Speaker 1: This is Bloomberg Business Week. I'm Charle Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanovk. We're here every day bringing
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Speaker 1: Eastern Time on the Bloomberg Radio or watch us on
Speaker 1: YouTube search Bloomberg Clovel News. We are live at the
Speaker 1: UBS Arena in Elmont, New York, and we've got two
Speaker 1: great guests with us right now. I want to bring
Speaker 1: a majority owner of the New York Islanders. We're talking
Speaker 1: about John Laedecki, also with us as a CEO and
Speaker 1: co founder of Oakview Group. Tim lie Wacky. That's good, correct.
Speaker 1: I told you it took me twelve years to do
Speaker 1: it myself. I'm working on it. I'm working on it.
Speaker 1: Um you guys, you know together created this incredible arena.
Speaker 1: First of all, I want to ask you John let
Speaker 1: me kick it off with you. It's been a while
Speaker 1: since you've had a home place to play. Well, the
Speaker 1: fans have been on quite a journey, and as Tim
Speaker 1: has said, and my partner, Scott Malcolm, the co owner
Speaker 1: of the New York Ounders, has said, the fans deserve
Speaker 1: a new home. The milk carton sell by date on
Speaker 1: the Nasau Coliseum was probably so it's been a long journey.
Speaker 1: Your picture wasn't on the side of that little but
Speaker 1: it really is quite quite a momentous occasion for our fans.
Speaker 1: They're the best fans in the National Hockey League and
Speaker 1: they deserve a new venue, and they're getting state of
Speaker 1: the art, beyond state of the art because of Tim
Speaker 1: and Oakview Group in Sterling Project Development led by Jeff Wilpon.
Speaker 1: What they've done here is magnificent. Thank you, Tim Outhouse
Speaker 1: to the penthouse. John to that point, Tim, what what
Speaker 1: is special about this arena? So one, it's New York
Speaker 1: and so when we started our company, we were fortunate
Speaker 1: enough to partner with John and Scott on building this.
Speaker 1: But for us to be a world class company, you
Speaker 1: have to be in New York. New York is a
Speaker 1: very competitive marketplace. It has the world's most famous arena,
Speaker 1: Madison Square Garden. So you gotta go compete, and you
Speaker 1: you're competing in the biggest city in the world. You're
Speaker 1: competing in a city that ultimately has these wonderful venues
Speaker 1: that are already doing quite well. So we had to
Speaker 1: go carve out our niche. We had to go find
Speaker 1: an identity and a culture for ubs arena that made
Speaker 1: us unique. And we very very fortunate that right off
Speaker 1: the bat we get Harry Styles and we break all
Speaker 1: records with Ticketmaster for pre registration. So clearly it's gonna
Speaker 1: work for the islander fans. They've they've had thirty years
Speaker 1: worth of the desert before they finally found this, and
Speaker 1: now we're gonna work for music, and we're going to
Speaker 1: be in great shape with music because I think what
Speaker 1: people forget. Seven million people live closer to this arena
Speaker 1: than any other arena in the metro area. It's a
Speaker 1: big it's a big island, and we have sand but
Speaker 1: it's in the peach by the way, you know what
Speaker 1: that is? What is that? So as you know, I
Speaker 1: built the Climate Pledge Arena in Seattle, and that's the
Speaker 1: home of the cracket. So I brought him out here
Speaker 1: with me for open weekend and he's hungry. We don't
Speaker 1: anywhere back there. You don't want to see him run.
Speaker 1: When you guys are putting this together, what were the
Speaker 1: conversations John, What did you guys? What did you want
Speaker 1: to have as a home place for your team? On budget,
Speaker 1: on time was the most important thing for Sling And
Speaker 1: Tim is really a visionary right. Tim has built more
Speaker 1: arenas and ran more arenas than any human being alive today.
Speaker 1: Not a question longevity, He's just built great businesses. Oakview
Speaker 1: Group was started the next week. We met Tim in
Speaker 1: the hotel room in Montreal and he gave us the
Speaker 1: vision of what an arena should look like. And now
Speaker 1: I think he's got twenty five or eight in development.
Speaker 1: But his vision, combined with Scott's real estate background, created
Speaker 1: this fantastic place. What we do think about like the
Speaker 1: pandemic and stuff like did that impact You're thinking about
Speaker 1: how because there's a lot of touch lists right ease
Speaker 1: and people just going in and doing their things. So
Speaker 1: two things, One could you imagine spending a billion privately
Speaker 1: on and endeavor like this? And then all of the
Speaker 1: studd is privately funded. It is privately funded. That taxpayers
Speaker 1: money I want to be used for education and safety
Speaker 1: and transportation. So we we did. We did this the
Speaker 1: right way. But in the middle of that commitment, suddenly,
Speaker 1: you know, I used to tell people, they don't teach
Speaker 1: this in school, so you got to go and figure
Speaker 1: this out on the fly. I think there were We
Speaker 1: made changes to the design of the building because of
Speaker 1: the COVID. So you'll see in the building we have
Speaker 1: a three dred and sixty degree air circulation system. We
Speaker 1: have MERV thirteen filterization system. That's what you see in hospitals.
Speaker 1: We trapped the bad guys, so we have more airflow
Speaker 1: coming in and out of this building. I'm not cussing here.
Speaker 1: It's really the name of the company. We have four
Speaker 1: fans called Big Gas Fans in the roof. Everyone always
Speaker 1: looks there's no way that company is called Big Gas Fans,
Speaker 1: I said, I swear to God. A trademark had to
Speaker 1: be an interesting process where the government. You know, it's
Speaker 1: so great for us is that that's now in as
Speaker 1: original equipment. Every other arena in the country to deal
Speaker 1: with COVID and COVID related situations has to rest profits.
Speaker 1: So again, thanks to Tim's vision, we spent the extra
Speaker 1: money up front to make sure we had the best
Speaker 1: air filtration systems in the world. Tim, what's your favorite
Speaker 1: part of the arena? Uh, these acoustical panels. You you
Speaker 1: so see the wood right there, go look at it
Speaker 1: real tight, and when you get up close you'll see
Speaker 1: they have holes in it. So we trapped the base
Speaker 1: and the rever from bands and so it makes the
Speaker 1: building acoustically perfect. So when you come here for a concert,
Speaker 1: it's gonna be spectacular, because that's an issue with some places,
Speaker 1: some large venues where you go see a concert. Yeah, yeah,
Speaker 1: they fit a lot of people, but it doesn't sound
Speaker 1: good now. And so when you think about the amount
Speaker 1: of money people are spending on that night out, it's
Speaker 1: unfortunate if they sit there and hear the concert twice.
