Nicole

And it was almost easier because there weren't folks in the hall.

You could really see where the silos were.

You could really feel where the organization just really needed to have clearer accountability and maybe a more collaborative approach to govern it, more connective tissue between teams.

And so, yeah.

From a total portfolio perspective, I really started with culture, which I think TPA is, you know, is actually about governance and culture and making sure you can approach the problem as a total fund as opposed to being siloed.

And so I think gearing, you know, starting off with the culture pieces that make for better governance, make for better decision making, make for better accountability is what I tackled first.

Yeah.

So as you put it, you know, strategic asset allocation is allocated with a bunch of inputs that are based on where you think the market, where the markets have been or being used to make assumptions around where the markets are going.

There's a policy portfolio you're trying to be, etc.

TPA is really more about total fund.

It's really thinking more about are you getting paid for the risk that you're taking in a manner that moves the needle at the total fund approach.

And so often you'll have an absolute or a total fund benchmark as opposed to a policy benchmark.

You absolutely are competing for capital or at least the culture of it is to compete for capital for the next best place to deploy the capital approach.

as opposed to thinking just for your silo or just for your asset class.

So really what that boils down to, I go back to the cultural point, which is you need to set up, you need to set the organization up so that you are able to break down those silos.

And so how do you do that practically?

One of the first things we did as a team is we decided that we really should have all the asset classes in the room for, in an investment committee space.

type approach, as opposed to having the private equity investment committee, the real estate investment committee, public markets, et cetera, all split up and all different.

We had the heads of asset class come together to really make sure we were better understanding which each individual silo, which we still were, we were still definitely under an SAA approach.

But what are the goals of each of the different asset classes?