Future State

State Street

Future State is a bi‑weekly investing podcast focused on the future of asset management, financial markets, and investment innovation. Hosted by Tadhg Young and Anna Bernasek of State Street, the podcast explores how technology, data, and product innovation are reshaping the business of investing.

Each episode features industry leaders and subject‑matter experts discussing the trends that matter most to institutional investors—AI, digital finance, ETFs, alternatives, regulations, operational transformation and more—helping listeners stay informed, competitive, and future‑ready.

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16 episodes
fortnightly
Avg 18 min
English

Episodes 16

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September 1 · 19 min
The Changing Economics of ETFs
ETFs have moved from disruptive challenger to a dominant force in global investing—and the conversation is shifting from growth to economics. In this episode, Jeff Sardinha, Global Head of ETF Solutions at State Street, joins hosts Tadhg Young and Anna Bernasek to explore what the industry’s next phase means for asset managers. See omnystudio.com/listener for privacy information.
August 25 · 20 min
Defending the financial system in the age of AI
In this episode, Nick Adam, Deputy Chief Information Security Officer at State Street, explores how AI is reshaping both cyber threats and cyber defense. From industry collaboration initiatives like Project Glasswing to the growing importance of resilience, simplicity, and trust, Nick shares how financial institutions are thinking about preparing for a future where security must move faster than ever before. See omnystudio.com/listener for privacy information.
August 18 · 14 min
The Growing Importance of Liquidity in Private Markets
In this episode, Scott Carpenter, Global Head of Alternatives, and Ken Grogan, Global Head of FX Sales for Alternatives, discuss insights from our fifth annual Private Markets Study. They examine the rising importance of liquidity as investors gain greater access to private markets through semi-liquid fund structures, and what this evolution means for foreign exchange strategy and currency hedging. See omnystudio.com/listener for privacy information.
August 4 · 19 min
The Eurozone and Stablecoins
In this episode, Elliot Hentov, Chief Macro Policy Strategist at State Street Investment Management, and John Orchard, Chairman at OMFIF Digital Monetary Institute, discuss how digital money and stablecoin innovation could create new opportunities for the euro in the global financial system. The conversation explores why the euro has struggled to challenge the dollar’s reserve currency dominance, how euro-denominated stable assets could offer an alternative model, and what political, economic, market and technological hurdles would need to be overcome. They also examine the potential role of yield-bearing stablecoins and whether similar approaches could be applied to other major currencies. See omnystudio.com/listener for privacy information.
July 21 · 15 min
Scaling the Future of Private Markets
In this episode of Future State, hosts Anna Bernasek and Tadhg Young speak with Yvonne Garcia, Head of Asset Manager Clients, North America at State Street, about the next phase of growth in private markets. Drawing on insights from State Street's fifth annual private markets survey, they explore the rise of individual investor access, the operational challenges of scaling private markets, and the critical role of liquidity, data quality, and infrastructure in supporting long-term industry growth. See omnystudio.com/listener for privacy information.
July 9 · 19 min
The signals emerging from the State Street Markets Research Retreat
What makes the State Street Markets Research Retreat one of the industry's most distinctive investor events? In this episode, join Michael Metcalfe, Head of Macro Strategy at State Street Markets, as he shares the history and evolution of the global retreat series and unpacks the market forces shaping the investment landscape today, including inflation, AI, investor behavior, and political risk. See omnystudio.com/listener for privacy information.
June 25 · 19 min
The Irish EU Presidency and Why It Matters
As Ireland prepares to assume the EU Council Presidency in July 2026, Future State explores the implications for Europe’s financial services landscape. With key reforms underway across retail investment, pensions and UCITS, the episode highlights how Ireland can help shape capital markets outcomes—leveraging strong alignment between EU priorities and domestic policy to reinforce its position as a leading fund domicile and support long-term investment. See omnystudio.com/listener for privacy information.
June 16 · 12 min
A Sneak Peek at State Street’s 5th Annual Private Markets Survey
State Street has been tracking private markets longer—and more deeply—than most in the asset servicing industry. In this sneak peek of our fifth annual Private Markets Survey, we reflect on five years of findings and explore what’s new in this year’s data, from persistent investor demand to the realities of democratization and operational scale. See omnystudio.com/listener for privacy information.
June 1 · 21 min
The ETF Signals heard across three continents
