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Prior chapters in the Total Portfolio Approach (TPA) series explored the key challenges organizations face and the operational approaches they can take to support a TPA framework. The first two papers established the foundation by examining industry trends driving adoption of TPA and the architectural decisions required to enable it. The subsequent papers explored specific
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2026 Investment Performance, Risk, and Attribution Vendor Landscape
Trends in Performance, Risk, and Attribution Systems Introduction While a few years have passed since Meradia’s last Performance Vendor Landscape article, many of its stated trends still hold true. Data aggregation, quality control, and governance remain top priorities for clients evaluating performance platforms. Intuitive workflows and strong exception management continue to shape how efficiently operations
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From the Next Generation Operating Model to the AI Operating Model
Executive Summary AI is no longer a tooling question for investment firms. It is an operating-model question. The firms that win will redesign work, decisions, controls, and talent fast enough to turn AI from scattered pilots into institutional advantage. Building on Meradia’s Next Generation Operating Model (NGOM), this paper introduces the AI Operating Model (AIOM): the management system that converts
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Building Backwards: Delivering Total Portfolio Attribution, Analytics, and Liquidity
At its core, the Total Portfolio Approach (TPA) demands that firms consistently generate three outcomes: total portfolio attribution, integrated analytics, and forward-looking, total portfolio level liquidity forecasting. Together, these form the backbone of informed, portfolio-wide decision-making. Yet many asset owners struggle to produce these outputs in a way that is timely, coherent, and scalable across
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Why Target Operating Models Fail Before the First Mile
For those who know me outside of work, you know I’m a runner and always training for the next race. In distance running, elite athletes don’t start with race day strategy. They start with an honest assessment of current capability. Pace, endurance, recovery, and risk are measured before the plan is set. Organizations rarely apply
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The Investment Data Behind a Total Portfolio Approach
The first paper in this series examined the questions executives inevitably face in the wake of major macroeconomic events: How quickly can we rebalance the portfolio to a new strategic posture without breaching liquidity, leverage, or regulatory constraints? How does a shift in emerging markets impact our portfolio over the next 24 hours? Despite the
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Architecting for Total Portfolio Approach
“Architecture is about the important stuff. Whatever that is.” – Ralph Jophnson. While Strategic Asset Allocation (SAA) and Total Portfolio Approach (TPA) are both investment philosophies, they require fundamentally different architectures to support them. Most asset owners do not struggle because of the allocation approach they choose. They struggle because the systems, data structures, and design decisions
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Bridging Two Worlds: The Modern Analyst’s Role in Investment Operations
Starting out as a consulting analyst in 2025, I can’t help but notice how different my experience is from those who entered the field a generation ago. In the 1990s, entry-level analysts spent their first few months balancing ledgers by hand, keying data into green-screen terminals, and learning the quirks of rigid mainframe systems. They
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The Challenges and Complexities Facing Today’s Pension Plans
The role of the Chief Investment Officer (CIO) within pension plans has evolved significantly in recent years. No longer focused solely on portfolio construction and return generation, today’s CIO must navigate an environment shaped by data, technology, and a growing set of external pressures. The long-term sustainability, funding of pension systems, and the financial security
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The Case for a Total Portfolio Approach
In early 2026, U.S. action in Venezuela triggered a swift market reaction. Venezuela’s 17% share of global oil reserves led some investors to see renewed potential in its assets, while others viewed the development as a sharp shift in emerging‑market risk. These types of major events are more common than many assume. Over the past
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