Making Markets Robbie Cannon: The Evolution of Asset Management - [Making Markets, EP.45]
Oct 4, 2024
Robbie Cannon, founder of Horizon Investments, shares insights from his journey of building a $7B asset management firm. He discusses the evolution of the industry over 25 years, emphasizing the integration of technology like AI and the emergence of robo-advisors. Robbie highlights the blurred lines between wealth and asset management, the influence of private equity, and the shift towards personalized financial advice. He also explores how digital innovations are reshaping user experiences and the future landscape of financial services.
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Selling Through A Pandemic
- Robbie describes closing Horizon's sale during the start of the pandemic and how the buyer honored the deal despite chaos.
- The transaction felt like a dramatic bookend to his career, starting in 1999 and ending well despite the timing.
From Product To Advice
- Robbie traces asset management's shift from product-centric stock picking to advice and planning powered by quantitative finance.
- He argues technology moved the industry from trading-focused to 'advice tech' that wraps planning, banking, and investments around the individual.
Closed Systems To Individual Gateways
- Robbie highlights a transition from closed institutional systems to open, individual-centered systems driven by tech integration.
- He predicts customers ultimately win as services wrap around individuals rather than institutions.