Speaker 1: So what you want is you want a perfect bowl.
Speaker 1: So my partner in our company's earning as off. He's
Speaker 1: the largest manager in the music business. So when when
Speaker 1: you have Don Henley as your engineering critique on your acoustics,
Speaker 1: you better make sure your acoustics are perfect because Don's
Speaker 1: pretty demanding. So, Jim, that's what you really did that
Speaker 1: no other arena had ever done before. He went to
Speaker 1: all the rock acts, he went to all the rock managers,
Speaker 1: He went to the musicians and said, what do you
Speaker 1: want the building, and they all said, geez, no one's
Speaker 1: ever asked us when they asked for free rent first.
Speaker 1: But the bottom line is you've got input that very
Speaker 1: few people have gotten from arenas, and that's why the
Speaker 1: acoustics are so great here. So interestingly enough, this building
Speaker 1: as a loading dock that's the largest on the East Coast.
Speaker 1: We could do sixteen semitrucks at the same time, So
Speaker 1: if you think about it, at the Garden, you gotta
Speaker 1: pull up a ramp and it's one truck at a time.
Speaker 1: At Barkley's, you go into an elevator and the turntable
Speaker 1: turns the truck around. Here we do sixteen trucks at
Speaker 1: one time, eight that could be unloading. So between the acoustics,
Speaker 1: the largest lower bowl, we have a locker room facility
Speaker 1: that is only for music artists. So that's the first
Speaker 1: one of those that's ever been built on the East Coast.
Speaker 1: So when an artist comes in here, they get in
Speaker 1: and produce quicker, cheaper. They got their own compound. The
Speaker 1: compound is beautiful and the acoustics hopefully will be great. Hey, Tim, John,
Speaker 1: we're gonna come back in just a moment. Hold that thought.
Speaker 1: I know you got one. They're done. You listen to
Speaker 1: Bloomberg Business Week, Carol Massr, Tim Stenevik. We're coming back
Speaker 1: in just a moment. This is Bloomberg Business Week with
Speaker 1: Carol Masser and Bloomberg Quick Takes. Tim Stinovic from Bloomberg Radio.
Speaker 1: Let's get back to you. Uh, we've got John Ladeckie
Speaker 1: of course with us and Tim lie wacky. I keep
Speaker 1: shooting that. I just realized your partner's name is more
Speaker 1: difficult than mine. I'm glad to meet another Tim. You know,
Speaker 1: it's not just two Tims here. There's a third Tim
Speaker 1: over there. Last name. Come on, man, come to the
Speaker 1: dark side, John Lindecki. I think that it would be
Speaker 1: a great law firm. Lindeck And so for me, it's Friday,
Speaker 1: and it's so Friday. So John, what can we expect
Speaker 1: for the team this year? You guys are doing well
Speaker 1: the fancy mappy Oh well, we had a great run
Speaker 1: last year. We had a run to the final four.
Speaker 1: Two years in a row and um. Every year presents
Speaker 1: new challenges. Thirteen games to open the season on the road.
Speaker 1: The objective was trying to be around five hundred. The
Speaker 1: team came through with that and now we get the
Speaker 1: home cooking going. So four games in a row at
Speaker 1: home against great competition and the place will be rocking tomorrow.
Speaker 1: You know, you guys are business guys. Amazing to see
Speaker 1: tickets for an Islanders game going for twelve hundred, fift
Speaker 1: hundred dollars opening night, and I think that's we're so
Speaker 1: sold out. The fans who this building really represents, they
Speaker 1: sold the building out. They came and took all those
Speaker 1: tickets for the entire season, So we're sold out. John,
Speaker 1: talk a little bit about the fan experience here and
Speaker 1: really how you guys thought about that when it came
Speaker 1: to designing the home for the Islanders. Yeah, it really
Speaker 1: is all about the fans. Is all about inclusion. It's
Speaker 1: about being able to go to the Heineken bar and
Speaker 1: you don't need a haul pass to do it. Um.
Speaker 1: You want to play with a crack and you can
Speaker 1: play with a cracking and hearing that gentlemen, Um, And
Speaker 1: and at the same time, for those who want to
Speaker 1: do business, celebrate a special occasion. We have everything from
Speaker 1: special clubs to a speakeasy that will be opening later,
Speaker 1: which is so you you feel like when you're here,
Speaker 1: it's an experience. It's about gatherings. You can see how
Speaker 1: people could just gather in different tables Disneyland for adults. Yeah,
Speaker 1: that's what it is. It really does feel that way,
Speaker 1: very different from other arenas totally. So we have two
Speaker 1: patios here. So one of them is the Heineken Bar,
Speaker 1: so it looks out at the racetrack and the paddocks
Speaker 1: across the way at at Belmont Park, And if you
Speaker 1: think about it, the others can't do it because they
Speaker 1: were designed around railroad stations and train tracks. That's the
Speaker 1: brilliant heres. We had four forty acres to build a
Speaker 1: campus out and we weren't restricted and didn't have to
Speaker 1: compromise on the fan experience because we got to design
Speaker 1: the building perfectly because we weren't trying to squeeze everything in.
Speaker 1: How did you know what the fans wanted at this point?
Speaker 1: And talked to four fans a night at every home.
Speaker 1: Will you play with them? I don't, I don't, I
Speaker 1: don't sit in the owner's boxes. I have nothing against
Speaker 1: owners in the owner's box, but if you're building a
Speaker 1: new building, you have got to hear what the fan
Speaker 1: who's having the experience wants. And Islander fans are have
Speaker 1: a great reputation for speaking their mind. How long Island
Speaker 1: is right, everybody's got an opinion. So I got hundreds
Speaker 1: of opinions each night, wrote them down, and then we
Speaker 1: went to all thirty NHL arenas, trying to borrow the
Speaker 1: best of breed. And then we have the maestro here,
Speaker 1: Tim Lawick. You put it all together in a mixer
Speaker 1: and outcomes this great arena. So give me an example
Speaker 1: of of something that you learned from one of those
Speaker 1: conversations that we see here. You know what, twenty five
Speaker 1: minutes at the Nasau Coliseum to use the bathroom unacceptable.
