Are you keeping up with the rapid shifts in Exchange-Traded Fund (ETF) markets?
The strategies driving innovation are reshaping how investment products are delivered and managed.
In this episode, Paul Fahey speaks with Phil Nanof, Head of ETF Services, Americas at Northern Trust, about the evolution of ETFs, particularly in the US. They explore the growth of active strategies, the impact of regulatory changes like SEC Rule 6c-11, and how automation and technology are shaping scalable operations.
Phil also highlights key operational strategies for supporting institutional clients and their evolving investment needs.
Phil highlights:
The rise of active ETFs capturing significant net new money each month
How SEC Rule 6c-11 simplified ETF launches and adoption of active strategies
Operational demands increasing with product innovation and market growth
Importance of automation for efficiency, transparency, and error reduction
Integration of ETF services into existing client platforms for seamless experience
In this episode of Market Pulse, host Grant Johnsey sits down with Jonathan Brodsky, Founder and Principal at Cedar Street Asset Management, to explore the evolving opportunity set in global small cap equities.
As market dynamics shift, investors are increasingly looking beyond U.S. equities for diversification and return potential. Brodsky shares why non-U.S. small caps—often overlooked and less efficient—can offer compelling valuation opportunities and stronger risk-adjusted returns.
The conversation also examines how structural changes, including the rise of private markets in the U.S., are reshaping the small cap universe, creating a clear divergence between U.S. and non-U.S. companies. Brodsky explains how geopolitical developments, supply chain regionalization, and evolving corporate governance standards are influencing investment opportunities across global markets.
Finally, Brodsky outlines his disciplined, forward-looking approach to value investing—highlighting the importance of cutting through market noise, focusing on long-term fundamentals, and identifying companies positioned for sustainable returns.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
Finding Opportunity in a Changing Market: Value, Diversification and Global Small Caps (Video)
In this episode of Market Pulse, host Grant Johnsey sits down with Jonathan Brodsky, Founder and Principal at Cedar Street Asset Management, to explore the evolving opportunity set in global small cap equities.
As market dynamics shift, investors are increasingly looking beyond U.S. equities for diversification and return potential. Brodsky shares why non-U.S. small caps—often overlooked and less efficient—can offer compelling valuation opportunities and stronger risk-adjusted returns.
The conversation also examines how structural changes, including the rise of private markets in the U.S., are reshaping the small cap universe, creating a clear divergence between U.S. and non-U.S. companies. Brodsky explains how geopolitical developments, supply chain regionalization, and evolving corporate governance standards are influencing investment opportunities across global markets.
Finally, Brodsky outlines his disciplined, forward-looking approach to value investing—highlighting the importance of cutting through market noise, focusing on long-term fundamentals, and identifying companies positioned for sustainable returns.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
Liquidity as a Strategic Asset in Changing Markets
Market conditions have shifted, and what once seemed like a simple allocation decision now demands far more attention.
How should investors think about access to cash when uncertainty, higher rates, and private markets all collide?
In this episode, host Paul Fahey is joined by Faisal Ansari, Global Head of Liquidity Solutions, and Andrew Sepiol, CFA, Liquidity Solutions Product Manager at Northern Trust, to explore why liquidity is now a central focus for asset owners. They explain how rising rates, market volatility, and growing allocations to private markets are reshaping liquidity strategies.
The conversation also covers how cash is evolving from a defensive position to a strategic asset, along with the importance of forecasting, diversification, and data-driven decision making.
Key takeaways:
How higher interest rates and volatility are increasing the importance of liquidity across portfolios
Why cash is shifting from a defensive tool to a strategic allocation with meaningful return potential
The growing impact of private markets on liquidity planning and forecasting complexity
How segmentation of cash supports operational needs, reserves, and long-term portfolio strategy
The role of data, reporting, and AI tools in improving forecasting and liquidity decision-making
In this episode of Market Pulse by Faster Forward, host Grant Johnsey is joined by Adam Freda, Managing Director at 50 South Capital, for an in-depth conversation on the evolving private equity landscape.
They explore how recent market conditions have challenged traditional assumptions around liquidity and diversification, why private equity secondaries have grown into a critical source of flexibility for institutional investors, and how continuation vehicles are reshaping exit strategies. Adam also breaks down the growing role of evergreen funds—what they solve for, where risks can emerge, and why they’re likely to coexist alongside traditional closed-end funds rather than replace them.
The discussion covers portfolio construction across vintages and strategies, the importance of manager quality in volatile environments, and how investors are navigating private equity and private credit amid higher rates, slower exits, and rapid technological change. Listen in to understand today’s private markets—and what to watch next.
Grant Johnsey is a FINRA‑registered representative of Northern Trust Securities, Inc. Adam Freda is not FINRA registered and is an employee of 50 South Capital, an affiliate asset management firm of Northern Trust. Adam Freda is not acting in a broker‑dealer capacity and does not offer brokerage services.
This podcast is presented for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, strategy, or investment product.
Any references to returns, performance characteristics, or investment outcomes are illustrative and not guaranteed. Past performance is not indicative of future results. Actual outcomes may vary significantly.
Northern Trust Asset Servicing, Northern Trust Securities, Inc., and 50 South Capital are affiliated entities under the Northern Trust corporate structure. Statements made by representatives of affiliated entities reflect their respective perspectives and business lines.
Investment products and services referenced may not be available in all jurisdictions and are offered only where permitted by law and regulation.
Private Equity’s Liquidity Moment: What Investors Need to Know Now
In this episode of Market Pulse by Faster Forward, host Grant Johnsey is joined by Adam Freda, Managing Director at 50 South Capital, for an in-depth conversation on the evolving private equity landscape.
