Wouter Klijn

America’s largest public pension fund is about to go live with TPA, but despite the preparations made in the lead-up to the new model, the fund will face some significant challenges in making TPA a success The total portfolio approach (TPA) has become an increasingly popular investment model among institutional investors, with recent adopters including Dutch pension fund PGGM and several Australian funds.

In this episode of the [i3] Podcast, Conversations with Institutional Investors, Aware Super CIO Simon Warner joins us to discuss how his unusually broad background across fixed income, equities, public and private markets shapes his approach to investing. Simon explains the realities of implementing a total portfolio approach within Australia’s DC superannuation system, balancing risk, liquidity and cost while empowering specialist teams rather than imposing top‑down macro calls.

Victoria’s $101 billion asset manager merges its cycle-aware and dynamic asset allocation programs, deploys AI to accelerate the rebuild, and leans into a new leadership model as markets grow less forgiving of slow decisions. Victoria Funds Management Corporation (VFMC) has overhauled its asset allocation process, combining its cycle-aware asset allocation (CAA) and dynamic asset allocation (DAA) models into a new active asset allocation framework.