Speaker 1: More bathrooms than any arena in North America, I think
Speaker 1: any building maybe in North America. I noticed as I
Speaker 1: walked around there's like bathrooms everywhere well, and more women's
Speaker 1: bathrooms than any arena, and they're beautiful. But the bathrooms,
Speaker 1: by the way, the women's bathrooms here are the most
Speaker 1: beautiful bathrooms in the arena businesses. Now, let's see what
Speaker 1: happens after Metallica and see if we can still preserve them,
Speaker 1: but we're hopeful. Um and then and then of course
Speaker 1: minutes five minutes for a cold, disgusting hot dog. And
Speaker 1: now we have everything from grabb and go, which is
Speaker 1: great because the fans want to get their food and
Speaker 1: go back to more Hote cuisine. But the most important
Speaker 1: thing is every bar can see the ice or the
Speaker 1: concert right. So important because how many times have I
Speaker 1: missed a goal trying to get a beer for a
Speaker 1: buddy when I was a fan. It's so irritating. So
Speaker 1: now you can actually turn around see the play. You
Speaker 1: also have it on TV screens everywhere, more TV screens,
Speaker 1: I think than in the arena as well. Maybe we
Speaker 1: can also find someone to get you a beer at
Speaker 1: one in these games you might not have. You get
Speaker 1: your own beers these days. Well hopefully hopefully the fans
Speaker 1: are happy. But I'll tell you, I'll tell you what
Speaker 1: Tim says, which is John, it doesn't matter. You could
Speaker 1: have the taj Mahal. Someone is going to find something
Speaker 1: and we just have to get through the first few weeks. Now,
Speaker 1: did I hear that you guys are gonna be carbon neutral.
Speaker 1: We are, so I feel very very strongly were carbon
Speaker 1: neutral at Climate Pledge Arena, and a lot of the
Speaker 1: credit goes to Jeff Bezos and Amazon. He really helped
Speaker 1: us figure that out. We are actually now in the
Speaker 1: in the middle of creating a new company called Goal,
Speaker 1: and Goal is going to go help every building figure
Speaker 1: out how they could be more sustainable, and then we're
Speaker 1: going to come along and every year great them and
Speaker 1: give them a certification process. We this industry. We're not
Speaker 1: going to go solve the problem of global warming, but
Speaker 1: we could inspire, and that's what music and sports have
Speaker 1: always done. There is no more important issue than that one.
Speaker 1: And if we on the East Coast could figure out
Speaker 1: a way to build an arena in New York and
Speaker 1: go carbon neutral, that's going to have a huge impact
Speaker 1: on fixing this. That's crucial because I think West Coast
Speaker 1: is easy. People are kind of people don't understand that
Speaker 1: it's almost impossible to be carbon neutral on the East Coast.
Speaker 1: Why is it? Why is it going to take two
Speaker 1: years from now to do that though? Why couldn't you
Speaker 1: do do that from the ground. So actually I was
Speaker 1: just talking to the governor about this, so one, we
Speaker 1: have to know where our energy comes from. So the
Speaker 1: electricity we bring into the building has to be metered
Speaker 1: so that it's renewable energy, solar, our wind in particular,
Speaker 1: and unless the power company could ultimately tell us where
Speaker 1: that's coming from, then we may be getting bad electricity
Speaker 1: coal for example. So what what we're working now with
Speaker 1: the state on is how we ultimately can qualify and
Speaker 1: quantify sustainable energy and power that we bring in here.
Speaker 1: You gotta get rid of your gas, so we we
Speaker 1: have gas in this building. We have no gas in
Speaker 1: the building. A climate pledge arena. We gotta figure out
Speaker 1: a way to go use that. You got to recycle
Speaker 1: your food every night and get it back to the
Speaker 1: food banks, so that you you got to go buy
Speaker 1: of of everything you're going to see in this arena
Speaker 1: that we serve is made in the region, because then
Speaker 1: we limit transportation and then eventually for the people that, yeah,
Speaker 1: the people that are driving here, we're gonna have to
Speaker 1: get carbon credits ultimately to deal with the emissions of
Speaker 1: all of the cars the park here. We'll have more
Speaker 1: power charging stations here. Yeah, it's it's actually quite remarkable
Speaker 1: that we're going to have you could take the fleets
Speaker 1: of electric vehicles at Lagardy and JFK overnight. They'll come
Speaker 1: here and they'll charge up overnight, working with a company
Speaker 1: called Xcel Fleet Simbol XL Littenberg Radio. I always wanted
Speaker 1: to do that. Anchor on vacation. I'll come in and
Speaker 1: vice versa. Right, work for whatever the minimum. I'm out
Speaker 1: next week. So okay, we have an empty chair. Okay,
Speaker 1: I'm ready to go. Absolutely, Timmy, you did a deal
Speaker 1: with Spectrum. We just want to squeeze that in. Yeah,
Speaker 1: we just closed the deal this morning with Spectro. So
Speaker 1: now we're in the food and beverage business and we
Speaker 1: have over three hundred facilities to join the OVG family.
Speaker 1: So we're really proud of that partnership. We're really excited
Speaker 1: to grow. And now we're the second largest facility management
Speaker 1: company in the world. And he started out one guy
Speaker 1: and now his company is worth literally billions and billions
Speaker 1: of dollars. It's unbelievable what he's accomplished in the last
Speaker 1: six years. What's the next thing you two do together
Speaker 1: when go have a beer? Go Ahindun, let's go right there.
Speaker 1: I've been staring at the whole interview check our subs. Hap. Yeah,
Speaker 1: that's exactly right. Okay, that was too shameless plugs. That's okay.
Speaker 1: You can do as many shameless plugs and you can
Speaker 1: come back anytime. I wish you could thank you. Happy
Speaker 1: holidays arena. We're really proud of Okas's good luck with this,
Speaker 1: good luck with the arena. We really appreciate it. Tim
Speaker 1: l Wicky and of course John Ladecki here at the
Speaker 1: UBS Arena in Elmont, New York. Folks. Coming up next,
Speaker 1: we're gonna continue to track the markets for you on
Speaker 1: this Friday, do a little bit of talk about inflation
Speaker 1: and the Fed. You ready for that Harry Style show.
