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.

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.

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.

Future State is a bi‑weekly investing podcast focused on the future of asset management, financial markets, and investment innovation.&nbsp;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&mdash;AI, digital finance, ETFs, alternatives, regulations, operational transformation and more&mdash;helping listeners stay informed, competitive, and future‑ready.

Future State

The Growing Importance of Liquidity in Private Markets

What’s really driving inflation today? In this episode, Rajeev Bhargava, Head of PriceStats, and Marvin Loh, Senior Macro Strategist, explore how investors can move beyond lagging inflation indicators using real-time pricing data. Discover how millions of online prices can reveal inflation trends ahead of official releases, provide deeper insights into what’s driving price movements, and help investors make more informed portfolio and risk management decisions.

What&rsquo;s really driving inflation today? In this episode, Rajeev Bhargava, Head of PriceStats, and Marvin Loh, Senior Macro Strategist, explore how investors can move beyond lagging inflation indicators using real-time pricing data. Discover how millions of online prices can reveal inflation trends ahead of official releases, provide deeper insights into what&rsquo;s driving price movements, and help investors make more informed portfolio and risk management decisions.

What’s Really Driving Inflation? Rethinking Price Signals in Real Time

As retirement evolves from a savings goal into a decades-long income challenge, wealth management must evolve with it. Jennifer Stokes, Head of Wealth Custody and Clearing at State Street, explores how longevity, personalization, technology and modern custody are reshaping retirement advice and helping firms deliver better client outcomes. 

 

Important Information:

This communication is provided by State Street Bank and Trust Company, hereafter referred to as State Street and is for informational purposes only and is not intended to suggest or recommend any transaction, investment or investment strategy. It does not constitute investment research, nor does it purport to be comprehensive or intended to replace the exercise of an investor's own careful independent review and judgement regarding any investment decision. This communication and the information herein does not constitute investment, legal or tax advice, and is not a solicitation to buy or sell securities or any financial instrument, nor is it intended to constitute a binding contractual arrangement or commitment by State Street of any kind. The information provided does not take into account any particular investment objectives, strategies, investment horizon or tax status. The views expressed herein are the views of State Street as of the date specified and are subject to change without notice based on market and other conditions. The information provided herein has been obtained from sources believed to be reliable at the time of publication. Nonetheless, we make no representation or assurances that the information is complete or accurate and you should not place any reliance on said information. State Street hereby disclaims any warranty in all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs either direct, indirect, consequential, special or punitive, arising from or in connection with any use of this communication and or the information herein. State Street or its affiliates may, from time to time, as principal or agent for its own account or for those of its clients, have positions in and or actively trade in financial instruments or other products identical to or economically related to those discussed in this communication. This communication may contain information deemed to be forward looking statements. These statements are based on assumptions, analyses and expectations of State Street in light of its own experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate under the circumstances. All information is subject to change without notice. This communication or portion hereof may not be redistributed without the prior written consent of State Street. Past performance is no guarantee of future results. 

© 2026 State Street Corporation and/or its applicable third-party licensor. 

All Rights Reserved. 

Brokerage Services offered by State Street Global Markets LLC, a member of the Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), NASDAQ, MSRB, and NFA. 

The content and opinions on this podcast shall not be considered as a recommendation or solicitation for the purchase or sale of securities, options, or other investment products. SSGM does not recommend investments or investment strategies or provide investment, tax, or legal advice, and you are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. SSGM does not recommend that any security should be bought, sold, or held by you. SSGM will not be held responsible for the decisions you make to buy, sell, or hold any security based on the information provided by SSGM. All information and data is for reference only and no historical data shall be considered as the basis for judging future trends. State Street Global Markets, LLC does not provide tax advice. Tax outcomes depend on your individual situation and may change with law or guidance. You are responsible for maintaining adequate records and consulting your tax adviser. 

The past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing.

You should understand the investment objectives and unique risk profile of an ETF carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. 

A prospectus contains this and other information about the ETF and should be read carefully before investing. You should seek to obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end.

These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences. 

Products and services described herein may not be available in all jurisdictions or through all State Street entities. 

