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Since the arrival of Modern Portfolio Theory (MPT) in the early 1950s by the legendary Harry Markowitz, the industry has been sturdily anchored to this philosophy and all of its artifacts when constructing portfolios.
In recent years, however, an enterprising handful of large institutional asset owners have begun challenging the common wisdom of a strategic asset allocation approach, given it tends to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplication, or disjointed risk exposure across the portfolio, and difficulty in managing the capital pool holistically around a view of the future.
This is the story of how CAIA convened some of the most reputable and largest asset owners in the world to amplify the benefits of TPA and, perhaps, the beginning of a new era.
Chartered Alternative Investment Analyst Association
CAIA Association is a global network of forward-thinking investment professionals, redefining the future of capital allocation in a world where traditional and alternative investments are converging at an unprecedented pace. United by a commitment to improving investment outcomes, we lead with authority, educate to inspire, and connect people who turn insight into action. CAIA Association creates dynamic and captivating learning experiences designed to engage investment professionals at every level. Its programs – the CAIA Charter and the CAIA.nxt™ platform – offer critical levels of access to a comprehensive curriculum that equips the investment community with the skills and knowledge needed to build modern portfolios. CAIA Association is a global member-driven community of more than 14,000 professionals, united by a shared commitment to improving investment outcomes and building a more aligned, principled capital market system.
Chief Investment Officer at Future Fund
Mr Samild joined the Future Fund in 2013 and was appointed Chief Investment Officer in August 2023. In his former role as Deputy Chief Investment Officer, Portfolio Construction, Mr Samild led the teams responsible for investing in Listed Equities and Alternatives strategies, and led the integration of whole-of-portfolio insights as part of the Fund’s joined-up investment approach. Prior to this, Mr Samild was the Future Fund’s Head of Alternatives with responsibility for the investment of over $30 billion of capital across a range of hedge fund and other skill-based absolute return strategies. Before joining the Future Fund, he had a ten-year career in the hedge fund industry, and four years as Head of Investment Strategy at Industry Super Fund LUCRF Super. He completed his undergraduate degree at the University of Melbourne majoring in behavioural finance, psychology, and history. He also worked as a research fellow while completing a Master of Applied Finance.
Head of Investments, Asia, Willis Towers Watson
Jayne Bok is the Head of Investments, Asia, based in Hong Kong. She is responsible for leading WTW’s Investments business strategy, client delivery, and business development across Asia. Jayne leads a diverse regional team to help clients meet their goals and achieve better outcomes through a flexible range of delivery models – from providing proprietary tools and offering advisory services to assisting clients with implementation via delegated solutions. She has more than 23 years of industry and leadership experience. Prior to her current role, she was Head of Sovereign Advisory, covering government funds, SWFs, central banks, and other state-owned investment entities across Asia. Before moving to Hong Kong in 2013, Jayne spent nine years in Korea where she successfully built the local investment consultancy. Jayne started her career at WTW in Korea as a Talent consultant in the Work & Rewards segment before she transferred to the Hong Kong Investments practice in 2004. Jayne holds a Bachelor of Business Administration from Yonsei University in Korea. She also holds Chartered Financial Analyst and Chartered Alternative Investment Analyst designations.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
