Perspectives The Portfolio Pie, Reimagined
Sep 12, 2025
Ian Patrick, Chief Investment Officer of Australian Retirement Trust, and Oleg Ruban, Head of APAC Research at MSCI, dive into the evolving landscape of investment strategies. They discuss the shift to a Total Portfolio Approach, highlighting how climate change and AI are shaping decisions. The duo explores the cultural hurdles in finance that hinder collaboration, emphasizing the need for flexibility and a holistic view of capital allocation. Their insights shed light on why some institutions are embracing this transformative strategy while others remain cautious.
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Portfolio Thinking Over Asset Slices
- Total Portfolio Approach (TPA) treats every investment by its contribution to whole-portfolio objectives rather than by asset-class silos.
- TPA shifts focus from managing asset-class mandates to managing outcomes like return, risk, resilience, and liquidity at the portfolio level.
Career Path From South Africa To CIO
- Ian Patrick described his career path from life insurance in South Africa to becoming CIO at Australian Retirement Trust.
- He linked early work in South Africa to evolving investment models that led him into superannuation in Australia.
APAC Adoption Is A Spectrum
- Oleg Ruban observed APAC adoption of TPA sits on a spectrum, with early adopters among large pensions, wealth funds and insurers.
- Drivers include private market growth, diversification needs, and integrating climate objectives across portfolios.