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Mo Haghbin

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67
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2024-06-06
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2024-06-06
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  1. “So, the team is very much a top down asset allocation team. And we think about asset allocation in a regime-based framework. So business cycle aware framework. Everything we do is geared towards understanding long-term return drivers, so strategic asset allocation decisions, and shorter term return drivers. So think six months to three years, tactical asset allocation decisions. From there, it's really about how we implement and we generally implement through managers. So we're selecting a manager within public equities to get the exposure that we're looking for in equities. We are selecting a manager in private credit to get exposure to direct lending or distressed credit. We're not directly investing in those markets. So that's the last piece of it is the portfolio construction and manager selection piece, which becomes really, really important.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “We're generally benchmark aware, but I think what people don't understand is that understanding what that benchmark is is really important and really hard sometimes. What is the goal? What's the objective? From there, we can apply our asset allocation techniques and try to deliver a performance result that's better than the benchmark, but it starts with the benchmark.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “It really depends. We have certain clients that are very fixed income heavy, so think about a pension fund that's in surplus. They're not really worried about generating additional returns. They're worried about immunizing or matching the cash flows or future liabilities. Take the other side of that. If you have an underfunded pension, well, they are looking for growth. They need to look for opportunities to get closer to their funding ratio. With sovereign wealth funds or other perpetual organizations, they tend to have really long horizons. So intra-period or annual volatility is not as big of a concern. They can take a lot more risk and they're not worried about mark to market as much as other types of clients. Financial advisors have to manage relationships with their end clients. Their end clients could be very risk averse. We have to build a solution that meets those needs because we work with such a diverse set of clients. It really just depends on what the objectives are.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So I think it starts with really working backwards from the client. So within asset management, within our industry, we tend to think about things as products. We build a product and we sell a product. Solutions starts the exact opposite way. We have a conversation and then we map to a capability or make a capability, create a capability. So really, it involves a lot of dialogue, understanding not just a particular asset class or a particular strategy, but understanding a particular problem for a client and then working with our broader capabilities across the firm and sometimes even outside the firm to create the solution. So solution to a problem rather than product for a problem.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So Invesco manages about $1.7 trillion in assets for clients globally. Within the Solutions Group, we manage about $88 billion of assets. And that's pretty diverse across client type. We work with financial advisors, pension funds, endowments, foundations, insurance companies, sovereign wealth funds. So it's pretty diverse, both from a client segmentation as well as a geography perspective.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Into the iShares group, and I spent many years working with index based fixed income solutions. More recently, on the equity side, applying some of those systematic approaches that I've learned in the past, but to a set of new asset classes. So within equities and more recently thinking about public-private and multi-asset investing.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So, on the derivative side, I was supporting our hedge fund business. So BGI had a very large systematic hedge fund group. And I was supporting a lot of their exotic transactions, credit default swaps, total return swaps, inflation swaps, interest rate swaps. At the time, all of that was bespokenly negotiated pre-financial crisis. There wasn't any standard mechanism to trade those things. So you'd get a document that was like 100 pages long that you'd have to review in order to get confirmation with the counterparty that you actually had a trade. So that was the experience originally. Fixed income, very focused on credit and multi-sector, so the long-only systematic group at BGI was really, really successful thinking about index-based concepts. So everything was methodologically driven, fully transparent, which was actually really interesting because I ended up moving into the ETF business.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So, I've been lucky in that I've had a lot of experience across various asset classes and types of roles. So I mentioned the RIA in San Francisco at Barclays, I was more on the derivative side, pre-financial crisis, which ended up being a really interesting job, a front row seat to some pretty interesting things. From there, BGI was acquired by BlackRock and I moved into fixed income. And I spent many years in fixed income, both on the long-only institutional side, but also on the exchange traded side. And then more recently, equity. So what I would say about my career is it's been really diverse. Every couple of years, I've been afforded an opportunity to do something new, which I think is very helpful if you sit in a multi-asset seat because you need a broad set of experiences. And you're not investing in a single asset class. You're not picking securities. You're allocating.