Speaker 1: I'm actually yeah, I am so ready for my two
Speaker 1: old friars. Now for Harry Styles. All Right, you're listening
Speaker 1: to Bloomberg Business Week, and this is Bloomberg Radio. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes. Tim Stinovin on Bloomberg Radio. Yes, indeed, everybody,
Speaker 1: we are live at UBS Arena in Elmont, New York.
Speaker 1: We're talking sports, we're watching the markets, and here on
Speaker 1: site with us is Tom Narratell. He's Ubs co president
Speaker 1: of Global Wealth Management. It's been quite a day. Are
Speaker 1: you really super exciting day? It is excited from all
Speaker 1: the activity. You're running around a lot. They got you
Speaker 1: got you like working a double today. I think that's right,
Speaker 1: but it's but you've you've got to have fun doing
Speaker 1: this though. This is great. It's hard not to walking
Speaker 1: around here. Um, what does it mean for ubs? You
Speaker 1: guys have naming rights for the next twenty years a
Speaker 1: really incredible you know, top notch facility, entertainment, sports, so
Speaker 1: much is going to be going on. What does it
Speaker 1: mean for the for the firm? So's it's really big
Speaker 1: for us because first, I mean, New York's the financial,
Speaker 1: sports and entertainment capital of the world. We've got ten
Speaker 1: thousand employees in the New York metropolitan area. We have
Speaker 1: over five thousand clients. So if you're going to do
Speaker 1: a deal like this, there's no place you're gonna do
Speaker 1: other than New York. It's just hard to find them.
Speaker 1: So this was really just a unique opportunity to work
Speaker 1: with the Islanders and oak View Group, and we couldn't
Speaker 1: be any happier about how it's turned out. What's the
Speaker 1: analysis that goes into making it worth it. I mean,
Speaker 1: this is a significant investment, and I gotta ask, what's
Speaker 1: the calculation that you do so you know that you're
Speaker 1: actually making an impact and making people people think about
Speaker 1: UBS in a certain way. So, I mean, there's a
Speaker 1: lot of marketing research that goes into it, taking a
Speaker 1: look at your your brand familiarity and how's that ringing
Speaker 1: with your key segments. But the key on this one
Speaker 1: really is, you know, how do you feel you're you're
Speaker 1: going to get the extensions of your brand in that
Speaker 1: And that depends a lot on your partners. And I
Speaker 1: can tell you what I see and the way our
Speaker 1: partners have spoken about it from the very beginning when
Speaker 1: they talk about UBS Arena, they're always adding in something
Speaker 1: about our value proposition to our clients. And so having
Speaker 1: the right kind of partners that know one to talk
Speaker 1: about your brand extension, that's a critical part of it.
Speaker 1: The financial calculations on it are you know, you can
Speaker 1: do the classic what's the value of an impression? You know,
Speaker 1: what's the value of that logo? Every single time the
Speaker 1: camera hits it when ESPN is showing the clips? Uh,
Speaker 1: And from that standpoint, you know you can get to
Speaker 1: a place where you can get you can feel comfortable
Speaker 1: about it. But at the end of the day, Um,
Speaker 1: for us, another big part of it was social media,
Speaker 1: which we think, you know, as we talked to uh,
Speaker 1: the Islanders, talked to ov G, it was a lot
Speaker 1: of how do you plan on using social media because
Speaker 1: that increasingly is something that's that's the way things are
Speaker 1: gonna get reflected. Uh. And we've been happy even just
Speaker 1: in the just in the short period of time that
Speaker 1: we've been working on the arena and we've gotten a
Speaker 1: huge amount of awareness just from the social media accounts.
Speaker 1: Now we're going to hit you know, a team comes
Speaker 1: out on the ice, you know, maybe it's the l
Speaker 1: A King's and they're gonna play here, but everybody in
Speaker 1: l A Is going to know about ubs Arena, and
Speaker 1: that's hits another client base for us there as well.
Speaker 1: You really got that from Timlwicki and John Laucki, who
Speaker 1: we just talked to, who are just a fun duo
Speaker 1: to set down with. But you do feel like that
Speaker 1: they talked to musicians in terms of the entertainment aspect
Speaker 1: of it, to the Islanders like what they needed, and
Speaker 1: really talked to the fans about what they wanted in
Speaker 1: terms of an experience, and that whole idea of social media.
Speaker 1: I mean, this is what a younger fan, right, younger
Speaker 1: fan base is interested in, absolutely, and I think I
Speaker 1: think the other thing about thinking that them knowing the
Speaker 1: demographics of their fan base and John, I mean John
Speaker 1: is the fans owner for sure, right in terms of
Speaker 1: knowing about the absolutely and so if you look, the
Speaker 1: experience here is unlike any other arena. The number of
Speaker 1: you know, clubs like this where fans can just pop in,
Speaker 1: have a drink, meat, socialize in between the periods before
Speaker 1: the game after the game. I think it's just a
Speaker 1: really unique experience compared to other arenas. Hey, we have
Speaker 1: to talk a little bit about markets because you know
Speaker 1: something about that, right, Yeah, Well, I guess that's the
Speaker 1: other part of my job and it's certainly a big
Speaker 1: part of our program at Bloomberg Business Week. Um, what
Speaker 1: are you hearing right now from your high net worth clients?
Speaker 1: What's on their minds right now? So there are three
Speaker 1: three big questions on the on the minds of clients today.
Speaker 1: It's it's first and foremost about inflation. You know, it's
Speaker 1: hard for them to get away from it. It's it's
Speaker 1: the price of gas. It's you know, hearing all the
Speaker 1: shocking headlines about how much is the Thanksgiving dinner going
Speaker 1: to clutch you more of the network even so well,
Speaker 1: in other ways they see it as what do you
Speaker 1: mean when I'm going in and buying a new car?
Speaker 1: You know, I'm not bargaining down sticker price. In fact,
Speaker 1: the dealers tell me I'm paying above sticker for that.
Speaker 1: So they're just seeing and feeling a lot of things.
Speaker 1: The news, certainly you all cover quite a lot about
Speaker 1: supply chain problems and so that's bothering them. Second thing
Speaker 1: is about growth, the questions about you know, what is
Speaker 1: it as we as we start to see fiscal stimulus,
Speaker 1: you know, coming down a bit, monetary stimulus coming down
Speaker 1: a little bit, what does that mean for growth? Overall?
