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Keith Ambachtsheer

Keith Ambachtsheer

    Keith Ambachtsheer

    Adjunct Professor of Finance

    Degrees: PhD in Economics (Coursework), McGill University,1968-1969
    MA in Economics, University of Western Ontario, 1966-1967
    BA (Hons.) in Commerce & Economics, Royal Military College of Canada, 1961-1965
    Email: Send an email to Keith Ambachtsheer


    Keith Ambachtsheer is Director Emeritus of the Rotman 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 became founding Academic Director of the international Rotman-ICPM Board Effectiveness Program for board members of pension organizations in 2011. He is a member of the Scholars Council of Georgetown University’s Center for Retirement Initiatives. Through his firm KPA Advisory Services, he has advised pension and investment organizations, as well as governments and its 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 around the world for his work in the pensions, governance, and investments field.

    Non-Academic Positions

    2014-Present  Member, Advisory Group on Retirement Security;Government of Ontario
    2013-Present  Member, Future of Finance Council;CFA Institute
    2008-Present  Member, Network for Sustainable Financial Markets;Melbourne-Mercer Global Pension Index
    2005-Present  Director Emeritus and Adjunct Professor of Finance;Rotman International Centre for Pension Management (Rotman ICPM)
    2000-Present  Member, Investment Advisory Committee;RMC Club Foundation of Canada
    1993-2017  Member, Board of Directors;The Jeffrey Company (USA)
    1991-Present  Co-Founder and Director;CEM Benchmarking Inc.
    1985-Present  Founder/President;KPA Advisory Services Ltd.
    2008-2010  Board Chair;The Princess Margaret Hospital Foundation
    2001-2008  Chair, Investment Committee;The Princess Margaret Hospital Foundation
    2001-2010  Member, Board of Directors;The Princess Margaret Hospital Foundation
    2005-2009  Member, Board of Directors;Canadian Defence Associations Institute
    1988-2008  Member, Advisory Council;Financial Analysts Journal
    2001-2003  Board Chair;Association of Canadian Pension Management (ACPM)
    1998-2003  Member, Board of Directors;Association of Canadian Pension Management (ACPM)
    1988-1992  Founder, Publisher, Editor;Canadian Investment Review
    1981-1984  Co-Founder/Partner;Pension Finance Associates
    1972-1981  Partner/Research Director;Canavest House
    1969-1972  Investment Analyst;Sun Life Assurance Company
    1965-1968  Member;Canadian Forces

    Selected Publications - Papers

    • Time for Innovation in Federal Government-Sponsored Workplace Pension Plans; C.D. Howe Institute; Issue: March 16; 2017
    • How Canada Could Actually Become A World Leader in Pension Innovation; Ambachtsheer K., Waitzer E.; Financial Post; Issue: January 4; 2017
    • Revisiting Risk Management; Investment and Wealth Monitor; Issue: Sept/Oct; 2016
    • Pension Solution Lies in Long-Term Thinking; Financial Times; Issue: August 30; 2016
    • Our Investment Advisors' Moral Compasses Are Still Being Aligned; Ambachtsheer K., Waitzer E.; Globe&Mail; Issue: August 19; 2016
    • The Evolving Meaning of 'Fiduciary Duty': Are the Boards of Pension Organizations Keeping Up?; Journal of Investment Consulting; Issue: Jul/Aug; 2015
    • How not to ramp up the CPP; Globe&Mail; Issue: March 23; 2015
    • The Case for Long-Termism; Rotman International Journal of Pension Management; Issue: Fall; 2014
    • Why we need to Change the Conversation about pension Reform; Financial Analysts Journal; Issue: Jul/Aug; 2014
    • Ten Strategies for Pension Funds to Better Serve their Beneficiaries; Rotman International Journal of Pension Management; Issue: Fall; 2013
    • Fixing the Losers' Game: What it will take; Financial Analysts Journal; Issue: May/June; 2013
    • Saving Pooled Registered Pension Plans: It's Up To the Provinces; Ambachtsheer, K., Waitzer, E.; C.D. Howe Institute; Issue: December; 2011; Pages: 1-7
    • How Should Pension Funds pay their own People?; Rotman International Journal of Pension Management; Issue: Spring; 2011
    • The Pension Governance Deficit: Still with Us; Rotman International Journal of Pension Management; Issue: Fall; 2008
    • Why We need a Pension Revolution; Reprinted Jan/Feb, 2015; Financial Analysts Journal; Issue: Jan/Feb; 2007
    • Improving Pension Fund Performance; with Ron Capelle and Tom Scheibelhut; Financial Analysts Journal; Issue: Nov/Dec; 1998
    • Pension Fund Asset Allocation: in Defence of a 60/40 Asset Mix; Financial Analysts Journal; Issue: Sep/Oct; 1987
    • Pension Funds: Rich or Poor?; with Don Ezra; Financial Analysts Journal; Issue: Mar/Apr; 1985
    • Can Active Management Add Value?; with Jim Farrell; Financial Analysts Journal; Issue: Nov/Dec; 1979
    • The Ambachtsheer Letter: Research and Commentary on Pension Governance, Finance, and Investments; KPA Advisory Services, 1987- Present

