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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

Bio

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

  • 2008-Present

    Member, Advisory Council, Melbourne-Mercer Global Pension Index

  • 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 and President, KPA Advisory Services Ltd.

  • 2008-2010

    Board Chair, Princess Margaret Cancer Foundation

  • 2001-2008

    Chair, Investment Committee, Princess Margaret Cancer Foundation

  • 2001-2010

    Member, Board of Directors, Princess Margaret Cancer 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 and Editor, Canadian Investment Review

  • 1981-1984

    Co-Founder and Partner, Pension Finance Associates

  • 1972-1981

    Partner and Research Director, Canavest House

  • 1969-1972

    Investment Analyst, Sun Life Financial

  • 1965-1968

    Member, Canadian Forces

Selected Publications - Papers

  • Critique of the CFA Curriculum: Guest Viewpoint

    Investments and Pensions Europe

    Issue:February

    2018

  • The Ambachtsheer Letter: Research and Commentary on Pension Governance, Finance, and Investments

    KPA Advisory Services, 1987- Present

  • 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

  • The CFA Curriculum

    Keith's views were covered in articles by Funds1000 Magazine and by Pensions&Investments

    Issue:December

    2017

  • Time for Innovation in Federal Government-Sponsored Workplace Pension Plans

    C.D. Howe Institute

    Issue:March

    2017

  • Revisiting Risk Management

    Investment and Wealth Monitor

    Issue:Sept/Oct

    2016

  • 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

  • How not to ramp up the CPP

    Globe&Mail

    Issue:March 23

    2015

  • Making the Ontario Retirement Pension Plan (ORPP) Work

    A special study for the Government of Ontario

    Issue:February

    2015

  • 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

  • The Evolving Meaning of 'Fiduciary Duty': Are the Boards of Pension Organizations Keeping Up?

    Journal of Investment Consulting

    Issue:Jul/Aug

    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

  • 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

  • Fixing the Losers' Game: What it will take

    Financial Analysts Journal

    Issue:May/June

    2013

  • 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

  • Ten Strategies for Pension Funds to Better Serve their Beneficiaries

    Rotman International Journal of Pension Management

    Issue:Fall

    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

  • How Should Pension Funds pay their own People?

    Rotman International Journal of Pension Management

    Issue:Spring

    2011

  • 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

  • The Pension Governance Deficit: Still with Us

    Rotman International Journal of Pension Management

    Issue:Fall

    2008

  • 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

  • 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

  • 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

  • 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

  • The 10% Foreign Property Rule: Why (and How) It Should Be Abolished

    A special study for PIAC and ACPM

    1984

  • Can Active Management Add Value?

    with Jim Farrell

    Financial Analysts Journal

    Issue:Nov/Dec

    1979

Selected Publications - Books and Chapters

  • The Future of Pension Management: Integrating Design, Governance, and Investing- Chinese Translation

    China Development Press

    2017

  • The Future of Pension Management: Integrating Design, Governance, and Investing

    John Wiley & Co.

    2016

  • Pension Revolution: A Solution for the Pension Crisis

    John Wiley & Co.

    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

  • 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

Honors and Awards

  • 2018

    Award for Investment Leadership, Hirtle Callaghan & Co.

  • 2017

    The McArthur Industry Pioneer Award, Investment Management Consultants Association (IMCA)

  • 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 Award for 'Exemplary Achievement, Practice, and Leadership in the Investment Profession', CFA Institute

  • 2010

    The Lilywhite Award for 'Contributions in the Retirement and Investment Management Fields Which Enhance Americans' Economic Security', Employee Benefits Research Institute (EBRI)- USA

  • 2008

    James A. Vertin Award for Producing a 'Body of Research of Enduring Value', CFA Institute

  • 2007

    Outstanding Industry Contribution Award, Investments & Pensions - Europe

  • 2004

    The Arbor Award for 'Individuals Whose Volunteer Work has Added Immeasurably to the Quality of the University Experience', University of Toronto

  • 2003

    30 'Top Difference Makers', Pensions and Investments - USA

  • 1997

    20 'Most Influential People', Benefits Canada

  • 1994

    Roger Murray Award for 'Excellence in Quantitative Research in Finance', Institute for Quantitative Research in Finance - USA

  • 1994

    Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute

  • 1987

    TSFA 'Best Paper' Award, Toronto Society of Financial Analysts

  • 1987

    Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute

  • 1985

    Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute

  • 1983

    Roger Murray Award for 'Excellence in Research and Financial Writing', Institute for Quantitative Research in Finance

  • 1979

    Graham and Dodd Scroll for 'Excellence in Research and Financial Writing', Financial Analysts Journal, published by the CFA Institute

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