Future State
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 trends such as AI, digital finance, ETFs, alternatives, regulations, and operational transformation.
Episodes
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
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 domin
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
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.Se
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 po
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 f
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, fo
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
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
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 u
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
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
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
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 asse
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