ICPM oversees an academic research program designed to support effective management in pension and investment organizations. Once a year, ICPM awards CAD $50,000 to academic papers that are of high interest to the network following rigorous peer review by ICPM’s Research Committee.
ICPM Research Award
ICPM Research Awards seek to reward innovation, practical applicability and research excellence on topics with practical relevance for pension organizations. CAD$50,000 will be awarded to exceptional academic papers with implications for fund management, engagement of plan participants, pension design, governance, long-term investing, risk management, ESG issues, and other investment-related topics. To be considered, research should be completed or close to completion but not published. Award winners will be invited to present their research at a webinar or a Discussion Forum.
Research Award Winners
2022
$20,000
The Cost of ESG Investing
Laura Lindsey, Arizona State University; Seth Pruitt, Arizona State University; Christoph Schiller, Arizona State University
$10,000
The Real Effects of Environmental Activist Investing
S. Lakshmi Naaraayanan, London Business School; Kunal Sachdeva, Rice University; Varun Sharma, London Business School
Missing Financial Data
Svetlana Bryzgalova, London Business School; Sven Lerner, Stanford University; Martin Lettau, University of California – Berkeley; Markus Pelger, Stanford University
Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds
Julian Kölbel, University of St. Gallen; Adrien-Paul Lambillon, University of Zurich
2021
$20,000
Alpha Portfolio: Direct Construction Through Reinforcement Learning and Interpretable AI
Lin William Cong, Cornell University; Ke Tang, Tsinghua University; Jingyuan Wang, Beihang University; Yang Zhang, Beihang University
Portfolio Tilts Using Views on Macroeconomic Regimes
Marco Salerno, University of Toronto; Jacky S.H. Lee, Healthcare of Ontario Pension Plan Trust Fund; Redouane Elkamhi, University of Toronto
$10,000
The Motives for ESG
Bram van der Kroft, Maastricht University; Dennis Bams, Maastricht University; Karen Maas, Erasmus University Rotterdam
Hon. Mentions
Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation
Laura Starks, University of Texas at Austin; Richard Sias, University of Arizona; H.J. Turtle, Colorado State University
Private Equity and Employee Welfare
Marie Lambert, HEC Liege; Ludovic Phalippou, Oxford University
2020
$20,000
Responsible Institutional Investing Around the World
Pedro Matos, University of Virginia; Rajna Gibson, University of Geneva; Simon Glossner, University of Geneva; Philipp Krueger, University of Geneva; David Blanchett, Morningstar Investment Management; Michael Finke, The American College; Jonathan Reuter, Boston College; Carroll School of Management and NBER; Tom Steffen, Osmosis Investment Management
$15,000
Portfolio delegation and 401(k) plan participant responses to COVID-19
David Blanchett, Morningstar Investment Management; Michael Finke, The American College; Jonathan Reuter, Boston College Carroll School of Management and NBER
Hon. Mentions
Smart Beta Made Smart
Andreas Johansson, Stockholm School of Economics; Riccardo Sabbatucci, Stockholm School of Economics; Andrea Tamoni, Rutgers Business School
Green Urban Development: The Activist Investment Strategy of Canadian Pension Funds
Sebastien Betermier, McGill University; Yuedan Liu, PSP Investments
The Jury is Still Out On the Performance of Naive Diversification (1/N rule)
Redouane Elkamhi and Marco Salerno, University of Toronto
Research Committee
ICPM’s Research Committee includes Research Partner representatives and academics from the Rotman School of Management at the University of Toronto.
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Mike Simutin
Research Committee Co-Chair
ICPM, Associate Director of ResearchMike Simutin is ICPM’s Associate Director – Research and is the content lead for research activities.
Mike is also an Associate Professor of finance at the Rotman School of Management. His research focuses on studying institutional money management and understanding risks that affect asset prices. Mike’s research has been published in leading finance journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He has received multiple research awards, including the Best Paper Award by the Review of Asset Pricing Studies and the Governor’s Award from the Bank of Canada. Mike has also received multiple teaching accolades, including being named one of the 40-Under-40 Most Outstanding Business School Professors and being voted instructor of the year by the MBA students. His research has been presented at numerous academic conferences and practitioner events.
Mike Simutin
Research Committee Co-Chair
ICPM, Associate Director of Research -
Jaap van Dam
Research Committee Co-Chair
PGGMNetherlands
Jaap is Principal Director of Investment Strategy at PGGM. He is chairman of the Dutch Association of Investors for Sustainable Development (VBDO), of the Advisory Board of the Erasmus Platform for Sustainable Value Creation. He is co-chair of the research committee van ICPM.
