Skip to main content
PGIM LogoPGIM Logo
    • Megatrends
    • Annual Best Ideas
    • OutFront Series
    • Quarterly Market Outlooks
    • Vantage Point Series
    • Market Events
    • Thought Leadership
    • Events & Webinars
    • Video Library
    • Podcasts
    • Investing in Alternatives
    • Risk Management
    • ESG Investing
    • Opportunities in EM
  • Alternatives

    • PGIM Private Alternatives
    • PGIM Private Capital
    • PGIM Real Estate
    • Montana Capital Partners (PE)

    Equity & Fixed Income

    • PGIM Fixed Income
    • Jennison Associates

    Solutions

    • PGIM DC Solutions
    • PGIM Multi-Asset Solutions
    • PGIM Quantitative Solutions

    Intermediary Distribution

    • PGIM Investments
    • Clients We Serve
    • Defined Contribution
    • Financial Advisors
    • Institutional Relationships
    • Global Locations
    • Contact Us
    • Overview
    • Leadership
    • History
    • Our Businesses
    • Diversity, Equity & Inclusion
    • Global Locations
    • Contact Us
    • Subscribe
    • Request for Information
    • Careers at PGIM
    • Job Opportunities
    • All News
    • Press Releases
    • In the News
    • Facts & Figures
    • Media Contacts
abstract
Vantage Point

Boeing CIO Liz TulachBoeingCIOLizTulach

Oct 11, 2023

Share
  • Mail
  • LinkedIn
  • Twitter
  • Copy URL
  • Print

Share

When you oversee one of the country’s largest corporate pension plans, you can’t just wing it. 

As the Chief Investment Officer (CIO) at Boeing, Liz Tulach is partly responsible for the retirements of tens of thousands of past and present employees. With diverse industry exposure and a background in accounting and private equity, among other things, it’s clear that Tulach has the experience for the job. She was previously Boeing's deputy CIO and had prior stints as a senior vice president at GE Capital and as an assistant vice president and director of private equity at the University of Chicago. 

We spoke with Tulach about her start in the industry, her views on the markets, and the excitement surrounding AI, to name a few topics. 

How did you get started in the investment-management industry?

I never intended to get into this business. I started out as an accountant and met a colleague who had an investing background. He joined the endowment at the University of Chicago and one day called me out of the blue and suggested I interview for an analyst position on his team. I really wanted to go to school at Chicago for my undergrad degree, but I come from pretty humble beginnings and it was more than I could afford. So it was a very attractive opportunity for me to work at an iconic institution and also pursue a master’s degree in the evening program. I quickly fell in love with investing, and it turned into a passion. After receiving my MBA, I completed the CFA program which broadened my horizons. I thrive when I’m able to make investments that ultimately advance the mission of those I represent, whether it be the endowment back then or the participants in our plan at Boeing today. 

Can you offer your broad views on the market backdrop and the Fed’s ongoing efforts to fight inflation?

It's certainly the most interesting market environment we’ve seen in a while. After 10-plus years of central bank intervention, the Fed is closing in on its goal of normalizing rates and we’ll wait to see if inflation actually cools enough to meet their goals. The rest of the world, outside of the US, is getting more interesting, and things look better for fixed income as an asset class.  And there are always pockets of opportunity across asset classes if you look hard enough.  

Talk about your thoughts on the importance of active vs. passive in such a volatile environment?

I have a strong preference for active. In the most recent market environment, it didn’t really matter as much because passive performed. But I know our active managers will continue to add value, especially in markets where there’s going to be more uncertainty and volatility going forward.  In the short term, passive may appear to meet goals with lower fees, but long term, I believe active management will be differentiating.

How do you view ESG investing?

It’s interesting because it has always been really important to us as outlined in our company values and corporate governance principles – we’ve always focused on good governance and good social outcomes. But I think the ‘E’ can be harder to address. The ‘E’ means different things to different people. In order for us to invest more in that space we need clear regulation on what pensions can do and a common understanding. From a plan perspective, we continue to think about how to best invest there, and first and foremost it’s always about generating the best returns for our participants. We do talk to our managers about ESG, asking them how they address it and define it, but we would like firmer regulatory guidance to give us the runway to invest more. 

