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Introduction Over the past several years, tokenization has moved from a conceptual topic into something firms are actively bringing into production. What once lived mostly in proofs of concept and industry discussion is now starting to operate inside real market infrastructure. At a basic level, tokenization is the process of representing real‑world assets in a
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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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Why Transformation Efforts Fail – Why Partnership and Trust Determine Success
Summary Organizations across the investment industry continue to spend tens of millions of dollars each year modernizing and optimizing operational processes, aiming to improve efficiency, enable growth, and support innovation. Yet despite sustained investment, many organizations struggle to realize the outcomes they expect. Recent research underscores the scale of the challenge. Studies published in 2024
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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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Is Poor Quality Custodian Data Constraining the Maturity of Your Performance Operating Model?
Performance reporting plays a vital part in the investment management process, yet upstream systems rarely deliver the data required to support high-quality returns. As a result, performance operations teams must compensate for these gaps by detecting true issues, conducting root cause analysis, and ensuring proper remediation, all while delivering final results on tight timelines and
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Unlocking GIPS® Compliance Benefits for Asset Owners
For asset owners, the investment performance function effectively serves the Chief Investment Officer (CIO) and Risk, both of whom have a vested interest in overseeing and optimizing the fund’s total performance and maintaining a cross-asset class view. The lack of access to complete and reliable data from asset class silos can hinder cross-firm evaluations and
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After-Tax Benchmark Methodology
After-Tax Benchmarks: A Practical Framework for Measuring Tax Alpha After-tax benchmarks are increasingly critical for evaluating investment performance for taxable investors. While after-tax portfolio returns are well defined under existing standards, the development of consistent, defensible after-tax benchmark methodologies has lagged, creating challenges for firms seeking to accurately measure tax-aware investment strategies. This paper introduces
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What Is Tokenization of Financial Assets and How Is It Shaping the Future of Finance?
Tokenization of Financial Assets: Context Tokenization is a buzzword that is used by many in the industry without a single definition or a deep understanding. At its core, tokenization refers to the process of creating a digital representation of an asset on a blockchain or distributed ledger, where each token represents a claim, share, or
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