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Today we welcome a reappearance of author Simon Sebag Montefiore. These few lines set the tone for an outstanding book and brilliant guest: “But even in easier times, the Middle East has the ability to surprise even the most informed observers and intelligence maestros. After all, the experts failed to predict the emergence of Turkey in 1922, the crowning of Reza Shah in Persia in 1925, the creation of Israel in 1948, Gamal Abdel Nasser’s Suez gambit in 1956 and his union of Egypt and Syria in 1958, Israel’s victory in 1967, the fall of Shah Mohammad Reza Pahlavi and rise of Ruhollah Khomeini, 9/11, the Arab Spring, October 7, 2023, Midnight Hammer, and much that has followed.”The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

John Claisse explores the evolution of alternative investing, from private markets and hedge funds to AI, digital assets, due diligence and opportunities across Asia. Albourne has expanded from its genesis in Sussex in 1994, to one of the most recognized global investment advisors in the world of alternatives. It is unusual both as an employee-owned organisation, and because it has adhered to its original vision of advising only and never to manage capital.  John Claisse frames the alternative industry today. He discusses institutional priorities, the change in allocating behaviour, the secular shift of retail flows into private assets, and what clients want across the alternative assets spectrum.  He discusses private equity and private credit trends in light of the current malaise, and why he expects further growth in these asset flows in the years ahead.  He weighs some of the investment dilemmas facing allocators, why Hedge Fund interest is strong, why digital assets are being increasingly scrutinised for their potential appeal, and where investment allocations might be headed.  *Please note that at the 53:00 mark, Simon Sebag Monetfiore's upcoming book is mistakenly titled The Crucible. The correct title is The Cauldron: The Making of the Modern Middle East The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

“Airlines are a terrible business. They’re capital‑intensive, unionized, and heavily regulated… there’s very little moat.” So Warren Buffett once observed. But is that still true?  In this episode, we examine the thesis for investability and try to understand the direction and shape of flying.   Ed discusses the economics, competition, premiumisation, the case for “a moat” or structural advantage, and what customers want.   He also explains why the competitive landscape has changed, why new entrants will find it much harder, the opportunity with retail-in-flight, the extraordinary partnership with American Express via Sky Miles, and the reason why future returns might well be higher than those of the past. ‍ The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

It is already changing how firms conduct research, construct portfolios, manage risk, and make investment decisions.  In this special compilation episode, we bring together three perspectives from across public markets, hedge funds and private markets, to explore how AI is transforming investment management today and where it may lead tomorrow.  Andrew Veglio, founder and CEO of Vantage Investment Management, examines where AI sits in the evolution of technologies and argues the end game is replacement not improvement of much of what we, as investors, do.  Kristian West, Head of Investment Platform at J.P. Morgan Asset Management discusses how they are embedding AI across their global investment platform, sharpening research, investment process and execution.   Then Lucia Soares, Chief Information Officer and Head of Tech Transformation, shares how Carlyle is using AI to accelerate decision-making, improve portfolio and risk management, and create value across its portfolio companies.  Together, they discuss AI's impact on alpha generation, research, trading, portfolio construction, productivity, and the implications for the role of human judgement in our investing world. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Most CEOs take years to make their mark.   But after three decades dissecting and helping other people’s businesses at PwC, our guest today spent just two years inside Schroders before deciding it was time to sell the 222-year-old business.  In this conversation, Richard Oldfield explains why he was convinced it was the right path to take, and why the family-controlled business and its board were persuaded.   He describes the irresistible forces changing the investment business and specifically analyses the co-existence of private and public assets, the potential paths of passive and active, and if size matters more than ever.  He discusses the footprint, asset mix and culture which Nuveen offers and how the combined group will manage $2.5tn, becoming one of the world’s largest active managers.   He explains why public markets are essential, how AI is being implemented in their business, the important Asian opportunity, and why benchmarks can provide the wrong skew in understanding risks.    The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

In the world of global credit and event-driven investing, there are few firms that have been both quietly competitive, whilst simultaneously successful and long-standing.   Founded over 40 years ago, Davidson Kempner may not be a household name, but they have navigated cycles by identifying the opportunities which emerge from dislocations, and complexity when the power between borrowers and lenders shifts.   In this conversation, we discuss if it’s possible to assess where we are in the economic cycle. Tony then disentangles the term “private credit” and explains where he believes blockages and problems exist.   He talks about the interdependence of private equity and private debt, and why he thinks the market may be underestimating the time needed to work through these issues.   He explains where he sees capital is as scarce and where it has been abundant, and what that means for risk-taking.   Finally, he discusses why Europe may have less growth but has many opportunities, why lending in India appeals, and most interestingly why we may be in “a golden age of absolute return.”  The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

In a world where investment classification rules supreme, Sixth Street believes that its flexible architecture, approach, and culture make the firm different.   Sixth Street, founded in 2009, manages more than $130 bn, suggesting flexible capital unlocks opportunities in a world that never stands still.    Sixth Street’s Partner, Co-President & Co-CIO Julian Salisbury is a veteran of 25 years at Goldman Sachs, including former head of its asset management and merchant banking businesses.    Julian discusses how Sixth Street works as One Team with a shared mission to deliver the best investment opportunities for its investors, as well as Sixth Street’s priorities when identifying and sourcing opportunities, industry preferences, timelines, and exits.    He then explores the conundrum of growing assets and preserving alpha and reflects on current obstacles in the private markets. He also describes “the complexity premium,” changes in the world of direct lending, calibrating risk in an untraditional fund structure and private markets, and more. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

