Billion Dollar Backstory

Shannon is Managing Director and Chief Investment Officer for Wealth at Neuberger Berman, a firm with north of AUM, and she's spent years on the other side of the table, sitting through roughly 300 manager meetings a year. She knows exactly what earns credibility fast. And she knows exactly what kills it.In this episode, Stacy Havener sits down with Shannon to pull back the curtain on what allocators are actually looking for,  and why the managers who win aren't the ones performing. They're the ones listening.Because the real answers don't come out when you're trying to sound smart, they come out when you're genuinely trying to understand. And the questions you ask say a lot more about you than the vocabulary you use.Shannon also gets into what it actually means to build solutions from real client problems instead of copying the industry playbook and why a $560B firm can still feel boutique when the mindset is right.Listen in to hear:Why courage almost always precedes confidence What 300 manager meetings a year taught her about what allocators really care about How she asks questions that make people drop the script Why focusing on trying to sound smart backfires for PMs in meetings Why complexity bias can quietly hurt your distribution What allocators mean when they say "help us help you"  Why simple, repeatable messaging wins,  especially when someone else has to retell your storyMore About Shannon Saccocia:Shannon Saccocia, CFA, is Managing Director and Chief Investment Officer for Wealth at Neuberger Berman, a global investment manager with north of $560B AUM. As a member of the firm's global Asset Allocation Committee, she works closely with investment leadership to establish market views, strategic and tactical asset allocation, and portfolio recommendations for Wealth clients.Before joining Neuberger Berman in 2023, Shannon served as Chief Investment Officer at SVB Private and Boston Private Wealth, overseeing portfolio construction, manager selection, and asset allocation. She has also held senior roles at Banyan Partners and Silver Bridge Advisors focused on manager selection and portfolio construction.Shannon holds a BA in Economics and History from Brandeis University and has earned both the CFA and CIMA® designations. She is a longtime CNBC contributor and is regularly featured across financial media. She lives in the Boston area with her husband and two children. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

What do a Notre Dame finance degree, a brief detour into ninth-grade teaching, a Merrill Lynch internship, and 20 years at BlackRock have in common?They’re all plot twists on the road to finding exactly where you belong.In this episode, Stacy sits down with Ellen Bockius, Head of Business Development & Marketing at JLAM, a boutique real estate investment firm focused on the Mid-Atlantic coast, an area big institutional money often overlooks.Ellen shares what it’s like to build a career by raising your hand and moving across businesses… and then suddenly have the “scaffolding” that held your career together at a big shop disappear. She doesn’t gloss over that chapter. She walks right into it.Listen in to learn:How Ellen went from “maybe I’m meant to be a teacher” to getting recruited into BlackRock (back when it wasn’t a household name)What it was like to be a right-brained creative in a sea of left-brained people at BlackRock What happens when the company that felt like your identity is suddenly no longer part of your story Why moving from a big shop to a boutique is harder than people think JLAM’s edge: operating experience + overlooked secondary/tertiary markets where big funds won’t even pick up the phoneThis one is for anyone who’s ever wondered if the push they didn’t ask for might actually be the gift they needed.More about Ellen Bockius: Ellen Bockius is the Director of Business Development & Marketing at JLAM, where she leads investor relations, capital raising, and strategic partnerships. She previously spent 20+ years at BlackRock in senior marketing and client leadership roles, including Managing Director and Head of Institutional Client Marketing. A native Delawarean and proud graduate of the University of Notre Dame, Ellen is also deeply committed to education and community service. She serves on the Catholic Diocese of Wilmington School Board and has been actively involved in various industry and philanthropic organizations. When she’s not helping shape the future of JLAM, she’s raising four incredible children with her husband, Troy, her most rewarding and fast-paced role yet.  ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

