From SAA to TPA: A practical guide for asset owners

Strategic Asset Allocation has served asset owners well for decades. But in a world of growing illiquidity, complex cross-asset correlations, and faster-moving economic regimes, static policy weights and siloed execution are showing their limits.

This paper sets out the case for Total Portfolio Approach: a dynamic, outcome-led framework that puts the whole portfolio first, allocates capital to the best ideas at the margin, and gives boards and CIO teams the transparency and governance tools to act with confidence.

Inside, you will find a practical breakdown of how TPA works, how it differs from SAA, the four operating model pillars that underpin successful adoption, and a step-by-step roadmap for asset owners ready to make the shift.