
Matt Roberts
Partner, Head of Fulcrum Alternative Solutions at Fulcrum Asset Management; pension and alternative asset investment specialist.
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Jul 10, 2026
V-FM Pensions #167: Fulcrum''s Matt Roberts returns to the podcast
23:22
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24:28
24:43
24:54
25:00

Darren PhilpHOST
What's been happening this year? What have you been thinking? what's been keeping you

Matt RobertsGUEST
busy? I mean, actually, the conversation I was having there about politics, it got me sort of thinking about how wonderful it would be if we saw a sort of reconsideration of the direction of travel, and maybe use some of these changes as an opportunity to just reconsider whether we're going in the right direction overall, and I know we talked a lot about value for money in the last episode we did together, and I'd perhaps summarise that as if you have a system where the inputs are historic performance and some kind of minimum size criteria, then the outputs are very likely to be cost minimisation and herding behaviour.

Matt RobertsGUEST
And how about a system where you have the inputs as more sort of principles-based, things like trust, integrity, transparency, those types of things.

Matt RobertsGUEST
And I think you're more likely to get outcomes that are value-for-money outcomes.

Matt RobertsGUEST
If you go back over the years, we probably did have a system that was principles-based.

Matt RobertsGUEST
And the thing that gradually turned us away from that, maybe, on a system level, was some sort of concerns around bad actors.
16 MINS LATER
