, that was that role. And I ended up being there 20 years. And I would tell you the longest role I've ever had in my life, in my entire career.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Running running a farmland fund. Oh, okay. And, you know, I went out and said, oh, I want to do this. We ended up becoming the And that comes with being more humble. That comes with kind of asking a lot of questions, not being intimidated by bringing people around you that are smarter than you. Because I was like, hey, I could understand people. I can understand math. Now, how do I fill in these blanks? How do I get people around me that are going to give me kind of the knowledge that I know I don't have? And that career progression was from farmland. They said, hey, wow, you did an amazing job. Can you take real estate? Can you take natural resources? Can you take all of private markets? And then ultimately, can you be the chief investment officer? And then growing that into a asset management firm. And what I realized was that what I thought my passion was was investing. But the real passion that I really found was in building things, you know, managing teams and bringing teams together.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“And I kind of made a decision from doing these kind of nights and weekends on this project of going into farmland. I made a decision to say, you know what? I'm going to leave all this behind. I want to go try to build this. And even the CIO at the time said, are you sure you want to do this? Because, you know, maybe I'll tell you what, why don't you give this a run, but we'll keep your job warm for you here. I think he figured he'll come running back in six months.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“About agriculture and commodities. But you know what? I kind of dive in and said this is interesting. This was the other thing that took me to another place in my career that I'd say I took another, people view it as a big risk. Because at that point, I was managing about a $15 billion private credit portfolio. Back then, that was a pretty major thing. Felt like a lot of money. Felt like a lot of money. And it was and is”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I felt like my models were right, but the markets never cooperated with, so it didn't matter that I was right. I felt more at home in that environment where it was more around, okay, how do I judge the downside? How do I kind of really analyze cash flows? And then I found myself on the buy side. And I found myself as a private credit manager. I think from there, interestingly enough, I said, hey, I found my thing. I love doing this. And I always found myself in situations where I did what I did really well and somebody always asked me to do a little more. And in that little more, it was always kind of like extending myself and say, okay, am I still the SME or am I now gathering and doing different things? And then ultimately, especially when I was at TIA, it was this idea of like, oh, you know, should we go into agriculture? Should we go into commodities? And I was like, well, here, I'm a kid from New York City. I don't really know anything.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“Everyone was taking a GMAT. I had no idea what a GMAT was, but I figured I'm supposed to take it as well. And I went to grad school. And then coming out of grad school, I went back to Wall Street, not necessarily thinking that's what I wanted my career to be, but I didn't really have a plan for anything else. I think as I started really searching around what I wanted to do instead of advising people kind of doing things that were going to be there for the long term, build something I found my way into the buy side, right? And my first job kind of in investing working at AIG global investment, I think today is called Pine Bridge. But that was my first real investing job. And even there, finding my way, I started out in equities and I was like, okay, I like this, but I felt like, you know, the other side as I ran into people on the bond side and private credit, I felt that that was more kind of cash flow based versus I used to get annoyed where my model.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think post grad school, I was still trying to figure out what I really wanted to do because I even go pre coming out of undergrad. I had a finance degree. I was good at math and I asked people, what are you supposed to do with this? And people mentioned Wall Street and firms like JP Morgan and Goldman Sachs. And I was fortunate enough to get a job at JP Morgan.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“I think being a first gen and just kind of the neighborhood I grew up, which I often describe to people, if you've been to Chinatown, Washington Heights when I grew up there was the Dominican version of Chinatown. Look, I mean, I grew up around strong family values. I had a great home life, very privileged that way, strong work ethic coming in. But I did grow up in a bubble, right? So one end, what I took with me when I exited or left that bubble was work ethic, was kind of... Understanding relationships and that. But then when I left that bubble, it was more defined by, okay, I was in different audiences. I was in situations where then more acclimating was kind of more my focus and my goal for early part of my career.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, my career plan was always a work in progress. I always say I almost had like a little bit of a Forrest Gump approach to starting my career. First, I'm a first generation American, so I grew up in Washington Heights in a Dominican family, Dominican parents. So baseball was big my life. And for a while there, I thought I was going to be a pro baseball player. What'd you play? I was a pitcher.”
2025-10-03 · Masters in Business · BNY's Jose Minaya on How AI Is Transforming Asset Management · IDENTIFIED FROM THE TRANSCRIPT · source