Podcasts

What does it take to lead one of the world's largest fixed income businesses - and how should investors navigate markets when uncertainty has become the norm?

In this episode of The CIO Chair, Andy Chorlton, Chief Investment Officer of Fixed Income at M&G Investments, joins us to discuss his career, investment philosophy and approach to leading a global fixed income business.

Andy shares his journey into investment management, from studying economics and Spanish to securing his first internship after facing multiple rejections. What began as a rotation through fixed income eventually became a career spanning more than 25 years, including roles at Citigroup, AXA Investment Managers, Schroders and now M&G.

The conversation explores what Andy believes are the three key responsibilities of a CIO: representing the interests of clients, growing the business and creating an environment where investment professionals have the resources and support they need to perform at their best.

A major theme of the episode is investment philosophy and consistency. Andy explains why having a clear set of investment beliefs is particularly important during periods of market stress. Andy also discusses M&G's value-oriented approach to fixed income, the importance of genuine diversification and why understanding how different investment managers behave can matter just as much as the number of managers in a portfolio.

The conversation also looks to the future, including the opportunities and risks presented by AI in investment research. Andy shares why he sees technology as a way to make analysts more efficient- giving them more time to think, challenge conclusions and make better investment recommendations - rather than replacing human judgement altogether.

In this episode of The CIO Chair podcast, we speak with Jeremy Rogers, Chief Investment Officer at Better Society Capital, about the evolution of impact investing and the role investment can play in tackling some of the UK's most pressing social and environmental challenges.

Jeremy brings a particularly interesting perspective to the conversation, having worked across both the financial and social sectors, including a senior role at JP Morgan, Big Issue Invest and The Prince's Trust. At Better Society Capital, he has spent more than a decade investing in and helping to develop the UK's social impact investment market.

Jeremy shares his perspective on how financial returns and positive social outcomes can work together, rather than treating impact as something separate from investment decision-making. He also reflects on his experience helping to develop the UK's social impact investment market and the importance of experimentation, collaboration and looking beyond traditional investment frameworks.

The conversation explores impact investing, systemic change, social investment and investment opportunities, as well as the challenges of measuring impact and identifying where capital can genuinely make a difference.

Finally, Jeremy reflects on what he's learned during his time at Better Society Capital, what he's most proud of and his advice for people beginning their careers in investment. His message is simple: rather than trying to predict exactly where the industry is heading, find an environment with a steep learning curve, a strong culture and opportunities to deliver good ideas.

David Thompson, Chief Investment Officer at Zurich Insurance Company Limited, joins us to discuss a career spanning investment banking, asset management and insurance investing. From writing 52 letters to land his first role at Lehman Brothers to leading one of the UK's major insurance investment portfolios, David shares the lessons that have shaped his investment philosophy and leadership style.

The conversation explores how insurers balance long-term liabilities, why diversification matters more than predicting "black swan" events, and why Zurich has committed capital to UK natural capital through woodland creation, peatland restoration and biodiversity projects. David also discusses responsible investing, manager selection, developing high-performing teams and the importance of curiosity as a career advantage.

In this episode of The CIO Chair Podcast, we sit down with Will Nicoll, chief investment officer at Royal London Asset Management, for a wide-ranging conversation on investment leadership, team building, and navigating uncertainty in today's markets.

Drawing on decades of experience across asset management and institutional investing, Will shares why trust is the foundation of every successful investment organisation. He explains how CIOs can build high-performing teams, encourage constructive disagreement, and create an environment where people are motivated by purpose rather than hierarchy. His approach to leadership is rooted in transparency, honesty, and putting clients' interests first.

The conversation also explores some of the most challenging moments of Will's career, including lessons learned during the Global Financial Crisis, the dangers of making decisions based on what feels "normal," and why patience is often one of the most underrated skills in investing. Will discusses the opportunities and challenges facing UK investors, the role of infrastructure in supporting economic growth, and how long-term investors should think about market cycles and portfolio resilience.

Alongside his investment insights, Will offers thoughtful reflections on hiring, career development, and the importance of helping people find roles where they can thrive. His leadership philosophy is refreshingly simple: great teams are built on trust, great advice is clear and unbiased, and successful organisations are those that continue serving their clients long after today's leaders have moved on.

In this episode of The CIO Chair Podcast, we sit down with Siddharth Chakravarty, Vice President of Investments at Coaction Global. We explore the realities of modern investment leadership and the evolving responsibilities of today’s chief investment officer.

The conversation covers how CIO's make decisions in uncertain markets, balance long-term strategy with short-term pressures, and build investment frameworks that can withstand volatility and structural change. We also discuss governance, risk management, portfolio construction, and the human side of leadership inside institutional investing.