AI has been one of the big stories of 2023. Any thoughts on the role of that in the investment management business?

I think it’s one of the most exciting conversations we’ve had since the dot-com era, and I’m really excited about the opportunities to become more efficient and productive by using AI within our team. I don’t, however, think it’s going to be a replacement for innovative thinking. It will make the more mundane tasks like data input more efficient, but there’s a certain creativity that comes with the human mind that I don’t think a computer can replicate. From an investing standpoint, we have investments across the venture landscape in AI and generative AI. It will likely offer great benefits and rewards in the future, but we need to tread carefully here and not feed into the hype. 

Diversity within the ranks of asset management is an important consideration at PGIM, and throughout the industry overall. Can you offer your views on the role diversity plays in your business?

When I started in this business, it was rare to see another woman in the room, either across the table at an investment manager or at a meeting with other LPs. I’m so excited about where the industry is going but frustrated that we haven’t made more progress. I think we’ve made strides in the representation of women, but true diversity – that is, including all – is where we’ve lagged as an industry. It’s just not enough to say you have diversity of thought and then you look around the room and everyone looks the same. You need diversity of people – whether it’s women, people of color, or neuro diversity. I also think it needs to start at an earlier stage; it’s too late to start at the college level and just recruit. We have to go out as an industry to high schools and introduce diverse candidates to this dynamic field. We’ll have met our goal when we don’t need to talk about it because everyone is included.     

What’s the biggest challenge in your role?

Not having enough time. I am intellectually curious and love the conversations with my talented team and our managers, and I find myself always wanting to learn more, read more, and do more. If you are passionate about this business, you can’t turn it off. We always need to make sure we’re meeting the objectives of our participants, so I also like to stay in touch with them and listen to their concerns. There’s always something new to learn, but that’s what makes this role so interesting and rewarding.    

What do you like to do to unwind outside of the office?

I’m truly blessed to be mom to my twelve-year old daughter and ten-year old son. I am also incredibly lucky to have a very supportive husband. These three keep me laughing but are also my toughest critics. When I’m not working, I like to spend time with my family, and I especially enjoy viewing the world through my kids’ eyes. I love to travel, read and stay active, but again it comes back to time. Patience isn’t always one of my virtues so I’m learning how to slow down and take in all the special moments.

Learn more
Vantage Point

Challenges facing CIOs and the industry trends they see as most vital.

Learn more

You may also like

People’s Partnership CIO Dan Mikulskis
Vantage Point

People’s Partnership CIO Dan Mikulskis

Apr 15, 2025

Dan Mikulskis serves as the Chief Investment Officer at People’s Partnership, provider of The People’s Pension, one of the UK’s largest DC pension fund.

IPERS CEO Greg Samorajski
Vantage Point

IPERS CEO Greg Samorajski

Jan 6, 2025

Greg Samorajski, CEO of IPERS spoke with us about his start in the industry, the biggest challenges in his role and a host of other topics.

Jeanmarie Grisi, Head of global pensions at Nokia
Vantage Point

Jeanmarie Grisi, Head of global pensions at Nokia

Oct 10, 2024

Grisi took some time to talk about her start in the industry, her views on the markets, and a handful of other topics.

  • Insights

    • Megatrends
    • Annual Best Ideas
    • OutFront Series
    • Quarterly Market Outlooks
    • Market Events
    • Thought Leadership
    • Events & Webinars
    • Video Library
    • Podcasts
  • Investment Themes

    • ESG Investing
    • Investing in Alternatives
    • Investing in Emerging Markets
    • Risk Management
  • Our Businesses

    • PGIM DC Solutions
    • PGIM Fixed Income
    • PGIM Investments
    • PGIM Multi-Asset Solutions
    • PGIM Private Alternatives
    • PGIM Private Capital
    • PGIM Real Estate
    • Montana Capital Partners (PE)
    • PGIM Quantitative Solutions
    • Jennison Associates
  • Clients

    • Clients We Serve
    • Defined Contribution
    • Financial Advisors
    • Institutional Relationships
  • About