The development, release and timing of any product, features or functionality described remain at the sole discretion of State Street and are subject to the firm's internal governance and due diligence approval process. 

9106096.1.1.AM.

Expires 9/14/2027

© 2026 State Street Corporation and/or its applicable third-party licensor. 

All Rights Reserved. 

 

As retirement evolves from a savings goal into a decades-long income challenge, wealth management must evolve with it. Jennifer Stokes, Head of Wealth Custody and Clearing at State Street, explores how longevity, personalization, technology and modern custody are reshaping retirement advice and helping firms deliver better client outcomes.&nbsp;
&nbsp;
Important Information:
This communication is provided by State Street Bank and Trust Company, hereafter referred to as State Street and is for informational purposes only and is not intended to suggest or recommend any transaction, investment or investment strategy. It does not constitute investment research, nor does it purport to be comprehensive or intended to replace the exercise of an investor's own careful independent review and judgement regarding any investment decision. This communication and the information herein does not constitute investment, legal or tax advice, and is not a solicitation to buy or sell securities or any financial instrument, nor is it intended to constitute a binding contractual arrangement or commitment by State Street of any kind. The information provided does not take into account any particular investment objectives, strategies, investment horizon or tax status. The views expressed herein are the views of State Street as of the date specified and are subject to change without notice based on market and other conditions. The information provided herein has been obtained from sources believed to be reliable at the time of publication. Nonetheless, we make no representation or assurances that the information is complete or accurate and you should not place any reliance on said information. State Street hereby disclaims any warranty in all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs either direct, indirect, consequential, special or punitive, arising from or in connection with any use of this communication and or the information herein. State Street or its affiliates may, from time to time, as principal or agent for its own account or for those of its clients, have positions in and or actively trade in financial instruments or other products identical to or economically related to those discussed in this communication. This communication may contain information deemed to be forward looking statements. These statements are based on assumptions, analyses and expectations of State Street in light of its own experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate under the circumstances. All information is subject to change without notice. This communication or portion hereof may not be redistributed without the prior written consent of State Street. Past performance is no guarantee of future results.&nbsp;
&copy; 2026 State Street Corporation and/or its applicable third-party licensor.&nbsp;
All Rights Reserved.&nbsp;
Brokerage Services offered by State Street Global Markets LLC, a member of the Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), Securities Investor Protection Corporation (SIPC), The New York Stock Exchange (NYSE), NASDAQ, MSRB, and NFA.&nbsp;
The content and opinions on this podcast shall not be considered as a recommendation or solicitation for the purchase or sale of securities, options, or other investment products. SSGM does not recommend investments or investment strategies or provide investment, tax, or legal advice, and you are solely responsible for determining whether any investment, investment strategy, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. SSGM does not recommend that any security should be bought, sold, or held by you. SSGM will not be held responsible for the decisions you make to buy, sell, or hold any security based on the information provided by SSGM. All information and data is for reference only and no historical data shall be considered as the basis for judging future trends. State Street Global Markets, LLC does not provide tax advice. Tax outcomes depend on your individual situation and may change with law or guidance. You are responsible for maintaining adequate records and consulting your tax adviser.&nbsp;
The past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit or protect against loss in a down market. There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing.
You should understand the investment objectives and unique risk profile of an ETF carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors.&nbsp;
A prospectus contains this and other information about the ETF and should be read carefully before investing. You should seek to obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end.
These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences.&nbsp;
Products and services described herein may not be available in all jurisdictions or through all State Street entities.&nbsp;
The development, release and timing of any product, features or functionality described remain at the sole discretion of State Street and are subject to the firm's internal governance and due diligence approval process.&nbsp;
9106096.1.1.AM.
Expires 9/14/2027
&copy; 2026 State Street Corporation and/or its applicable third-party licensor.&nbsp;
All Rights Reserved.&nbsp;
&nbsp;

From Assets to Outcomes: The New Retirement Imperative for Wealth Management

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. 

ETFs have moved from disruptive challenger to a dominant force in global investing&mdash;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&rsquo;s next phase means for asset managers.

The Growing Importance of Liquidity in Private Markets

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