S3 | Episode 3: Total Portfolio Approach, Part 2 - Implications for the Broader Investment Ecosystem

What happens when asset owners stop managing asset classes and start managing the whole fund? How do portfolios change, and how does the industry reorient their business models around them? In this episode, a practical sequel to Season 1's introduction, we break down how TPA changes investment processes, how portfolios differ under an SAA framework, and what this means for external managers. With insights from CPP Investments, NZ Super, Blue Owl, and Capital Group, the conversation highlights how partnership, transparency, and solution-oriented relationships reshape the manager-investor relationship in a TPA world.

Guests:

Geoffrey Rubin, Chief Investment Strategist, Total Portfolio Management, CPP Investment Board

Charles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund

Eugene Podkaminer, Institutional Solutions, Capital Group

James Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl Capital

Episode Sources