Speaker 1: A lot of our clients are entrepreneurs, So for them
Speaker 1: it's am I going to get enough growth in my
Speaker 1: business to outweigh the increased cost of labor? So a
Speaker 1: lot of concerns about growth. And then the third pieces, Man,
Speaker 1: you you can't have a conversation with with a client
Speaker 1: without talking about the FED that so what to tell
Speaker 1: me what they want? To know what are they going
Speaker 1: to do and what's the impact of that going to
Speaker 1: be Because the feds, FEDS really you know, positioned here
Speaker 1: as as a significant component of of saving the economy
Speaker 1: and the investors mind and so now it's well, if
Speaker 1: they reverse that, what does that mean and will we
Speaker 1: be able to navigate that? So those are the three
Speaker 1: big questions that they have. Well, I think what's interesting
Speaker 1: is what you say about concerns about slowing slowing down
Speaker 1: of growth. It's not a big topic of conversation, but
Speaker 1: I think this is where folks are worried about that
Speaker 1: maybe the FIT makes a misstep of raising rates just
Speaker 1: as growth might be slowing down, and then you just
Speaker 1: see it exacerbate. Yeah, so that's I mean, that's not
Speaker 1: our view. Those are all the fears that around there,
Speaker 1: and but it's interesting to hear that that's what they're thinking. Absolutely,
Speaker 1: And we put out our year head report yesterday from
Speaker 1: our ce IO team, and you know, our view is
Speaker 1: inflation will be transitory. Uh, there won't be a policy
Speaker 1: mistake in the course of that. Clear there's a risk,
Speaker 1: but there won't be a policy mistake there you are
Speaker 1: going to see uh, And we spoke about this earlier
Speaker 1: this morning, Tim where we talked about the two halves
Speaker 1: in twenty two, where you know, the first half of
Speaker 1: twenty two is going to have that that continued growth
Speaker 1: momentum that we've seen in two thousand twenty one. Second
Speaker 1: half of twenty two, it's gonna get a bit more
Speaker 1: challenging comparisons year over year, gonna get tougher um. But
Speaker 1: that's going to be the place where you know, investors
Speaker 1: gonna want to start to think about maybe more defensive
Speaker 1: sectors like healthcare, you know, as as an example. And
Speaker 1: then there's always when you get volatility, it's well let's
Speaker 1: take a look and let's think about about longer term trends.
Speaker 1: So we've got The CIO team had a really neat
Speaker 1: phrase that they used. It's it's about the talking about
Speaker 1: disruptive technology. It's about the A, B, C S and
Speaker 1: five G. So it's it's really about thinking about AI,
Speaker 1: big data, cybersecurity and five G. And there's a five
Speaker 1: G such a big deal. People look at their phones. Now,
Speaker 1: we walk down the street, we see that five G
Speaker 1: and we'll take the five G revolutions over. It's just
Speaker 1: being in one thing. We wonder your high net worth individuals,
Speaker 1: how often are they asking you about cryptoton They're they're
Speaker 1: asking about cryptocurrency quite a bit. UM. We're now we're
Speaker 1: not always telling them what they want to hear. UM.
Speaker 1: So you know what we're telling them is is really
Speaker 1: the blockchain technology and and the fintech ecosystem behind that.
Speaker 1: That's the place to play. Okay, So how how are
Speaker 1: you giving them exposure to that space? So a lot
Speaker 1: of it, a lot of this gets into UM private
Speaker 1: equity and venture capital, and so it's about picking the
Speaker 1: managers who are going to explore that space. They're gonna
Speaker 1: have multiple bets, because making a bet on on one
Speaker 1: cryptocurrency or another, it really is a bet. And and
Speaker 1: that's you know, in our serior year head report, that's
Speaker 1: the way we phrase that. If you want to make
Speaker 1: a bet, do that, but don't make a part of
Speaker 1: your asset allocation. As a wealth manager management client, So
Speaker 1: what is the way that you give your clients access
Speaker 1: to private equity adventure capital? Yeah, so we work, UM,
Speaker 1: we work with the the industry's top two quintile managers
Speaker 1: and private equity and VC and set up feeder funds
Speaker 1: for them to participate UM. And a lot of that
Speaker 1: is is picking picking the right relationships and the right
Speaker 1: managers over a long period of time. And and what
Speaker 1: you'll find you need that expertise and that diversification UM
Speaker 1: because and I mean, if you look at VC investing,
Speaker 1: you know, the winners are great and the losers are painful,
Speaker 1: and the probability of loss is higher. So you need
Speaker 1: you need the right kind of expertise to be picking
Speaker 1: the right place. Has it been harder because there's so
Speaker 1: much money out there kind of chasing ideas right now
Speaker 1: it's getting a bit pricier for sure. You know, evaluations
Speaker 1: are certainly getting a little bit more stretched. That's where
Speaker 1: you need a bit a bit more expertise. But at
Speaker 1: the same time, you know these trends when you look
Speaker 1: at you know, for us AI, big data, cyber security,
Speaker 1: in five G, there's a lot to run. And as
Speaker 1: a matter of fact, while we're sitting here in the arena,
Speaker 1: you know, Verizon is one of our partners here. What
Speaker 1: they're gonna do with five G in this arena is amazing. Tom,
Speaker 1: We've got to run. Thank you so much that I'm
Speaker 1: really pretending good luck with this. Oh thanks great to
Speaker 1: be here. It's a really fun thing. Tom Narritill, of course,
Speaker 1: UBS co President of Global Wealth Management on site at
Speaker 1: the UBS arena. You're listening to Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio.