What if the questions you ask say more about you than the answers you give?Two weeks before graduating from college, Buffy Alegria walked into a bank job interview knowing basically nothing about banking. But she did walk in with four pages of questions on a yellow legal pad.They hired her before she finished the first page.That moment set the tone for everything that came after.Today, Buffy is the co-founder of Loud Ventures, a healthcare-focused venture capital firm built on a simple (and kind of radical) belief:The traditional VC model was designed for tech, and Healthcare doesn’t play by those rules.After years in commercial banking, negotiating remote work way before it was normal, raising a women’s health fund entirely virtually during COVID, serving on a rural health board for more than a decade, and learning firsthand (as a patient) what happens when systems break down… Buffy and her co-founder Navin decided to build something different…Venture capital for healthcare, by healthcare.In this episode, you’ll hear:The interview move that changed her trajectory (and why four pages of questions is a power play)How she negotiated remote work postpartum before remote work was a thingWhat it was really like raising a women’s health fund as a first-time manager… on Zoom… during COVIDWhy “underserved” isn’t a buzzword at Loud Ventures (women’s health + rural health as a serious lens, not a niche)What it actually means to be loud and active beyond the checkA real-world example of innovation meeting reality: pediatric anesthesia in dental offices, reimbursement pathways, and why “great idea” isn’t enoughBuffy’s diligence philosophy: why qualitative signals like curiosity and adaptability can matter more than early numbersIf you’re building in healthcare (or allocating to it), this one will make you think differently about what “good” looks like.More about Buffy Alegria:Buffy Alegria doesn't just invest in healthcare: she's lived it. From the NICU to the boardroom, her path through banking, women's health venture, and hospital governance taught her that real progress takes more than a check. As Managing Partner of LOUD Ventures, she’s proving that healthcare venture can be done differently by building alongside founders with capital, clinical depth, and operational grit.  When she's not building the future of healthcare, she's skiing, hiking, or water skiing in the Pacific Northwest with her two dogs. Oh, and wearing her newest hat: dedicated college campus road-tripper cheering on her athlete daughters. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

What if the secret to building a firm people know, like, and trust wasn’t a slicker pitch deck… or a better track record?What if it was the audacity to just be yourself?Sweta Singh didn't wonder. She just built it.Before she was a founder, she was on the other side of the desk entirely, issuing bonds for the State of New York, watching how public money moves through communities, hospitals, schools, and retirement funds. Most portfolio managers never see that side. Sweta did. And she never forgot it.Twenty-five years later — Wellington, Income Research, Thornburg — she took the leap. City Different is what happened next.In this episode, Stacy Havener sits down with Sweta to talk boutique building, muni bonds, and why being "boring" in the right part of the portfolio is actually the goal. Listen in to hear: Sweta’s backstory – From India to full scholarship to Albany bond issuer How she got hooked on finance (and why the policy/markets/human behavior collision lit her up)What issuing bonds before managing them taught her about how muni debt connects to real voters, real communities, and real consequencesThe City Different origin story: why the name is a love letter to Santa Fe (and a reminder to stay different)More about Sweta Singh:Sweta Singh is a fixed-income portfolio manager and co-founder of City Different Investments, with more than 25 years of industry experience. Her desire to constantly learn and adapt has been her greatest gift, and the thread that connects every chapter of her career.After immigrating to the U.S. and earning degrees from the University of Massachusetts (summa cum laude), the University of Texas at Austin, where she was awarded the Barbara Jordan Fellowship, and SUNY, she began her career in New York State's Debt Division, learning every aspect of bond issuance from the ground up.That other-side-of-the-desk foundation carried her through roles at Wellington Management, Income Research and Management, Breckinridge Capital Advisors, Thornburg Investment Management, and Wilkins Investment Counsel, building expertise across municipal bonds, corporate credit, agencies, and treasuries along the way.Sweta believes investing is dynamic and that its future belongs to the best of both human and machine. It's a belief she brings to life every day at City Different Investments. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Most CEO stories start with an Ivy League credential and a tidy career ladder, but this one starts with a blackjack table.Before Natalie Wolfsen was running Orion, she was dealing cards to pay for college. At the time, she had no idea that the lessons she was learning on that casino floor would follow her all the way to the C-suite.In this episode, Natalie opens up about the chapters that don't fit neatly on a résumé and why she believes those are often the most important ones.Listen in to hear: How she parlayed casino marketing into a career in financeWhy she walked away from a thriving role at American Express to try entrepreneurshipThe startup that failed in 8 months and why she'd do it again in a heartbeatHow saying yes to "inconvenient" opportunities compounded into a career she never could have plannedMore about Natalie Wolfsen: Natalie Wolfsen joined Orion Advisor Solutions as CEO in October 2023 and is a member of the firm’s Board of Directors. She is the former CEO of AssetMark and has nearly 30 years of financial services industry experience. For over 25 years, Natalie has served independent advisors (RIA and broker-dealer affiliated) with more than a decade of working with independent and insurance broker-dealers. Prior to joining AssetMark in 2014, Natalie previously held digital and investment platform development, investment solution management, strategy and marketing roles at First Eagle Investment Management, Pershing, Charles Schwab and American Express. Natalie has an MBA from University of California, Los Angeles and a Bachelor of Arts degree from University of California, Berkeley. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Every allocator asks: “What makes your boutique different?”And most fund managers default to something like, “Our people are great!” or “Our process is best-in-class!”Which is fine. It’s just… also what everyone else says.In this episode, Stacy explains why saying “We’re better” in meetings won’t do you any favors and why being different (even if it’s uncomfortable) is the best way to stand out to allocators. Listen in to learn:Why you don’t want to make up differentiators in the momentWhy trying to be polite is the fastest way to blend in and be forgotten The Truism Test (a fast way to spot a “differentiator” that’s actually table stakes)The prompt that reveals where you’re out of consensus with your peers (and why that’s your edge)Why the best differentiator often takes a little courage to say out loudThis is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

