YouSaid · the spoken record

Sharon French

lines on the record: 105
first: 2019-06-07
most recent: 2019-06-07
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

“I do. I listen to both, but I have to say, my world is really dominated by those two today. But I used to listen to a lot more classical. Than I do today. I've always listened to Jazz Mile Davis as my hero.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“My dog died, my truck got stolen, my wife left me. That's my actual music of choice. I have sonos in my home. So do I. And I go to Pandora.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Traditional country shows. Yeah, so no shoes radio. I mean, Kenny Chesney obviously is terrific. So, you know, so I'm really pushing myself to appreciate other genres, and I didn't like the old twangy country stuff. Right.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And then, of course, you know, Greg just died, which was a very sad day for me. Eda Peach was my favorite Allman Brothers album. I remember. That was giant.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so that's my second. So my second is Clapton. I would probably, to your point, I'd probably edge Clapton over Centan a little bit. But I got to tell you, Derek Trux, you know, he's, I think, going to rival everybody. He's just a little bit younger.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, no, actually, he's not. He's sort of next generation my pick, but my two picks, which I can't decide on, is Carlos Santana.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“So look, I mean, I also love Southern Rock, but I think Derek Trux is one of the most gifted guitarists. And, you know, he's your.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“I love Jack Shows. A great sort Steve Things always come up completely randomly. So Derek Trucks, can we talk about Derek Trucks? Sure. Oh my gosh.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“No, actually, it depends on the mood. I like Coffee House as well. Thank you for bringing that up. Absolutely. Well, if you're a Jack,”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Their self indexing providers out there who are calculation agents. And so the world of indexation as it existed 10 years ago is also changing because of self-indexing and direct indexation. I agree with Dave. I think it's going to grow.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. So I actually agree with Dave. You know, getting instead of buying the index, sort of buying the underlying holdings of the index, that creates a great opportunity for tax efficiency, tax harvesting, customization. There are some firms out there that are very good at it. Parametrics been around for a while. Aperio, there are others. And so, you know, look, people are looking for more of those things. And you have more flexibility in getting access to that through direct indexation. It is a little bit more efficient from a cost perspective because you're not paying an index provider, three to five basis points. So the index landscape is changing as well as fees are getting driven down there as well. People are doing self-indexing.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And so there are strategies that are coming out in separate account mutual fund and ETF fashion that I think are a good start. You know, again, the institutional clients are looking for more of the separate account, in some cases, mutual funds. They're not buying the ESG ETFs quite yet. There are people like the UN partnering with firms and developing some of their ESG strategies. And there's big pensions like CalPurs, who partnered with State Street on She. They seeded She to the tune of Calper.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Is local. And they're broad based. There's a lot out there that are more narrowly based again specifically as we talked about before based upon climate change, climate risk, carbon emissions, things of that nature. We want to be more broad-based. So this is revenue-weighted ESG strategies, but there are many, and there are many mutual funds. We have a mutual fund where we partner with PICTA, and it's a geoenvironmental. An ESG shop in Europe. They're sub advisor to us, and we like them a lot, actually.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“It does make a giant difference. It cuts through all the clutter. Look, and a lot of this is cutting through the clutter. There's a lot of players who've gotten in the game. ETFs and ETFs”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Pool Tudor Jones has one called Just Yeah, so we have a ESGL and ESGF, and that's where we're taking our revenue-aided strategies. Ellen.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think there will be. Well, first of all, institutions within the US certainly are following Europe. And so, look, I mean, I have to say, just looking at the last six months to a year, most of the RFPs we get request for information and of a new strategy for institutional clients, they all have ESG questions in there and the portfolio management has to be able to describe specifically their ESG process. And so institutions are moving first within the US and retail will follow closer behind once we figure out these issues that I talked about, which is uniformity and benchmarking.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, I do. I do. And there's a variety of people who agree with that premise. The issues today are there's no uniformity. Right? There's a variety of different approaches. Even the data provider they go at collecting the data and reporting the data in a variety of different ways. So lack of uniformity in data. The second is benchmarking, right? We always want to try to, especially on the active management side, we always want to find a benchmark. So people are struggling with how to benchmark ESG strategies. And consulting organizations like Immerser, who does due diligence on these strategies, they're struggling to answer that question, which is sort of a traditional method of rating a particular strategy. So I think it's those two things that are slowing down the growth. But once we closer to solving those two, I think the growth will start to be sort of more profound in U.S. retail.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so here's the issue. This is going to impede the growth. So, again, I think to your latter question, asset management, I can't say exactly when. I think it'll be somewhere between five to ten years from now. And you think that's...”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, there will no longer be ESG or non-ESG. Because millennials and women demographically are driving the desire and the requirement to incorporate ESG screening within their portfolios is a big, big driver. The other is data democratization. Most companies now, well, there's a variety of different data providers that now collect that information from companies. So now most of the S&P 500 are reporting to data providers on those three measures. Their environmental practices, their social practices, and their governance practices. So we now have access to all kinds of data to be able to screen on those dimensions.