The New Wealth Machine
manasi ✨@manasi
−5.2%
since Sep 30
The idea
I believe the real money is made serving the people who manage new wealth, not selling them the luxury goods it buys. So this basket leans hardest into alternative asset managers pushing into private-market funds for individuals, adds the distribution specialists who earn fees on that flow, balances it with steadier custodians and advisor platforms, and keeps a small slice in newer brokerages catching younger money early. I hold a bit of cash on the side and plan to hold this for years, since it is a bet on a structural shift in how wealth gets managed rather than a short-term trade.
What it owns
- The largest private-market managers are opening evergreen funds directly to wealthy individuals, creating a new stream of recurring management fees from a vastly larger pool of money than pensions alone. · Blackstone Inc.It operates the largest alternative-asset platform and is rapidly gathering billions from wealthy individuals into evergreen private-market funds that generate recurring management fees., KKR & Co.It is building evergreen private-market funds aimed at individual investors, shifting from its historical focus on pension capital to capture the growing retail-wealth opportunity., Apollo Global ManagementIt distributes private credit funds directly to wealthy individuals and their advisors, earning management fees on an asset class that appeals to investors seeking higher yields., Ares ManagementIt manages credit funds increasingly sold through wealth advisors to individuals, earning recurring fees as advisors steer client money into its private credit strategies., Blue Owl CapitalIt was designed from inception to sell private-market products through wealth channels, making it a pure play on individuals' growing appetite for alternative assets through advisors., Brookfield Asset ManagementIt earns management fees on real assets like infrastructure and property and is packaging those strategies for wealthy individuals seeking alternative investments.41%
- These firms hold the accounts where new fortunes actually sit, earning steady fees on custody, advice, and assets under management as client balances grow over decades. · Charles SchwabIt custodies a vast share of advisor-managed and self-directed wealth, earning recurring fees on growing client balances, cash holdings, and trading activity., Morgan StanleyIt captures new wealth early through employee stock and executive-compensation plans, then manages those fortunes for decades through dedicated wealth-management teams., Raymond James FinancialIt grows by recruiting financial advisors and keeping the assets they bring, earning recurring fees on expanding advisor headcount and rising client assets under management., Ameriprise FinancialIt derives most earnings from advice and asset management fees charged to individual clients, directly benefiting as new wealth seeks professional portfolio management., Goldman SachsIt banks founders and executives at the moment wealth is created, then manages those fortunes through its wealth and asset management divisions for ongoing fee income.30%
- These gatekeepers earn fees routing individual money into private-market funds through financial advisors, collecting on the flow regardless of which manager wins. · Hamilton LaneIt provides the infrastructure that allows financial advisors to place client money into private markets, earning fees on the flow of capital regardless of which fund manager benefits., StepStone GroupIt allocates money into private markets for clients and is expanding that service to wealthy individuals, earning fees on capital flows into alternatives through wealth advisors.12%
- These brokerages capture younger people's first accounts when they start earning and investing, then deepen relationships by adding advisory and alternative-investment access. · Robinhood MarketsIt captures younger people's first investment accounts and is expanding offerings to include retirement, advisory, and private-market access to deepen their relationship., Interactive BrokersIt provides custodial and trading services to self-directed investors worldwide, including newly wealthy individuals who manage their own portfolios globally.10%
- Cash7%