HSBC's Oden on Private Markets, Women and Wealth

Summary

Podcast Summary

Podcast: Bloomberg Businessweek
Episode: HSBC's Oden on Private Markets, Women and Wealth
Date: November 26, 2025
Hosts: Carol Massar and Tim Stenovec
Guest: Raquel Oden (Head of International Wealth & Private Banking, HSBC)

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Main Theme

This episode explores the intersection of private markets, credit concerns in asset management, and the evolving influence of women in wealth — particularly amid the "great wealth transfer." Guest Raquel Oden shares insights from HSBC's research into affluent women and their approach to wealth, investing, and philanthropy.

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Key Discussion Points and Insights

1. Private Markets and Insurance Industry Risks

• Background: Alternatives asset managers are increasingly acquiring insurers to access stable, long-term capital (02:01).
• Recent Scrutiny: Traditionally, insurers favored liquid investments. Recent losses (e.g., auto lender blowups) have sparked concerns about riskier exposures from private assets (02:17).
• Expert Viewpoint (Raquel Oden):
  • Diversification is key; private markets make up a small "sleeve" of typical portfolios, often around 5–10% (03:41; 03:59).
  • Alternative assets encompass private equity, credit, venture capital, and sometimes client-requested crypto, but each allocation is client-specific (04:35; 04:53).
  • Private markets should not be the primary means of retirement saving; these riskier assets are for the "ability to take risk, but it's not needed for your livelihood" (05:57).

Notable Quote

“It’s not the primary part of the portfolio, but there’s clearly a need and interest for a sleeve... sometimes 10%, 5%... if it makes sense for the client."
— Raquel Oden (03:45–03:59)

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2. Client Sentiment on Private Markets

• Varied Attitudes: High net worth clients display a range of attitudes — some eager for more private market exposure, others cautious (06:19).
• Openness: "There should be some level of openness to the exposure," says Oden. The diversity of opinion is notable (06:37–06:40).

Notable Quote

“To all of the above... genuinely, all of the above.”
— Raquel Oden, on client attitudes to private markets (06:37–06:40)

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3. Women, Wealth, and Philanthropy: The Giving Shift Report

• Affluent Women's Priorities:
  • 60% say giving financially is "extremely or very important" (07:09).
  • They focus not only on accumulating wealth, but also on charitable giving — often locally, preferring impact over public recognition (07:47–08:31).
• Different Approaches: Women are more likely than men to prioritize philanthropy during and after their lifetimes (08:38).
• Generational and Racial Differences in Confidence:
  • Gen Z women show 61% confidence in attaining wealth, compared with only 40% of baby boomers.
  • African American women are the most confident in attaining wealth (69%), followed by Hispanic women (60%) and white women (47%) (09:10–09:53).

Notable Quotes

“Sixty percent of affluent women said giving financially is extremely important or very important to them.”
— Raquel Oden (07:09–07:37)

“What you’ve seen from the big billionaires... they want to give a big check with a big name... What’s different here is women... want to give close to home... less about having their name on a building.”
— Raquel Oden (08:10–08:31)

“When it came to Gen Zs, 61% [have] confidence; if you look at baby boomers, they’re closer to 40%. And then... African American women came in at 69%, Hispanic women were 60%, white women were 47%.”
— Raquel Oden (09:10–09:53)

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4. Broader Implications

• Wealth Transfer: The "great wealth transfer" is poised to place more capital in the hands of women, increasing their influence on investment and philanthropy (06:48).
• Ongoing Research: The importance of continuous research is underscored, as societal dynamics and gender roles in finance evolve (10:10).

Notable Quote

“There’s more wealth coming into the hands of women.”
— Interviewer / Host (10:10)

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Timestamps for Important Segments

• [02:01] — Introduction to private market–insurance industry trend
• [03:41] — Raquel Oden on diversification and client allocation to alternatives
• [04:35] — Breakdown of what’s included in private market exposure
• [05:15] — Reflections on risk, referencing Jamie Dimon and Mark Rowan
• [06:37] — Client attitude diversity and openness to private market assets
• [07:09] — ‘The Giving Shift’: Women’s priorities in wealth and philanthropy
• [09:10] — Generational and racial differences in confidence among women
• [10:10] — The significance of female wealth and ongoing research

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Memorable Moments

• Raquel Oden’s data on confidence disparity not just across generations but also races, highlighting a complex, nuanced picture of wealth’s future stewards (09:10).
• The shift in women’s giving — from large, named benefactions to local, community-oriented philanthropy — signals profound changes in what “wealth” means and how it gets used (08:31).

