Edwin Conway has been appointed CEO of Future Standard, a $94 billion asset manager, with co-founder Michael Forman moving to executive chairman.
Before joining Future Standard, Conway held positions at BlackRock, where his most recent role was global head of equity private markets, and earlier he served as global head of alternatives. His duties included supervision of credit, real estate, infrastructure, and private equity strategies. Before his time at BlackRock, Conway previously worked at Blackstone Inc., where he served as a partner and as a senior managing director.
Forman said the move was about timing. "I've been the CEO for nearly 20 years running the day-to-day operations. But we wanted to capitalize on Edwin's availability and bring him on board," he said.
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Conway and Forman intend to collaborate on growth projects and client relations. According to Forman, he is eager to have Conway broaden the firm's footprint and drive innovation across different asset classes.
Future Standard was founded in 2002 by Michael Forman and has expanded into a major private credit manager with over $94 billion in assets under management. Its partnership with KKR on a joint fund has been a cornerstone of its product offerings, and the recent redemption pressure from individual investors highlights the broader liquidity and valuation challenges facing the sector. Conway's appointment is seen as a strategic move to navigate this turbulent period and deepen the firm's ties with institutional clients. The private credit sector has grown rapidly, with many asset managers launching similar offerings to capture demand from yield-seeking investors.
Individual investors are pulling capital from private credit vehicles, putting the sector under its initial major stress test.
Conway pushed back on the idea that the whole asset class is in trouble. "It's really unfortunate, the notion that private credit and the majority of these credits are of such poor quality is misinformed," he said. "There's a host of opportunities there to be leveraged and I think that could greatly enhance our clients' portfolios."
This stress has prompted asset managers to take steps to maintain liquidity and investor confidence. Future Standard's partnership with KKR on a joint fund has already triggered a series of defensive measures, including a share buyback that was heavily oversubscribed. Such moves signal that even well-established private credit players are feeling the pressure from retail redemptions.
Such steps aim to reassure remaining investors and stabilize the fund's net asset value.
The private credit sector's rapid expansion has been fueled by demand for yield in a low-interest-rate environment, but the recent liquidity crunch highlights the risks inherent in offering daily redemptions against illiquid assets. Managers like Future Standard are now navigating a delicate balance between maintaining investor access and protecting fund stability.
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