The Allocators Playbook

Migros Pension Plan CIO Stephan Bereuter joins Allocators Playbook to break down how the CHF 30bn Swiss fund turned a 2023 insurance-linked securities trade into one of its best contrarian bets — bought when everyone else was selling — and why he's not chasing the next "ILS moment." He also talks through where MPK is hunting for opportunities now: cooling conviction on data centers despite being early movers, a cautious re-entry into international real estate, and selective deals in student housing and logistics — plus why the fund just pushed gold to 3% as a liquidity hedge.00:12 - Introduction to MPK and Stephan Bereuter01:05 - The Benefits of In-House Management03:34 - Tactical Allocation & ILS Opportunities08:40 - Why ILS Remains Attractive09:54 - Equity Allocation & Diversification12:40 - Gold as a Liquidity Hedge14:50 - International Real Estate Opportunities16:34 - Data Centers & Market Dynamics21:44 - Managing a Concentrated Swiss Real Estate Portfolio23:41 - Defense Investments & Ethical Considerations25:02 - Closing Thoughts

How should institutional investors think about portfolio construction in an era of market concentration? Dawn Jia, president and CEO of UBC Investment Management, joins The Allocators Playbook with an unusual answer: stop investing by the label. Just as a diet isn't really about meat, carbs and vegetables but about protein and vitamins, Jia argues portfolio construction should look past asset class labels to the economic exposures underneath — a lens that lets UBCIM spot a valuation gap between public REITs and private real assets and, she says, pocket a 30% return in twelve months.In conversation with Markets Group Deputy Editor Lauren Bailey, Jia explains why index concentration has become a structural ceiling on active management — beat a top-heavy benchmark and you'd have to be more concentrated than the benchmark itself — and where she's hunting for uncorrelated alpha as de-globalization regionalizes the opportunity set. She also details why UBCIM redesigned a quant manager's strategy around a climate-aware benchmark instead of dropping the manager over weak proxy voting, and why social risk is t

What matters most, governance structure or market insight? In this in-depth conversation with up-in-coming CIO Hall of Famer honoree, John Skjervem, learn his leading takeaways from doubling the AUM in Oregon, what it was like to switch to a 97% funded Utah Retirement System, and how he helped to ready Northern Trust for institutional clients. TimeStamps:00:12 - Introduction to John Skjervem and His Achievements03:20 - Defining Fiduciary True North12:18 - Navigating Pressures as a CIO13:26- Revamping Oregon's Investment Systems16:13 - Leadership vs. Management: The Rowboat Analogy18:22 - The Importance of Governance in Investment Outcomes21:48 - Offense vs. Defense in Investment Strategies24:26 - First Impressions and Pressure Testing in Utah26:25 - Misunderstandings in Managing Retirement Systems30:31 - Systemic Issues in State Pension Funds35:01 - Legacy and Impact as a CIO

Part 2: CIO Hall of Famer Ash Williams discusses the changes he made once he returned to the Florida SBA after the Great Financial Crisis, and fields questions from CIOs in the industry.

Jeb Burns, Chief investment officer of Michigan MERS, living in a U.S. manufacturing hub, shares insights on tailwinds, where investors are leaning in, humans vs. AI, and getting his investment team out of siloes.

Jon Braeutigam, CIO of the State of Michigan Department of Treasury, reflects on how a long-term, data-driven investment philosophy has helped guide the portfolio through major market cycles. In this in-depth discussion with Markets Group Deputy Editor Lauren Bailey, Braeutigam explains the fund’s shift from equity-heavy positioning in a low-rate environment to a more diversified mix of equities, fixed income, and absolute return strategies as rates rose and funding levels improved. He also shares his views on AI, fiscal risk in the U.S., and why relationships and perspective remain central to success in institutional investing.

How did a small Canadian pension plan outperform while others abandoned defined benefit plans?Markets Group Lifetime Achievement Award winner Blair Richards shares the bold investment decisions, early move into alternatives, and “micro-Maple Model” strategy that delivered decades of strong returns that recently culminated in a landmark deal guaranteeing retirees a 4% annual COLA for life.

How venture-backed Savvy Wealth’s CIO Sharma increased AUM 4.5x in 2025.

Join us in Ohio to hear him live during his strategy award discussion. Or, next best thing: listen here to how CIO Farouki Majeed stayed in the top 2% of earnings while being one to the top funds in Private Equity in 2025. 03:21 - Navigating Financial Crises: A Journey Through Experience12:04 - Current Market Insights and Future Risks17:50 - Market Outlook and Economic Risks19:44 - Investment Strategies and Asset Allocation21:22 - Real Estate and Infrastructure Investments24:18 - Governance and Organizational Structure in Investment32:35 - Private Equity and Co-Investment Strategies33:43 - Income Generation and Funding Strategies41:20 - Advice for Allocators and Closing Thoughts

How San Bernardino County Employees' Retirement Association's CIO, Don Pierce, engineered a credit strategy designed to perform in any market environment.

CIO Peter Madsen’s research-driven strategy — blending private market insight with defensive positioning — has strengthened the Utah School and Institutional Trust Funds portfolio, driving 61% growth over FY2014–FY2023 and record distributions. He shares his data-driven approach with Markets Group

How Aaron Bennett and the University Pension Plan investment team built and scaled a disciplined, risk-aware investment strategy during a period when markets were swinging wildly — delivering strong performance within its first three years.

How do modern pension systems shape economies, strengthen retirement security, and evolve for a multi-generational workforce?In this episode, Markets Group Deputy Editor Lauren Bailey speaks with Celine Chiovitti, Chief Pension Officer at OMERS, about the expanding role of pension systems as both long-term financial anchors for retirees and essential contributors to economic growth and community stability.Chiovitti discusses how large pension plans function as critical economic infrastructure, why younger generations are showing greater engagement with retirement planning, and how pension organizations are simplifying complex retirement concepts to improve accessibility and long-term participation. She also explores how innovation, AI, and service modernization are helping pension systems strengthen governance, transparency, and operational efficiency while adapting to demographic shifts, longer life expectancy, and changing workforce patterns.Key topics discussed:• The economic and societal impact of pension systems• Growing generational engagement in retirement planning• Governance, demographic, and longevity challenges facing pensions• The role of AI and digital innovation in pension modernization• Accessibility, portability, and the future sustainability of retirement systemsThis conversation offers valuable insights for institutional investors, asset owners, policymakers, pension leaders, and professionals focused on long-term capital allocation and retirement security.