Last week, II readers learned who was in the running in four categories of the Allocators' Choice Awards, including CIO of the Year at endowments, public pensions, and healthcare systems.
With today's announcement of finalists for Family Office Investor of the Year, Insurance CIO of the Year, Corporate Pension CIO of the Year, and the Allocator-Manager Partnership of the Year, the list is complete.
Now it's time to vote, which you can do here. We need allocators to let us know who they believe represents the best in the industry, leaders with credibility, intellectual rigor, and integrity. Read the short profiles of each finalist below and look for more from our reporters over the next two months. You can click here to start the voting process.
The editorial team independently selected finalists — from nominations submitted by the industry and from our own independent research.
We’d like to thank members of our awards advisory board for their guidance: Chris Ailman, founder and CEO of Ailman Advisers and former CIO of the California State Teachers’ Retirement System; Brian O’Neil, a consultant and former CIO of the Robert Wood Johnson Foundation; and Jonathan Hook, a GP and LP coach at Capital Allocators and former CIO of the Harry and Jeanette Weinberg Foundation. In particular, Ailman brought his passion for public pensions, visionary leadership and the next generation of allocators, while O'Neill and Hook brought insight into endowments, foundations, healthcare, corporates and family offices.
Winners will be announced on September 18, 2025 at a gala at the Mandarin Oriental in New York City. You can register here. And don't forget to vote right here and make your voice heard.
Insurance CIO of the Year
Joseph Eppers, CIO at Selective Insurance, for sustained success in a challenging environment. Since joining Selective in 2015, Eppers has repositioned the carrier’s portfolio to maximize yield while mitigating risk. The BlackRock and Endurance veteran’s proactive approach to asset allocation and strong team-building efforts have earned him the respect of his industry peers while positioning Selective’s portfolio for long-term success.
Glen Gardner, CIO at Equitable, for leading the company’s transformation into a standalone midcap firm and bolstering its financial foundation through innovative asset-liability strategies and strategic reinsurance transactions. With a 30-year tenure at Equitable, Gardner has been instrumental in enhancing the general account’s performance, driving risk-adjusted returns, and fostering leadership across the organization.
Waymond Harris, senior vice president and treasurer at Blue Cross Blue Shield of Michigan, for steering a diverse set of portfolios through a volatile market and challenging interest-rate environment. Harris, who joined the insurer in 2012, oversees separate pools for health, life, and property and casualty. He has spearheaded projects to bring new insights to portfolio diversification and has restructured asset allocation — all while outperforming the portfolio's benchmark. Harris is zealous in keeping his market knowledge front and center as he manages the portfolio, including the impact of investors crowding into trades and whittling away alpha.
Maite Irakoze Baur, CIO at Farmers Insurance Group, for constructing and maintaining resilient portfolios, particularly during a difficult time for the insurance industry, which is facing losses from catastrophic wildfires and severe weather. Irakoze Baur, who oversees Farmers’ insurance balance sheets and retirement assets, brought a successful track record to the company when she joined in 2016 as head of insurance investments. Before Farmers — a group of companies that provide auto, home, and small-business insurance — she headed investment mandates and treasury for Zurich Insurance Group. Nominators say Irakoze Baur is a quiet leader with a low profile who deserves attention for her laser focus on risk, quality, consistent returns, and working closely with management.
Christine Todd, CIO at Arch Capital Group, for her exceptional strategic investment decisions and ability to adapt to rapidly changing markets and drive strong financial results. Todd is a generous mentor who is committed to building the next generation of insurance leaders. Since joining Arch three years ago, she has skillfully managed both internal and external asset allocations, balancing traditional portfolio management with innovative alternative investments. Known for her ability to clearly explain complex topics, she has become a respected voice in the industry, guiding Arch through shifting economic conditions with a disciplined, risk-aware approach.
TC Wilson, CIO at TDC Group, for transforming The Doctors Co.’s investment strategy as its first CIO, delivering strong results amid industry shifts. TDC’s high-profile CIO has prioritized liquidity management, stress-tested allocations, and private market investments since 2017. He’s accomplished these results while collaborating closely with regulators. A 30-plus-year veteran and former consultant, Wilson blends analytical discipline with mission-driven execution, fueling TDC’s growth in medical malpractice insurance.