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “On the investment side. So the Barclays job really helped me get some of that experience that helps me today with my current job”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Much better at my job, help me with school because those challenges really formed a strong character. So, actually, I didn't really know what I wanted to do. I found a role at an RIA in San Francisco that honestly was something that was more luck than really intentional at that point. And I basically packed up all my stuff and moved to San Francisco. And that, I think, really was a time where my understanding of finance was quite different. I couldn't have told you what an investment banking job was like or what an asset management job was like. So that was my first experience. Quickly from there, I got a job at Barclays Bank, which was probably what really shaped my career from there. I decided that I wanted to be more on the institutional side. The RIA channel was very heavy on client-facing activity, which I enjoyed, but I was more analytical and I tended to be more interested.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “We're talking about the financial services industry. So things like a 529 plan, a retirement account, FAFSA and filling out higher education financial assistance, these are things that really were foreign concepts for someone coming to the US. So I had to learn those things. Also, the language barrier is actually a pretty big one. Learning English is a second language is much more challenging, I think, than you'd think. It's not just learning as a second language, as a hobby, but you have to in order to be successful in a new country that you call home. But I look at those years as really foundational years for me because I think I learned a lot about how things can change quickly, how to be adaptive, how to be flexible. I learned a lot about saving and investing because it was necessary to be able to go to school. So it was a really great experience for me. I don't really regret that. I actually think it was something that made me.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Settled in Colorado and I went to elementary school, middle school, high school, and actually college. I went to the University of Colorado Boulder and I got a degree in finance. What's really interesting is my parents basically had to start all over. They couldn't carry forward those jobs that they had in Iran to the US. So my upbringing was very much unique in that we didn't have all of those structures in place for me and my brother and sister to really be successful. We had to learn a new process, learn a new system. So I put myself through school and learned along the way, I would say, because my parents weren't really there to give me that guidance because they were also learning what it was like to be an immigrant in the US. But yeah, so I graduated from the University of Colorado Boulder. I spent a few years in Colorado and then I quickly moved to the West Coast and started my career in finance.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Sure. So I have a very unusual path. I started out about 7,000 miles away from New York City in Shiraz, Iran. So my parents were very, I would say, middle class family in Iran. My dad was a college professor. My mom was an economist. And we started life in a very normal way. But things changed quickly. So we grew up during the revolution where the Shaw had been essentially ousted and there was an Islamic revolution. So my parents very quickly decided with three young kids that they needed to change. And we moved to the US when I was an elementary school.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “To query all our transcripts, go to capital allocators.com. Thanks so much for spreading the word about ChatGPT. Please enjoy my conversation with Mo Agfit.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Before we get going, capital allocators has entered the world of AI. We've trained a large language model on all our transcripts to help you learn anything you want from seven years of conversations. We've affectionately called this model ChatGPTED. It's safe to say Hank Morgan and I have no idea how to build an LLM, train data, and get the outputs that ChatGPT delivers. So a special thanks goes to our friends on the data science team at Adalaya Capital, who took on the development of the Minimum Bible product from start to finish. What they've done for us barely scratches the surface on how they're using AI to enhance their investment process. But I'll leave that to you to discuss with them. ChatGPTED is the latest add-on to our premium membership. To sign up for a premium membership and access ChatGPT”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “My guest on today's sponsored insight is Mo Hagbin, the head of multi-asset solutions at Invesco, where he develops and manages asset allocation strategies and portfolio solutions for $88 billion of client assets within the $1.7 trillion asset manager. Our conversation covers Mo's journey to finance and his path to a leadership role at MBESCA. We discuss Mbesco's solutions-based approach that canvases every type of asset pool and structure and focuses first on top-down strategic asset allocation and tactical positioning and only later on manager selection. We cover the research that drives asset allocation and factor decisions, importance of scaling customized solutions, and impact of technology in the process.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Hello, I'm Ted Sides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can join our mailing list and access premium content at capital allocators.com.”

    2024-06-06 · Capital Allocators · Mo Haghbin - Customizing Solutions from the Top Down at Invesco (EP.390) · IDENTIFIED FROM THE TRANSCRIPT · source