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“You can, in other words. Yeah, I actually think it's both. So let's take the latter first. I believe that the asset management industry will just become ESG.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, I think there's just a better understanding that people believe that there's a better way to do it, right? And then there's the SG integration, which was where a lot of the people in U.S. retail are focused, including us. And then there's impact investing, which we actually have a company that we bought that does custom municipal portfolios, and we allow them to do an impact overlay on that custom municipal. For equity?”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“You can screen for practices, right? So some have more robust practices than others, right? So would you exclude a company from your portfolio or would you overweight another that you feel is more robust and more tightly controlled? So then the further on the spectrum is impact investing. So impact investing is taking a particular cause that you believe in. Rainforest in Sudan, carbon emissions, very sort of narrowly focused and weighting the portfolio towards that or buying just that. So a lot of private equity money is directed towards impact investing. So again, if you look at the spectrum, you have SRI and exclusionary on one side, which again has been sort of”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“That absolutely could have been uncovered if you start to really dig deeper into some of their governance practices. In some cases with some of the oil companies that have been vulnerable to oil spills.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“In other words, You don't want guns. We don't want to send stocks exactly. Or whatever it happens today. That's exactly right. And therefore, when you carve out big segments of the market, in many cases, not all, but many cases, it impacts performance. Sure. So it sort of has this negative inertia attached to it that has really evolved. So that's one end of the spectrum. That's right. The middle part is ESG investing or ESG integration. And what that is is looking at the environmental, social, and governance.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's most of the market institutional outside the US, yes, of the $8 trillion or so that's in that market today. Most of it is institutional outside the US. So as you know, most of the growth is driven by the U.S. and the adoption happens usually in EMEA first in Asia past second. Europe, Middle East, and Africa. So you're a pension fund specifically driving deeper in the Nordics is what's driving the overall global growth of sustainable investing. In the US, there has been a legacy understanding that we're trying to unwind with SRI. So SRI.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and if you look at the numbers in retail in the US, right? So you always have to peel the onion. The adoption has been slow within what I call the sustainable investing universe. To really understand why that is, and by the way, this is the first really trend, if you want to call it a trend, where the growth outside the US is really driving it. So it's typically there's big pension funds within the Nordics, within Europe or EMEA. So institutionally in EMEA driving a lot of the adoption, there is a very high expectation, in some cases a mandate, that you have to have a very well thought out ESG process within your portfolio management structure.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Yes. No, that's got to be Male dominated type of. Yeah, and so sometimes you just need to take action. That's what we did. We have a list of 40 women and growing. So depending upon the topic, we certainly will have three to five women to choose from.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's pretty More of an effort then. That's right. Yeah, that one knows exactly which one you're talking about. That won't happen again. But again, did you guys?”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Who put together the speaker's booth? Yes. Yes. So thank you. And look, we're sort of spoon feeding the media who are having a hard time finding female speakers. So Elizabeth Kashner at FactSet and Linda Zhang with she has her own firm purview. We talked a lot about it and that's what we do at Women ETS. We just get it done. So they came together and they reached out to everybody and you have to apply and you have to be qualified in certain topics and media trained in order to be part of our speakers bureau. I think we're up to Linda last set on our last call. I think we're up to 40 professionals who are very well experienced in certain key segments of the market. So we're taking this list and we're giving it to people like you. We're giving it to Inside ETS. We're giving it to Tom Lydon at ETF Trends. We're giving it to whoever needs female speakers to try to get a more diversity of thought and equal representation in the media.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“But you, you know, now it's much more supportive. I mean, the industry has changed. I do have to say glacially, it is better today, but I would have preferred it to be in leaps and strides. But whether it's women on Wall Street, the Financial Women's Association, 100 Women's in Hedge Funds, Women in ETFs, I mean, there's now organizations that have a genuine interest in continuing to promote women, give them the tools and resources in order to advocate for themselves, negotiate for a job or a better raise. We have a Speakers Bureau. So we have a lot of people in media like you.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's very valid. I think that's a very big part of it. I mean, look, I've been around for over 30 years, so I did grow up in the environment. Started when you were noted, right? Exactly. And, you know, you sort of, because of that, you know, for me personally, I've sort of become Teflon coded because you needed to be. That's your right.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's really having some of the more senior executives within ETFs mentor and sponsor With the sustainable stock exchange in the UN. And that's a fabulous fabulous high profile way to promote gender equality within the ecosystem. And it's our five-year anniversary, so we're going to be doing events both in Hong Kong, San Francisco, Chicago, New York, and Toronto.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, please. You're the expert. I have no idea. I was just kidding. We think it's innovation. We think women are very drawn to innovation and evolution. There's a lot of women in supporting the ETF industry on the legal side. There's a lot on the trading side, especially authorized participants and market makers. You and I know many of them. Sure. There are a lot of women leading ETF businesses. There are a lot of women in ETF distribution, again, like my co-president Jillian Del Signor over at JPMorgan. There are also heads of products. I mean, the head of the ETF business at JPMorgan also used to be the head of product both at iShares and JP Morgan. So there is just a huge concentration of women within the ETF industry that we felt a need to get connected. So our mission is to connect, support, and inspire.