By Nick Pollard, Managing Director, APAC at CAIA Association
At a recent gathering of senior investment leaders in Singapore, one question set the tone:
“What are the challenges that disproportionately occupy the minds of your firms at the moment?”
The answers revealed a profession navigating what feels like a permanent state of regime change. Across currencies, geopolitics, governance, and talent, the familiar playbook no longer applies— and the long-term mindset that once defined institutional investing is under strain.
Regime Change and the Vanishing Long Term
Markets are still digesting a world of structurally higher inflation, interest rates, and geopolitical tension. For many, the post-GFC “end of history” illusion—that globalization and central bank liquidity would smooth volatility indefinitely—has finally broken.
Currency risk sits at the top of many CIOs’ agendas. The dollar’s downward spiral, sharp fluctuations, and unpredictable policy reactions have made management “excessively difficult,” as one allocator put it. Add the return of large-scale wars fragmenting supply chains, and it’s no wonder liquidity management and time horizon discipline are faltering.
Several participants noted a paradox: too much liquidity chasing too few risk premiums, while genuine long-term risk taking is shrinking. The “Not on my watch” mentality—a fear of failure that pervades decision-making—reflects a system increasingly dominated by short-term accountability and performance optics.
As one attendee summarized: “Even funds with a long track record of success are changing their approach. Historical lessons feel less relevant. The cycles are faster, shorter, and deeper.”
Revisiting the Foundations of Belief
This turbulence is forcing boards and investment committees to revisit their core investment beliefs—the philosophical anchors that shape every capital decision.
When financial regimes change, so must governance. Several CIOs described boardrooms struggling to reconcile established orthodoxy with new realities. Faster market cycles and rising member turnover have amplified this challenge.
“The era of skill-based training is over,” one participant quipped, suggesting that technical competency alone is no longer sufficient to navigate a regime that rewards systems thinkers and adaptable governance.
John Bowman, CAIA Association’s CEO, captured it succinctly in his reflections:
“We need to think about two time horizons—the one we state, and the one our culture and governance actually allow us to hold. The latter is being challenged in every way.”
Clarity on investment beliefs isn’t just an academic exercise; it’s a survival skill. Without it, institutions risk drifting from conviction-based investing toward reactive behavior shaped by quarterly narratives.
Leadership, Judgment, and the People Advantage
Amid this uncertainty, leadership quality is becoming a defining competitive advantage. The discussion highlighted how boards are reassessing what “good” performance looks like—not just in returns, but in stewardship, culture, and long-term resilience.
“Leaders need to commit even more to fostering people and governance as developed advantage,” John Bowman noted. “They protect and harvest the natural advantage of a long-term time horizon.”
The conversation turned naturally toward talent. If long-termism is an institutional asset, human capital is its engine—and many worry that pipeline is breaking down.
The Talent Conundrum
A deep chasm has opened between technical proficiency and workplace experience. Employers are hungry for EQ, collaboration, and systems learning, yet younger professionals arrive without the apprenticeship opportunities that once built those muscles.
“Soft skills are now hard currency,” one CIO remarked. Universities are beginning to respond, but participants voiced concern that Gen Z lacks commitment to broad experiences or the grit that comes from incremental learning. Part-time work, internships, and rotational programs—once staples of professional growth—are disappearing from resumes.
Artificial intelligence compounds the problem. Entry-level analytical roles—historically the proving ground for future allocators—are being automated out of existence. The question looms large: Where will tomorrow’s investment professionals learn the ropes?
AI and the Return of Human Judgment
Few topics triggered more divergent views than artificial intelligence. For some, it’s an augmentative tool that enhances analysis and accelerates insight. For others, it’s a cost-cutting instrument that erodes institutional learning.
“AI can’t think—yet,” one participant warned. “It drives funds toward a common wisdom, but private markets require uncommon wisdom. They reward those who resist the algorithmic herd.”
Several leaders mapped out a three-stage AI progression:
- Collect data
- Analyze data
- Make decisions
Most firms, they noted, are proficient at the first two but timid at the third. “AI accelerates the process to get to the interpretation stage,” John Bowman observed, “but that’s where human judgment adds the most value.”
Anecdotes abounded: one sovereign fund now includes an AI agent as a non-decision-making member at investment committee meetings. Another example—Preqin’s acquisition by BlackRock—signaled a future in which data itself becomes proprietary capital, shaping who has access to insight and who doesn’t.
Governance in an Age of Acceleration
All of these threads—geopolitics, liquidity, culture, talent, and technology—converge on one existential question: can institutions preserve a long-term mindset when every system around them is built for speed?
The group wrestled with the idea that governance has become the rate-limiting factor in long-term success. Decision cycles are compressing; oversight structures are lagging. New board members arrive with fresh perspectives but also disrupt continuity.
As one executive put it, “It’s harder than ever to know if you’re being measured on the right horizon.” The old stability of “five-year plans” or “ten-year funding cycles” has given way to adaptive iteration — still long term in intent, but tactical in execution.
The Unwritten Curriculum
Threaded through the discussion was a collective acknowledgment that the craft of investing—judgment, synthesis, curiosity—can’t be codified or automated. It must be learned by doing, by questioning, by failing safely.
In this sense, the industry faces a dual crisis: a loss of patience and a loss of apprenticeship. AI may amplify insight, but it can’t replace the slow burn of experience that builds conviction.
The challenge for today’s leaders is to rebuild systems that value both—to use technology to scale wisdom, not replace it.
From Common to Uncommon Wisdom
If there was a single through-line in the dialogue, it was this: the world no longer rewards conformity. The institutional edge now lies in uncommon wisdom—the courage to hold a long view, revisit outdated beliefs, and empower humans to do what machines can’t.
The “end of history” mindset—that the global investment system had reached a stable equilibrium — has ended for good. In its place is a new age of experimentation and re-learning, where governance, people, and philosophy matter as much as process and performance.
As John Bowman concluded, “The game hasn’t change —but the rules have. Our advantage now lies in how we adapt our systems of belief, governance, and talent to match the speed of the world around us.”
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About the Contributor
Nick Pollard is a seasoned leader with over 15 years of international finance experience in the APAC region. Currently, he is helping drive CAIA Association’s expansion in this key market, leveraging his expertise in business development and his passion for training the next generation of finance professionals. Nick's career includes a successful seven-year tenure as Managing Director for the CFA Institute in APAC, where he worked closely with institutional partners, employers, universities, and regulators. Prior to joining the CFA Institute, Nick held senior leadership roles at The Royal Bank of Scotland’s Coutts Asia division, where he served as CEO, and later, as Head of International Learning and Professional Development for Coutts International. His career began with NatWest Group where he honed his skills in marketing and talent development. Nick has lived and worked in the APAC region for nearly two decades, positioning him at the forefront of the region's economic and demographic shifts. He holds a B.A. from University College, London.
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