Pay up or pay the price!
Anew year brings a new set of opportunities and challenges. The latter is what employers will no doubt be dealing with as they face high costs in both plan design and talent strategy.
As I scroll through LinkedIn, my feed is often swarmed with topics surrounding hiring talent, retention concerns, and compensation issues.
Yet talent strategy goes largely unnoticed. As several HR consulting firms have already highlighted, plan sponsors are set to face a talent crisis this year. According to Normandin Beaudry’s recent compensation report, Canadian organizations are expected to continue slightly scaling back their salary increase budgets, with an average projected increase of 3.0 percent in 2026, excluding salary freezes.
Meanwhile, Robert Half’s 2026SalaryGuide found that 71 percent of hiring managers are concerned about meeting salary expectations this year, while 75 percent of HR leaders are worried about keeping pace with compensation expectations through 2026.
“Amid the waves of discussions around perks and benefits, employers would do well to not lose sight of the core motivation for most employees”
To me, these findings signal a compensation makeover that’s desperately needed in the workplace. Moreover, as a journalist covering the benefits and pensions space for almost two years now, several themes often come up during my interviews. If I were to distill them to two areas, the key themes would come down to mental health (and well-being) and compensation. To boil the topics down even further, how about financial wellness?
We all know that a healthy employee leads to a productive employee. But if you have an employee who is stressing and struggling to make ends meet while working brutally long hours and taking on multiple tasks – aka zombie jobs – it’s no surprise that they will start looking elsewhere to find an employer who offers them more for less or the same amount of work.
Amid the waves of discussions around perks and benefits, employers would do well to not lose sight of the core motivation for most employees. If employers really do want to retain their employees, they may very well have to acknowledge what their employees want: a higher salary that’s competitive with personal demands like rent, paying the mortgage, and caregiving costs.
Employees are now being mandated back to the office, along with the commuting costs that come with that. These employees are also very likely to embody the workplace culture. To retain strong, talented, and skillful employees who are arguably hard to come by in this environment, it’s in employers’ best interests to ensure their employees are being fairly compensated for these demands.
At the very least, these costs should be factored into employees’ salaries or made available in the form of a benefits package. Perhaps even through a workplace spending account? They’re owed that much.
Josh Welsh, senior journalist
Gifford
Editorial advisory board members meet informally and are consulted when appropriate to their areas of expertise, interest, or jurisdiction. The members bear no responsibility for the contents of the magazine.
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Report
2026 HEALTH COSTS OUTPACE INFLATION
ENJOYING WORK VS. MENTAL HEALTH
Source:
‘WE’RE
NOT NEW, WE’RE RENEWED’
After 20 years, Duane Green left a legacy role. Now he’s building one at Aviva Investors
WITH TWO decades behind him at Franklin Templeton, the last seven as president and CEO of the Canadian business, Duane Green knew that it was time for change.
Having turned 50 and having held several roles with the firm, Green reached a turning point. Feeling fuelled by drive and ambition, his question was: what big challenge should come next?
“I had 20 years with the firm,” he says of his tenure at Franklin Templeton. “But I knew I had a long runway and a lot of energy left. So, I was just trying to figure out what I wanted that next challenge to be.”
Green didn’t rush the process. He took nearly a year to step back, reassess, and focus on personal and professional development. That included completing the International Directors Programme at INSEAD and accepting nearly every meeting and networking opportunity that came his way. He says those conversations not only broadened his perspective on the asset management industry but also doubled his professional network.
What emerged from that reflection was a clear understanding of what drives him: building and leading high-performing
teams within the asset management space. He was drawn to the idea of contributing to a firm’s growth strategy from the ground up − especially in a market like Canada, where he still sees substantial opportunity for development and leadership.
“You can step back and look at the industry holistically, realizing that you don’t
its traditional UK stronghold. Green now oversees a vast and largely untapped region that includes North, Central, and South America, as well as US offshore and the offshore insurance markets like Bermuda, Barbados, and the Cayman Islands.
With no legacy issues to manage or inherited revenue models to adjust,
“You can step back and look at the industry holistically, realizing that you don’t know what you thought you knew a lot about”
know what you thought you knew a lot about,” admits Green.
Now a year into his mandate as CEO of the Americas at Aviva Investors, Green is putting down roots, building out a team, and carving out space in the downtown Toronto office for the firm’s ambitions in North and Latin America.