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And this, Barry, this hit at the heart of what I really think is needed within the ETF industry. There are women of Wall Street, there are women in hedge funds. But this was really something that we heard a lot as we believed within financial services, there are a lot of women gravitate to the ETF ecosystem, whether you're an authorized participant. drilled down with some theories on this, but we would love to get a research partner to prove it.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And I have to tell you, we are growing so fast. We're global, so we're in EMEA as well as Asia Pac and Canada. We've got 10 chapters. We're just about to hit 5,000 members globally.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I would love to talk about that. Thank you for the question. So I'm co-president with Jillian Del Signor, J.P. Morgan of Women in ETFs. I have been a global governance committee and board member since the beginning.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the company is President, and they have been working with the SEC to try to get an approval for a non-transparent solution. Oh, okay. I recall we did something quite interesting.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“It does absolutely. And I think firms who are thinking about that should really look at sort of what are some of their core competencies on the fixed income side. Certainly we've seen gunlock and gross do well with their products when they came out and they're sort of leading the fixed income active ETF space. But we really believe that there's something in that for investors. I think the jury's still out on the equity side. Sure. I mean, we saw the big Presidian approval. That was a big development a couple weeks ago.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, these are actually active. So, what we were doing is filing active fixed income ETFs with some of our key teams at Oppenheimer funds. And had we not been bought by Invesco, because those products are just sitting on the shelf, those approvals by the SEC are sitting on the shelf, we would have launched fixed income active just sort of build out the asset allocation.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, interestingly, so we did file with the SEC for a senior loan product. We've got a very, very well-recognized and successful senior loan franchise. Fixed income or equity. Fixed income. Right. So we were making our foray into the fixed income marketplace. We also filed for short duration, ETF, some liquidity-enhanced ETFs.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So it is rules based, but it is informed by this active signal. And it has done phenomenal. We launched it in November 2017. It's at the top of the category.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's a macro signal coming from our global multi-asset group, which takes sort of leading economic indicators as well as the sort of the momentum signals from the market and tells us monthly whether we're either in a recovery, an expansion, a contraction, or a slowdown. And then we take the five factors and we weight them depending upon which market regime we're in”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Revenue waited. It is, absolutely. Yeah, and that is due to a small acquisition we made back at the end of 2015 of revenue shares really kept five of those products and then built that suite out. And then we started to move into factors. And we've got a really nice partnership with FTSE Russell. We introduced dynamic multi-factor, which we're super proud of. We were one of the first, us and Pimco.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“And sort of Morningstar one and two star rated funds. We certainly saw it there. Just the sheer growth of smart beta, trying to get our unfair share of that. And that's the growth I'm talking about from 2017 to 2018 doubling. And then passive. So as people got more educated about the merits of alternatively weighted, some of the traditional passive buyers started to move towards and understand what they were getting by paying in some cases 20 basis points more to get a smart beta product, they started to move parts of their portfolio to smart beta from having it be all passive So there were three pillars by which we gathered market share. And we're about 5 billion today, and from our start, it's about a 49% Kager. So we're pretty happy with it.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“It's still growing. Yeah, it's still growing. Slow slowly. Some of the, well, you know, I mean, this year, I mean, I haven't seen April numbers yet, but it's had pretty healthy growth this year. I know that it's over 25%, whether it will double. I mean, it doubled from 2017 to 2018. Underperforming active.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. And what I'm really encouraged by, Barry, is that if you look at flows in 2017 versus 2018, smart beta of the total pi of ETF flows was about 12% in 2017. In 2018, it was 25%.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“I like alternatively weighted, right? Okay. I think of buying the market, right? Which is market cap and certainly favors certain stocks or sectors, which there's always been concentration risk in that approach. Some people still want it, which is fine. But there's better ways and different choices on how to drive that risk return profile through alternatively weighting the index. And I really do believe that.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. And so he sort of wanted to call the unit. So this is a sort of a independently run, if you will, operating unit within Oppenheimer funds, which gives us the space and the focus and the commitment to sort of build our business alongside of our active business. But he wanted to call it Smart Beta. And I said, you know, is that really what we're trying to do? Aren't we trying to take a beta concept and wrap it in whatever it makes sense to wrap it in, whether it's an ETF fund, a separate account, a USIT? So shouldn't this be called beta solutions? Because if we are pigeonholing ourselves just into smart beta, and you know, for the longest time, people really didn't know what smart beta was. It had all kinds of names, strategic beta, alternative beta.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, right. When I was hired to Oppenheimer funds, it was a very deliberate decision by Arts Diametz, the CEO, to really commit and go full force into the ETF business, utilizing smart beta, taking a pass on MarketCap, because they're certainly big players who corner that market.”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source
“So we had to sort of pivot and balance between our pure beta market cap strategies, which is really where they started, into how do we tilt a particular product more fundamentally. And a lot of the feedback that we were getting for that product development was driven exactly from some of the private banks that we worked with and some of the larger institutions”
2019-06-07 · Masters in Business · Sharon French Discusses Smart Beta ETFs · IDENTIFIED FROM THE TRANSCRIPT · source