Defined contribution (DC) pensions have overtaken defined benefit schemes globally, marking a fundamental shift in how societies save for retirement. But while the model has grown in scale and sophistication, a central challenge remains: how can DC systems deliver reliable income for life? In this episode, we explore the evolving world of DC pensions — from technology and private markets to sustainability, systemic risk, scale, and member outcomes. Joined by Tim Hodgson, Co-founder, Thinking Ahead Institute, and Jelena Croad, Head of LifeSight, WTW, we unpack insights from Thinking Ahead's Global DC Peer Study and discuss how leading providers are responding to growing pressures and opportunities. Resources mentioned: Study: Global DC Peer Study Investment insight: Data 'slop' and disinformation emerge as systemic risks for investors
In this episode we explore the future of wealth management at a time of profound demographic and cultural change. Joined by Andrea Caloisi, Associate Director, Thinking Ahead Institute, and Ellie Lloyd Jones, Director, WTW Investments and Strategic Development Support, atomos wealth, we unpack the findings of Thinking Ahead's new Global Wealth Study and the implications for an industry in transition. We discuss the "Great Wealth Avalanche" and how this shift is already reshaping client expectations. We also examine the role of technology and AI in lowering barriers to advice, the growing demand for ESG-integrated products, and why wealth management may increasingly look like wealth care: a model built around financial wellbeing as much as financial returns. Resources mentioned: TAI Global Wealth Study TV series: Succession
Risk 2.0 isn't just a theory—it's changing how risk is measured, analysed, and managed in real time. In part one of our Risk 2.0 series, we explored the concept as a more adaptive approach to risk—one that accounts for uncertainty, resilience, and long-term thinking. In part two, we turn to practice. Investors are applying new tools, new data, and new thinking to navigate today's more complex landscape. From forward-looking indicators to options-based hedging, the focus shifts from philosophy to application. Joined by Benedek Voros, Director of Index Investment Strategy at S&P Dow Jones Indices, and Mandy Xu, Head of Derivatives Market Intelligence at Cboe Global Markets, we unpack the relevance of volatility dashboards, the growing role of dispersion, the breakdown in traditional correlations, and the tools enabling more precise, flexible risk management.
In this episode of Investing for Tomorrow, we unpack the digital transformation reshaping investment organisations and the evolving landscape of private markets. Joined by Martin Dietz, Head of Diversified Strategies at L&G Asset Management, and Christine Moy, Head of Digital Assets, Data & AI Strategy at Apollo Global Management, we explore how blockchain, tokenisation, and AI are driving innovation, operational efficiency, and new opportunities across asset management. We discuss the shift from fragmented record keeping to unified infrastructure, the power of programmable finance to democratise private markets, and the accelerating role of AI in transforming the industry. Resources mentioned: Research paper: The Future of Wealth Management: Ultra-efficient portfolios of traditional and alternative investments powered by tokenization Artwork: Everydays by Beeple
In this episode of Investing for Tomorrow, we explore the Total Portfolio Approach (TPA) — a model that prioritises long-term goals, cross-team collaboration, and dynamic decision-making over rigid asset class buckets. Joined by Sue Brake, former CIO of the Future Fund and Board member at NZ Super Fund and Stephen Gilmore, Chief Investment Officer at CalPERS, we unpack the practical and cultural changes required to implement TPA, from breaking down silos to fostering joined-up thinking. As well as the benefits and the real challenges in making the transition. Whether you're just starting to explore TPA or looking to deepen your understanding, this episode offers timely insight into one of the most promising evolutions in institutional investing. Resources mentioned: Research paper: It's about time Research hub: Total Portfolio Approach (TPA) hub
As market dynamics shift, alternative and private market investments are taking centre stage—reshaping portfolios and redefining investment strategies. In this episode of Investing for Tomorrow, we explore why asset owners are increasing their allocations to private markets, the rise of "Alternatives+++", and how gold continues to serve as a safe-haven asset in uncertain times. Joined by Denise Kehler, Chief Investment Officer, North America at WTW, and Jeremy De Pessemier, Asset Allocation Strategist at the World Gold Council, we explore the trends, innovations, and challenges driving a new approach to portfolio construction—one that emphasises resilience and long-term performance through alternative investments. Resources mentioned: Global Asset Owner Peer Study on best practices Goldhub
Risk has always been at the heart of investing—but today's systemic shocks, regime shifts, and the rise of private markets are pushing traditional risk models to their limits. Investors need a new approach. In this episode we explore Risk 2.0—a broader, more adaptive way of managing risk that accounts for uncertainty, resilience, and long-term thinking. Joined by Jeff Chee, Global Head of Portfolio Strategy at WTW, and Lindsey Matthews, Chief Risk Officer at Universities Superannuation Scheme (USS), we unpack why the current risk paradigm is falling short, what's holding investors back from adopting a more systemic approach, and how firms can evolve their risk management for the future. Resources mentioned: Systems thinking content hub Systems curriculum Pay now or pay later?
