NYAIR Episode 33
The Challenges Alternative Investments Face Among Public Pension Funds
NY-AIR tackles the trillion-dollar storm facing public pension funds and alternative investments. Former investment banker and public pension restructuring leader Jonathan Tritcher reveals the politics, market headwinds, and transparency battles confronting alternatives at scale. Get clarity on why alternatives underperform, what policymakers get wrong, and how money managers must evolve to stay relevant in a shifting investment landscape.
Featured Guests
Jonathan Tritcher
Investment Banker, Public Pension Restructuring Specialist, Former NY State Controller Candidate
Jonathan Tritcher is a leading commentator and advisor on public pension systems, municipal finance, and retirement policy. He brings frontline experience from pivotal restructuring assignments at JPMorgan, Maeva Group, the Pew Charitable Trusts, and advisory roles to city leaders tackling billion-dollar pension liabilities. Jonathan’s expertise bridges Wall Street and state capitals, with a relentless focus on exposing funding gaps, designing consensus reforms, and advocating real-world governance in public asset management.
Key Insights From This Episode
What Makes a Total Return Swap Different
Gain economic exposure to assets without a capital outlay, recording P&L instead of the asset itself on your books—ideal for liquidity, hedging, or off-balance-sheet strategies.
Valuation, Margin, and Accounting Dynamics
Total Return Swaps offer flexible exposure, but come with complex margining, collateral requirements, and accounting for both financing and asset legs. Understanding regulation and processing is key for compliance and performance.
Use Cases Across the Investment World
From hedge funds to commercial banks, dealer desks, and even corporates, TRSs support efficient portfolio hedging, tactical leverage, balance sheet optimization, and risk distribution—unlocking sophisticated investment strategies.
Risk Management & Regulatory Impact
Counterparty risk, margin requirements, tax treatment, and OTC construction require robust systems and controls. Best-in-class firms blend technology, expert analysis, and disciplined execution.
Practical Tips for TRS Success
Know your collateral models, work closely with compliance and accounting, and model scenarios across asset classes, margining regimes, and multi-currency setups. The edge is in informed implementation, not just product access.
Access the Full Conversation
Unlock the audio episode and download a custom insights deck. This conversation delivers frameworks, modeling tips, and tech guidance for portfolio managers, risk officers, and professional allocators exploring the full potential of Total Return Swaps.
Soundbites Worth Saving
“Total Return Swaps give you the economic exposure without moving the asset or capital—a strategic tool when liquidity and risk management matter most.”
— John Dukich
“Be ready for the margining and capital requirements: smart TRS users blend front-end opportunity with back-end precision in collateral management.”
— John Dukich
Shape the Future of Alternatives With Us
The New York Alternative Investment Roundtable brings together the brightest minds in finance—Nobel laureates, industry disruptors, Fortune 1000 executives, and leading fund managers. By joining as a member, you gain access to premium events, exclusive insights from our podcasts, and direct connections with the decision-makers shaping global markets.
Your seat at the table is waiting.
© 2025 New York Alternative Investment Roundtable | Privacy Policy | Terms and Conditions