In this episode of the iPartners Grow Your Wealth podcast, Travis Miller sits down with Josh Manning, founder and portfolio manager of Manning Asset Management, to explore the evolution of private credit, entrepreneurship and the principles behind building enduring wealth. With a career spanning Macquarie Bank, institutional investing and the launch of his own boutique fund manager, Josh shares the experiences and lessons that shaped his approach to investing and business, offering valuable insights for high-net-worth investors and entrepreneurs seeking long-term success.
Early Foundations and Career Beginnings: Long before entering financial markets, Josh developed an entrepreneurial mindset through small jobs and side ventures that taught him the value of independence and hard work. After studying finance and business law, he joined Macquarie Bank in the mid-2000s, where his exposure to structured products and institutional investing provided the technical foundation that would later underpin his own business. Those formative years exposed him to both the opportunities and risks that accompany financial innovation.
Lessons from the Global Financial Crisis: Experiencing the aftermath of the Global Financial Crisis proved to be one of the most influential periods in Josh’s career. Seeing the consequences of poor portfolio construction and inappropriate product design reinforced the importance of capital preservation and risk management. It highlighted that successful investing is not simply about generating returns, but about ensuring portfolios are structured to withstand periods of market stress and protect investors when conditions deteriorate.
Discovering the Opportunity in Private Credit: As private credit markets evolved and became more accessible beyond large institutions, Josh recognised a compelling opportunity. He saw the ability to deliver equity-like returns with significantly greater capital stability and realised there was a gap in the market for specialist managers. Combining his institutional background with a boutique approach, he launched Manning Asset Management in 2015 with a clear focus on fixed income and private credit strategies designed to provide investors with attractive risk-adjusted outcomes.
Taking the Leap into Entrepreneurship: Leaving the security of a corporate career to start a funds management business required conviction and careful reflection. Josh deliberately documented the reasons behind his decision, ensuring he was motivated by purpose rather than financial ambitions alone. Conversations with trusted mentors and respected industry figures reinforced the opportunity in front of him, and ultimately he embraced the uncertainty that comes with entrepreneurship. Looking back, the willingness to walk through an open door despite the risks became one of the defining moments of his career.
The Influence of Family and Lifelong Learning: Two of the greatest influences in Josh’s life came from home. His father’s experience building and selling a successful IT company provided firsthand exposure to entrepreneurship, while his mother’s background as a psychologist taught him the importance of understanding people. These lessons continue to shape his leadership and investment philosophy. Beyond family, he draws inspiration from biographies and the stories of successful individuals, believing that both triumphs and setbacks offer valuable lessons that can be applied to personal growth and business.
Building a Boutique Funds Management Business: Manning Asset Management was established around a simple objective: to deliver exceptional outcomes through deep expertise and alignment with investors. Josh initially invested his own capital alongside friends and family before attracting support from professional investors who recognised the opportunity. Rather than taking on a large corporate partner, the business remained independent, allowing the team to focus solely on delivering value for clients without competing priorities or external pressures.
Creating Competitive Advantage Through People: Throughout the conversation with Travis Miller on the iPartners Grow Your Wealth podcast, Josh repeatedly emphasises that people are the foundation of every successful organisation. Building a team of experienced specialists, aligning incentives and maintaining humility have all been essential to sustaining growth. He believes competitive advantage is less about size and more about surrounding yourself with talented individuals who share the same commitment to investors and are motivated to create long-term value.
Investment Philosophy and Risk Management: The cornerstone of Josh’s investment approach is remarkably simple: do not lose money. Rather than chasing maximum returns, he evaluates every opportunity by considering how bad things could become, the probability of those outcomes and whether the expected return adequately compensates for the risks involved. This disciplined framework prioritises downside protection and capital preservation, recognising that avoiding permanent losses is one of the most powerful drivers of wealth creation over time.
Building a Successful Business: Passion and persistence emerge as recurring themes throughout the discussion. Josh believes the most successful businesses are built around something their founders genuinely love doing, because passion creates the energy required to endure difficult periods. Equally important is seeking advice from knowledgeable people, learning from those who have already walked the path and accepting that almost everything will take longer and prove harder than expected. Success rarely follows the original business plan, but resilience and adaptability often lead to stronger outcomes.
Mistakes, Lessons and Wealth Creation: Some of Josh’s least successful investments came when he relied too heavily on recommendations from others without undertaking sufficient due diligence himself. These experiences reinforced the importance of conducting independent research and understanding investments at a fundamental level. One of his most important observations is that investors should always understand incentives. In his view, recognising what motivates participants in any transaction is one of the most powerful tools available when evaluating opportunities and avoiding costly mistakes.
Legacy, Family and the Future: Beyond managing successful funds, Josh’s broader ambition is to help clients build wealth, create rewarding opportunities for employees and provide positive outcomes for shareholders who backed the business in its early days. Above all, he hopes to set an example for his children by demonstrating that meaningful success comes from hard work, integrity and pursuing something you genuinely believe in. Looking ahead, he remains deeply passionate about private credit and hopes to continue managing and growing the business for decades to come, continuing to deliver value to investors while enjoying the journey that inspired him to start in the first place.
