CAIA’s John Bowman on TPA and Tokenization

Why TPA works for some asset owners and not others. Could tokenization finally solve the liquidity problem private markets can't shake? In Part 2 of a two-part conversation, host Angelo Calvello presses John Bowman, CEO of the CAIA Association, on the Total Portfolio Approach: why CAIA is committing real resources to it, who resists it, and what that resistance reveals about governance and incentive structures at asset owners. Bowman argues U.S. public pension funds face the steepest climb of all, thanks to politically appointed boards, while endowments and sovereign wealth funds move faster. The conversation closes on tokenization, a theme CAIA has tracked since 2019, and where Bowman sees it finally solving real liquidity problems for illiquid assets. John Bowman was appointed CEO of the CAIA Association in January 2025. He has devoted over 25 years to the asset management industry, advocating for market integrity, long-termism, investor outcomes, diversity, human dignity, and educational standards. John previously served as Managing Director for the Americas at CFA Institute and, before that, as a portfolio manager for non-US equity strategies at Boston Company and SSgA. A prolific speaker and writer, he has appeared in the Wall Street Journal. John earned a BS from Mary Washington College and is a CFA Charterholder. In This Episode: (00:00) Angelo recaps part one and previews today's topics (02:33) Why CAIA is putting real resources behind TPA (07:02) Breaking down silos without forcing everyone to generalize (10:21) Public funds face TPA's steepest climb, endowments lead (12:30) Tokenization's origin story and its role in solving illiquidity (16:11) Where tokenization goes next, and why adoption has stalled Like, subscribe, and share this episode with someone who might be interested, and please take time to leave us a review! Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators and thinkers. As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom. Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, Chairman of the Board of Outreach with Lacrosse and Schools (OWLS Lacrosse), a nonprofit organization creating opportunities for at-risk youths in Chicago, and trustee for a Chicago-area police pension fund. His career-long focus on leveraging innovation to deliver superior client outcomes makes him the ideal host for cutting-edge institutional investing conversations. Resources: CAIA Association: https://caia.org John Bowman's CAIA contact page: https://caia.org/contact/john-l-bowma... John Bowman on LinkedIn:   / johnlbowmancfa   Vision 2035: https://caia.org/vision-2035/ The World Rewired Report: https://caia.org/reports/the-world-re... Systems Thinking Report: https://caia.org/reports/an-expanding... CAIA on Tokenization: https://caia.org/blog/2025/01/17/toke... Website: https://againstconsensus.com YouTube channel:    / @againstconsensus   LinkedIn:   / against-consensus   Podcast page: https://www.fin-news.com/category/pod... Fin News website link: https://www.fin-news.com/ Angelo Calvello email: acalvello@c79llc.com Dr. Angelo Calvello LinkedIn:   / angelocalvello