    • Overview
    • Leadership
    • History
    • Diversity, Equity & Inclusion
    • Global Locations
    • Contact Us
    • Subscribe
    • Request for Information
  • Careers

    • Careers at PGIM
    • Job Opportunities
  • Newsroom

    • All News
    • Press Releases
    • In The News
    • Facts & Figures
    • Media Contacts
PGIM Logo
  • Terms & Conditions
  • Privacy Center
  • Accessibility Help
  • UK Regulatory Disclosures
  • Netherlands Regulatory Disclosures
  • Canadian Regulatory Disclosures
  • Ireland Gender Pay Gap Report
  • Cookie Preference Center

For Professional Investors only.* All investments involve risk, including the possible loss of capital.

This material is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect of any products or services to any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. PGIM is the principal asset management business of Prudential Financial, Inc. and a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training.

The information on this website is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In making the information available on this website, PGIM, Inc. and its affiliates are not acting as your fiduciary.    

In the United Kingdom, this website may be issued by PGIM Private Alternatives (UK) Limited or PGIM Private Capital Limited.  In the European Economic Area (“EEA”), this website may be issued by PGIM Private Capital (Ireland) Limited or PGIM Luxembourg S.A. or PGIM Real Estate Germany AG.

PGIM, Inc. has its headquarters at 655 Broad Street, Newark, NJ 07102. PGIM Private Capital (Ireland) Limited has its registered office at IDA Business Park, Letterkenny, Co. Donegal, F92 FP83, Ireland. PGIM Private Capital (Ireland) Limited is authorised and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. PGIM Limited and PGIM Private Alternatives (UK) Limited have their registered offices at Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PGIM Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number: 193418). PGIM Private Alternatives (UK) Limited is authorised and regulated by the FCA of the United Kingdom (Firm Reference Number: 181389). PGIM Private Capital Limited has its registered address at 1 London Bridge, London SE1 9BG and is authorised and regulated by the FCA of the United Kingdom (Firm Reference Number: 172071). PGIM Luxembourg S.A., Netherlands Branch is registered with the Netherlands Chamber of Commerce under number 85998877 and has its local offices at Gustav Mahlerlaan 1212, 1088LA Amsterdam, The Netherlands. PGIM Luxembourg S.A. has its registered address at 2 Boulevard de la Foire, L-1528 Luxembourg and is authorised and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg (registration number A00001218). PGIM Real Estate Germany AG has its registered address at Wittelsbacher Platz 1, 80333 Munchen, Germany and is authorised and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) in Germany (registration number 10138142).

In Japan, information is provided by PGIM Japan Co., Ltd. (“PGIM Japan”) and/or PGIM Real Estate (Japan) Ltd. (“PGIMREJ”).  PGIM Japan, a registered Financial Instruments Business Operator with the Financial Services Agency of Japan offers various investment management services in Japan.  PGIMREJ is a Japanese real estate asset manager that is registered with the Kanto Local Finance Bureau of Japan.

In Hong Kong, information is provided by PGIM (Hong Kong) Limited, a regulated entity with the Securities & Futures Commission in Hong Kong to professional investors as defined in Section 1 of Part 1 of Schedule 1 of the Securities and Futures Ordinance (Cap. 571). In Singapore, information is issued by PGIM (Singapore) Pte. Ltd. (“PGIM Singapore”), a regulated entity with the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management and an exempt financial adviser. This material is issued by PGIM Singapore for the general information of “institutional investors” pursuant to Section 304 of the Securities and Futures Act 2001 of Singapore (the “SFA”) and “accredited investors” and other relevant persons in accordance with the conditions specified in Section 305 of the SFA. In South Korea, information is issued by PGIM, Inc., which is licensed to provide discretionary investment management services directly to South Korean qualified institutional investors on a cross-border basis.   

Prudential Financial, Inc. (“PFI”) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. 

*PGIM.com/Podcasts and its content is intended for informational or educational purposes only and is not directed exclusively to Professional Investors. 

PGIM Logo
PGIM Logo

You are viewing this page in preview mode.

Edit Page