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)

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.

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)

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)

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)

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)

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

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).

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.