Episode summary
Inside Taft-Hartley Allocations with Investment Performance Services (IPS)
Dakota Live!
· · Hosts: Robert Morier · Guests: Jennifer Mink
Summary
Jennifer Mink framed Taft-Hartley plans as a specialized market built on education, trust, and disciplined fiduciary work. She said IPS advises more than $70 billion in assets and that 98% of its clients are union plans, with an investment process that starts with internal research and moves through screening, due diligence, on-site visits, and an investment committee vote before any manager reaches a client finals meeting.
She argued that the current strength of many union pensions has been helped by strong equity markets, higher fixed-income yields, and healthy contribution flows from a strong labor economy. But she was careful not to assume those conditions will repeat, saying equity returns are not likely to stay at recent double-digit levels and that private-market allocations must be sized around liquidity needs and each fund’s demographics.
Mink also said defined benefit plans remain the “gold standard” because they pool risk, lower costs, and provide access to private markets. For her, the edge in a finals presentation is not complexity but clarity: know the audience, respect the time, and be prepared to explain why the portfolio fit matters. She tied that discipline to her own career, her marathon training, and the importance of listening before making investment decisions.
Key takeaways
- Jennifer Mink said IPS advises more than $70 billion, and 98% of its clients are Taft-Hartley plans, so its process is built around union fiduciary needs.
- She said recent Taft-Hartley strength has come from equity gains, higher bond yields, and contribution growth, but she expects public equity returns to normalize closer to 7% going forward.
- Mink said defined benefit plans are the “gold standard” because they pool risk, support cost efficiency, and can access private markets.
- She said private equity is typically 5% to 7.5% of a defined benefit portfolio, while private-market alternatives overall often run 20% to 40%.
- For hedge funds and private credit, she emphasized ERISA fiduciary acceptance, liquidity discipline, and the risk that heavy capital inflows could compress future returns.
Notable quotes
“You know, people in labor, we don't know a lot about investments. We just get up, we go to work every day”
“a defined benefit plan is really the gold standard when it comes to retirement”
“we like private credit and that is a recommendation that we have been rolling out to clients over the past two years”
“if you can't tell someone in 15 minutes why they should hire you, then you're not doing your job right”
“There's a reason we have two ears and one mouth”
How the episode opens
Welcome to the Dakota Live podcast. I'm your host, Robert Morier. The goal of this podcast is to help you better know the people behind investment decisions.
We introduce you to chief investment officers, manager research professionals, and other important players in the industry who will help you sell in between the lines and better understand the investment sales ecosystem. If you're not familiar with Dakota and our Dakota Live content, please check out our website at dakakota.com to learn more about our services. Before we get started, I need to read a brief disclosure.
This content is provided forformational purposes and should not be relied upon as recommendations or advice about investing in securities. All investments involve risk and may lose money. Dakota does not guarantee the accuracy of any of the information provided by the speaker who is not affiliated with Dakota.
not a solicitation, testimonial, or an endorsement by Dakota or its affiliates. Nothing herein is intended to indicate approval, support, or recommendation of the investment adviser or its supervised persons by Dakota. Today's episode is brought to you by Dakota Marketplace.
Are you tired of constantly jumping between multiple databases and channels to find the right investment opportunities? Introducing Dakota Marketplace, the comprehensive institutional and intermediary database built by fundraisers for fundraisers. With the COD marketplace, you'll have access to all channels and asset classes in one place, saving you time and streamlining your fundraising process.
Say goodbye to the frustration of searching through multiple databases and say hello to a seamless and efficient fundraising experience. Sign up now and see the difference Dakota Marketplace can make for you. Visit dakakotaarketplace.com today.
This week on the Dakota Live podcast, we sit down with Jennifer Mink, president of Investment Performance Services, IPS, a Philadelphia native and lifelong advocate for fidiciary excellence.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- taft-hartley plans
- defined benefit vs defined contribution
- manager research
- private credit and alternatives
- trustee relationship management
Companies and tickers mentioned
- Investment Performance Services
Watch the episode
Watch “Inside Taft-Hartley Allocations with Investment Performance Services (IPS)” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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Dakota Live!, this episode and its artwork belong to Robert Morier. Octagon is not affiliated with the show; this page is an independent summary.