Speaker 1: All right, so some comments out of the final day
Speaker 1: of the Bloomberg New Economy Forum in Singapore. That was
Speaker 1: from former Secretary of State Hillary Clinton warning cryptocurrencies have
Speaker 1: the power to weaken entire countries. So let's get our
Speaker 1: weekly check on cryptocurrencies. Josh Sterling is with us, former
Speaker 1: director of the u S Commodity Futures Trading Commissions Market
Speaker 1: Participants Division CFTC of course, you know, the principal regulator
Speaker 1: of the global derivatives markets. He's a partner in the
Speaker 1: financial markets practice at the global law firm Jones Day
Speaker 1: and he joins us on the phone from DC. Josh,
Speaker 1: good to have you here on Bloomberg Radio. You know,
Speaker 1: talk to us about your clients, who you're working with,
Speaker 1: and what are some of the topics is that they
Speaker 1: have our need to address in today's environment when it
Speaker 1: comes to the crypto world. Well, thank you very much
Speaker 1: for have very much for having me, Carol, I greatly
Speaker 1: appreciate it. We're working with clients across the spectrum, from
Speaker 1: traditional financial institutions to startups to corporates, and they're all
Speaker 1: trying to figure out one simple thing, which is how
Speaker 1: will digital assets like crypto occurrencies affect their businesses and
Speaker 1: allow them to grow. And they're doing that at a
Speaker 1: time where where I sit here in Washington, d see
Speaker 1: the direction from the regulators is anything but clear or certain,
Speaker 1: except that we know more is coming. We just don't
Speaker 1: know what that is. It's hard to understand really what
Speaker 1: is coming. And it's it's interesting because we will cut
Speaker 1: a lot of us to the news earlier this weekend.
Speaker 1: Here we are at the UBS Arena in Elmont, but
Speaker 1: in California, the Staples Center no longer called the Staples Center, right,
Speaker 1: the naming rights bought by Crypto dot Com for more
Speaker 1: than seven million dollars twenty years. It makes me wonder,
Speaker 1: are we going to be talking about crypto in twenty years? Well,
Speaker 1: I think so, or whatever will come from crypto, you know,
Speaker 1: I think we are in the opening endings of a
Speaker 1: massive change in in the shape and contours of our
Speaker 1: financial system. I think that you're right. You know, Staples
Speaker 1: is a is a fantastic company of bricks and mortar company,
Speaker 1: and now we have a crypto company that's sponsoring an arena.
Speaker 1: And I feel really that we are at the beginning
Speaker 1: of the twenty one century of finance now where you
Speaker 1: look at blockchain technology and you look at applications of it,
Speaker 1: whether it's stable coins or decentralized finance, and there's a
Speaker 1: degree of interoperability and flexibility that fits really well with
Speaker 1: the way I think people live their lives now. We're
Speaker 1: more flexible in our lives and our own arrangements, and say,
Speaker 1: my folks were in the seventies or eighties having the
Speaker 1: same job for thirty years or something. It's so it
Speaker 1: really is something that I think we'll be seeing into
Speaker 1: the future. I like to say that for my kids,
Speaker 1: I'm working now to help build the financial system they'll
Speaker 1: operate in when they're adults. Well, and I do think
Speaker 1: about as regulators increasingly in policymakers check it all out,
Speaker 1: you know, what is it that they need to kind
Speaker 1: of keep in mind, because it's it's kind of the
Speaker 1: wild wild West to some extent. Right we're figuring out
Speaker 1: figuring it out as we go to something right, like,
Speaker 1: we haven't quite figured it all out. Um, So what
Speaker 1: is it that maybe regulators, like I said, have to
Speaker 1: kind of tread carefully about? Sure? I know that when
Speaker 1: I was in a position in government, I always thought
Speaker 1: very carefully about not stifling innovation and trying to encourage
Speaker 1: responsible innovation. Now was a view we shared on the
Speaker 1: executive team. And you know, like you, I have heard
Speaker 1: this term thrown about that it's the wild wild West
Speaker 1: out there, but you know, I think that's the American
Speaker 1: frontier by another name. And the frontier is a place
Speaker 1: where the fortune of a nation can be built. And
Speaker 1: it's not just in digging the mind. It's and it's
Speaker 1: in selling that TNT and the donkeys to people that
Speaker 1: need it. So I guess I've killed that metaphor enough.
Speaker 1: But what the point is, Um? A lot is happening,
Speaker 1: and sometimes, to flip an old phrase, I wish regulators would,
Speaker 1: you know, don't do something. Just sit there, Let's let
Speaker 1: the ecosystem build, Let's watch out for and of course
Speaker 1: try to curb cases of clear retail fraud. You know,
Speaker 1: people have been scammed into buying tokens the don't exist,
Speaker 1: or their money we're stolen. Let's watch for that. But
Speaker 1: in terms of the bones and architecture of the system,
Speaker 1: let's let it develop because the millions of innovators out there,
Speaker 1: no more I think than than you know the hundreds
Speaker 1: are of regulators here in Washington, d C. What's a
Speaker 1: mistake right now, Josh, that you think regulators have made
Speaker 1: in the shore? Yeah, absolutely so. I think my concern
Speaker 1: is the direction of where we're It appears we're going
Speaker 1: with stable coins. And stable coins, of course, are the
Speaker 1: lynch pin between dollars, euros, pounds again, what have you
Speaker 1: via currency and digital currency. It's an exchange mechanism and
Speaker 1: dollar or a yen in a dollar or a yin out.
Speaker 1: And we have the President's Working Group, a group of
Speaker 1: of many, if not all, the financial regulators in the
Speaker 1: States saying, among other things, that stable coins really should
Speaker 1: be offered exclusively by ensured depository institutions uh F, D
Speaker 1: I C insured. And I'm not sure that that's smart.
Speaker 1: I think that currently the state regulated institutions are doing
Speaker 1: a good job of this products. On balance, I think
Speaker 1: state regimes work pretty well. I think insurance companies, life
Speaker 1: insurance companies are are very well regulated in this country
Speaker 1: by the States, and so I wouldn't be so quick
Speaker 1: to give up on the the fifty state experiment, that
Speaker 1: is the United States and trying to regulate stable coins.
Speaker 1: I think the concerns there are a little overblown about
Speaker 1: systemic risk, and so alright, good to check in. I know,
Speaker 1: we just kind of scratched the surface. What are you
Speaker 1: looking at, Funny, you gotta come back, Josh, I gotta
Speaker 1: talk more. Both certainly helpful, Josh Sterling. He's partner in
Speaker 1: the financial markets practice at Jones Day there in the
Speaker 1: nation's capital. Joining us on this Friday. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes
Speaker 1: Tim Stinovic on Bloomberg Radio. Well, money has no doubt
Speaker 1: about it been flowing into e s G, big time
Speaker 1: global sustainable mutual fun assets hitting a fresh record high.