Throughout the episode, Siddharth brings a measured, analytical perspective to complex investment questions, while also showing a natural curiosity and openness that reflects how he approaches leadership and learning. Rather than relying on rigid market narratives, Siddharth emphasises adaptability, long-term thinking, and the importance of staying intellectually honest when conditions change.

Siddharth reflects on his career journey, the lessons learned from navigating complex market cycles, and the mindset required to lead investment teams effectively in today’s environment. We also explore the future of investing, including how technology, private markets, sustainability, and changing client expectations are reshaping the CIO role.

Whether you’re a chief investment officer, institutional investor, pension professional, or aspiring investment leader, this episode offers practical insights into how the industry is evolving, and what great investment leadership looks like in practice. 

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In this episode of The CIO Chair Podcast, we speak with Veronica Humble, Chief Investment Officer at Cushon by WTW ("Cushon"), about how the role of the CIO is evolving in the world of defined contribution (DC) pensions. As more individuals take responsibility for their retirement outcomes, CIOs must rethink how investment strategies are designed, communicated, and delivered at scale.

Veronica shares how Cushon is approaching this challenge by focusing on member engagement, simplicity, and long-term value creation. With a background in quantitative investing and portfolio construction, Veronica brings a data-driven perspective to pension design, combining rigorous analysis with a strong focus on real-world member outcomes. She explains why traditional pension structures often fail to connect with savers, and how integrating ESG principles, private markets, and default fund design can help deliver better retirement outcomes. 

We explore the importance of digital experience, behavioural insights, and creating investment journeys that members can actually understand and engage with.

For chief investment officers, pension professionals, and institutional investors, this episode offers practical insight into how investment leadership is adapting to meet the needs of today’s savers, and what the future of DC pension investing could look like.

Guillermo Donadini joins Sean Thompson and Hartej Singh to discuss how investment strategy supports the Lloyd’s insurance market. As CIO of the Corporation of Lloyd’s, Guillermo manages the central fund while overseeing investment risk across the broader marketplace.

Guillermo begins by reflecting on his early exposure to economics growing up in Argentina, where economic instability made financial understanding a part of everyday life. His career path, from research roles to global CIO positions at AIG and eventually Lloyd’s, was shaped by curiosity, resilience, and a belief in being “part of the solution.”

He explains how the Lloyd’s model differs from traditional insurance companies. Instead of operating as a single insurer, Lloyd’s functions as a marketplace where multiple syndicates share complex risks. The central fund acts as a financial backstop, making its investment strategy critical to maintaining market confidence.

The episode explores how Guillermo approaches asset allocation, risk appetite, and portfolio resilience. He discusses how liquidity stress testing and scenario analysis help ensure that assets remain available when claims arise, even during extreme market events.

Guillermo also reflects on lessons from earlier crises, including Argentina’s sovereign default, and how those experiences shaped his approach to risk management. He emphasises the importance of preparation, contingency planning, and disciplined processes.

Beyond investing, Guillermo shares insights on leadership, mentorship, and personal purpose. For him, the ultimate measure of success is not only strong portfolios but also developing the next generation of investment leaders.

In this episode of The CIO Chair, Sean Thompson and Hartej Singh speak with Richard Tomlinson, Chief Investment Officer of Local Pensions Partnership Investments (LPPI). Richard oversees investment implementation for local government pension scheme (LGPS) funds, managing assets on behalf of workers across local authorities and public bodies in the UK.

Richard explains the origins and purpose of LGPS pooling, outlining how LPPI operates with full delegation to implement partner funds’ investment strategies. He shares what the day-to-day life of a CIO looks like in a large pooled environment, balancing strategy, governance, manager selection, risk oversight, and team leadership.

The conversation explores Richard’s career journey, from engineering at Cambridge to hedge funds, consulting, and ultimately public-sector asset ownership.

The discussion spans private assets, UK investment opportunities, and the challenges of pricing long-dated risk. Richard shares a pragmatic view on housing, infrastructure, and corporate investing, emphasising transparency around return expectations and trade-offs.

The episode also explores team culture, delegation, and learning from past mistakes, including lessons from 2008. Richard closes by reflecting on leadership, AI’s evolving role in investment processes, and what it means to leave behind a strong institution rather than personal heroics.

In this episode of The CIO Chair, Sean Thompson and Hartej Singh are joined by Gerald Chen-Young, Chief Investment Officer of the National Public Pension Funds Association (NPPFA). Gerald oversees an internal portfolio while advising public pension systems representing police, fire, and teacher plans with nearly $1 trillion in combined assets.

Gerald reflects on his unusual career path, combining advanced training in economics and law. He explains how this combination has shaped his investment philosophy and fiduciary decision-making.

