Professional Development

Montréal : Hôtel Bonaventure Montréal, 900 Rue de la Gauchetière O.


07:30 – 15:00       Registration and CIA Information Desk 

07:30 – 08:20       Hot Buffet Breakfast 

08:20 - 08:30        Brief Opening Remarks 

Daniel Klein (FCIA), Chair, Organizing Committee for the 2016 Investment Seminar

08:30 – 09:30          Session 1 • Asset Pricing Research—a Driving Force for Automated Platform Development
Antoni Forgues (ACIA), vice-president and portfolio manager, liability-driven investments, Fiera Capital 
Jacques Lussier*, CEO/CIO, IPSOL CAPITAL

There are two large segments of the asset management industry that are being disrupted by research and technology. The first is active portfolio management, the process of managing portfolios in order to outperform specific benchmarks, while the second is advisory services, the process of using new technologies and tools to advise investors to help them achieve their life goals. In this session, Jacques Lussier will address how our growing understanding of “alpha” and goal-based management are transforming the financial industry, and the implications for product development tools and institutional robo-advisors.

9:30 – 10:30           Session 2 • Finding Value on the Yield Curve through Private Credit

Benny Wan (FCIA), vice-president actuarial, Brookfield Annuity
Hadley Peer Marshall*, senior vice-president, head of infrastructure credit for the Americas, Brookfield Asset Management
John Pavelski*, managing partner, private equity and head of principal credit at Brookfield Asset Management

Institutional investor appetite for private credit has grown significantly since the financial crisis. In this session, Brookfield’s panel speakers draw upon their combined 35 years of infrastructure and corporate debt investing experience to provide market views and insight on how private credit can offer higher returns and lower risk alternatives to high-yield and leveraged loan markets.

10:30 – 11:00      Networking Break

11:00 – 12:15       Session 3 • Investing in Frontier and Emerging Markets

Sebastien Roy*, vice-president, marketing  and client services, Sprucegrove Investment Management
Gilles Horrobin*, CIO, Société de Transport de Montréal - Pension Funds
Jack Murphy*, partner, portfolio manager, William Blair

Frontier and emerging markets offer the potential for higher returns for investors who can sustain higher risk and have a long-term investment horizon. This session will present the points of view of a pension plan chief investment officer and an institutional portfolio manager on this topic. They will define the characteristics of frontier and emerging markets and review the operational and governance challenges, as well as the opportunities and specific risks, of investing in those markets.

12:15 – 13:15         Luncheon

13:15 – 14:30           Session 4 • Panel Discussion – Negative Interest Rates

Daniel Klein (FCIA), assistant vice-president, financial risk management, Foresters Financial
Benoît Durocher*, executive vice-president and chief economic strategist, Addenda Capital
Harold Scheer*, president and CIO, Baker Gilmore 
As world central bankers are desperately trying to reinvigorate a sluggish economy, their efforts have contributed to creating negative interest rates. Our panel of experts will discuss the implications of this new phenomenon. What are the implications of negative interest rates on institutional investors such as insurance companies, pension plans, and endowments? What are the implications on the banking system, the economy, and inflation? Largely a European and Asian issue at the moment, can negative interest rates become a reality in North America? Finally, how do you invest in such a challenging environment?

14:30 – 15:45          Session 5 • Risk Factor Investing – Latest Developments and Applications

Patrice Denis (ACIA), executive vice-president, account manager, PIMCO
Chris Woida*, director and head of smart beta product development and research, BlackRock 

This session will review the current landscape for multi-asset risk factors. It will also review potential applications in risk factor investing for long-term asset owners such as insurance companies and pension plans.

15:45 – 16:00      Closing Remarks

Daniel Klein (FCIA), Chair, Organizing Committee for the 2016 Investment Seminar

*Not a member of the CIA.