Speaker 1: We saw that in the second quarter. Uh and Bloomberg
Speaker 1: has reported that E s G assets may hit fifty
Speaker 1: three trillion, tim by making up one third of global
Speaker 1: assets under management. Well, let's bring in Andrew Lee, Managing Director,
Speaker 1: Global head of Sustainable and Impact Investing at UBS Global
Speaker 1: Wealth Management joining us on the phone. Andrew, how are
Speaker 1: you good? How are you Tim? How are you Carol?
Speaker 1: Thanks for having me good doing well? Thank you. Hey.
Speaker 1: Let's talk a little bit about what you're seeing it
Speaker 1: at UBS right now. What are clients telling you about
Speaker 1: how they're thinking about sustainable and impact investing. Are you
Speaker 1: starting to hear from high networth individuals that they want
Speaker 1: to make the investments in E S G friendly companies?
Speaker 1: We are UM, and we've been seeing this for actually
Speaker 1: a few years now, right, So we've been pre pandemic,
Speaker 1: even we saw a lot of UM assets start to
Speaker 1: flow into sustainable investments. There's a recognition UM that sustainability
Speaker 1: is important for investments and that people want to start
Speaker 1: matching their investments with the things that they preferenced, what
Speaker 1: think about UM and how their investments actually impact groters
Speaker 1: designing environment. So we continue to see inflows into that.
Speaker 1: We actually saw an acceleration of that interest through the pandemic. Interesting, right, so,
Speaker 1: even as you saw actives come out of traditional investments,
Speaker 1: we saw continued flow UM into sustainable investments. It's one
Speaker 1: of the fastest growing areas within UM. You know, our
Speaker 1: Global wealthf acets for private clients. So the real signal
Speaker 1: of interest there. Well, it's interesting to be talking to
Speaker 1: you as we can hear in the background they're testing
Speaker 1: out still the audio system here there worked. It worked.
Speaker 1: But what's what's fascinating is Andrew. We talked earlier with
Speaker 1: Tim Lawicki and John Ladecki, and Tim talked to us
Speaker 1: specifically about this being carbon neutral by first aread on
Speaker 1: the Eastern Seaboard to do so. So you are seeing
Speaker 1: the private sector, private development continue to make inroads in
Speaker 1: e s G and really push the needle forward, and
Speaker 1: it really mirrors what's going on in the investment community.
Speaker 1: How particular though our investors when it comes to E
Speaker 1: s G investments, because do you know this better than
Speaker 1: most right, not a E s G investments are the same. Yeah,
Speaker 1: that's exactly right, Carol. I mean, you know, there is
Speaker 1: a lot under the e s G or the sustainable
Speaker 1: investment umbrella UM and it can range from everything from
Speaker 1: excluding investments from portfolios, to utilizing sustainability factors to enhance
Speaker 1: an investment process, all the way to the most intentional
Speaker 1: approaches of sustainable themes types of products for even impact investment,
Speaker 1: right where clients or investors are trying to make an
Speaker 1: intentional measurable difference UM in terms of positive change with
Speaker 1: their investments. So there's a lot in there UM and
Speaker 1: I think the most important thing from our perspective is
Speaker 1: that sustainability matters sustainable and means different things to different people, right,
Speaker 1: so UM some clients to to some clients, it's more
Speaker 1: of the latter, To some clients, it's more of the former.
Speaker 1: And so, you know, trying to understand what people are
Speaker 1: trying to achieve with their investments and how they want
Speaker 1: to incorporate sustainability into those investments and then matching it
Speaker 1: up properly with the right types of solutions. That's what's
Speaker 1: most important in the end, because those solutions ultimately have
Speaker 1: to doever, so every portfolio is going to look different.
Speaker 1: So and how do you define the SUS So for US,
Speaker 1: sustainable investment broadly is any strategy or investment that incorporates environmental,
Speaker 1: social and governance considerations into UM, the into the process,
Speaker 1: and into the strategy of the investment itself. So there's
Speaker 1: got to be some objectives, some something that is in
Speaker 1: the strategy or the investment that is about sustainability. So
Speaker 1: if you think about, um, you know, one one one
Speaker 1: exposure might be sustainable fees, right for getting exposure to
Speaker 1: climate themes or healthcare education. A distinct strategy might be, uh,
Speaker 1: you know, investing in the equities or bonds of companies
Speaker 1: that demonstrate leadership on environment and social and governance consideration,
Speaker 1: so how they run their businesses, not necessarily the products
Speaker 1: and services that they're delivering, right, Um, So a range
Speaker 1: of different things in there, um, But for us, it's
Speaker 1: about the intentionality of the strategy and the fact that
Speaker 1: there is a sustainability objective in there. That for us
Speaker 1: is sustainable investment, but incorporating it throughout the process and
Speaker 1: the strategy. Um, that's how we define it. But there
Speaker 1: are a range of different strategies and instruments underneath that. Yeah,
Speaker 1: and we feel like it just continues to develop every day. Andrew,
Speaker 1: thank you so much and and hopefully we can come
Speaker 1: back to you at a future day. Andrew League, global
Speaker 1: head of Sustainable and Impact Investing at UBS Global Wealth
Speaker 1: Management with us on the phone in New York City,
Speaker 1: and I often talk about the different metrics that perhaps
Speaker 1: are needed when it comes to us G because we
Speaker 1: are just wrapping up earning season, and we see companies
Speaker 1: move in the after hours trading when the company reports
Speaker 1: guidance that miss expectations or top line or bottom line
Speaker 1: growth that missed expectations, and we don't see it move
Speaker 1: because of concerns exactly. And you do wonder where this
Speaker 1: ultimately goes and if there's not some kind of financial
Speaker 1: penalty or measurement um, do investors really ultimately care when
Speaker 1: it comes to a particular company. Yeah, but you let
Speaker 1: me drive. Oh no, no, no, no, this is not
Speaker 1: a toy home hone, Please, I'll do the ride gravels.