Beyond portfolios, what truly drives long-term success? In this episode of Investing for Tomorrow, we explore organisational alpha—the value firms create through people and process. In an era of rapid change and uncertainty, resilience is key. Joined by Roger Urwin, Co-founder of the Thinking Ahead Institute, and Mitesh Sheth, Chief Investment Officer, Multi-Asset at Newton Investment Management, we unpack how governance, technology, talent, culture, and leadership shape the future of investment. We discuss why firms that master these elements are better positioned to adapt, innovate, and thrive. Resources mentioned: Global Asset Owner Peer Study on best practices Insights and best practices from global asset owners | part 1 Insights and best practices from global asset owners | part 2 2024 NZ Super Fund review Holiday time reading 2024 | Today a reader, tomorrow a leader
Don't miss our final podcast episode of the year, where we spotlight the standout Thinking Ahead Institute research from 2024. While we can't cover it all, we'll explore key highlights, from the climate transition and systems thinking to investment beliefs, asset owner best practices, and our latest industry studies. Join us as we sit down with each member of the research team to dive into their insights and get to know them better. Tune in to reflect on what has been another bumper year for the Thinking Ahead Institute! Resources mentioned: Research agenda 2024 Global Asset Owner Peer Study on best practices Global industry studies Systems curriculum Systems thinking content hub Book: Post Growth—Life After Capitalism by Tim Jackson Book: Siddhartha by Hermann Hesse Book: On Leadership: Lessons for the 21st Century by Tony Blair Film: The Day After Tomorrow Artwork: The Great Wave off Kanagawa Song: Imagine by John Lennon Cartoon: Ride the waves of annihilation
In our fast-evolving world, global events influence the financial landscape in unprecedented ways. Join us as we speak to Elliot Hentov, Head of Macro Policy Research at State Street Global Advisors to unpack the influence of geopolitics on the world of investing. This episode offers insights on navigating global trends, from shifting alliances to economic policies. Discover how these dynamics shape both short- and long-term investment strategies and gain a clearer perspective on geopolitical risks and opportunities. Tune in to learn how global power shifts and policy trends are impacting markets today and what investors should consider in this complex environment. Resources mentioned: Podcast: The Rest is Politics Study: Global Asset Owner Peer Study on best practices
In this episode we explore how asset owners can drive climate impact through smarter capital allocation. With insights from New York Climate Week and COP29, we cover fiduciary duty, the urgency of systemic change, the risks of greenwashing, the need for leadership in climate investing and more. Join us as we speak to Colin le Duc, Founding Partner at Generation Investment Management, and Alison Loat, Senior Managing Director, Sustainable Investing and Innovation at OPTrust. Hear practical strategies from these industry leaders on how asset owners can allocate capital more effectively to create lasting climate impact. Resources mentioned: Article: World Resources Institute- Key Issues to Watch at COP29 Report: Generation- Sustainability Trends Report 2024 Guide: Potential Energy- Talk Like a Human: Lessons on How to Communicate Climate Change
In part 2 of this episode, we continue to explore the Global Asset Owner Peer Study on best practices conducted by the Thinking Ahead Institute, in partnership with the Future Fund. This study, drawing on insights from 26 leading funds managing over $6 trillion, highlights emerging trends, challenges, and best practices in asset ownership. Join us as we speak to Raphael Arndt, Chief Executive Officer of the Future Fund, and partner on the study. Tune in for valuable insights from this industry leader, including more context on the Future Fund's journey thus far, why total portfolio approach works for them, the ongoing pursuit of improvement, and the importance of systems thinking in leadership. If you missed part 1, of this episode you can catch up here. Resources mentioned: Summary report: Global Asset Owner Peer Study Report
In part 1 of this episode, we explore the Global Asset Owner Peer Study on best practices conducted by the Thinking Ahead Institute, in partnership with the Future Fund. With insights from 26 major funds managing over $6 trillion, the study explores emerging trends, challenges, and best practices in asset ownership. Join us for expert insights from Kristin Magnusson Bernard, Chief Executive Officer of AP1 and study participant, and Roger Urwin, Co-founder of the Thinking Ahead Institute and chief architect of the study. Tune in to gain valuable perspectives from industry leaders on navigating the future of investments in an increasingly complex world. And keep an ear out for part 2 of this episode, out in October. Resources mentioned: Summary report: Global Asset Owner Peer Study Report Virtual event series: Systems Curriculum
