YouSaid · the spoken record

Salim Ramji

lines on the record: 61
first: 2020-08-28
most recent: 2020-08-28
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

“Sticker price is important, and I like to think we've been a leader as we grow reinvesting a number of our gains back with our clients. As context over the past six years or so, we've reinvested $600 million back into fee reductions, somewhere around one and a half to two and a half percent of our revenues in any given year. And we expect to continue to do that as we grow, particularly in our core series. But beyond the sticker price, there are a number of areas that are, if anything, more important, and I wish more attention was paid to those aspects, even as attention is paid to the expense ratios. Look at taxes. If you think about a taxable investor just in the United States, a typical active mutual fund has around $150, $160 basis points.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“ETFs, there are a lot of relationships and partnerships that we need to forge outside of BlackRock, index providers being one of them to really make sure it operates as clients expect”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, it's a relationship, not, I guess, when I talk about the ecosystem in vague terms. Index providers are one really important part of it. And sometimes it's really accessing intellectual property that they developed, you know, take your well-known broad indices, whether it's MSCI in emerging markets or the S&P 500 or something like that, and being able to use that to be able to make sure that as we're being precise about what we're tracking to, we're tracking to something clients know and respect. And there are other ways in which we'll work with them around new innovations in ESG, in factors, in other areas as we keep expanding out the ecosystem. But I look at them as important partners, just as I look at exchanges as important partners, just as I look at authorized participants and market makers as important partners, which is that however in our process to make high quality”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“All the different ways in which ETFs can do more, even well beyond what we already do with great precision across our traditional market capweighted indices. The final part of the job is really just connecting the dot. There's a lot of work that we need to do with our partners in Aladdin about making it easier to access ETFs in the workflow with partners outside of BlackRock to really make it easier to access. And so it's really just staying alert and staying focused on other uses and other ways in which people are accessing these instruments all over the world.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To do more and more is not just increase the access of ETFs and some of the moves that a number of the platforms that announced last year towards commission free trading kind of certainly helped that. But they're starting to really be much more essential parts of whole portfolios, even beyond market cap-weighted indices, so things like factors and things like ESG are increasingly things that take active risk are increasingly becoming part of what ETFs do. And I would say even deeper than that, and we can get into this in a little bit more detail whenever you want, they're also becoming essential parts of the capital markets. And so a real force in terms of modernizing aspects of the bond market, for example, are what ETFs are doing. And so a second really important part is working with our clients and working with our teams all around the world to start to imagine and start to think through.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“They track precisely, that they have great liquidity, that they have great tax efficiency, that we're working with all of our partners across the ecosystem to make sure that they work all the time. And I think that's one huge undertaking in terms of people and technology and partnership across a broad range of providers. That's one essential part of the role because we're fond of talking about ETFs as a technology, and they are. But the thing about a technology is that it's got to work, not some of the time, but all of the time. And there's a big first order undertaking to make sure that that happens both in ETFs and in our separate accounts. I'd say the second thing, Barry, is really about the nature of ETFs themselves. And increasingly, they're doing much more than they did 20 years ago when ISHARS first got off the ground, that what we're starting to do is...”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the luxuries I had when I was running our client areas in U.S. wealth was you always got to assume that everything worked. And in my current role, there's a lot of underlying engineering and precision and making sure that the whole ecosystem works. So one big part of what our teams do is really making sure that our index exposures”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“In 2015 was really in the early days of bringing together their active investment teams and their index investment teams. You know, these two groups had kind of grown up as almost warring tribes. And the goal was how do you bring them together and how do you reorient the whole business around financial advisors, wealth managers, principally big fee-based wealth managers, which you're well familiar with? And how do you really reorient the business around helping those clients build a better portfolio? And so by the time I left a few years later, the U.S. wealth business became the source of more than half of iShares flows globally. And so I think it was a very natural then extension that when Larry called me up just around two years ago and said it was time for the next move that I went into this role around ISIS.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there was one important beat in between. I can't say I was the head of strategy for just over a year. And truthfully, I'm not sure that I had major impact in that one year on the firm. But what it was really useful for me was I learned the culture from the inside. I built relationships. I really learned how the place worked. And BlackRock's a unique place. And we're a large public company, but their aspects which feel like a small family-run business because we still are run buyer founders. And I think for me in that first year, getting an appreciation of how the firm works and operates and what some of the magic is inside, I think was really important. The first place that Larry and Robito had asked me to go after that year was her U.S. wealth business. And our U.S. wealth business at the time, this is back”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“He came up to me and he said, I heard you turned us down. I said, yes. And then he asked me why I was such an idiot. He put it in slightly more colorful terms than that. But then he sat me down and explained to me, he answered his own question for about an hour and explained to me why I was such an idiot. And the very next day, Larry called back because Clu the two of them were in cahoots and I'd accepted the offer. So I'd say it was a bumpy kind of pre-start. But after a couple of wrong turns, they came to the right decision and have left it ever since that day.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, haven't thought about it in a while. I had worked with BlackRock and worked with iShares for a number of years as an advisor before I joined back with iShares in 2005. And with BlackRock, I'd gotten to know the senior team around the time of the merger with BGI. And it was back in 2013. After I'd gotten to know a bunch of the senior leaders and a bunch of the members of the firm, and really liked the culture that Larry had approached me and asked me whether I wanted to join the firm. And after a couple of discussions, I actually turned them down. He handled it pretty well. And a week or two later, Harry, I was speaking at a conference. And our late partner, a guy named Charlie Halleck, who'd really built the Aladdin business and was the co-president of the firm before he died.”
2020-08-28 · Masters in Business · Salim Ramji on ESG Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source