Volatility dominated the financial landscape at the start of last year, as central banks and markets clashed over interest rate cuts, and a 'super election year' promised to reshape global politics. Yet, amid the uncertainty, Phoenix's chief investment officer, Mike Eakins, remained unfazed, telling Insurance Asset Risk: "Volatility is our friend."
His confidence was well-founded. Phoenix had successfully navigated the turbulence of 2023, capitalizing on the BPA boom to strengthen its retirement solutions business and expand further into illiquid assets. With more BPA deals on the horizon in 2024, optimism was well placed.
Building on this momentum, Phoenix launched a new private markets investment manager in partnership with Schroders and emerged as a key advocate for the 'MA accelerator sandbox' - a concept the Prudential Regulation Authority confirmed in January 2025 it would bring to life.
Internally, Eakins has been a driving force in modernizing the UK insurer's investment function, focusing on three critical pillars: people, technology, and risk control.
He spearheaded the recruitment of top-tier professionals with deep financial markets expertise, recognizing that the era of insurance investments being led solely by actuaries is over. Phoenix also committed to significant technological advancements, including a £100m IT infrastructure upgrade and the migration of £270bn in asset data to the cloud. Additionally, it reinforced its risk controls to ensure every investment decision is made with precision and discipline.
Eakins has also remained a steadfast voice on sustainability, even as the topic has lost some of its market appeal. Phoenix published its first transition plan and introduced new benchmarks for portfolio decarbonization, reinforcing its commitment to climate action. But also on social issues which he sees as intrinsically linked to the insurer's raison d'etre: "to help people save for retirement and we pay them an income in retirement".
This philosophy drove Phoenix to become a founding signatory of the Mansion House Compact, as Eakins told Insurance Asset Risk EMEA 2024 conference about the UK saver being "chronically underserved" by a "race to the bottom" in asset management. "We believe investment returns are the single biggest lever to improve the lifestyle and well-being of people in retirement," he emphasized.
Recognized by the Insurance Asset Risk awards in 2022 for his contributions to the industry, Eakins' continued innovation and unwavering leadership—amid evolving market and geopolitical challenges—making him this year's clear editorial choice for CIO of the Year.