Jaap has performed many roles within the field, ranging from fundamental and quantitative analysis to external manager selection and portfolio construction. He joined PGGM in 2005 as Head of Internal Equity Management. In 2006 he was appointed Chief Strategist. Jaap is a member of the NEST (UK) Investment Committee.
Together with prof. Kees Koedijk and prof Alfred Slager, he authored the book Achieving Investment Excellence, a practical guide for Trustees of Pension Funds, Endowments and foundations (2019). He received his Master’s degree in Finance at the Erasmus Universiteit in Rotterdam.
Jaap van Dam
Research Committee Co-Chair
PGGM -
Susan Banta
Pew
United States
Susan M. Banta is a fiscal economist with over 20 years of experience in advising governments on public finance, tax policy, budget formulation and execution, tax administration, and revenue estimation. As Director of Research with the States’ Public Sector Retirement Systems at the Pew Charitable Trusts, Ms. Banta leads a team of researchers studying state retirement system funding policies, investment practices, governance and benefits. Ms. Banta most recently served as Senior Budget Officer in the Executive Office of District of Columbia Mayor Vincent C. Gray, where she advised the mayor on tax policy and managed the economic development portfolio of the District’s $10 billion annual budget. She was also the Director of the Office of Policy Analysis at the Council of the District of Columbia, and a Director with KPMG Barents Group LLC, where she advised state and international governments on fiscal reform.
Susan Banta
Pew
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James Davis
OPTrust
Canada
Mr. Davis joined OPTrust in 2015. He leads the organization’s investment strategy and oversees its diversified portfolio spanning the globe with public market, private market, infrastructure, and real estate assets in North America, Europe, Developed Asia and emerging markets.
Mr. Davis has over 25 years of strategic investment planning and leadership experience, including proven results in liability driven investing and portfolio design. Most recently, he held the role of Vice President, Strategy & Asset Mix and Chief Economist at Ontario Teachers’ Pension Plan (Teachers’).
Before joining Teachers’, Mr. Davis was President of FuturesTrend Capital Corporation in Prince Edward Island and Vice President & Head, Global Fixed Income & Currencies at RBC Global Investment Management in Toronto.
Mr. Davis is widely recognized as an engaging speaker in a broad range of forums within the pension industry, and is known for his insights on global economics, portfolio construction and investment strategy.
In addition to degrees in Mathematics and Meteorology, Mr. Davis holds an MBA in Finance from Dalhousie University and is a CFA charterholder.
James Davis
OPTrust
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Bing Han
Rotman School of Management
Canada
Bing Han is a Professor of Finance at the Rotman School of Management, University of Toronto. He holds a Ph.D. in Mathematics from the University of Chicago and a Ph.D. in Finance from UCLA. His research focuses on Behavioral Finance, Investments, and Risk Management. He has published in top finance, economics and management journals including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Economic Studies, Journal of Financial and Quantitative Analysis, Journal of Economic Theory, Management Science, Review of Finance, as well as practitioner oriented journals such as Journal of Investment Management, Journal of Portfolio Management.
His research has been presented at many international and national conferences, and featured in mainstream media such as New York Times and Wall Street Journal. He has previously taught both undergraduate and graduate courses at the University of Chicago, Ohio State University and University of Texas at Austin. He has also worked for J.P. Morgan and served on the advisory board of a multi-billion hedge fund.
Bing Han
Rotman School of Management
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David Richardson
TIAA-CREF Investment Management
United States
David P. Richardson is a Senior Economist at the TIAA-CREF Institute. Prior to joining the Institute, David P. Richardson served as Senior Economist for Public Finance at the White House Council of Economic Advisers and held the New York Life Chair in Risk Management and Insurance at Georgia State University. Previously, Richardson worked as a Financial Economist in the Office of Tax Policy at the U.S. Treasury, and was an Assistant Professor in the Department of Economics at Davidson College. Richardson’s research interests focus on public pensions, employer retirement plans, and household financial security, including retirement preparedness, retiree healthcare, and the allocation of retiree risk burdens.
He has served as a research fellow for the China Center for Insurance and Social Security Research at Peking University, a research fellow for the Center for Risk Management Research and as a research associate at the Andrew Young School of Policy Studies at Georgia State University. Richardson is a member of the American Economic Association, the American Risk and Insurance Association, and the National Tax Association. He earned an M.A. and a Ph.D. in economics from Boston College, and a B.B.A. from the University of Georgia.
