125: Seb Stewart, Partner at $20B Pacific Asset Management & IMI Chair on Why Allocators Really Say Yes and How Boutiques Win

Most people love to talk about the “boutique advantage,” but very few can show you what it actually feels like from the allocator’s side of the table.

Seb Stewart can.

Seb is Partner and Head of US Institutional BD at Pacific Asset Management (~$20B AUM) and Chair of IMI, the global think tank for specialist firms.

In this episode, Seb and Stacy sit down at NASDAQ Studios to discuss what allocators actually value, why boutiques win when they stop acting like large platforms, and how human behavior (not products or performance) raise real funds.

In this episode, you’ll hear about:

• Why fundraising is really about selling people and behavior, not products
• The underestimated trust dynamic between PMs and fundraisers
• The behavioral cues allocators read before they ever open your deck
• Why boutiques win on access, alignment, independence, and specialization
• Key insights from IMI’s landmark research on what truly sets boutiques apart
• Why distribution and story remain the biggest choke points for boutiques

More About Seb:
Seb Stewart is Partner and Head of US Institutional Sales at Pacific Asset Management, where he leads BD across pensions, endowments, foundations, consultants, and family offices. Previously, he was a Partner at Somerset Capital Management, helping grow the firm from $1.5B to $10B AUM.

He also serves as Chairman of IMI, the global think tank representing nearly 60 specialist asset managers and over half a trillion in combined AUM.

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