Speaker 1: I want to drive. It's good question, d. This is
Speaker 1: the drive to the globe to well driver up down
Speaker 1: on Bloomberg Radio. All right, let's get to it. We've
Speaker 1: just got about ten minutes to wrap up the trading
Speaker 1: day and the trading week and definitely a down day,
Speaker 1: certainly concerned about COVID once again, and we're seeing that
Speaker 1: play out in the equity markets. With us for the
Speaker 1: drive to the close. Is Slita Marcelli, chief Investment Officer
Speaker 1: America's UBS Global Wealth Management, on the phone in New
Speaker 1: York City, Sealia. Good to have you here. It's been fun, uh,
Speaker 1: chatting with some of your UBS colleagues here at the
Speaker 1: UBS arena. What's interesting too, though, is, yeah, we talked
Speaker 1: about the arena, talked about what's going on in the environment.
Speaker 1: One of the things top of mind is the next
Speaker 1: FED chair And curious what's top of mind when you
Speaker 1: when that topic comes up for you? Yes, hi, Carl,
Speaker 1: and I'm great to be with you. Uh, it's certainly
Speaker 1: top of mind. But look, you know it's it's the
Speaker 1: FED chair seats that is going to be determined, but
Speaker 1: also there's gonna be up a couple of other seats there.
Speaker 1: We actually don't believe Biden. Um, you know he is
Speaker 1: going to a point a bunch of super dome could
Speaker 1: they fed board? Um, you know it is you don't
Speaker 1: believe that. You know, that's not our base, the base case.
Speaker 1: I mean, like, look, it is very comfortable politicians to prefer,
Speaker 1: you know, central backers to promote economic growth by keeping
Speaker 1: monetary polls to loose. Fust. I think under the current circumstances,
Speaker 1: that strategy could be contraproductive for President Biden, you know,
Speaker 1: given that inflation is high and we'll weigh on his
Speaker 1: approval rates. So our base is actually that he would
Speaker 1: reappoint Powell. Um, and Powell had re repeated. He said
Speaker 1: that said will act and I see useful to train
Speaker 1: an inflation and inflation remain sustainably high. And I think
Speaker 1: markets will likely be comfortable if he stays on s chair. Uh.
Speaker 1: You know Powell has also thrown by parts in supports
Speaker 1: of means to be easily confirmed by the Senate. Okay,
Speaker 1: but but what if he doesn't an apologies again to
Speaker 1: to you and our audience. They're doing some sound checking here.
Speaker 1: It sounds like a UVS arena. But what if he
Speaker 1: doesn't reappoint that chair Powell? Okay? So you know I
Speaker 1: would think the other choice. You know that it's being
Speaker 1: the fast A lot is Granner, right, And I think
Speaker 1: that she's seen by some as more dovish than Powell.
Speaker 1: But in argue, actually she's not that far from the
Speaker 1: Stanton amongst why I'm seeing members. I mean, she really
Speaker 1: hasn't um, you know, defensed uh, you know from Powell
Speaker 1: on money taire policy. You know she has it. I
Speaker 1: think practical approach and I think monter polity continue would
Speaker 1: continue if she were to be the next picture. However,
Speaker 1: where there's a clear policy difference. I would say between
Speaker 1: you know Powell and Raynard is on bank regulation, right,
Speaker 1: So if Biden's to you know kee Powell, uh, you know,
Speaker 1: then we would expect him to appoint Brainerd as vice
Speaker 1: chair Force the provision giving her extra responsible toto a
Speaker 1: bank regulation um and then we should expect to see
Speaker 1: sometimes regulation in the years. So if it's between it so,
Speaker 1: but then I think we're still seeing a continuation on
Speaker 1: one term policy. It's also the other things that we
Speaker 1: have to speak about. So is it in terms of
Speaker 1: who is at the top of the bed or composition
Speaker 1: of the FED. We know it's academic to some extent,
Speaker 1: there's a lot of conversations that go on with all
Speaker 1: the dead members, but who's ever at the top will
Speaker 1: be the same in terms of the impact on Main
Speaker 1: Street as well as Wall Street, or could a different
Speaker 1: FED head have some different implications for Wall Street versus
Speaker 1: Main Street if it were if it's a little hard
Speaker 1: to you guess, but if the fetcher or to be
Speaker 1: someone from the main Street that no, no, no, what
Speaker 1: I'm saying is in terms of who and forgive us,
Speaker 1: we are at the ubs arena and they're still finishing
Speaker 1: touches and they are checking out the audio system here.
Speaker 1: UM and I know our audio makes complicates our audio.
Speaker 1: But in terms of who is at the top of
Speaker 1: the FED worserve, whether it's Brainerd or Powell, will that
Speaker 1: potentially impact let's say, Main Street more than Wall Street?
Speaker 1: In other words, couldn't have some different implications for those
Speaker 1: two different groups, if you will, um, I you know,
Speaker 1: I don't. I don't think so we don't see that
Speaker 1: much of a difference um between the student terms of
Speaker 1: you know, you know, perception from monitory policy. But again,
Speaker 1: I think Powell has been in the street, He's been
Speaker 1: uh tested. I think he certainly does have UM, you know,
Speaker 1: I think, for example, from the progressive perspective, right, even
Speaker 1: though there has been some um, you know pushback because
Speaker 1: he you know, in terms of UM his reactions inflation,
Speaker 1: I would say that he's certainly emphasized issues that are
Speaker 1: important to UM democrats, like taking a broad view of
Speaker 1: the first mandates to promote and you know, maximum employment,
Speaker 1: as well as promoting diversity within the fatty stuff. So
Speaker 1: I think, you know, UM among you, I don't think
Speaker 1: there's going to be that much of a difference in
Speaker 1: from the perception between the two. But I think Power
Speaker 1: certainly has the incumbent um, you know, advantage, and he's
Speaker 1: already tested, it's already know his people. I think that
Speaker 1: I think people are comfortable with his style of communication
Speaker 1: as well, so um, you know, I think, you know, uh,
Speaker 1: it would be more in his favor. Selita Martelli, we
Speaker 1: are going to have to leave it their chief investment
Speaker 1: officer of the America's at UBS Global Bolt Management. Again, apologies,
Speaker 1: Dr Wrap you just a little bit early. And to
Speaker 1: our audience right now again we all live from the
Speaker 1: ups arena, and it appears there's some sort of sound
Speaker 1: chet going on, um that is relatively low. Thanks for
Speaker 1: listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud,
Speaker 1: or Bloomberg dot com, and you can also listen to
Speaker 1: our radio show at two pm Eastern on Bloomberg Radio
Speaker 1: or watch us on YouTube. Search to Bloomberg Global News