5. AI and tokenisation: shaping the future of investment and private markets

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