We explore asset-liability matching across different pools of capital, highlighting why each mandate requires its own investment framework. Gerald discusses the importance and limits of investment policy statements, arguing that IPSs should act as guidelines rather than rigid rulebooks. Drawing on the Global Financial Crisis and COVID-era market dislocations, he shares real-world examples where disciplined exceptions created long-term value.

Gerald also addresses diversification, private assets, and risk, cautioning against confusing reduced visibility with reduced volatility. He offers a nuanced view on ESG, responsible investing, and the political tensions surrounding these approaches in the US.

He shares his perspective as a newly appointed adjunct professor at Georgetown University, highlighting the importance of education in preparing the next generation of investment professionals.

We conclude with insights on global investing, emerging markets, academia’s role in developing future investors, and Gerald’s legacy as a CIO, defined by intellectual rigour, resilience under scrutiny, and work that stands the test of time!

In this episode of The CIO Chair, Sean Thompson and Hartej Singh are joined by Rob Groves, Chief Investment Officer of Pension Insurance Corporation (PIC), to discuss how insurers invest to secure defined benefit pensions over the long term. Rob shares his career journey from actuarial training through consulting and banking to leading investments at one of the UK’s largest pension insurers.

The conversation explores PIC’s investment philosophy, including Rob’s scepticism of rigid strategic asset allocation. Instead, he outlines a flexible, optionality-driven approach focused on finding the best risk-adjusted opportunities across public and private credit, while continuously optimising the portfolio with a long-term mindset.

Culture and leadership feature strongly and Rob shares what he looks for when building investment teams, why collaboration and curiosity matter more than ego, and the importance of trusting judgment during difficult investment decisions.

The episode also covers lessons from the 2022 LDI crisis, market uncertainty, investing in the UK economy, and the growing role of technology and AI. Rob closes by reflecting on the legacy he hopes to leave as CIO: strong teams, a resilient culture, and dependable outcomes for pensioners.

In this episode, Gallagher UK's Chief Investment Officer Pete Drewienkiewicz shares practical insights into how CIOs make strategic decisions in today’s evolving institutional investment environment.

Pete explains how governance frameworks, behavioural finance principles, and disciplined risk budgeting help chief investment officers navigate uncertainty and build portfolios that support long-term objectives.

Drawing on decades of experience across investment banking, manager research and consultancy, Pete offers a transparent look at the mindset and processes behind effective investment leadership. He discusses the challenges of manager selection, the growing role of private markets, and the influence of political and regulatory uncertainty on UK investing. Pete also speaks openly about luck, career turning points, and the importance of problem-solving as a defining trait of an effective chief investment officer, along with the legacy he hopes to leave as a CIO.

Packed with practical wisdom and real-world honesty, this episode is essential listening for current and future investment leaders.

What does it take to evolve from a traditional chief investment officer to an Outsourced CIO leading institutional portfolios at scale?

In this episode of The CIO Chair podcast hosts Sean Thompson and Hartej Singh sit down with Chetan Ghosh, OCIO at Schroders Solutions, to explore how the chief investment officer role is transforming, from in-house leadership at Centrica’s pension schemes to managing multi-client strategies at one of the world’s top investment firms.

Drawing on more than 30 years of experience, Chet offers rare insight into how CIOs can combine governance, agility, and long-term vision to deliver lasting results.

Chet shares his reflections on the challenges of managing risk in real time, building trust with stakeholders, and finding the right balance between structured process and intuitive decision-making. Our conversation also delves into the growing importance of the OCIO model, how it’s reshaping investment governance, and what it means for pension funds, asset owners, and the next generation of investment leaders.

In this debut episode of The CIO Chair, Sean Thompson and Hartej Singh sit down with Simon Pilcher, CEO of USS Investment Management, to discuss leadership, investment philosophy, and the balance between responsibility and performance in managing £77 billion in assets for over half a million members.

The conversation delves into the importance of anticipating future scenarios in investment strategies, emphasising that historical patterns may not adequately prepare investors for upcoming challenges.

Simon shares stories of lucky breaks, lessons in trust, and the evolution of his leadership style over three decades in investment management.

We discuss the need for resilient portfolio management that can withstand various future uncertainties, rather than relying solely on past performance.

Simon reflects on the importance of humility, faith, and family in keeping perspective, and shares that his true legacy will be leaving behind a strong, values-driven team that continues serving USS members with integrity and purpose.

Welcome to The CIO Chair - where leading chief investment officers share the strategies, philosophies, and human stories behind successful long-term investing.

In this short introductory episode, hosts Sean Thompson and Hartej Singh reveal the vision behind The CIO Chair: a new platform created by the cio investment club in collaboration with Pension Insurance Corporation. Together, they explain why this series exists- to bring real conversations with chief investment officers into the open.