Call for Research

ICPM oversees an academic research program designed to support effective management in pension and investment organizations. Once a year, ICPM issues a Call for Research and awards funding for research papers that are of high interest to the network following rigorous peer review by ICPM’s Research Committee.

Next Call for Research

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.

  • Mike Simutin
    Mike Simutin portrait

    Mike Simutin

    Research Committee Co-Chair
    ICPM, Associate Director of Research

    Mike 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
    Jaap van Dam portrait

    Jaap van Dam

    Research Committee Co-Chair
    PGGM

    Netherlands

    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
    Susan Banta portrait

    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

  • James Davis
    James Davis portrait

    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

  • Bing Han
    Bing Han portrait

    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

  • David Richardson
    David Richardson portrait

    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

  • Onno Steenbeek
    Onno Steenbeek portrait

    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)

  • Michael Preisel
    Michael Preisel portrait

    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

  • Olivia Hendry
    Olivia Hendry portrait

    Olivia Hendry

    Railpen

    United Kingdom

    Olivia Hendry is an Investment Manager working within the Investment Strategy and Research team at Railpen. Railpen is the fiduciary and investment manager for the UK multi-client Railways Pension Schemes. Olivia is responsible for making sure Railpen’s investment activities are strategically aligned with what clients need and identifying where improvements can be made, through the investment planning process. The Investment Strategy and Research team is also responsible for innovating and mandating the internally managed pooled fund range, establishing frameworks that streamline the task of setting investment strategies for over 100 underlying defined benefit pension schemes, and maintaining Railpen’s strategic investment research agenda that aims to innovate the investment process. 

    Prior to working at Railpen, Olivia worked as an Associate Investment Consultant at Lane Clark & Peacock LLP, advising a range of defined benefit pension schemes on investment strategy matters.

    Olivia Hendry

    Railpen

  • Scott McIntosh
    Scott McIntosh portrait

    Scott McIntosh

    OMERS

    Canada

    Scott McIntosh, Senior Managing Director at OMERS, is responsible for a global multi-asset portfolio within Capital Markets. With a career spanning over 20 years, Scott has held several leadership positions in Canada and Australia, with a focus on portfolio strategy and asset allocation.

    Prior to joining OMERS in 2013, Scott was Head of Canadian Asset Allocation at Manulife Asset Management responsible for Canadian and U.S. diversified portfolios. Before immigrating to Canada, Scott worked in asset allocation roles in Australia, including as Head of Portfolio Strategy and Design at one of the country’s largest insurers, Suncorp. He also co-founded an alternative asset management company that targeted superannuation funds with multi-asset strategy solutions.

    Scott is passionate about building and leading investment teams with innovative and diverse perspectives to deliver strong investment outcomes. He 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

  • Fernando Larrain
    Fernando Larrain portrait

    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)

  • Gabriel Petre
    Gabriel Petre portrait

    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