There are some roads you
could drive with your eyes closed—or so the saying goes. For me, one of these
is the A591 from Kendal to Windermere, which each year takes thousands of
tourists to one of the United Kingdom’s favourite spots: the Lake District.
Locals (like myself) know that if you don’t set off before 9:00 am, nothing but lines of traffic await. Of course, despite this knowledge, this Easter Sunday saw our departure delayed until midday. After crawling along for about 15 minutes (albeit in some of England’s most glorious countryside) we decided to go “cross-country.” We knew where we needed to get to and had a fair idea that a certain turn taking us off the tourist trail would get us there. It might be a longer trip in miles—and on a road significantly more difficult to drive—but we would save ourselves time in the long run.
We took the turn and were rewarded with not just a more efficient route, but views of the national park that we had never seen before. Different perspectives on a familiar landscape were breathtaking and the terrain was not as tricky as we’d thought. After 30 years driving these roads, it was refreshing to see something new.
Why am I recounting my Easter break? Because I would secretly like to work for the Lake District tourist board, but also because this latest edition follows the same theme of trying something new after years of sticking to a well-trodden path.
In our Interrogation, former ATP Co-CIO Anders Hjælmsø Svennesen tells us about his first few months facing a new challenge. After 15 years at the Danish national pension fund, he has taken the helm of Danica—and is renewing its investment strategy from the top down (and bottom up).
In a similar vein, Nick Reeve talks to investors who have taken a new approach to environmental, social, and governance-oriented investing. Instead of the usual screening or checklist, they are discarding the label and integrating the structure into their entire portfolios.
Our columnist Alan Brown wants us to look at defined contribution plans with new eyes. A lot of people’s futures are riding on it, he points out, so there is no time to delay.
Nick also looks to new ways to tackle inflation risk, and we consider whether investors prefer small or large managers—and if that shapes the system.
Finally, I journey to Amsterdam to meet one of the most influential women in finance. Angelien Kemna stood at the helm of one of the world’s largest pension investors and guided it through a major transformation—all while the financial crisis was raging. It might not have happened but for one pivotal decision when she faced a roadblock in her career.
Kemna, the first recipient of CIO Europe’s Lifetime Achievement Award, is not afraid of taking a new road to get to the required destination. Having spent some time with her directly before my Easter break, I am certain of one thing: She would have never stayed on the A591 waiting in line with the masses, either.