In this episode, we address the critical issue of gender wealth equity globally. We explore how career choices, family support, life events, and financial literacy contribute to this disparity. Insights from the Global Gender Wealth Equity Report by WTW and the World Economic Forum provide a foundation for our discussion. Join us for expert insights from Helen Howcroft, Private Client Director at Atomos Wealth, on women's financial management challenges, and Mark Mann, Director, Integrated & Global Solutions at WTW, on the report's significant findings. Resources mentioned: Report: Global Gender Wealth Equity Report Article: This is the state of gender parity in the film industry in 2024
In this episode, we explore the transformative power of stewardship in the investment world. Moving beyond short-term gains, we focus on long-term value creation and tackling pressing issues like climate change. We'll discuss the need for increased industry-wide stewardship resources and how investors can leverage active ownership to drive positive change. Join us as we hear from Emmet McNamee, Head of Progression and Innovation at the Principles for Responsible Investment (PRI) discussing the growing importance of stewardship resources and Kim Farrant, General Manager, Responsible Investment at HESTA sharing their practical approach to active ownership. Resources mentioned: The Cambridge Principles: System stewardship for universal owners Untools: Iceberg model Research paper: Putting resources where stewardship ambitions are Framework: The Stewardship Resources Assessment Framework Report: Global Stewardship Resourcing Survey Data Report
Welcome to Season 3 of Investing for Tomorrow! We're exploring a hot topic: Artificial Intelligence (AI) and technology. Computers and cloud technology are crucial in the investment world, and AI is generating a lot of buzz. How can AI enhance our strategies? How can human intelligence (HI) collaborate with AI to improve decision-making? Are we on the brink of a cyborg future? In this episode, we tackle these questions with Michael Sofer, Director of Investment Systems Management at the Future Fund; Mark Beardall, Chief Information Officer at WTW; and Paul Martin, Chief Investments Operating Officer at WTW. Join us as we examine how AI and tech will transform institutional investment and help us address the industry's most critical issues. Resources mentioned: Book: Louis de Bernieres- Light Over Liskeard
Join us for this captivating conversation with Daniel Hochman, Head of Sustainability Research at Bridgewater Associates, on the latest episode of Sustainability shapers. Explore Daniel's background and the vital role of decarbonisation for a sustainable future. Uncover Bridgewater's research methodology as we dissect emissions distribution and pinpoint transformative sectors. We discuss the crucial need to seamlessly integrate sustainability into core business practices, fostering a comprehensive 360-degree understanding. Additionally, gain insights into the impact of science fiction in nurturing the ability to envision different possible futures. Resources mentioned: Book series: Frank Herbert- Dune Book series: Isaac Asimov- Foundation Please see here for important disclosures and other information.
In this episode of "Sustainability Shapers," Piet Klop, Head of Responsible Investment at PGGM, delves into the pressing concern of water depletion. Learn more about Piet himself including how he feels about the importance of connection to nature. Discover how PGGM manages water risk in its portfolio, exploring metrics, engagement, and opportunities aligned with the Sustainable Development Goals. Piet emphasises the need for the financial sector to address location-specific risks and reflects on the challenge of ecosystem degradation. Join us for an insightful conversation with this sustainability leader. Resource mentioned: Tool: World Resources Institute- Aqueduct Water Risk Atlas Research paper: PGGM- Sustainable Development Investments (SDIs) Taxonomy & Guidance
Introducing Thinking Ahead Institute's new spin-off series "Sustainability shapers on systemic risk". This first episode features an insightful conversation with Leon Kamhi, Head of Responsibility at Federated Hermes. Together, with host Isabella Martin, they unravel the complexities of systemic risks, focusing on climate change, social inequalities, and the concept of a just transition. Leon shares his wealth of experience, emphasising the vital role of investor stewardship in shaping a sustainable and equitable future. Resource mentioned: Book: Simon Sebag Montefiore- The World: A Family History of Humanity Quick LinksGet Embed PlayerDownload Audio File
The Global Pension Assets Study estimates global pension fund assets across 22 major pension markets (the P22). At the end of 2023 these markets had estimated pension assets of USD 55,688 bn, marking an anticipated 11% growth compared to 2022. In our special bonus episode, we engage in conversation with Anastassia Johnson and Jessica Gao, researchers at the Thinking Ahead Institute. We discuss the study's significant figures, prevalent themes of the year, and anticipate challenges for the forthcoming year. Resources mentioned: Global industry study: Global Pension Assets Study – 2024 Press release: Global pension assets rebound past USD 55 trillion Article: The More Senior Your Job Title, the More You Need to Keep a Journal Research paper: Systemic risk | deepening our understanding Research paper: Systemic risk | adapting our practices