Capital Allocators – Inside the Institutional Investment Industry Will England, Derek Drummond, and Tony Caruso – Disintermediating Pod Shops (EP.501)
34 snips
May 11, 2026 
Tony Caruso, UTIMCO hedge-fund lead who co-founded Dockside. Derek Drummond, SWIB external public markets head and Dockside co‑founder. Will England, Walleye Capital CEO/CIO and Dockside entrepreneur. They discuss creating Dockside to give allocators direct access to single‑PM talent via managed accounts. Topics include sourcing managers, trade‑level transparency, risk boxes, hedging tools, capital efficiency, onboarding and exit playbooks.
AI Snips
Chapters
Books
Transcript
Episode notes
Using Multi-Strat Infrastructure To Power Managed Accounts
- Dockside leverages Walleye's multi-strat infrastructure to offer managed accounts with multi-strat-like services.
- Will explains Dockside is a separate subsidiary using Walleye's tech, financing, and operations so allocators get white-glove service quickly.
Cash Efficiency Unlocks Portable Alpha
- Dockside creates cash efficiency and flexibility by assembling specialist single-PM managers into a low-correlation portfolio and applying leverage.
- Tony highlights borrowing cheaply at near Fed funds plus and using leverage and netting to boost returns.
Hunt For Spinning Out Single PM Talent
- Source managers by mapping spinouts, PB contacts, and conference networks rather than only courting blue-chip commingled funds.
- Tony describes pounding the pavement, speaking to PBs, and targeting single-PM specialists who want independence.
