Podcast/Vodcast/Audio
Superannuation and Investments

Investment Ideas: Deglobalisation

Aidan NguyenJan SwinhoeDouglas IslesActuaries Institute
By Actuaries Institute, Douglas Isles, Jan Swinhoe, Aidan Nguyen Short read • 6 February 2025

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The debut episode of "Investment Ideas" dives straight into one of the most significant forces reshaping global markets: deglobalisation.

Co-hosts Jan Swinhoe and Douglas Isles speak with Belinda Cheung, Director in the Economics and Capital Markets team at Future Fund, and Annette King, non-executive director, former President of the Actuaries Institute and CEO, to explore how geopolitical shifts are transforming investment opportunities and risks in 2025 and beyond.

Key areas discussed include:

  • The impact of 2024's global elections and rising protectionism on investment markets
  • The transformation from a US-centric to multi-polar world order and implications for currency markets
  • Australia's unique position balancing its services and commodities economies in a changing global landscape
  • The role of data and technology in shaping future investment opportunities

About the podcasts guests

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Annette King
Annette is an experienced company director, former CEO and actuary, with over 30 years' experience in financial services across Asia-Pacific.  She is a previous President at the Actuaries Institute. Prior to becoming a non-executive director, Annette had a successful track record as a CEO, CFO and CMO of significant financial institutions, as well as being a founder/entrepreneur. Annette has served large multi-national companies (Swiss Re, AXA, Manulife, Mercer) and fintech companies (AFG, FNZ, Galileo Platforms).  Her focus is on business growth through differentiated client experience, organizational culture and innovation via digital, data/AI and technology enablement.  She serves on the boards of HCF, TAL, Australian Finance Group and U Ethical Investors. She was previously a non-executive director of MLC Super and Swiss Re, and previously President of the Life Insurance Association of Singapore.   She is a Fellow of the Australian Institute of Company Directors, has a Bachelor of Economics from Macquarie University, and is a Fellow of the Actuaries Institute of Australia. She is a member of Chief Executive Women.

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Belinda Cheung
Belinda Cheung is a Director in the Economics and Capital Markets team at the Future Fund, Australia's sovereign wealth fund. She is part of the Investment team, with responsibility for formulating the Australian and global cyclical and secular outlook, including forecasts for the cash rate and bond yields. Prior to joining the Future Fund, Belinda was a Senior Economist at Aware Super, a Director in the Fixed Income and Currency Strategy team at Commonwealth Bank and a Senior Economist and Manager at the Reserve Bank of Australia where she started her career. She is a guest lecturer at Macquarie University and sits on the organising committee of the Australian Business Economists. Belinda holds a combined Bachelor of Economics/Bachelor of Law degree from the University of Sydney, and a Master of Economics from the University of New South Wales.

About the authors
Actuaries Institute
The Actuaries Institute is committed to promoting the actuarial profession and provides expert comment on public policy issues that exhibit uncertainty of future financial outcomes.
Douglas Isles
Douglas qualified as an actuary in 1999 while working at Aegon UK, where he worked in marketing and then as an investment manager. He moved to Australia in 2002, and after a brief spell with CBA, has spent over 17 years at Platinum Asset Management, in two stints, sitting on their management committee since rejoining in 2013. He is currently the Head of Investment, having previously been an Investment Analyst and Investment Specialist. Douglas lived in Singapore from 2009, launching Pengana Capital’s Asian office before working in equity sales for Standard Chartered Bank. He has an MA in Mathematics from Trinity College, Cambridge, became a Fellow of the Actuaries Institute in 2019, is a member of the AICD and sits on the board of Odyssey House NSW.
Jan Swinhoe
Jan spent the first 9 years of her career working in the Superannuation world with limited exposure to investment intricacies, but she was curious (and naiive enough) to respond to an ad through the Actuaries Institute that sought trainee derivatives dealers for a large US investment bank. The rest is history with Jan spending the next twenty years of her career in banking and broadening out many aspects of her structuring expertise to complete numerous transactions for large global companies. Since commencing her Non-executive career in 2011, she has sought to merge these passions and has served on a number of Boards including Mercer Superannuation (Chair for 10 years until June 2024), IMB Limited, Suncorp Superannuation, Athletics Australia (First female President) and Fusion Retail Group. Jan currently serves on the Boards of Swiss Re Life & Health, Australian Philanthropic Services and Vanguard Super. Jan’s personal interests include running, financial literacy for all and mental health.
Aidan Nguyen
Aidan is the Public Policy Lead for the Actuaries Institute where he cares about improving and aligning financial wellbeing for all. He helps actuaries use their voices as both trusted adviser and honest broker to get better public policy and effective regulation.


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