Risk and Returns: Using Leverage to Deliver Canadian Pensions
Roundtable Luncheon with Timothy Fong, Malcolm Hamilton and Jim Keohane
Pension plans are making increasing use of financial leverage as part of their investment strategies. Leverage has been seen as response to the low-return environment and as an innovative way to better match pension assets to their associated liabilities. Recent media reports point to concerns that growing leverage can expose Canadian retirements to potential macroeconomic shocks. Join us on September 18 to hear our panel of experts discuss the strategic role leverage can play in delivering pensions, and the risks that may come with it.
Timothy Fong, Head of Capital Markets, Financial Services Regulatory Authority of Ontario (FSRAO); Chair, Canadian Association of Pension Supervisory Authorities (CAPSA) Leverage Working Group
Malcolm Hamilton, Senior Fellow, C.D. Howe Institute; Former Partner, Mercer
Jim Keohane, President and Chief Executive Officer, Healthcare of Ontario Pension Plan (HOOPP)
Panelist Biographies
Timothy Fong, Head of Capital Markets, Financial Services Regulatory Authority of Ontario (FSRA); Chair, Canadian Association of Pension Supervisory Authorities (CAPSA) Leverage Working Group
Timothy Fong is currently the Head of Capital Markets at the Financial Services Regulatory Authority of Ontario (FSRA). Before joining FSRA through a secondment, he was the Managing Director of Capital Markets and Model Risk at the Office of the Superintendent of Financial Institutions Canada (OSFI).
Timothy is a recipient of the Queen Elizabeth II Diamond Jubilee Medal (2013) in recognition of his significant contributions to Canada through his employment with OSFI as well as his professional and personal achievements. He has played a leadership role in OSFI’s efforts to advance risk measurement and analytics capabilities at financial institutions. At the international level, he has effectively represented Canada in various Trading Book Groups at the Basel Committee for Banking Supervision (BCBS). Timothy has played key roles in drafting and implementing “Basel 2.5”, for trading businesses at the Global Systemically Important Banks (GSIBs).
He is an alumnus of the University of Toronto’s Master of Mathematical Finance program. For over 10 years, Timothy he has been developing and teaching innovative courses in trading and risk management at the University of Toronto, and has received the “Excellence in Teaching Award” in 2008. In addition, he established a scholarship, “The Timothy Fong & Enrico Chir Award for Excellence in Financial Trading” to recognize not only academic excellence but also community contributions made by finance professionals.
Malcolm Hamilton, Senior Fellow, C.D. Howe Institute; Former Partner, Mercer
Malcolm Hamilton recently retired after 33 years at Mercer. He consulted to large Canadian pension plans in both the public and private sectors. He is currently a Senior Fellow with the C. D. Howe Institute.
Malcolm graduated from Queens University in 1972 as the Gold Medalist in Mathematics. He attended McGill as a National Research Council scholar, receiving his M.Sc. in 1975. He became a Fellow of the Canadian Institute of Actuaries and a Fellow of the Society of Actuaries in 1977. He speaks frequently at pension conferences.
Jim Keohane, President and Chief Executive Officer, Healthcare of Ontario Pension Plan (HOOPP)
Jim joined HOOPP in 1999, bringing more than 25 years of institutional investing experience with several national firms. After completing his Bachelor of Science degree at the University of Ottawa, he obtained his MBA at Queen's University. He is a Chartered Financial Analyst and has completed the Directors Education Program (Rotman School of Business) at the Institute of Corporate Directors.
Most recently, as Senior Vice President, Investment Management & Chief Investment Officer (CIO), Jim was responsible for the overall operation of HOOPP's Investment Management Function. Prior to his appointment as Senior Vice President and CIO, he held the position of HOOPP's Vice President of Portfolio Strategy & Derivatives.
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