BETA Technologies is a Nasdaq-listed aircraft manufacturer breaking new ground with its advanced pursuit of building world-beating electric planes.  Kyle Clark, Founder and CEO, explains the economic advantages of electric aircraft.  He discusses assembly to operating systems, and then explains how oil majors are the beneficiaries of planes constantly refuelling, but those who own and make the electric airplanes & their batteries have a much greater continued advantage.  He describes how the US wants to lead in electric aviation, the military demand, why regulation can help as it creates barriers to entry, why for their roll out, cargo, medical & logistics are coming before people. However, longer flights, more people, and the peace of flying electric, are all part of a fascinating new chapter in flight. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

For the first time in our 6-year existence, the MMP wanted to dive into this somewhat opaque world, in line with our mission to de-mystify areas of business and finance vital to us all. Alan discusses the evolution of the top law firms, why US competition is ferocious, why he relocated to the US to help drive their business, and how they can advise global tech clients simultaneously. He answers the questions of “what do clients want”, “how do you stay at the top”, acquiring and retaining talent, culture, expansion, using data, reward, and the work/life balance. He also offers a series of compelling insights, laced with laughter, and with a particularly well thought out set of perspectives on how AI is, and may, re-sculpture the legal landscape. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

“Activism” might be one of the less helpful terms in modern investing, a label that conjures everything from boardroom bust-ups, to terse exchanges between disgruntled shareholders and incumbent managements.  However, in this conversation, Lars explains the early insights gained from collaborations with the great Carl Icahn, to building Cevian, and creating a long-term, extremely successful fund, investing in a small number of listed European and UK companies to help bring about significant, value-creating change.  He explains the voyage from identification to ownership; from constructive engagement to taking a place on the board; to working to bring about change and improving the business’ execution to driving improved shareholder returns through operational improvements.  He contrasts their approach to that of private equity, discusses investing as they did to bring about change at ABB, to pondering on the question of “why more people don’t do this?” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

We were surprised, when researching for this interview, to learn that State Street Investment Management are the fourth largest asset manager globally, with circa $6 Trillion of assets.  Size confers both opportunity and challenges, however, and in this conversation Yie-Hsin talks about the global savings gap and the evolution of Asset Management. She addresses the place of the historic 60/40 allocations in a world where bonds may not deliver, and inflation is stubborn.   She reflects on the turbulence in private markets, the emerging market debt and equity opportunities and why tokenisation is becoming an increasingly potent force. In January 2026, State Street launched its own Digital Asset Platform, which includes wallet management, custodial, and cash capabilities to support tokenized asset development. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026. ‍

Rob Arnott, Founder & Chair of Research Affiliates, discusses where AI works well & can assist across the money management ecosystem, the risk of ‘AI hallucination’ & over-reliance, quant vs human judgement, and the future of work.  Amidst the volumes written about AI’s impact on the business and investing worlds, we wanted to ask some specific questions about adoption, learning, implementation and limitations within the investing universe.  We asked these questions of Rob Arnott, founder of Research Affiliates and a previous guest, whose firm is steeped in data, systematic disciplines and empirical evidence. In a compelling and engaging conversation, Rob discusses why common sense can beat data, how AI can hallucinate, its creative limitations, but its unequivocal potency in improving multiple areas of the investing business.  Finally, when asked for his convictions across markets, he discusses the exceptional value in US small vs large cap equity! The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Sport is one the world’s most powerful convening forces, but the way fans connect and engage is evolving, technology is offering new experiences and the investing world increasingly wants a piece of the action.  One of the powerful new players, is SURJ, Saudi Arabia’s sports investment arm, and leading their team is Danny Townsend, CEO, whose career has moved from professional football, to leading sports and entertainment businesses. We also welcome a co-interviewer, a titan of the sports commentary world, John Inverdale.  In today’s discussion, Danny explains how they weigh the state of play. Priorities, opportunities, risks, trends, & forces in sport. He discusses the influence of technology, how the fan experience is changing and why much of it is AI proof. He discusses which sports might be ripe for change, where barriers to evolution lie, and how Saudi’s long term vision blends investment and societal ambitions. ‍The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management, IFM Investors, World Gold Council and LSEG. During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.

Some lives trace the currents of history; a childhood in Wales, growing up in the shadow of parents who had escaped Nazi Germany, academic distinction at Oxford and Wharton, followed by a career that moved from journalism to the apex of Silicon Valley venture capital and a philanthropic record that speaks quietly, but profoundly.  In this episode, we also welcome co-interviewer, Sandra Robertson, former guest and previous CIO at Oxford University Endowment Management.  In this fascinating conversation Michael starts by discussing what “makes a brilliant entrepreneur”, before reflecting on investing in Stripe, why the US has such an edge in VC, and on weighing, vision valuation and imagination.  He discusses allocating his own personal capital and his priorities, and then on his philanthropy and the process around identifying beneficiaries and assessing the impact of gifts made.  Then we turn to Ausländer, where he fuses pathos and humour, and has created a brilliant story of his family’s destruction and part survival, and raised vital questions around antisemitism and where the storm clouds are gathering. Ausländer by Michael Moritz is published in the UK by Profile BooksYou can also find the book here. ‍The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

Moreover, if executed well, it offers the potential to act with a long-term horizon as true asset owners, and to unlock investment opportunities that individual funds might struggle to access alone.  Today in the UK, one of the most consequential organisations in UK pensions, is Border to Coast. They sit at the centre of one of the most significant shifts in UK institutional investing in a generation, and as of April 2026, will oversee nearly £120bn of local authority assets.    Rachel Elwell explains their investment approach, the motivation behind the merged pools and the advantages scale offers. Specifically, she discusses insourcing versus outsourcing, passive v active, where and why, UK v global, and the role of private assets, fees, as well as why Leeds is such a great place to live and work.  The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.