“Ugh… I’m going to sound like a broken record.”If you’ve felt that in a 2nd or 3rd meeting, you’ve probably had the urge to “freshen up” your story just to keep it interesting.In this episode, Stacy breaks down why that instinct can backfire.She’s digging into what actually matters in follow-up meetings, especially when new people join, when the sales team thinks “we already covered that,” and when you’re tempted to improvise a whole new version of your story.Listen in to learn:Why “repetitive” might be a you problem (not a them problem)Why you don’t want your story to shift too much between meetingsThe simple test for whether you should “run it back” (even in a 3rd meetingHow to tee up repetition without it feeling awkwardThis is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Most founders lead with the team because they’re trying not to sound egotistical.But allocators aren’t sitting there thinking, “Wow, great org chart.” They’re thinking: “Do I understand this firm yet?”In this episode, Stacy breaks down what allocators actually want in the first meeting and why you’re better off leading with a crisp origin story (even if the founder isn’t in the room to tell it).Listen in to learn: How to tell the founder story without it sounding like “me, me, me”What to do when you’re not the founder (or the founder isn’t there)How co-founders/co-managers can stay aligned on one clear version of the storyWhere to place team so it builds trust instead of overwhelming the opener ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

If your meeting goes off the rails, it’s not because your prospects are “unruly.” It’s because no one’s driving.And with the right moves, you can take the wheel fast without making it weird.In this episode, Stacy breaks down how to prevent unhelpful tangents before you ever walk in the room (hello, champion prep call) and what to do in real time when someone hijacks the conversation.Listen in to learn how to:Prep with your champion so you walk in knowing who’s who in the zoo (and who might go rogue)Use a simple meeting prep doc so everyone stays aligned on the goal, flow, and rolesRedirect tangents — whether they come from the prospect or your fund manager — without anyone feeling embarrassed (we don’t kick people under the table around here) Be the Jimmy Fallon of the meeting who breaks the ice and keeps things moving without making it awkward sauce This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Ever felt the urge to tidy up your story before sharing it? You scan the room, see the impressive bios and the blazers, and think: “Oof... maybe I should skip that part.”You’re not wrong for feeling that way, and you’re definitely not the only one.In this episode, Stacy opens up about her London panel debut, where she felt that pull to edit out the messy parts of her story on the fly. She’s explaining why she chose to dig in her heels and tell the raw version, even though it was nerve-racking (and why she recommends you do the same). Listen in to learn: Why you shouldn’t prepare multiple versions of your story, pitch, or deck for different crowds How to adjust your story to fit the room without sacrificing authenticity and clarity The “still me, just work-me” approach that will help you tweak your delivery without losing the vulnerable parts of your story that make you memorable This is Story Snacks, a bite-sized, jam-packed series for fund managers who are ready to master strategic storytelling in under 20 minutes a week. ---Running a fund is hard enough.Ops shouldn’t be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap