Keith Ambachtsheer
Bio
Keith Ambachtsheer is Director Emeritus of the International Centre for Pension Management (ICPM). He was founding Director of ICPM 2005-2014, and Editor of the Rotman International Journal of Pension Management 2008-2014. He was founding Academic Director of the international Rotman-ICPM Board Effectiveness Program for board members of pension organizations from 2011-2015; and continues to teach modules in this Program. He is a member of the Scholars Council of Georgetown University’s Center for Retirement Initiatives, and Senior Fellow at the National Institute on Aging, Ryerson University. Through his firm KPA Advisory Services, he has advised pension and investment organizations, as well as governments and their agencies, on the design, governance, and investment policies of retirement income systems since 1985. He co-founded CEM Benchmarking in 1991. CEM benchmarks the organizational performance of over 400 pension organizations worldwide. Keith has authored four books on pension management. He has been the recipient of awards globally for his work in the pensions, governance, and investments field, and comments regularly on these topics in video, electronic, and print media around the world.
Non-Academic Positions
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2013-Present
Member, Future of Finance Council, CFA Institute
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2008-Present
Member, Network for Sustainable Financial Markets, Melbourne-Mercer Global Pension Index
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2008-Present
Member, Advisory Council, Melbourne-Mercer Global Pension Index
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2000-Present
Member, Investment Advisory Committee, RMC Club Foundation of Canada
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1991-Present
Co-Founder and Director, CEM Benchmarking Inc.
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1985-Present
Founder and President, KPA Advisory Services Ltd.
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2014-2017
Member, Advisory Group on Retirement Security, Government of Ontario
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1993-2017
Member, Board of Directors, The Jeffrey Company (USA)
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2008-2010
Board Chair, Princess Margaret Cancer Foundation
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2001-2008
Chair, Investment Committee, Princess Margaret Cancer Foundation
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2001-2010
Member, Board of Directors, Princess Margaret Cancer Foundation
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2005-2009
Member, Board of Directors, Canadian Defence Associations Institute
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1988-2008
Member, Advisory Council, Financial Analysts Journal
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2001-2003
Board Chair, Association of Canadian Pension Management (ACPM)
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1998-2003
Member, Board of Directors, Association of Canadian Pension Management (ACPM)
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1988-1992
Founder and Editor, Canadian Investment Review
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1981-1984
Co-Founder and Partner, Pension Finance Associates
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1972-1981
Partner and Research Director, Canavest House
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1969-1972
Investment Analyst, Sun Life Financial
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1965-1968
Member, Canadian Forces
Selected Publications - Papers
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The Ambachtsheer Letter: Research and Commentary on Pension Governance, Finance, and Investments
KPA Advisory Services, 1987- Present
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Critique of the CFA Curriculum: Guest Viewpoint
Investments and Pensions Europe
Issue:February
2018
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The 'Canada Model' for Pension Management
Keith's research findings were covered in articles in The Financial Times, Investments & Pensions Europe and Funds1000 Magazine
Issue:August/September
2017
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The CFA Curriculum
Keith's views were covered in articles by Funds1000 Magazine and by Pensions&Investments
Issue:December
2017
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Time for Innovation in Federal Government-Sponsored Workplace Pension Plans
C.D. Howe Institute
Issue:March
2017
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Revisiting Risk Management
Investment and Wealth Monitor
Issue:Sept/Oct
2016
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How Effective is Pension Fund Governance Today, and Do Pension Funds Invest for the Long Term? Findings from a New Survey
A special study in support of the Focusing Capital on the Long Term Initiative
Issue:January
2015
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How not to ramp up the CPP
Globe&Mail
Issue:March 23
2015
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Making the Ontario Retirement Pension Plan (ORPP) Work
A special study for the Government of Ontario
Issue:February
2015
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Norway's Government Pension Fund Global: How Should it Be Governed?
An advisory study written at the request of the Norges Bank Governance Review Commission
Issue:December
2015
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The Evolving Meaning of 'Fiduciary Duty': Are the Boards of Pension Organizations Keeping Up?
Journal of Investment Consulting
Issue:Jul/Aug
2015
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Revitalizing Pension Investing in Japan: An Assessment of the 2013 Expert Panel Recommendations
A special study for the Nomura institute for Capital Markets Research
Issue:January
2014
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Taking the Dutch Pension System to the Next Level: A View from the Outside
A special study for the Royal Economics Society of The Netherlands and Netspar
Issue:September
2014
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The Case for Long-Termism
Rotman International Journal of Pension Management
Issue:Fall
2014
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Why we need to Change the Conversation about pension Reform
Financial Analysts Journal
Issue:Jul/Aug
2014
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Fixing the Losers' Game: What it will take
Financial Analysts Journal
Issue:May/June
2013
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Risks of a Prolonged Low Interest Rate Environment for the pensions Sector
with Peter Dungan
A special study for the Global Risk Institute
Issue:August
2013
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Ten Strategies for Pension Funds to Better Serve their Beneficiaries
Rotman International Journal of Pension Management
Issue:Fall
2013
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The Pension System in Finland: Institutional Structure and Governance
An advisory study written at the request of the Finnish Centre for Pensions
Issue:January
2013
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How Should Pension Funds pay their own People?
Rotman International Journal of Pension Management
Issue:Spring
2011
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Pension Reform: How Canada Can Lead the World
The 2009 Benefactors Lecture- C.D. Howe Institute
2009
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The Canada Supplementary Pension Plan (CSPP): Towards an Adequate, Affordable Pension Plan for All Canadians
An invited study for the C.D. Howe Institute
Issue:No. 265
2008
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The Pension Governance Deficit: Still with Us
Rotman International Journal of Pension Management
Issue:Fall
2008
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Japan's Government Pension Investment Fund: Should it become a High-Performance organization?
A special study for the Nomura Institute for capital Markets Research
Issue:August
2007
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Why We need a Pension Revolution
Reprinted Jan/Feb, 2015
Financial Analysts Journal
Issue:Jan/Feb
2007
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Improving Pension Fund Performance
with Ron Capelle and Tom Scheibelhut
Financial Analysts Journal
Issue:Nov/Dec
1998
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Moving to a 'Fiduciary' CPP Investment Policy: Two Possible Paths
A special study for the Fed-Prov Working Group on CPP Investment Policy
1996
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Canada's 20% Foreign Property Rule: Why and How it Should Be Eliminated
A special study for PIAC and IFIC
1995
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Pension Fund Asset Allocation: in Defence of a 60/40 Asset Mix
Financial Analysts Journal
Issue:Sep/Oct
1987
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Pension Funds: Rich or Poor?
with Don Ezra
Financial Analysts Journal
Issue:Mar/Apr
1985
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The 10% Foreign Property Rule: Why (and How) It Should Be Abolished
A special study for PIAC and ACPM
1984
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Can Active Management Add Value?
with Jim Farrell
Financial Analysts Journal
Issue:Nov/Dec
1979
Selected Publications - Books and Chapters
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The Future of Pension Management: Integrating Design, Governance, and Investing- Chinese Translation
China Development Press
2017
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The Future of Pension Management: Integrating Design, Governance, and Investing
John Wiley & Co.
2016
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Pension Revolution: A Solution for the Pension Crisis
John Wiley & Co.
2007
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Beyond Portfolio Theory: The Next Frontier
A chapter in 'Bold Thinking on Investment Management: The FAJ's 60th Anniversary Anthology'- CFA Institute
2005
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Effective Pension Design: Perception and Reality
A chapter in 'Vergezichten', a book published on the occasion of the retirement of Jean Frijns of ABP
2005
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Pension Fund Excellence: Creating Value for Stakeholders
with Don Ezra
John Wiley & Co.
1998
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In Whose Interest?
Advisor to the Ontario Task Force on the Investment of Public Sector Pension Funds
1987
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Pension Funds and the Bottom Line, Managing the Corporate Pension Fund as a Financial Business
Dow Jones-Irwin
1985
Honors and Awards
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2017
The McArthur Industry Pioneer Award, Investment Management Consultants Association (IMCA)
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2014
The Globe's '#1 Knowledge Broker' in Institutional Investing, CIO Magazine
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2013
One of The Globe's '10 Most Influential Academics in Institutional Investing', CIO Magazine
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2011
Professional Excellence Award for 'Exemplary Achievement, Practice, and Leadership in the Investment Profession', CFA Institute
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2010
The Lilywhite Award for 'Contributions in the Retirement and Investment Management Fields Which Enhance Americans' Economic Security', Employee Benefits Research Institute (EBRI)- USA
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2008
James A. Vertin Award for Producing a 'Body of Research of Enduring Value', CFA Institute
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2007
Outstanding Industry Contribution Award, Investments & Pensions - Europe
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2004
The Arbor Award for 'Individuals Whose Volunteer Work has Added Immeasurably to the Quality of the University Experience', University of Toronto
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2003
30 'Top Difference Makers', Pensions and Investments - USA
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1997
20 'Most Influential People', Benefits Canada
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1994
Roger Murray Award for 'Excellence in Quantitative Research in Finance', Institute for Quantitative Research in Finance - USA
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1994
Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute
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1987
TSFA 'Best Paper' Award, Toronto Society of Financial Analysts
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1987
Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute
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1985
Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute
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1983
Roger Murray Award for 'Excellence in Research and Financial Writing', Institute for Quantitative Research in Finance
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1979
Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute