3-D Investing

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 2022 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: 2022 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 the finale of Sustainability shapers as we engage in a compelling conversation with Maya Beyhan, Global Head of Sustainability, Index Investment Strategy at S&P Dow Jones Indices. Maya takes us on a journey from her roots in portfolio strategy to her current expertise in sustainability indices. Highlighting how running has enhanced her resilience in this role. Discover the pivotal role of natural resources, notably carbon credits, in achieving the net-zero energy transition. As Maya underscores the importance of collaboration and education in propelling sustainable investment forward. Related resources: S&P SPIVA Sustainability scorecard

In this episode, Jodie Tapscott, Vice President and Director of Responsible Investing Strategy at AllianceBernstein, shares her inspiring journey in finance and how a National Geographic article changed her career trajectory toward sustainability.  Delve into the systemic risk of widening social inequalities, explored through AllianceBernstein's strategy. Discover the three key areas guiding their investment strategies and the impact on economic, social, and political landscapes. Plus, get a surprising glimpse into Jodie's creative pursuit outside investment—writing.

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

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  

Embark on a compelling journey through the breadth of research conducted by the Thinking Ahead Institute in the past year, transcending the realms of the investment industry. Join Marisa Hall, the Head of the Institute, as she engages in insightful conversations with our researchers, offering a comprehensive overview of our 2023 research highlights. Delve into diverse topics, including the evolution of ESG, the future landscape of pensions, climate scenarios, and diversity, equity, and inclusion. Our exploration extends to pivotal subjects like stewardship, the investment organisation of tomorrow, systemic risk, and the crucial role of collaboration in shaping the trajectory of the industry. Resources mentioned: Research agenda 2023 EDI Data Survey Report Systemic risk | deepening our understanding

Biodiversity and nature have emerged as a prominent next focus for many investors, given how closely they are intertwined with the challenges of climate change. In this episode, we speak with two experts: Thomas Viegas, Partnerships Lead at the TNFD and Liudmila Strakodonskaya, ESG Analyst at AXA Investment Managers. Together we explore the launch of the TNFD, why biodiversity loss is not only a risk but also an opportunity for investors, the adoption of new standards, the development of innovative investment products, and ways that investors can begin to collaborate.  Resources mentioned: -Report: WWF- Living Planet Report 2022 -Research: IPBES- Models of drivers of biodiversity and ecosystem change -Book: Robin Wall Kimmerer- Braiding Sweetgrass: Indigenous Wisdom, Scientific Knowledge, and the Teachings of Plants 

The future of ESG is contested. Despite this, many believe that ESG is an unstoppable train that is picking up speed.   In this episode we talk to Luba Nikulina, Chief Strategy Officer at IFM Investors, and Roger Urwin, Global Head of Investment Content at WTW and Co-founder of the Thinking Ahead Institute, about the current reality; what's on the horizon; the importance of rightsizing your sustainability commitments and how all of this is relevant for investment organisations today.  Resources mentioned: Report: PwC - Asset and wealth management revolution 2022: Exponential expectations for ESG  Book: Malcolm Gladwell - David and Goliath: Underdogs, misfits and the art of battling giants TED Talk: Malcolm Gladwell - The unheard story of David and Goliath Thinking Ahead Institute's 2023 research agenda

Artificial Intelligence (AI) is a rapidly evolving field. It's changing the way we live, work and play. In this episode, we talk to two experts in the field: Dr Andy Lingard, Portfolio Development Leader in Insurance Technology at WTW, and Dr Eleanor Drage Senior Research Fellow at the Leverhulme Centre for the Future of Intelligence at the University of Cambridge. We discuss the latest developments in AI, specific applications for the investment industry, the ethical implications, and the future of this technology.  Resources mentioned: Investment Insight: AI, humans and the new age of asset management Global study: McKinsey's 2022 Global Survey on AI Podcast: The Good Robot Books: Details on Eleanor's books can be found here

