{"id":47928,"date":"2019-11-11T14:53:09","date_gmt":"2019-11-11T14:53:09","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/cio-journeys-john-livanas\/"},"modified":"2024-03-23T17:31:49","modified_gmt":"2024-03-23T17:31:49","slug":"cio-journeys-john-livanas","status":"publish","type":[3766],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/cio-journeys-john-livanas\/","title":{"rendered":"CIO Journeys: John Livanas"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b0ac8b1a90]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8b1a90'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">CIO Journeys: John Livanas<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8b7a3c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">November 11, 2019<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>John Livanas<\/strong><br \/>\nChief Executive Officer, State Super<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:300px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/John-Livanas_350x350.jpg\" class=\"bbg-single-image__image attachment-medium\" alt=\"\" title=\"John-Livanas_350x350\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/John-Livanas_350x350.jpg 300w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/John-Livanas_350x350.jpg 150w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/John-Livanas_350x350.jpg 350w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Together with the Management Investment Committee at State Super, which includes Gary Gabriel (CIO) and Charles Wu (Deputy CIO), John Livanas has a complex role in steering one of Australia\u2019s oldest superannuation funds as it navigates a challenging investment landscape. Despite being a closed defined benefit scheme, they still consistently manage to place among the top quartile of superannuation performers on a risk adjusted basis, which is something they are very proud of.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8beb6e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  quote\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><div class=\"noBackground\"\n><\/p>\n<div class=\"quote-content-wrapper\">\n<div class=\"quotebody\">\n<p class=\"large\">\u201cState Super Schemes have been an important part of Australia\u2019s history and their contribution to member retirements have come to define us across many generations.\u201d<\/p>\n<div class=\"cite\">\n<p>\n          <strong>John Livanas<\/strong><br \/>\n          <span class=\"attribution\"><\/span>\n        <\/p>\n<\/p><\/div><\/div><\/div>\n<\/div>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8c21eb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Tell us about your role at State Super and what your key priorities are<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>We just turned 100 years old, making us one of Australia\u2019s first and largest superannuation schemes. With nearly 100,000 members, and $44bn, State Super Schemes have been an important part of Australia\u2019s history and their contribution to member retirements have come to define us across many generations.<\/p>\n<p>As a CEO of one of Australia\u2019s oldest superannuation funds, my duty is to ensure that we are paying member benefits as they fall due and ensure we manage assets according to very specific and demanding investment strategies.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8c3df7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What\u2019s unique about State Super?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>What\u2019s especially unique about State Super is that we are a closed defined benefit scheme. Consequently, we experience substantial negative cash flows before investment returns, requiring us to be far more proactive and defensive in our investing. Any significant market downturn may lead to a permanent loss in our fund base, so we need to be decisive and responsive to risks and have the operational capability to implement decisions quickly. This of course can be a challenge given the size of assets we manage.<\/p>\n<p>Our risk focus and outflows make it much harder for us to set up the portfolio when compared to a growing fund. Funds with net inflows can re-balance their portfolios with new cash-flow. For State Super, any changes we make to our asset mix require us to know which groups of assets will be traded, often requiring selling from one asset class to be able to gain exposure in another. As a result, we have become really adept at using derivatives to manage our risks and exposures.<\/p>\n<p>Despite these challenges, we still consistently manage to place among the top quartile of superannuation performers on a risk adjusted basis, and that\u2019s something we\u2019re very proud of.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8c598d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>How do you form your investment view?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Over the last few years, I have come to appreciate the value of a strong governance structure in facilitating good decision making and decision execution within a clear delegation framework.<\/p>\n<p>I encourage our investment team, headed by CIO Gary Gabriel to think broadly about the macro environment and the challenges. Of course, the amount of information that is currently available is more than any team can readily interpret, so I have also supported the significant use of machine learning to parse data and extract themes regarding market structures. Our Deputy CIO, Charles Wu, has been the initiator and is the internal champion in this regard.<\/p>\n<p>Our investment team considers the thematic outputs from the machine learning algorithms, alongside their views regarding the market and macro-economic environment, developed by talking to managers and market participants and using techniques of analysis such as relative value and scenario analysis.<\/p>\n<p>It\u2019s important to note that the machine algorithms don\u2019t drive decisions \u2013 rather they augment understanding and risk management.<\/p>\n<p>Following this comparison and risk assessment, any decision that might arise is put to the Management Investment Committee. This committee includes Gary Gabriel and Charles Wu, but also includes the investment operations representative and our CFO. I chair this committee.<\/p>\n<p>The committee is tasked with considering the proposed decision against the investment beliefs and member beliefs, our delegations\u2019 rights and risk appetite, and ability to execute efficiently.<\/p>\n<p>Once decisions are taken, they are able to be implemented straight away. And in practice this means we can often go from decision to implementation in the same day.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8c76d2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What are the challenges to investing in APAC?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>There are a number of factors which support the need for superannuation funds to diversify away from Australia. Our concentration of equity risk in Australian financial services and raw materials makes this risk largely procyclical to the Australian economy. Our limited exposure to new technologies and to manufacturing reduces our capacity to diversify. Having said this, there are also a number of factors that support local exposure.<\/p>\n<p>Our liabilities are Australian, and the Australian currency plays a key diversifier, which can be accessed independently from overseas investment. Australia has also benefited from the growth of China.