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A global leader in financial risk management for the retirement savings industry, Milliman combines market insights and rigorous methodology with real-life expertise.


 An independent firm with offices in major cities around the globe, Milliman has been providing actuarial and related services to life insurance companies since 1947 – and pioneering institutional risk management strategies for almost 20 years.

Drawing on the expertise of trade, risk and finance experts, data specialists and actuarial professionals, Milliman has created innovative solutions to protect retirement assets from unexpected market volatility, lowering total risk and producing portfolios with greater long-term capital growth.

Proven track record

Strategies refined through several market cycles 

A trusted name

Provides investment advisory, hedging and consulting services on USD $200 billion in global assets as at 31 December 2018

Global expertise

Over 150 professionals in three trading platforms providing 24/5 monitoring and execution of risk management strategies


Investment approach

The Milliman Managed Risk StrategyTM aims to stabilise the volatility of an investment portfolio during periods of significant and sustained market declines, providing investors with the same risk management techniques used by major financial institutions around the world.

The Milliman Managed Risk Funds investment philosophy is defined by four core beliefs:

  1. Investment solutions, particularly for retirees and those approaching retirement, must consider individual circumstances and human behaviour in their design.
  2. Investors require exposure to growth assets such as equities to fund long-term goals.
  3. Diversification alone is not an explicit risk management strategy – as highlighted by recent market crises.
  4. Risk management should be explicit and implemented in a robust, transparent and cost-effective manner that isn’t reliant on discretionary bets.




Managed Risk

Milliman Managed Risk Australian Share Fund - Class A

An Australian share fund designed to reduce overall portfolio volatility, weather the impact of market downturns and foster growth in bull markets.

Milliman Managed Risk Global Share Fund - Class A

A global share fund designed to reduce overall portfolio volatility, weather the impact of market downturns and foster growth in bull markets.

Milliman Managed Risk Multi-Index High Growth Fund - Class A

A multi-index fund exposed to a diversified portfolio of shares, property and infrastructure that is designed to reduce overall portfolio volatility, weather the impact of market downturns and foster growth in bull markets.







Victor Huang

Principal & Head of Investment Solutions, Asia-Pacific
  • Victor is a principal of Milliman and leads the Asia-Pacific capital markets group. Victor is the lead portfolio manager providing investment advisory and execution services for funds in Australia. He has over 10 years experience and has assisted some of the largest financial institutions across the world design and implement risk management solutions to weather volatile financial markets. Since 2011, Victor has focused on applying these techniques to deliver innovative, robust and efficient investment strategies direct to investors. Prior to joining Milliman, Victor was an interest rate derivatives trader for nabCapital.

    Victor is a Fellow of the Actuaries Institute.


Ram Kelkar, CFA

  • Ram is a principal of Milliman and leads the Capital Markets Group of Milliman Financial Risk Management LLC (FRM) managing Milliman’s trading desks in Sydney, London and Chicago. Ram has more than 30 years of experience in capital markets, having previously worked for Citigroup, Merrill Lynch and Allstate. He was a director of ALM and derivatives strategy at Allstate Insurance and a managing director at Merrill Lynch in the Strategic Solutions group. He was a managing director in the structured finance and derivatives areas at Citigroup in New York and London.

    Ram is a CFA Charterholder.



  • Neil is a principal of Milliman and leads the European trading desk for Milliman and is responsible for delivering large-scale hedge programs for multi-national clients and providing investment advisory and execution services for funds. He has been with Milliman for over 11 years helping clients across the world design and implement risk management solutions.

    Neil is a Fellow of the Institute of Actuaries and a Certified Financial Risk Manager.

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the issuer of the FirstChoice range of super and pension products from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. CFSIL also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. This is based on the understanding of current regulatory requirements and laws as at the date of publication. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including CFSIL, accepts responsibility for any loss suffered by any person arising from reliance on this information. This information for the adviser only and is not to be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. The Target Market Determinations (TMD) for our financial products can be found at and include a description of who a financial product is appropriate for. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) before making any recommendations to a client. Clients should read the PDS and FSG before making an investment decision and consider talking to a financial adviser. The PDS and FSG can be obtained from or by calling us on 13 18 36.

From time to time, CFSIL enters into alliance partnerships with dedicated and experienced investment specialists. Each alliance represents an agreement for CFSIL to provide third party distribution services within the Australian Financial Services intermediary market.

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