Blake Graves
Director - Product Development
Chicago, IL, US
Blake Graves is a director in Milliman’s Financial Risk Management Practice based in Chicago. Blake's focus is on investment product development for the practice and the financial management of the Milliman Variable Insurance Trust.
Experience
Prior to his current role, Blake was a portfolio manager in FRM where he was responsible for implementing FRM's investment strategies in both domestic and international markets. He has helped bring VITs, ETFs, mutual funds, UCITS, and CITs to market. Blake joined Milliman in 2005 as an analyst on Milliman’s annuity hedging team working on both VA and FIA hedging programs.
Professional Designations
- Chartered Financial Analyst (CFA)
- Certified Financial Risk Manager (FRM)
Education
- MBA, Finance, Kellstadt Graduate School of Business, DePaul University
- BBA, Finance, Western Michigan University
Publications
Read their latest work
Article
Annuity market update, 1st quarter 2026
24 July 2026 - by David Wang, Aatman Dattani, Ram Kelkar, Tim E. Hill, Teresa McNeela, Blake Graves, Neil Dissanayake, Mike Claffey, Hiroki Koizumi, Sherry Du, Chihong An, Erica Chan, Collin Davidson, Ricardo Trachtman, Robert Eaton
Our 1Q update on the variable annuity market includes U.S. data and trends, international market statistics, and a feature on long-term care riders.
Article
Managed risk investment solutions: A case study on evaluating managed risk fund performance
15 July 2025 - by Blake Graves, Xiaohong Mo
We introduce a framework for evaluating managed risk investment strategies, which are commonly used in variable annuities and other retirement products.