From Strategic Asset Allocation to Whole Portfolio Management

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From Strategic Asset Allocation to Whole Portfolio Management

Jay Doherty

Principal, Consulting

This paper outlines how TPA shifts focus from asset classes and volatility metrics toward system level factors, scenariodriven analytics, and balance sheet resilience, while providing a more durable foundation for long-term fiduciary stewardship.

SAA remains effective at solving a narrow but important institutional problem: control. But it struggles in fundamental ways. The Total Portfolio Approach (TPA) represents a deliberate shift away from asset class-centric governance toward whole fund accountability. Rather than managing multiple portfolios in parallel, the institution manages a single integrated balance sheet aligned to clearly articulated total fund objectives.

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