David Richardson
TIAA-CREF Investment Management
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Onno Steenbeek
Algemene Pensioen Groep (APG)
Netherlands
Onno Steenbeek (1967) is managing director of ALM and Solutions at APG Asset Management. This department is responsible for APG’s ALM and risk advisory, as well as investment and pensions research. The quantitative models employed by the department are used to optimize the financial strategy of associated pension funds (with AUM totaling over Euro 400 billion), for overall risk budgeting and for reporting purposes. In addition, the department leads research projects into e.g. the sustainability of current pension contracts, longevity risk and a broad range of investment topics. Steenbeek also holds a Chair in Pension Fund Risk Management at the Erasmus School of Economics in Rotterdam, The Netherlands. Apart from lecturing on various finance subjects, he conducts academic research and publishes books and articles. Every other year, he organizes policy-oriented pension conferences at the Erasmus School of Economics. In addition to his primary affiliations to APG and Erasmus University, Steenbeek is a member of the Supervisory Board of Optimix Investment Funds N.V. and a member of the Investment Advisory Committee of ABN-Amro Pension Fund. He recently served in 2 committees advising the State Secretary of Social Affairs & Employment on specific aspects of the new pension law.
Onno Steenbeek
Algemene Pensioen Groep (APG)
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Michael Preisel
Independent
Worldwide
Michael Preisel is currently Independent. He was previously an Investment Officer at the UN Joint Staff Pension Fund and also Chief Quantitative Officer at ATP.
Michael Preisel
Independent
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Scott McIntosh
OMERS
Canada
Scott McIntosh is Executive Vice President & Head of Global Multi-Asset Strategies at OMERS Capital Markets and has overall accountability for the Global Multi-Asset business, including the Quant Strategies Group, Event-Driven and Macro, Rates and FX teams. He also leads Balance Sheet Management. Scott joined OMERS in October 2013.
Prior to this, Scott was the Head of Canadian Asset Allocation at Manulife Asset Management, and a Portfolio Manager on both Canadian and U.S. diversified portfolios totaling $90 billion. Before coming to Canada, Scott worked in asset allocation and portfolio strategy roles in Australia.
In addition to his role at OMERS, Scott is a member of the research committee for the International Centre for Pension Management (ICPM), a global research-based network of pension organizations.
Scott holds a Bachelor of Business from the Queensland University of Technology, Australia, and a Master of Commerce (Applied Finance) from the University of Queensland, Australia.
Scott McIntosh
OMERS
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Fernando Larrain
Asociación de AFP (AAFP)
Chile
Fernando Larrain is currently General Manager of the Chilean trade union organization AAFP, where he is responsible for the design, implementation, and evaluation of AAFP’s strategy. Prior to this, he was a consultant for the Inter-American Development Bank, UNICEF, and the Organization of American States on issues of state modernization, corruption, public management and political economy. Mr. Larrain has a diverse government background, holding several advisory roles to various Chilean Ministers and the President.
Mr. Larrain sits on a number of boards. He was a founding member and board director for the Chilean Society of Public Policies, a scientific corporation whose mission is to improve the quality of public policies; as well as the Fundación Trabajoen la Calle, a non-governmental organization pioneering social development work for marginalized urban communities. He was named an Eisenhower Fellow in 2015 and One of Chile’s 100 Leaders in 2013. He has authored several publications.
Mr. Larrain holds a Master’s degree in Public Affairs from Princeton University, a Certificate in Policy and Governance from Duke University/Graduate Institute of International Studies, as well as a Bachelors of Economics and Business Administration from Pontificia Universidad Catolicade Chile. After eight years as a full time professor, he remains a visiting Scholar at three universities (UAI Chile, ESEN El Salvador, and IDE Ecuador).
Fernando Larrain
Asociación de AFP (AAFP)
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Gabriel Petre
The World Bank
United States
Gabriel Petre leads the team responsible for developing the asset allocation and ESG integration strategy for the World Bank’s post-retirement benefit funds. As part of his work he is also involved in advising public pension funds of developing countries on governance, investment policy and asset allocation issues and official institutions of commodity-rich countries in setting up sovereign wealth funds.
He joined the World Bank Treasury in July 2006. Before joining the World Bank, he worked for the National Bank of Romania, as part of the team in charge of the Foreign Reserves portfolio. He has an MBA from Georgetown McDonough School of Business and is a CFA and CAIA charterholder.
Gabriel Petre
The World Bank