As ETFs continue to evolve from a product wrapper into core market infrastructure, global perspectives are becoming increasingly important. In this episode of Future State, we explore how the ETF landscape is changing across regions—and what those shifts mean for issuers, asset managers, and investors. Anna Bernasek is joined by Jeff Sardinha, Global Head of ETF Solutions at State Street, following an extended global roadshow across Europe, Asia, and Australia. Drawing on conversations with clients, exchanges, and regulators, the discussion examines the forces shaping the next phase of ETF growth—from the rise of active strategies and expanding use cases to regulatory developments, market structure, and the growing complexity of products. The conversation offers a grounded, global view on where momentum is building, how firms are adapting, and what industry leaders should be watching as ETFs continue to scale and mature. See omnystudio.com/listener for privacy information.
May 12 · 20 min
The Shifting Global Landscape for Retirement
In this episode hosts Tadhg Young and Anna Bernasek explore the shifting global landscape for retirement and what it means for financial services. They’re joined by Brendan Curran, Head of US Retirement at State Street Investment Management, and Jasper Martens, CMO of PensionBee, to discuss the macro forces reshaping retirement systems: longevity, changing career patterns, technology-driven engagement, and evolving capital markets. The conversation highlights emerging opportunities as firms adapt to a fast-changing market. See omnystudio.com/listener for privacy information.
April 28 · 21 min
Digital Assets: A Regulatory Reality Check
As digital assets move toward institutional scale, regulation has become the defining factor. In this episode of Future State, we take a clear, fact‑based look at the evolving regulatory landscape and what it means for institutional markets. Cutting through hype and speculation, the conversation explores how regulation is shaping operating models, risk decisions, and the path from experimentation to scale. See omnystudio.com/listener for privacy information.
March 31 · 14 min
Beyond the Buzzwords: Digital Assets, Defined for Institutions
In this episode, we explore the future of digital assets through a clear, fact-based lens—cutting through complexity to focus on the trends and regulatory developments that matter most. From evolving market dynamics to policy considerations shaping institutional adoption, the conversation provides essential context for navigating what’s ahead. Listeners will come away with a grounded understanding of how digital assets are maturing, where momentum is building, and how regulatory frameworks are influencing the path —cutting through complexity to focus on the trends and regulatory developments that matter most. See omnystudio.com/listener for privacy information.
March 17 · 21 min
2026 Private Markets Outlook: Access, Scale and the New Operating Reality
As private markets evolve, access is expanding, but so is complexity. In this episode of Future State, Tadhg Young and Katherine Lucas are joined by State Street’s Global Head of Alternatives, Scott Carpenter and Alpha FMC’s Jonathan Balkin to explore the structural forces shaping private markets in 2026. The conversation encompasses key themes influencing the space, from semi‑liquid vehicles and operational scale to retirement access and asset class opportunities. A pragmatic, execution‑focused conversation for leaders navigating what comes next. See omnystudio.com/listener for privacy information.
March 3 · 20 min
Signals Shifting the Industry: Inside the Markets 2026 Outlook
In this episode, Lee Ferridge, Senior Managing Director, Head of Multi-Asset Strategy, The Americas joins us to unpack Market Signals and Shifts: What to watch in 2026, exploring how interest rate trends, currency movements, and asset allocation strategies will shape institutional portfolios. From AI-driven analytics to emerging market opportunities, we break down what these developments mean for asset managers and owners. Tune in for actionable insights and a forward-looking discussion on how we help clients prepare for volatility and structural change. See omnystudio.com/listener for privacy information.
February 25 · 20 min
From Data to Decisions: Intelligence at Market Speed
State Street Data Intelligence transforms proprietary data into actionable insights that help investors make faster, better decisions across investments, operations, and distribution. It delivers near real‑time clarity on inflation, media sentiment and private capital performance by leveraging millions of daily data points and State Street’s unique position across asset classes. Tune in for an in-depth discussion with our head of Data Intelligence, Will Kinlaw. See omnystudio.com/listener for privacy information.
#1
February 18 · 11 min
From ‘Why’ to ‘How’: Inside Digital Asset Allocation for Institutional Investors
In this episode, we unpack the latest Digital Digest, our research driven publication exploring how digital assets and emerging technologies are reshaping the industry based on a large-scale survey of institutional investors. From rising allocations and tokenization trends to the convergence of blockchain, GenAI, and the hybrid future of finance, we break down what these developments mean for asset managers and owners. Tune in for actionable insights and a forward-looking discussion on how State Street is helping clients navigate the digital transformation of financial services. See omnystudio.com/listener for privacy information.

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