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Conclusion

This episode provides an insightful look at how private markets fit into wealth management, the contemporary risks in alternatives, and a deep dive into the changing shape of wealth as more women inherit and create capital. Raquel Oden’s perspective — backed by HSBC’s new report — offers fresh data on not just how women approach investing and philanthropy, but also how confidence and priorities differ sharply across age and ethnic groups.

For listeners concerned with asset allocation, risk, or the social impact of wealth, this conversation is a must-hear.

Transcript

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[Bloomberg Station ID]

Bloomberg.

[Raquel Odin]

Audio Studios Podcasts Radio News.

[Carol Massar]

You're listening to Bloomberg Businessweek with Carol.

[Tim Stanvak]

Massar and Tim Stanvak on Bloomberg Radio.

[Interviewer / Bloomberg Host]

Well, alternative asset managers have been snapping up insurers in recent years, gaining access to a stable source of long term capital to fuel their investments. Apollo, we know, pioneered the model with its insurance arm Athene, investing in financial products Tim created by its asset management division.

[Carol Massar]

Recently though, the close ties between private equity and insurers have drawn scrutiny as the latter had traditionally put put their money in the most liquid parts of the market such as high grade bonds and stocks. The recent blow ups of auto parts from First Brands Group and subprime auto Lender Tricolor holdings have exacerbated fears about credit losses across the financial industry.

[Interviewer / Bloomberg Host]

Yeah, this is a worry and it really fits into, I feel like the broader conversation we've been having about private markets, private credit. It's a lot going on. So we just wanted to throw that out because that's a story that is certainly on the Bloomberg today and we want to talk about it a little bit with our next guest. Let's get to our weekly segment, Women, Money and Power. We explore all the economic implications of how women are poised to control more money than ever before as the biggest beneficiaries of the great wealth transfer. So with more on all of that, we welcome Raquel Odin. She is head of international wealth and private banking at hsbc, joining us in studio. And we wanted to do that because part of, you know, wealth and when we talk to wealth managers, private bankers is that we know investors, clients, consumers of yours. They're interested in certainly the private markets and it's a big part sometimes of their portfolios or they want it to be a part of their portfolio. And we're going to talk about your report on the giving shift in just a moment. The credit concerns are private credit markets, private market worries. What are you hearing from your clients about that? What is the discussion you guys are all having with your team?

[Raquel Odin]

Yeah, so I think as you said, this is one, it starts with diversification.

[Carol Massar]

Right.

[Raquel Odin]

So it's not the primary part of the portfolio, but there's clearly a need and there's an interest for a sleeve of your portfolio be part of this.

[Interviewer / Bloomberg Host]

How much is like usually in a client's portfolio that you work with And I know everybody does it a little bit. What's the range typically?

[Raquel Odin]

I think on this you're talking like 10%, 5% of the portfolio. These are things you're going to look at. And by the way, this is if it makes sense for the client, if they have interest in it. I think as you think about the private equity markets, you think about I you think about will the Fed make cuts? These are all the interesting questions we get from our clients today specifically of how do I respond to that and make sure that I'm still focused on my long term goals with all of these different aspects happening as well as the regulation with all of this too, what is this going to look like and how do we manage these private equity markets? That's something that is certainly also being looked at.

[Carol Massar]

But in that 10% slice, you know, it's not 10% private credit, it's there's some venture capital in there, there's some private equity in there. I mean, some people may ask for exposure to crypto in that alternative. So I don't know, is that, is that kind of how you see it? Like a very small portion of it. The typical portfolio would be private credit.

[Raquel Odin]

Private credit. But at the same time, exposure to crypto is something you have to decide if that's specific to you. I can't say that's something that big banks are getting behind. But again, exposure, it comes down to the individual, what they're looking for and how do you balance the risks and all this that we're talking about and also making sure that this isn't becoming your primary way of attaining retirement is key to that.

[Interviewer / Bloomberg Host]

Yeah, because it's just been interesting. You know, we are trying and talking to smart voices like yourself and just trying to get an idea of what people are hearing, thinking, saying, because we know that Jimmy Dimon made the comment about more cockroaches out there. We've been looking at. There have been some trouble certainly in some of the subprime auto lending era area. And we had the Apollo CEO Mark Rowan speaking as part of a presentation on the firm's retirement services business. And he rejected the idea that private assets introduce risk to retirement and insurance portfolios. He said, quote, people have really just lost their minds and the headlines get more and more hysterical and have almost nothing to do with the substance. Having said that, one last question then we want to get to your point.

