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What if we told you that only around 1% of the massive $17 trillion corporate credit market is managed systematically—leaving a huge opportunity for those who dare to innovate?
In this episode of Evercore's Flow of Funds, host Glenn Schorr sits down with Kelly Young, CEO of Acadian Asset Management, and Scott Richardson, Head of Systematic Credit, for an eye-opening look into the world of systematic credit investing.
You'll get a behind-the-scenes view of how Acadian leverages advanced data science, machine learning, and transparency to bring rigor and discipline to credit markets. The guests break down what sets their approach apart from traditional managers, discuss the explosive growth and future potential of systematic credit, and address common misconceptions about AI and “black box” investing. Plus, you'll hear candid insights on the rise of private credit and what environments foster alpha in systematic strategies.
Key highlights:
- Why systematic investing is poised for major growth in credit markets
- What “black box” really means—and why Acadian opens the lid
- How AI and machine learning enhance but don’t replace human insight
- The advantages of being a liquidity provider in fixed income markets
- Where institutional investor demand stands today, and the road ahead
Timestamped Overview:
00:00 - Introduction and episode goals
01:17 - Acadian Asset Management overview & systematic investing defined
02:54 - Key differentiators and transparency vs. black box
04:01 - Scott Richardson’s background and systematic credit introduction
05:19 - What is systematic credit and why does it matter now
07:08 - Market size, active vs. passive, and potential opportunity
09:25 - Factors and security selection—building uncorrelated portfolios
11:02 - Private credit trends and the effect on public markets
14:38 - Market conditions: alpha vs. beta, environments for success
16:48 - Capacity constraints and liquidity
18:08 - AI, machine learning, GenAI—how tech fits into investing
20:11 - Leveraging Acadian’s data and technology platforms
22:14 - Analyst roles and process transparency
24:17 - Institutional investor perspective and education
26:16 - Systematic vs. passive: alpha and market positioning
27:11 - The future of systematic credit and Acadian’s vision
28:44 - Liquidity, scale, and closing thoughts
29:03 - Outro and disclaimers
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Applicable current disclosures regarding the companies discussed in this video are available at the offices of Evercore ISI: 55 East 52nd Street, New York, NY 10055, and at the following site:
https://evercoreisi.mediasterling.com/disclosure