They explore how recent market conditions have challenged traditional assumptions around liquidity and diversification, why private equity secondaries have grown into a critical source of flexibility for institutional investors, and how continuation vehicles are reshaping exit strategies. Adam also breaks down the growing role of evergreen funds—what they solve for, where risks can emerge, and why they’re likely to coexist alongside traditional closed-end funds rather than replace them.
The discussion covers portfolio construction across vintages and strategies, the importance of manager quality in volatile environments, and how investors are navigating private equity and private credit amid higher rates, slower exits, and rapid technological change. Listen in to understand today’s private markets—and what to watch next.
Grant Johnsey is a FINRA‑registered representative of Northern Trust Securities, Inc. Adam Freda is not FINRA registered and is an employee of 50 South Capital, an affiliate asset management firm of Northern Trust. Adam Freda is not acting in a broker‑dealer capacity and does not offer brokerage services.
This podcast is presented for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, strategy, or investment product.
Any references to returns, performance characteristics, or investment outcomes are illustrative and not guaranteed. Past performance is not indicative of future results. Actual outcomes may vary significantly.
Northern Trust Asset Servicing, Northern Trust Securities, Inc., and 50 South Capital are affiliated entities under the Northern Trust corporate structure. Statements made by representatives of affiliated entities reflect their respective perspectives and business lines.
Investment products and services referenced may not be available in all jurisdictions and are offered only where permitted by law and regulation.
Private Markets, Climate Risk, and AI: Inside Canada’s Investment Model with Katie Pries
Long-term investing is shifting, but what actually separates disciplined investors from the rest?
How are leading institutions balancing performance, risk, and innovation while managing growing complexity?
In this episode, host Paul Fahey speaks with Katie Pries, Country Executive for Northern Trust Asset Servicing in Canada, about how Canadian asset owners approach private markets, governance, and emerging technologies. They explore how the Maple Eight have shaped global investing practices, why climate risk is now embedded in decision-making, and how data challenges are evolving. Katie also shares how AI is being applied to improve efficiency without replacing human judgment, and why execution and governance are now the real differentiators.
Key takeaways:
Private markets treated as core portfolio building blocks tied to long-term liabilities and cash flow stability
Data challenges shifting from scarcity to overload, with a focus on timely, decision-ready information
Climate risk is integrated into governance frameworks and viewed as a financial and execution risk
AI is improving data processing, risk monitoring, and workflow efficiency without replacing human oversight
The Canadian model stands out for disciplined execution, governance, and a long-term investment mindset
In this episode of Market Pulse by Faster Forward, host Grant Johnsey sits down with Mike Kelly, Co‑Founder of Developer Town, to cut through the hype and explore the real‑world applications of AI—from personal productivity to enterprise‑scale transformation.
Mike shares how advances in large language models are reshaping everyday workflows, why tools like Gemini and ChatGPT are evolving into true AI companions, and how “vibe coding” is lowering the barrier to building custom software.
The conversation goes deeper into the enterprise, covering AI agents, fraud detection, unstructured data, and why many organizations struggle to move from experimentation to execution. Mike also weighs in on the implications for SaaS businesses, venture investing, energy costs, and the future of enterprise infrastructure.
Key topics include:
How AI is changing personal productivity and decision‑making
Using AI as a healthcare “navigator” and shared source of truth
Vibe coding and the rise of build‑your‑own software
Why enterprises get stuck on data and process readiness
AI agents, automation, and security trade‑offs
What AI means for SaaS, venture capital, and long‑term costs
Whether you’re experimenting with AI at home or evaluating it for your organization, this episode offers a clear, practical look at what’s working and what’s coming next.
Inside the AI Shift: What’s Next for Enterprises (Audio)
In this episode of Market Pulse by Faster Forward, host Grant Johnsey sits down with Mike Kelly, Co‑Founder of Developer Town, to cut through the hype and explore the real‑world applications of AI—from personal productivity to enterprise‑scale transformation.
Mike shares how advances in large language models are reshaping everyday workflows, why tools like Gemini and ChatGPT are evolving into true AI companions, and how “vibe coding” is lowering the barrier to building custom software.
The conversation goes deeper into the enterprise, covering AI agents, fraud detection, unstructured data, and why many organizations struggle to move from experimentation to execution. Mike also weighs in on the implications for SaaS businesses, venture investing, energy costs, and the future of enterprise infrastructure.
Key topics include:
How AI is changing personal productivity and decision‑making
Using AI as a healthcare “navigator” and shared source of truth
Vibe coding and the rise of build‑your‑own software
Why enterprises get stuck on data and process readiness
AI agents, automation, and security trade‑offs
What AI means for SaaS, venture capital, and long‑term costs
Whether you’re experimenting with AI at home or evaluating it for your organization, this episode offers a clear, practical look at what’s working and what’s coming next.
Tariffs, Technology, and Tension Points Shaping the 2026 Outlook with Carl Tannenbaum
Economic pressure rarely comes from a single source. It builds through policy shifts, innovation waves, and global relationships that test long-held assumptions.
In this episode, host Paul Fahey speaks with Carl Tannenbaum, Chief Economist at Northern Trust, to reflect on the forces that defined 2025 and what they signal for the year ahead. They examine trade policy shifts, geopolitical strain, and the unwinding of global supply chains. The conversation also explores fiscal pressure across advanced economies, inflation expectations, and the evolving role of central banks. Together, they look at how artificial intelligence is influencing productivity, labor markets, and long-term investment decisions heading into 2026.
Key takeaways:
Why trade policy changes and tariffs reshape investment decisions and supply chain planning
Global security concerns are influencing fiscal priorities and cross-border cooperation
AI-driven productivity gains alongside labor market disruption for early career workers
How the rising debt burdens and interest costs are pressuring government budgets
How inflation trends, wage pressures, and central bank independence shape market outlooks
