Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Steve Rattner – Overseeing Michael Bloomberg's Family Office (Capital Allocators, EP.113)
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Oct 21, 2024 Steve Rattner, Chairman and CEO of Willett Advisors and former journalist, shares his unique journey from the New York Times to investment banking and government service. He discusses the complexities of managing Michael Bloomberg’s family office, emphasizing team building and a nuanced approach to investments in private equity and hedge funds. Rattner offers insights into navigating emerging markets like China, the challenges of corporate stewardship, and the impact of political polarization on investment strategies. Personal anecdotes add a reflective touch to his investment philosophy.
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The Carsar
- Rattner's interest in public service led him to join the Obama administration during the financial crisis.
- Despite lacking auto industry expertise, he was chosen to lead the auto industry restructuring.
Endowment Model
- Rattner used the Yale endowment model as a foundation for managing Bloomberg's assets.
- This provided a proven framework, especially crucial given Bloomberg's mayoral role and the need to avoid investment failures.
Specialist Model
- Rattner favors a specialist model when structuring investment teams.
- He believes in assigning specific asset classes to senior professionals rather than a generalist approach.