Are you thinking about launching a collective investment trust (CIT) to reach the retirement plan market? Asset managers should consider more than potential cost savings such as trustee oversight, operational requirements, and demand for the investment strategy.
In this episode, Paul Fahey, Head of Strategic Partnerships at Northern Trust, speaks with Ryan Dargis, Service & Strategy Enablement, at Northern Trust, about evaluating collective investment trusts. Ryan explains how trustee oversight works and why unregistered funds still have regulatory obligations. They examine daily valuations, recordkeeper connectivity, and the responsibilities that remain with an asset manager using a third-party trustee.
Ryan also describes why feedback from plans and intermediaries can help shape a fund’s distribution approach before launch.
Listen to the full episode to explore the governance, operational, and distribution considerations asset managers should evaluate before launching a CIT.
For Australian asset managers and superannuation funds, growth increasingly depends on operating discipline, reliable data, and decisions about where technology can add practical value. As firms look to scale while keeping costs and operational complexity under control, the question is where to invest, what to keep in-house, and where strategic partners can help.
In this episode, host Paul Fahey speaks with Angelo Calvitto, Head of Asia Pacific, and David Sara, Regional Head of Industry Development, Asia Pacific, at Northern Trust as they explore the findings from Northern Trust’s 2026Driving Growth in Asset Management survey. They discuss the survey findings on Australian asset managers and superannuation funds, including cost control, outsourcing, target operating models and data management.
Key points:
How Australian asset managers are balancing growth goals with tighter cost control and operating discipline
Why outsourcing can help firms focus internal talent on functions that create meaningful differentiation
How stronger data strategy, governance and accuracy support investment decisions, risk management and efficiency
Where AI is providing practical support in document management, data quality and operational due diligence
How operating models, technology choices and strategic partnerships can support long-term growth and member outcomes
What can help asset managers and super funds turn growth strategies into scalable operating models
As tokenized assets move into real-world testing, institutional investors need to understand how they could affect existing payment systems, settlement processes, risk controls, and operating models.
What can real-world testing teach financial institutions about the next stage of digital markets?
In this episode, Paul Fahey speaks with Justin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets at Northern Trust, and Paul Abraham, Chief of Investment Services at Commonwealth Superannuation Corporation, about Project Acacia. They cover a live use case connecting a tokenized carbon credit with traditional cash settlement, what institutional investors are learning about tokenized assets and digital cash, and why hybrid infrastructure may remain part of financial markets as adoption develops.
Key points:
How Project Acacia tested tokenized assets alongside traditional payment infrastructure and settlement processes
Why institutional investors are studying tokenization before broader adoption reaches their operating models
How digital cash, tokenized equities, and different settlement models may develop across jurisdictions
Where tokenization may improve liquidity, collateral use, operational efficiency, and risk visibility
Why trust, liquidity, security, and regulatory clarity remain central to wider institutional participation
Paul Abraham is Chief of Investment Services at Commonwealth Superannuation Corporation (CSC), which provides superannuation products and services to Australian Government and Australian Defense Force employees. He joined CSC in 2005 and brings more than 30 years of financial services experience, with previous roles spanning chartered accountancy, asset management, and financial planning across Australia, London, Tokyo, and Singapore. Paul is a Fellow of the Institute of Chartered Accountants Australia and holds a Master of Financial Management from Australian National University and a Bachelor of Business (Accountancy) from Charles Sturt University.
From Automation to Adaptation: How AI Is Reshaping the Future of Work (Video)
As organizations accelerate AI adoption, leaders are grappling with a critical question: how will technology reshape the workforce in the years ahead? In this episode of Market Pulse, host Grant Johnsey sits down with workplace futurist and workforce intelligence expert Alexandra Levit to explore the realities behind today’s AI transformation.
Their conversation examines why many organizations are struggling to realize AI-driven productivity gains, the growing importance of workforce redesign, and how companies can better align technology investments with talent strategy. Alex also shares her views on job displacement versus job creation, the skills professionals need to remain competitive, and why human judgment, creativity and relationship-building will remain essential in an increasingly automated world.
The discussion concludes with a look at emerging workplace trends, from hybrid work models to the future potential of immersive digital environments, offering practical insights for business leaders, investors and professionals navigating a rapidly evolving landscape.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities
Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments
Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
From Automation to Adaptation: How AI Is Reshaping the Future of Work (Audio)
As organizations accelerate AI adoption, leaders are grappling with a critical question: how will technology reshape the workforce in the years ahead? In this episode of Market Pulse, host Grant Johnsey sits down with workplace futurist and workforce intelligence expert Alexandra Levit to explore the realities behind today’s AI transformation.