Culture is one of seven organisational ‘superpowers' and probably: the hardest to describe, the easiest source of blame, the hardest to change and the most critical for success. In this episode, we talk to Andy Walker – Employee Experience Global Head of Sales at WTW – and Stacy Apter – Vice President and Treasurer in Corporate Finance for the Coca-Cola Company – about why cultural self-awareness is key.   Related pages: Research paper: Culture- The organisational superpower Research paper: An agenda for change Video: A spotlight on Superteams 

Antimicrobial Resistance (AMR), according to the World Health Organisation, is one of the top 10 threats facing humanity today. Antimicrobials (including antibiotics) are medicines used to treat infection in humans, animals and plants. Their misuse or overuse drives the development of drug-resistant pathogens (think parasites for example) that no longer respond to medicines.  In this episode, we step into the public health arena and speak to Abigail Herron, Global Head of ESG Strategic Partnerships at Aviva Investors. We discuss more about AMR, why it is a systemic risk, why investors should care and how they can act.  Resources mentioned: Why the interconnectedness of antimicrobial resistance, climate change and biodiversity loss is a threat - Aviva Investors Investor Action on Antimicrobial Resistance (amrinvestoraction.org) The Mould that Changed the World 

The just approach to the net-zero transition would ensure we leave no one behind   In this episode we cover findings from our Thinking Ahead paper, ‘The ‘S' of ESG- moving from interest to action', the Just Transition Finance Challenge and much more with two different, special guests.  We speak to both Annika Brouwer Sustainability Specialist at Ninety One, a global asset manager with emerging markets roots and a Thinking Ahead member. And Sarah Teacher joint, interim CEO at the Impact Investing Institute, launched in 2019 to accelerate the growth and improve the effectiveness of the impact investing market.  Resources mentioned: 2022 World Inequality Report The ‘S' of ESG | moving from interest to action Just Transition Finance Challenge

The Global Pension Assets Study estimates global pension fund assets across 22 major pension markets (the P22), which at the end of 2022 had estimated pension assets of USD 47,861 bn. In this special bonus episode, we chat with Anastassia Johnson and Jessica Gao, researchers at the Thinking Ahead Institute about key figures from the study, core themes from the year and challenges for the year ahead. Articles and papers mentioned: World Inequality Report 2022 The Innovator's DNA Global Pension Assets 2023  

Marisa Hall, Co-Head of the Thinking Ahead Institute, joins as guest host, with Isabella Martin to reflect on the team's research highlights set against a year of challenges. They cover many topics ranging from thought leadership, the future of work and systems thinking to the just transition, biodiversity and global trends in the investment industry. The article mentioned is Why Curiosity Matters, featured in the Harvard Business Review.

There has never been more focus on the ramifications of climate change and yet it seems that the investment industry is not acting swiftly or definitively enough to address them. This month we chat to Tim Hodgson, Co-head of the Thinking Ahead Institute (TAI), and Jeff Chee, who is the Global Head of Portfolio Strategy at WTW about the climate transition and its risks for investors. As we step into creativity, we also chat to Susanna Basso, Creative Director of Climate Culture, about the power of storytelling to drive climate action and shift culture.

Marisa Hall, Co-head of the Thinking Ahead Institute, and Roger Urwin, Co-founder, discuss the key data points from the ‘Global top 300 pension funds' report. In addition to overarching trends in the industry and the direction of travel.  

Stewardship and engagement have grown in scope and scale and are now buzzwords in the investment industry. We chat to Adam Gillett, Head of Sustainable Investment and Eleanor Mahmoud, from the SI team at WTW about its challenges and opportunities.

Introducing our new podcast series Investing for Tomorrow. This month we chat to Marisa Hall, Co-head of the Thinking Ahead Institute, and Roger Urwin, Co-founder of the Institute, about hybrid working and how it will affect the investment industry and organisations into the future.

