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.

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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.

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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!

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