Episode Details

In this episode, Alan Dunne speaks with Dan Mikulskis, CIO of People’s Partnership, about the evolution of large pension funds and what it means to think like an asset owner. Managing over £40 billion for millions of members, Dan explains how scale changes the way portfolios are constructed, managers are selected, and partnerships are built. The conversation explores the balance between passive and active strategies, diversification beyond equities, and the growing role of private markets. Dan also shares insights on governance, investment philosophy, and why humility is essential when making asset allocation decisions in complex global markets.

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Episode TimeStamps:

01:33 - Introduction to the global macro series

02:18 - Introducing Dan Mikulskis and his background

03:38 - From actuarial science to investment consulting

05:45 - The history and growth of People’s Partnership

08:18 - Auto-enrolment and the rise of large UK pension schemes

11:12 - What it means to operate as an asset owner

13:24 - Building the investment team and ownership model

18:34 - Scale advantages in manager relationships and partnerships

23:24 - How large asset owners select external managers

28:58 - Balancing core partnerships and specialist managers

34:25 - Macro insights