The Global Pension Assets Study estimates global pension fund assets across 22 major pension markets (the P22). These geographies now total a record US$56.6 trillion in pension assets and account for 76% of the GDP of these economies. The study, conducted by WTW and the Thinking Ahead Institute since the 1990s, includes an analysis of the seven largest markets (the P7): Australia, Canada, Japan, Netherlands, Switzerland, UK and US comprise 92% of total pension assets, unchanged from the previous year.

Marisa Hall, Co-Head of the Thinking Ahead Institute, talks about the power of culture in navigating climate-related risk and opportunities. 

In episode two of our series covering the 1.5 ˚C working group papers, Liang Yin and Matt Stoughton-Harris explore how much of the climate crisis the investment industry owns and the critical role that private investment will play in achieving asset owner's net-zero goals.  In order to successfully achieve such goals, the investment industry must understand the role it must play by directing private investment appropriately. To further explore the themes discussed in this podcast, please read the working group paper: More primary investment: How much of the climate problem does the investment industry own, and what should it do about it? .

Today's episode is the first of a series podcast we will do covering different sections of the Duty of Ownership working group paper: with great power comes great responsibility. Fiduciary duty is a core responsibility for trustees and it has become a very complex matter when blended in with sustainable and impact investing in recent years. The Duty of Ownership working group spent fair amount time discussing and debating what the boundary of what asset owners can do, challenges they face, the changes that are happening and the wider system around it. In this episode, Roger Urwin will share his thoughts on this area.   Useful links: With great power comes great responsibility – Duty of ownership working group paper Sustainability hub Institute research – an index, by topic, of all Thinking Ahead Institute research published since 2015

Tim Hodgson, co-founder of the Thinking Ahead Institute, and Matt Stoughton-Harris discuss the task that the investment industry faces in response to climate change.

Exploring challenges and opportunities for the investment industry, season two kicks off with a look at the big investment themes to be aware of this year.

We find ourselves in the closing phases of act III extremely fatigued by stress and the loss of our sense of control and agency. Usually we feel we have some control over what happens to us but, in 2020, life happened to us and history was written without us. Roger Urwin explores how we can look for silver linings in this difficult time, and the positive actions organisations can take. 

It feels like we are in Act II of a five-part Covid-19 play that Shakespeare could have written. This suggests we are not very far into the crisis with many uncertainties, twists and learnings left. It feels like we are in Act II of a five-part Covid-19 play that Shakespeare could have written. This suggests we are not very far into the crisis with many uncertainties, twists and learnings left.

“I don't think people born racist. Nobody is born hating somebody because of the colour of their skin.”  Co-Head Marisa Hall shares her personal experiences with racial discrimination, along with some ways individuals can act to make a difference in both their personal and professional lives. 

Roger Urwin draws on his 30 years of experience to share advice on how people can future-proof their investment careers reflecting on the new challenges brought by Covid-19. 

Roger Urwin discusses various tools to re-model our ways of thinking during these uniquely stressed times of the coronavirus crisis. 

Co-Head of the Institute Tim Hodgson shares why the issue of climate change is so important to the Thinking Ahead Institute, and how we aim for our research to work towards a carbon neutral economy. 

Roger Urwin shares wider perspectives on the impacts of the coronavirus crisis and its implications for the investment industry, asset owners and asset managers.

Roger Urwin outlines the two key leadership types, serving and dominant, and the different roles each can play during a crisis such as COVID 19.

Institute Co-Head Marisa Hall explores how Covid-19 has highlighted the importance for investment organisations of having an effective systems framework, and shares ways to achieve this. 

Roger Urwin draws on his 30 years of experience to share advice on how people can future-proof their investment careers through becoming more T shaped, and implementing the career flywheel. 

Marisa Hall shares ways that organisations can implement better diversity and inclusion strategies within their company culture, and the benefits this will have. 

Roger Urwin and Marisa Hall ask the key questions about a strong culture; what is it, can it be measured, and what actions can organisations take?