[Raquel Odin]

The key thing you said there is your risk tolerance. Right. So it is a basic factor of how much risk are you willing to take on. And I think to your, your. The point of what you're hearing there is whether it's crypto and you've heard from other industry leaders, like I said, this should not be your retirement plan. This is where you have the ability to take risk, but it's not needed for your livelihood or everyday living.

[Interviewer / Bloomberg Host]

Well, so your client base, like I'm assuming, you know, these are folks with high net wealth. And I just wondering, are they clamoring to do more and more in private markets? Do they want to see this open up more or, or are they pretty comfortable? Or they're like, you know what, we see the concerns, we're a little concerned.

[Raquel Odin]

To all of the above. Okay, right.

[Interviewer / Bloomberg Host]

Check, check, check, check, check.

[Raquel Odin]

No, John, genuinely, all of the above. But still there should be some level of openness to the exposure to it. And I think that's the part you are seeing from this client base.

[Interviewer / Bloomberg Host]

Now, I always think about this and we, you and Tim and I talk about it, men and women are different. And I always think about risk tolerance. But talk to us. You know, you've got to report out the giving shift, Global living, local giving, how affluent women are defining wealth and philanthropy. Philanthropy close to home. Talk to us a little bit about this report. And I am always curious how it differs, maybe perhaps what men from what men might do.

[Raquel Odin]

Yeah. So I think it's between men, women, and the generations, which I think is great about the report. And so we surveyed over a thousand affluent clients and really from the standpoint of what matters to them most. And I think there's three key factors that came out of this. The first one being 60% of affluent women said giving financially is extremely important or very important to them. So if you think about that as a factor in itself. So you just talked about the transfer of wealth going to women.

[Interviewer / Bloomberg Host]

Right.

[Raquel Odin]

They're saying it's a top priority for them to give financial wealth, which I think is a very different factor between men and women. That's the first one.

[Interviewer / Bloomberg Host]

What does that mean?

[Raquel Odin]

So what they're basically saying is as I create my wealth, I want to make sure that I can give financially to giving charity. Philanthropy is 60% of a priority to me. So it's a very high number. So it wasn't like I want more accumulation wealth. I want to make sure that I have the ability to give financially or give away my wealth in some shape, form or fashion. And so what you've seen from the big billionaires that are out there, historically it has been they want to give a big check with a big name and put their name on a building or, you know, into the theater. What's different here is what you're seeing in women and they're giving, it really is they want to give close to home. They want to give to local charities or local things that they can see immediate impact less about having their name on a building.

[Carol Massar]

How much about the giving is giving while living versus promising assets or promising money in a will?

[Raquel Odin]

It's both. Right. So giving while living. So as they're accumulating their wealth, they're focused on how can I give while I'm living? But more importantly, how can I how do I make sure my wealth lives on? So they're passing on is just as important to them. Critically. Now, giving while living tells you at different stages of where they are. Whether you're a Gen Z versus a obviously baby boomer, there's a Big difference in where your psyche is and what you're focused on. What's important about that, though, is we also have to figure out the confidence of women on their investing and their wealth.

[Interviewer / Bloomberg Host]

Right.

[Raquel Odin]

Knowing that if it's a priority for them to give philanthropically, they want to make sure they're able to accumulate wealth. What we did see in the report that was very dramatically different is when you take a look at women and investing in their confidence, because we do know that's a huge factor in a lot of this. When it came To Gen Z's 61% confidence, if you look at baby boomers, they're closer to 40%. There's a very dramatic difference between the generations of their confidence and wealth. And then we did it based on race, and we saw a dramatic difference there as well. African American women came in at 69% feeling confident that they would be able to attain their wealth. Hispanic women were 60%. White women were 47%.

[Interviewer / Bloomberg Host]

Interesting.

[Raquel Odin]

Very interesting. So the attaining of wealth or the confidence that they can attain their wealth looked very different for African American and Hispanic women. But generationally, Gen Zs have the most confidence in the standpoint that they feel good about their wealth and what they can do in life.

[Interviewer / Bloomberg Host]

I love that people are continuing to do research and find out more and more and understanding, especially because there's more wealth, wealth coming into the hands of women. Raquel Odin. She is head of international wealth and private banking at hsbc. Thank you so much. Thank you for also talking about the news of the day. Look, Santa, the kids left you.

[Raquel Odin]

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