by Evercore
Evercore's Flow of Funds with Glenn Schorr is a smart, timely look inside the forces shaping private markets, wealth management, and the financial institutions behind them. Hosted by Glenn Schorr, Senior Managing Director and leading equity analyst at Evercore ISI, the show features a mix of sharp market analysis, Glenn’s own perspective, and conversations with top executives, investors, and industry leaders.
Language
🇺🇲
Publishing Since
9/1/2025
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June 24, 2026
<p>What if the “connective tissue” of asset management, fund administration, and wealth advice isn’t who you think it is? In this episode, Glenn Schorr sits down with Ryan Hicke, CEO of SEI, to pull back the curtain on a 58-year-old financial giant that’s quietly shaping the future of the industry. Find out why leading alternative asset managers are suddenly rushing to outsource, how the explosion of private credit is changing the game, and what SEI is doing to capitalize on the AI revolution. Ryan Hicke also shares candid insights on the company’s culture shift, the evolving wealth management landscape, and why transparency and speed are becoming as crucial as investment performance. Plus, a surprising connection between basketball and business success!</p><p><strong>Episode Overview:</strong>00:00 Introduction to SEI’s unique position and business mix03:08 Evolution of outsourcing in public and private markets05:39 Early adoption by private credit and asset classes07:50 Scale, client concentration, and the future of consolidation09:08 SEI’s role and growth in private credit11:15 The nuts and bolts of fund administration and daily NAV13:18 Partnerships, transparency, and the future of alternative products16:16 Collaborations to penetrate the retirement and wealth channels17:46 Technical debt, infrastructure, and organic growth philosophy20:09 Asset management trends and fee pressure22:29 Growth areas: tax optimization, digital infrastructure, AI25:31 Data, automation, and the disruptive force of AI29:14 Defending the moat: Incumbency, Copilot, and strategic culture32:29 Cash sweep modernization and tech for wealth managers33:51 Stratos acquisition: rationale and long-term strategy36:36 Scaling Stratos and the “enterprise RIA” trend38:27 Balancing advisor relationships with internal growth40:07 Lightning round: tokenized funds, international expansion42:29 Leadership transition, culture change, and core priorities44:29 Growth drivers for the next few years44:47 The basketball-biz connection—finishing with heart</p><p><br></p><p>Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: <a href="http://evercoreisi.mediasterling.com/disclosure%E2%81%A0">evercoreisi.mediasterling.com/disclosure</a></p><p><br></p>
May 29, 2026
<p>In this packed episode, Glenn Schorr sits down with Vista’s President David Breach for a discussion covering everything from how AI won’t kill software, but in fact make it better, how the power of incumbency is helping software adapt, embrace and be the delivery mechanism for agentic tools, and how the industry is looking to rearchitect pricing strategies as we moved from the software-as-a-service world to one of software-as-a-worker. And of course, covered current trends across software private equity and how Vista is thinking about the upcoming debt maturity wall.</p><p> </p><p><strong>**Episode Timestamped Overview:**</strong></p><p> </p><p>00:00 Introduction and episode setup</p><p>02:07 Vista Equity Partners overview and business model</p><p>05:15 David Breach’s unique professional background</p><p>07:20 Market anxiety, public perception, and the GenAI “elephant in the room”</p><p>13:14 Comparing SaaS/cloud shift to today’s AI transformation</p><p>16:34 How to regain confidence: KPIs and what Vista looks at</p><p>21:16 How Vista underwrites AI risk and opportunity</p><p>25:47 The power of incumbency and real-world examples</p><p>30:13 Vista’s institutionalized approach to helping portfolio companies adapt to AI</p><p>36:27 Evolving monetization: Usage vs. outcome-based models</p><p>40:42 Compute costs, hyperscaler relationships, and scale</p><p>44:20 Investment opportunities in the current market</p><p>49:35 What LPs want to know about GenAI and portfolio resilience</p><p>52:24 Exit environment and outlook for software PE</p><p>55:08 Key takeaways and closing remarks</p><p> </p><p>***</p><p>Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [<a href="http://evercoreisi.mediasterling.com/" target="_blank" rel="ugc noopener noreferrer">evercoreisi.mediasterling.com</a>/disclosure](<a href="http://evercoreisi.mediasterling.com/disclosure%E2%81%A0" target="_blank" rel="ugc noopener noreferrer">http://evercoreisi.mediasterling.com/disclosure%E2%81%A0</a>)</p><p> </p>