Their conversation examines why many organizations are struggling to realize AI-driven productivity gains, the growing importance of workforce redesign, and how companies can better align technology investments with talent strategy. Alex also shares her views on job displacement versus job creation, the skills professionals need to remain competitive, and why human judgment, creativity and relationship-building will remain essential in an increasingly automated world.
The discussion concludes with a look at emerging workplace trends, from hybrid work models to the future potential of immersive digital environments, offering practical insights for business leaders, investors and professionals navigating a rapidly evolving landscape.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities
Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments
Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
Institutional Investing in a Changing Global Market
Institutional investors are balancing rapid market change with the need to make disciplined, long-term investment decisions.
As regulations evolve, technology advances, and geopolitical events influence capital flows, investors are balancing opportunity with operational discipline.
In this episode, Paul Fahey speaks with Gerard Walsh, Global Head of Market Solutions, Banking and Markets at Northern Trust, about the forces shaping institutional investing today. They explore how geopolitical developments are influencing investment decisions, why operational resilience has become a growing priority, what organizations should consider as more markets move toward T+1 settlement, and how artificial intelligence is being applied to risk management, cybersecurity, and decision support.
Gerard also shares why strategy, thoughtful execution, and experienced human judgment continue to play an essential role alongside advancing technology.
Key takeaways:
How geopolitical events are influencing institutional investment decisions and capital allocation worldwide
Why operational resilience and risk management have become priorities for large investment organizations
What investors should prepare for as more global markets transition toward T+1 settlement cycles
Practical examples of artificial intelligence improving cybersecurity, risk monitoring, and operations
Why experienced human judgment remains essential alongside AI-driven decision support
The outsourced chief investment officer (OCIO) industry is growing faster than many expected, with assets projected to approach $6 trillion by 2030. In this episode of Market Pulse, Grant Johnsey sits down with Kate McCabe, Head of OCIO and Commercial Strategy at Northern Trust, to discuss findings from Northern Trust’s latest Asset Owner Peer Study.
Together, they explore how OCIOs are increasing allocations to private markets, managing liquidity challenges, leveraging AI to improve operational efficiency, and navigating growing demands around data, technology and scale. They also discuss what asset owners should be watching as the OCIO landscape continues to evolve and where service providers can help support future growth.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities
Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments
Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
Scaling the Future of OCIO: Data, AI and Operational Efficiency (Audio)
The outsourced chief investment officer (OCIO) industry is growing faster than many expected, with assets projected to approach $6 trillion by 2030. In this episode of Market Pulse, Grant Johnsey sits down with Kate McCabe, Head of OCIO and Commercial Strategy at Northern Trust, to discuss findings from Northern Trust’s latest Asset Owner Peer Study.
Together, they explore how OCIOs are increasing allocations to private markets, managing liquidity challenges, leveraging AI to improve operational efficiency, and navigating growing demands around data, technology and scale. They also discuss what asset owners should be watching as the OCIO landscape continues to evolve and where service providers can help support future growth.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities
Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments
Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
Digital Assets, Tokenization, and the Future of Institutional Investing
Financial markets continue to evolve as institutions evaluate new ways to move assets, improve settlement processes, and expand investment opportunities.
What role will digital assets play in the future of investing? And how are institutions balancing innovation with regulation, governance, and risk management?
In this episode, Paul Fahey speaks with Andrew Czupek, Head of Digital Assets and Innovation, North America at Northern Trust, about the findings from Northern Trust’s 2026 Global Asset Owner Peer Study. They explore growing institutional adoption of digital assets, the rise of tokenized funds, the importance of interoperability between traditional and digital systems, and how regulatory developments are influencing participation.
Andrew also shares why utility, mobility, and infrastructure development are becoming key drivers of long-term institutional interest.
Key takeaways:
Growing institutional participation reflects increasing interest in digital assets beyond cryptocurrency exposure
Digital cash and settlement rails are helping address twenty-four-hour market activity needs
Tokenized assets create new opportunities for collateral mobility and operational efficiency
Regulatory frameworks are shaping institutional confidence and participation decisions
Interoperability between traditional and digital systems remains critical for broader adoption
Institutional investors are taking a closer look at sports—not just as a passion project, but as a distinct and evolving asset class.
In this episode of Market Pulse, Jason Wright, managing partner and head of investments for Project Level at Ariel Investments, joins Northern Trust’s Grant Johnsey to explore the investment case for women’s sports. Drawing on his experience as a former NFL executive and operator, Wright explains where he sees inefficiencies in the market, what’s driving growth across teams and leagues, and how investors should think about sports within a diversified portfolio.
The conversation covers the structural dynamics shaping the industry, from media rights and valuation gaps to the emergence of a new, underserved fan base. Wright also outlines how Project Level is approaching the space—investing not only in teams, but across the broader ecosystem supporting the future of women’s sports.
Important Disclosures
The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel.
Non‑U.S. Small Cap Equities
Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments.
Alternative Investments
Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.