<\/p>\n<p>However, as China\u2019s (and the rest of the world\u2019s) economic growth is expected to slow, this means we need to be very open in looking for new opportunities and to be careful not to have a strong directional view. In saying this, we are located in one of the most dynamic economic regions in the world, so we actively looking to invest in APAC, in a manner which allows us to be more country or currency specific, than would be the case when investing in a broader EM fund.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8c98a8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What are the challenges facing your fund today?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Given we are a defined benefit fund, it is important to meet our risk and return objectives at the sequence required to pay benefits to our member. This is particularly challenging in the current macro environment given that the benefits are largely defined and independent of our investment returns.<\/p>\n<p>We have worked hard to develop a risk-based view of our various portfolios in order to match the expected retirement outflows and have been more granular about liquidity needs and risk tolerance. We look at \u2018member\u2019s journey\u2019 from contribution to retirement.<\/p>\n<p>Recognising we operate within a social licence, it is crucial to maintain strong governance, open and transparent communication with members and stakeholders, and the understanding that we always need to act in our members best interests. This includes investing responsibly and engaging positively with our investments (listed and unlisted assets).<\/p>\n<p>Having said all this, the buck stops with me. Ultimately, we are individually and collectively accountable for the decisions we take.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8cbcf2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What role will technology play in the future of asset management?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>As a small, highly outsourced organisation, we have been an early adopter of machine learning as part of our decision-making process. The outputs from the parsing of thousands of data points, becomes an important reference in the process. We see machine learning as augmenting our decisions, not supplanting them.<\/p>\n<p>Importantly, to be one team, our organisation as a whole is becoming more exposed to machine learning to ensure that our risk people, lawyers and member engagement executives can be part of this journey.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8ce40c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What role do you see your fund playing in the pensions and superannuation industry as a whole?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>State Super has had 100 years of learning. And we have reached a point in our development where other funds will be in a decade. It\u2019s important that we, in turn, use our knowledge from the successes (and failures) for the good of the industry. After all, for capital markets to function effectively, we need participants to be learning from each other and we need to be developing the next generation of investors. Something I am very proud of is that we have just launched the State Super Academic Scholarship to supporting the new generation of smart people, to help us better invest and better meet member needs.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8d0a80'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>What\u2019s your favourite investment book?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Nicholas Taleb\u2019s Fooled by Randomness and Bernstein\u2019s book Against the Gods: The Remarkable Story of Risk.<\/p>\n<p>History is crucial to understanding human behaviour \u2013 which is what investment markets are about.<\/p>\n\n<\/div>\n\n<div\n  id=\"cta_5289551485830810295\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/cio-journeys\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"See all CIO journeys\"\n        >\n                      See all CIO journeys\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8d383b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8d586f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Additional Resource<\/h3>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>The Journey to Tomorrow\u2019s Buy-Side Operating Model<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Today\u2019s buy-side leaders know they need a clear, compelling vision to stay competitive. Attracting new assets, providing transparency and value, meeting growing regulatory demands, empowering people with efficient processes and tools, managing costs and maximizing performance are all essential.<\/p>\n\n<\/div>\n\n<div\n  id=\"cta_6625345842458279379\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/company\/announcements\/journey-tomorrows-buy-side-operating-model\/?utm_medium=mktg_site&amp;utm_campaign=Sales&amp;utm_source=Website&amp;utm_content=APACCIOLeaders&amp;mpam=23401&amp;bbgsum=DG-WS-PROF-CIOLeaders\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Find out more\"\n        >\n                      Find out more\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Solutions for the Buy Side<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Powered by an unparalleled combination of automation, innovation, access and service, Bloomberg\u2019s comprehensive and integrated enterprise solutions help buy-side firms generate alpha, develop and service clients, remain compliant and grow profits in the face of change.<\/p>\n\n<\/div>\n\n<div\n  id=\"cta_3907353563512987192\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/expertise\/buy-side\/?utm_medium=mktg_site&amp;utm_campaign=Sales&amp;utm_source=Website&amp;utm_content=APACCIOLeaders&amp;mpam=23401&amp;bbgsum=DG-WS-PROF-CIOLeaders\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Find out more\"\n        >\n                      Find out more\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b0ac8d872c]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b0ac8d872c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0b0ac8da811'] = 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           <h3 class=\"bbg-card__title\">Request a Demo<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1055971032399559060\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>John Livanas Chief Executive Officer, State Super Together with the Management Investment Committee at State Super, which includes Gary Gabriel (CIO) and Charles Wu (Deputy CIO), John Livanas has a complex role in steering one of Australia\u2019s oldest superannuation funds as it navigates a challenging investment landscape. Despite being a closed defined benefit scheme, they&hellip;<\/p>\n","protected":false},"author":1857,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-qa.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"457","footnotes":""},"categories":[457],"tags":[],"series":[],"class_list":["post-47928","post","type-post","status-publish","format-standard","hentry","category-financial-services","type-qa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CIO Journeys: John Livanas | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/cio-journeys-john-livanas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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