    Selected Publications - Books and Chapters

    • Making the Ontario Retirement Pension Plan (ORPP) Work; A special study for the Government of Ontario; Issue: February; 2015
    • 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
    • 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
    • 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
    • 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
    • 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
    • Pension Reform: How Canada Can Lead the World; The 2009 Benefactors Lecture- C.D. Howe Institute; 2009
    • 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
    • Pension Revolution: A Solution for the Pension Crisis; John Wiley & Co.; 2007
    • 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
    • Beyond Portfolio Theory: The Next Frontier; A chapter in 'Bold Thinking on Investment Management: The FAJ's 60th Anniversary Anthology'- CFA Institute; 2005
    • 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
    • Pension Fund Excellence: Creating Value for Stakeholders; with Don Ezra; John Wiley & Co.; 1998
    • Moving to a 'Fiduciary' CPP Investment Policy: Two Possible Paths; A special study for the Fed-Prov Working Group on CPP Investment Policy; 1996
    • Canada's 20% Foreign Property Rule: Why and How it Should Be Eliminated; A special study for PIAC and IFIC; 1995
    • In Whose Interest?; Advisor to the Ontario Task Force on the Investment of Public Sector Pension Funds; 1987
    • Pension Funds and the Bottom Line, Managing the Corporate Pension Fund as a Financial Business; Dow Jones-Irwin; 1985
    • The 10% Foreign Property Rule: Why (and How) It Should Be Abolished; A special study for PIAC and ACPM; 1984

    Honors and Awards

    2017  The McArthur Industry Pioneer Award; Investment Management Consultants Association
    2014  The Globe's '#1 Knowledge Broker' in Institutional Investing; CIO Magazine
    2013  One of The Globe's '10 Most Influential Academics in Institutional Investing'; CIO Magazine
    2011  Professional Excellence; CFA Institute
    2010  Lilywhite Award; Employee Benefits Research Institute
    2008  James A. Vertin Award; CFA Institute
    2007  Outstanding Industry Contribution Award; Investments and Pensions - Europe
    2004  Arbor Award; University of Toronto
    2003  30 Top Difference Makers; Pensions and Investments - USA
    1997  20 Must Influential People; Benefits Canada
    1994  Roger Murray Awards; Institute for Quantitative Research in Finance - USA
    1994  Graham and Dodd Scrolls; Financial Analysts Journal, published by the CFA Institute
    1987  TSFA 'Best Paper' Award; Toronto Society of Financial Analysts
    1987  Graham and Dodd Scrolls; Financial Analysts Journal, published by CFA Institute
    1985  Graham and Dodd Scrolls; Financial Analysts Journal, published by CFA Institute
    2011  Professional Excellence Award; CFA Institute
    1983  Roger Murray Award; Institute for Quantitative Research in Finance - USA
    1979  Graham and Dodd Scrolls; Financial Analysts Journal, published by CFA Institute

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