Corporate Pension Plan CIO of the Year
Harshal Chaudhari, president and CIO at GE Investment Management, for redefining pension oversight at scale. Since taking the helm in 2019, Chaudhari has led one of the most ambitious pension de-risking efforts — freezing GE’s DB plan, improving funded status, and aligning the investment strategy with long-term liabilities. The former IBM CIO adopted a quality-driven, ESG-integrated framework, weathering market turbulence with strong relative performance.
Mohamed Jalajel, director of pension investments at Pfizer, for increasing the funded status of the plan from 95 percent to 110 percent while still investing opportunistically and being tactical. As interest rates began rising, Jalajel and his team have been contrarian, hedging the plan’s liabilities at an average of 4.5 percent. But even as Jalajel focused on de-risking after he took on his current role in June 2021, he and his team have built a private markets portfolio, particularly private credit, before the rush of other investors. Jalajel says he can be tactical and strategic because he's long believed there's a way to look out for the needs of plan sponsors and the needs of the plan at the same time: But it takes creativity. And with a more-than-healthy funded ratio, Jalajel has earned the trust of the DB subcommittee, which acts quickly on the team’s investment recommendations.
Jeff Lewis, staff vice president of retirement investments at FedEx Corp., for his direct approach, strategic partnerships, and mentorship. Since taking over FedEx’s retirement portfolio in 2018, Lewis has doubled assets by keeping strategies simple — launching a private credit fund and building an in-house risk system. He credits his team’s balanced investment strategy for the plan’s success.
Neil Roache, CIO at Johnson & Johnson, for delivering outstanding risk-adjusted returns, particularly since starting the private investment portfolio five years ago. The former Exelon investment director worked under well-respected CIO Doug Brown, and nominators say Roache has built a cohesive and expert team and rich investment culture at J&J. He has broad and enthusiastic support in the industry and is a nominee in the category for the second year in a row.
Dekia Scott, CIO at Southern Co., for continuing her drive and commitment to diversity across the investment industry and bringing expert oversight to the Atlanta-based gas and electric company’s $15 billion in pension assets. A visible and outspoken advocate for inclusion, Scott mentors diverse talent, shapes foundation investment strategies, and is active on boards focused on equity and community impact.
Family Office Investor of the Year
Eric Allyn, CIO, and Kaleen Allyn, head of private market investing, 50 State LLC, for committing to “up-lifting resilient communities while building great companies.” The Allyn’s wealth comes from Welch Allyn, a medical device company that was a 100-year-old anchor for Skaneateles, New York until its sale in 2015. Eric and his daughter Kaleen, wanted to do some direct private investments that would engage a family that missed owning a company that made things they could touch in a town they loved and had long supported. Then they got a call to invest in Wrexham, a Welsh football club in a rundown but resilient town that reminded them of upstate New York. Wrexham AFC Co-chairmen Rob McElhenney and Ryan Reynolds wanted an investor that was not private equity; they wanted one who cared about reviving local real estate, a brewery and other businesses. It was a fit. Last year, the Allyns invested in the club through Dragon Ventures, a JV with the co-chairmen.
McCall Cravens, CIO of Heinz Family Office, is one of the preeminent single family office CIOs. Cravens, who has been CIO for the Heinz family since 2019, runs an endowment-style portfolio for the multigenerational family office. Prior to Heinz, she was CIO at Hunt Investment Group in Dallas and managing director of investments in the endowment office at Southern Methodist University. A nominee said of Cravens: “Highly intelligent, fiercely competitive, yet stoic in times of stress, McCall possesses all the attributes of a top-tier allocator. Although she likes to keep a low public profile, the allocator community knows she is not to be overlooked.”
Theodore Kokas, CIO of EverWatch Financial, comes highly recommended as “an exceptional performer, with a sustained record of outperformance, during a period of significant challenge for most institutional investors and family offices.” Kokas, who was previously CIO at ROCH Capital and did stints at multistrategy hedge funds, including Millennium Partners, has led EverWatch for nine years. He has helped move EverWatch beyond simple asset class allocation toward an outcome-oriented strategy. Kokas is a contrarian: In 2022, he built a position in CLO equity for “literally pennies on the dollar,” before a four-fold increase later that year. Kokas also was early to tilt the portfolio toward international markets, investing heavily in both India and Argentina. He correctly anticipated the positive impact President Javier Milei would have on the Argentinian economy and began investing in stocks immediately after the election and ahead of other market participants.
