Asset Management will continue to deliver on plan

Probably the biggest surprise for most of us in 2023 was the resilience of the global economy. At the start of the year, a significant economic contraction was widely expected given the sharp jump in interest rates. It was believed that the US Federal Reserve would succeed in its efforts to combat inflation, but at the cost of a US labour market softening.

What we actually witnessed was inflation slowing and economies generally remaining resilient as Central Banks ensured liquidity and stability. While European economies fared relatively well, stagnating but not experiencing a recession, the US economy was most notable for remaining buoyant. This was driven by government stimulus packages and continued strong consumer spending, as well as optimism around the promise of significant future AI-based productivity benefits.

And let’s not forget that in 2023, there were dislocations that would have previously shaken the confidence of markets to the core. In March, we saw the collapse of a number of US regional banks, and the denouement of the Credit Suisse story. I am proud to say that we in Asset Management navigated through these challenges successfully with limited impact on our portfolio.

My priorities for Asset Management for this year are clear – to continue to deliver on plan, and remain a sustainable contributor to Swiss Re’s profitability and return on equity. In short, this means delivering on investment targets and prudently managing exposures, with a laser focus on the quality of the portfolio. We will also continue to build out our private market assets, in particular our private infrastructure debt investments, a platform which we started over ten years ago and something that truly differentiates us.

Generative AI has many implications for all organisations, especially for knowledgebased firms like ours. In Asset Management, we are actively assessing how the technology can best support the work we do – for instance, how it can help us identify opportunities – but just as importantly, how we can use generative AI to flag risks before they manifest. Overall, technologies such as AI should be viewed less as a threat and more as something to be harnessed and used to improve decisionmaking and productivity – and to make better investments.

I have had a very international upbringing and have lived and worked across three continents. I have always been open to exploring new opportunities and do not shy away from the unknown, factors that have shaped my career so far. This mindset has served me well and led me from a career in consulting to taking the role of Head of Private Equity at Swiss Re, expanding my scope as Co-Head of Client Solutions & Analytics and, of course, recently taking the Swiss Re Group CIO role. Throughout that journey, I have constantly challenged myself to learn and evolve.

I have learned that regardless of your role, the value of developing a strategic mindset should never be underestimated – and that, ultimately, all successful organisations are built on their people. In any leadership position, it comes down to how you empower your teams, how you inspire them, how well you understand their needs and how you communicate to get maximum buy-in.

I had long been intrigued by the history of the firm as a knowledge-based organisation. In fact, I had already worked with Swiss Re Asset Management in an advisory capacity, so I knew firsthand that the expertise and know-how of the organisation were, in my opinion, second to none. People here are driven, super smart and willing to make the right decision – even when it is a difficult one. This focus on what I call “True North” is inspirational and made the decision to come to Swiss Re relatively easy. Last but not least, Swiss Re’s vision to make the world more resilient is something that resonates deeply with me on a personal level.

Anybody starting their career should have an open mind. This is super important as a career spans many decades, and you don’t know at the start what you will enjoy or even where your true skills lie. Indeed, I always make a point of advising new joiners at Swiss Re to avoid a myopic view of where their career will take them. Instead, I urge them to be open to new opportunities and challenges, and to always look to expand their horizons even if that means straying outside of their comfort zone. They should always ask themselves what more they can learn and how they can best contribute. The people you work with also make a huge difference and this is an important factor to consider when joining an organisation. Working life is so much more fun if you can have a great time with your colleagues – which is what I have been experiencing here at Swiss Re since I joined.