In this episode of Masters in Business, Barry Ritholtz interviews Byron Lake, Chief Transformation Officer at Goldman Sachs Asset Management. Lake discusses his career journey, from his early days at PowerShares to his current role at Goldman Sachs, focusing on the evolution of ETFs and the importance of embracing innovation and disruption in the asset management industry. He emphasizes the need for firms to transform their businesses to meet the changing needs of investors, particularly in areas like alternatives, separately managed accounts, and direct indexing. Lake also shares insights on the differences between U.S. and international investors, the challenges of educating investors about new products, and the importance of hard work and building a diverse skill set for career success.
