Today, we're charting the remarkable trajectory of a wealth management powerhouse: Pathstone. Joining us is Matt Fleissig, co-founder and CEO. Pathstone is a great case study for the major trends in wealth management over the last ten years. Pathstone’s DNA was from the well-known Harris MyCFO, which was the original dot-com family office formed by the founders of Netscape and WebMD. Pathstone has since grown into a firm managing and advising on a remarkable $162 billion in assets. Matt has been a key architect of this growth story, and we'll explore how they navigated the complexities of multiple prominent acquisitions, how they developed their unique business model which has turned services into a revenue generator rather than a cost, and their recent notable acquisition of the $45 billion Hall Capital.

Earlier in Matt’s career, he held positions at Harris MyCFO Investment Advisory as a Principal and at Ayco, a Goldman Sachs Company, as a Financial Planner. He was a member of Harris Bank’s Outside Advisor Review Committee, which directed manager due diligence, search, and selection for the bank’s $60 billion platform, and was also a member of Harris Bank’s Investment Management Committee. Matt earned a Bachelor of Arts in Economics from Muhlenberg College and an MBA in Finance from Fairleigh Dickinson University.

Please enjoy my conversation with Matt Fleissig.

Pathstone: https://www.pathstone.com

Circulus Substack: https://circulus.substack.com/

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NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

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©2025 Joe Reilly

Michael Fisch is a founder and the CEO of American Securities, a $23 billion private equity firm that originated in the Rosenwald family office. This is a great story of a fabled family office turning their investment DNA into a thriving private equity firm by buying market-leading businesses. William Rosenwald, son of Julius Rosenwald who built Sears Roebuck, started the family office back in the 1940s, investing in private companies. Michael’s mentor, Chuck Klein, took them to the next level in the 1980s and offered a role to 30-year-old Michael, who turned around and proposed building what became American Securities today. We talk about their first acquisition, why they seek out market leaders, the growth of the firm, and overcoming bottlenecks, and their unique resource group that creates efficiencies and growth in their underlying companies.

Before founding American Securities, he was a partner in two private equity funds, a consultant in the Paris office of Bain & Company, and a professional in the mergers and acquisitions department of Goldman Sachs.

Michael received a BA in Economics and Policy Studies from Dartmouth College, where he is a Member of the President’s Leadership Council, and an MBA from Stanford University’s Graduate School of Business, where he has been a guest lecturer since 2006. Michael serves as a Director of the 1162 Foundation, a Member of the Atlantic Council’s Executive Committee of the Board of Directors, and Chairman of the Advisory Council of its Freedom and Prosperity Center, a Member of the Board of Trustees of Northwell Health, and Chair of the Board of Trustees of Princeton Theological Seminary.

He has authored a number of articles and appeared as a guest on national television programs, all on private equity and investing.

Please enjoy my conversation with Mike Fisch.

American Securities: https://www.american-securities.com/en/team/michael-fisch

Circulus Substack: https://circulus.substack.com/

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is the head of Circulus Group, a family office network, and the host of The Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it.

©2025 Joe Reilly

Today’s guest is Jim Tananbaum of Foresite Capital. One of the most exciting places AI is revolutionizing is drug discovery, so I was very excited to have Jim on today.

Jim Tananbaum is the founder and chief executive officer of Foresite Capital, a U.S.-focused healthcare investment firm founded in 2011 that has approximately $3.5 billion in assets under management. During the last three decades, Jim has been a thought partner for some of the most impactful and fastest-growth companies of their generation, including: 10x Genomics, Amerigroup, and Jazz Pharmaceuticals. Jim’s first success came while he was still at Harvard Business School when he co-founded GelTex Pharmaceuticals, which brought two drugs to market and was acquired in 1999 for $1.4 billion. Jim was the founding chief executive of Theravance, Inc., a co-founder of Prospect Ventures, and a partner of Sierra Ventures. Jim studied engineering at Yale and earned an MD from Harvard Medical School, an MBA from Harvard Business School, and graduated from the Harvard MIT HST program.

We discuss what it takes to start a drug company, breakthroughs in obesity, AI, and the challenge of data in drug discovery, understanding the language of biology, advances in pain and cancer research, and his thoughts on brain implants.

Please enjoy my conversation with Jim Tananbaum.

Foresite Capital: https://www.foresitecapital.com

Jim’s Homepage: https://jimtananbaum.com

If you like these discussions, please subscribe or leave a review.

NOTE: This podcast is for educational and entertainment purposes only. Anything said by the guests or host should not be construed as legal or investment advice. Thanks for listening.

Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.

FOLLOW JOE: https://twitter.com/joereillyjr

WEBSITE: https://circulus.substack.com/

INHERITANCE PODCAST: https://podcasts.apple.com/us/podcast/the-inheritance-podcast/id1644964

If you like this show, do me a favor and send it to someone you think would enjoy it. Just copy the link into an email or text. I appreciate it.

©2025 Joe Reilly