Julie Lawson, president at Wood Next, has led the family office of tech innovator and Roku founder Anthony Wood for more than four years. Lawson was brought on from the single-family office of Donald B Marron, the late CEO of PaineWebber and founder of Lightyear Capital, to set up Wood Next from scratch. Wood Next has grown under Lawson’s leadership, with an overarching strategy that includes a commitment to philanthropy and support for mental health and biomedical research and development. Lawson established an advisory board for family office and investment collaboration, recruiting experts from across the industry while also seeking out diverse attitudes and approaches. One nominee said that she is “a home run” for the Wood family.
Bei Saville, CIO, Treasury, Fingerboard Family Office, is the Newhouse family’s “highly intelligent and fierce CIO,” according to one well-known nominator. Saville arrived at Advance and Fingerboard Family Office in 2019 with two decades of “making shrewd investment decisions.” Saville had targeted institutional experience, including as CIO of endowments and foundations at Northern Trust, and as the director of alternatives at The Leona M. and Harry B. Helmsley Charitable Trust. In addition to investment advisory for the single family office, she oversees a foundation, corporate treasury assets, and Advance’s pension and defined contribution plans. Saville and her team have built a portfolio that includes entertainment and technology companies and serves as a complement to the family’s Advance media company, which owns Condé Nast among other technology and education businesses.
Allocator-Asset Manager Partnership of the Year
Maryland State Retirement and Pension System partnering with Barings. After forming its climate advisory panel and codifying its emerging manager program, Maryland’s $70 billion state retirement system — under outgoing CIO Andrew Palmer — has partnered with Barings to target in-state infrastructure investment opportunities and Maryland-based emerging managers. Through a $250 million real assets program focused on lower middle-market direct deals and emerging managers, the state gains targeted exposure to real assets while supporting local infrastructure and emerging managers. In turn, the asset manager, which has similar partnerships with Alaska Permanent and Michigan, deepens its ties to state allocators and expands its middle-market footprint.
National Pension Service of Korea and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman. The Korea pension fund’s strategic partnership with Almanac will allow the pension to make inroads into global real estate by investing alongside the manager. “With an initial $800 million to deploy, the Korea fund will invest in the real estate GP stakes strategy, make a significant commitment to a dedicated separate account for direct investments, and be the anchor investor in Almanac’s fund that provides growth capital to real estate operating companies in North America.”
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and State Street Global Advisors. SSGA and PIF developed the first exchange-traded fund that gives global investors access to the fixed income market in Saudi Arabia. In January, as part of the deal, PIF made an early anchor investment of $200 million into the ETF, which is available to investors in Europe. The ETF (the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF) comes along at a time when investors are evaluating potential alternatives to U.S. Treasurys, which have long been the default safe asset. The ETF was an unexpected outgrowth of SSGA’s institutional partnership with the Saudis.
Teacher Retirement System of Texas and Albourne Partners. TRS and Albourne’s approach to negotiating cash hurdles and advocating for fee alignment has solved a critical problem in the industry and offered a new way forward. In 2024, TRS and Albourne urged hedge funds to adopt cash hurdles as a fee standard, ensuring better alignment with investor interests. This continues the “1 or 30” fee philosophy of retaining at least 70 percent of the gross alpha generated by external managers. GPs and LPs have been receptive, with 61 LPs and consultants endorsing their call for change. TRS has since negotiated cash hurdles for existing and new hedge fund relationships.
UTIMCO, State of Wisconsin Investment Board, and Walleye Capital Forming Dockside Platforms. The partnership between UTIMCO, SWIB, and Walleye exemplifies the collaborative innovation and long-term alignment this award was created to honor. UTIMCO and SWIB partnered with Walleye with the mindset of being more than just a standard LP; they envisioned developing a strategic relationship committed to building something lasting and differentiated. These three organizations recognized a broader opportunity — to create infrastructure that would enable allocators to access the tools, operational sophistication, and risk management capabilities typically found only within multi-manager platforms.