May 8, 2026
<p><strong>Join Glenn Schorr as he sits down with Lauren Basmadjian, Partner and Global Head of Liquid Credit at Carlyle, for a deep dive into the world of CLOs (Collateralized Loan Obligations). </strong></p><p><br></p><p>This episode of Evercore’s Flow of Funds podcast demystifies the CLO market, covering how CLOs are structured, the mechanics of cash flow, the array of risk/return opportunities, and the evolving investor landscape.Lauren Basmadjian draws on her 25 years in the industry to explain how CLOs act as “mini banks,” why the market is so resilient, and which types of investors are drawn to each tranche.Whether you’re new to structured credit or a market veteran, this episode delivers insights into one of today’s most dynamic asset classes.</p><p><br></p><p>**Episode Timestamped Overview:**</p><p>00:00 Welcome and Introduction</p><p>00:16 Lauren Basmadjian Background & Carlyle's Liquid Credit Platform</p><p>03:01 CLO Structure Explained</p><p>05:18 CLO Tranches: Risk, Return, and Investor Profiles07:50 CLOs vs. Other Securitized Products</p><p>09:27 CLO Fees, Resets, and Manager Upside12:13 Scalability and Managing Large CLO Platforms</p><p>14:12 Banks’ Role & Loan Sourcing</p><p>15:34 Who Buys CLO Tranches?</p><p>18:22 Risk Retention & Equity Tranche Limiting Factors</p><p>20:35 Managing CLO Credit Risk & Recovering from Defaults</p><p>22:59 Performance, Active Management, and Avoiding Defaults</p><p>25:06 Structural Protections: OC Test</p><p>26:12 What Defines "Good" CLO Performance?</p><p>27:30 Biggest Risks for CLO Investors</p><p>28:26 Default & Recovery Rates in CLOs</p><p>29:15 Liability Management Exercises (LMEs) Explained</p><p>30:43 Risks to Managers—Fees and OC Breaches</p><p>32:24 Reinvestment Risk & Market Conditions</p><p>34:03 Major Manager Mistakes and Importance of Position Sizing</p><p>34:52 Pricing, Returns, and Volatility's Silver Lining</p><p>37:29 Measuring CLO Manager Performance</p><p>38:26 Market Growth, Resets, and Industry Dynamics</p><p>40:01 Direct Lending, Tailwinds, and Supply/Demand Trends</p><p>42:16 Credit Cycles and Current Portfolio Data</p><p>44:18 Default Rates: Now and Ahead</p><p>45:51 Where the Losses Typically Land in CLOs</p><p>47:32 What Differentiates Top CLO Managers</p><p>49:13 Carlyle’s Loan Sourcing & Bank Relationships</p><p>51:23 Marketing Performance and Opportunities for Growth52:33 Looking Forward: Trends and Fee-Paying Opportunities53:55 Speed Bumps & The State of the Software Sector</p><p>57:40 AI at Carlyle: Real World Applications</p><p>59:21 What Could Really Change the CLO Market</p><p>60:35 European Capital Rules & Insurance Investors</p><p>60:45 One Big Misunderstanding: CDOs vs. CLOs</p><p>61:02 Wrap Up and Closing Remarks</p><p><br></p><p>Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site: [<a href="http://evercoreisi.mediasterling.com/">evercoreisi.mediasterling.com</a>/disclosure](<a href="http://evercoreisi.mediasterling.com/disclosure%E2%81%A0">http://evercoreisi.mediasterling.com/disclosure%E2%81%A0</a>)</p>
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Evercore's Flow of Funds with Glenn Schorr is a smart, timely look inside the forces shaping private markets, wealth management, and the financial institutions behind them.
Hosted by Glenn Schorr, Senior Managing Director and leading equity analyst at Evercore ISI, the show features a mix of sharp market analysis, Glenn’s own perspective, and conversations with top executives, investors, and industry leaders.
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