His new role as CEO of the Americas is part of a broader reorganization at Aviva Investors. As Green explains, the firm split its global operations into three regions − APAC, EMEA, and the Americas − as part of a strategic shift to accelerate growth outside
Green has been given the freedom to build a business from the ground up. That includes expanding office space to accommodate a growing team, which he’s actively assembling. His ultimate goal is to make Aviva Investors a recognizable and respected name across the country.
To that end, while Green acknowledges that Aviva Investors has had a long-standing presence in Canada through its partnership and relationship with Aviva Canada, the asset manager has largely remained under the radar.
“We’ve been in Canada longer than I probably want to even reference,” he says,
Name: Duane Green
Title: CEO, Americas
Company: Aviva Investors
Age: 53
Years in the industry: 30
Education: Economics, University of Ottawa; International Directors Programme (Corporate Governance), INSEAD
Most recent watch: TheNightManager
How do you define success? Success is knowing you’ve built something that stands on its own and lasts beyond you PROFILE
Favourite read: DoGoodtoLeadWellby Craig
and Jack Reacher novels (to disconnect)
Career highlight: Building and leading high-performing teams with exceptional people, where trust, collaboration, and respect drive sustained results
Biggest life lesson: Relationships are the true currency in life and in business − they must be built on trust, integrity, and humility
Dowden,
INDUSTRY ICON
describing the business as “a little gold mine that we haven’t really exploited yet.”
Until recently, the firm’s focus was largely internal − managing Aviva Canada’s balance sheet − but that’s now shifting. Green is working to bring Aviva’s investment capabilities to a broader set of clients across Canada. The strategy, he says, is less about launching something new and more about reintroducing the business with greater visibility.
“We’re not brand new. I’d say we’re not new, we’re renewed,” he adds.
While Aviva Investors is rooted in the UK − with strong infrastructure in London
Aviva’s approach also appeals to institutions seeking more than just pooled funds. The firm encourages direct investments and co-investment structures, and Green notes there’s already growing demand from Canadian investors to participate alongside Aviva in specific deals.
From his perspective, Aviva’s blend of public and private market capabilities − anchored by its expertise in fixed income and managing insurance assets − positions the firm well for broader distribution. And with sustainability deeply embedded in its investment philosophy, Green sees a chance to bring differentiated offerings to a
“I’m a big believer in surrounding yourself with the best people, and as a result, the best ideas are going to come out of it”
and a heavy emphasis on European private markets − it’s starting to globalize key capabilities.
Green sees an opening in the Canadian institutional space for exactly that kind of exposure. Most local investors already have significant allocations to domestic and US real estate, he says, which creates space for differentiated strategies like European infrastructure, real estate, private credit, and venture capital.
Rather than trying to displace core allocations, Green is positioning Aviva as a complementary offering, noting that Canadian plans are beginning to ask how they can diversify their portfolios beyond North America. That’s where he believes Aviva’s strength in pan-European private markets comes into play.
Canadian market that’s increasingly open to alternative strategies.
Green believes the mandate is already evolving. The region’s strategic importance is growing, the team is expanding, and market conversations are ramping up. For Green, the role checks every box he was looking for: a leadership position with the freedom to build, an incredibly strong cultural fit, and a platform with global capabilities that are still relatively unknown in the Americas.
But as Green suggests, he doesn’t want to just expand AUM; he also wants to forge meaningful, long-term relationships with clients. He sees partnership as the core of the firm’s strategy in the Americas, though he acknowledges it’s a word that’s often overused in the industry.
AVIVA INVESTORS BY THE NUMBERS
325+ years in the business
1,000 employees globally
$256 billion AUM
9 countries of operation
“I know that term is bantered around probably too liberally … but for me, it really is, how can we create a longterm relationship with a pension plan or insurance company?”
Green views Aviva’s role not just as a provider of investment solutions but as a collaborator and thought partner, one that institutions can turn to for insights as well as products. He’s focused on increasing awareness of Aviva’s capabilities and broadening the conversations the firm is having with clients. The idea is that if those relationships are built properly, growth in both AUM and product adoption will follow naturally.
He strongly believes consultants, platforms, and gatekeepers matter, and building those relationships will be key.
“I’m a big believer in surrounding yourself with the best people, and as a result, the best ideas are going to come out of it,” he adds. “We’re probably the best resourced with the best balance sheet of any startup you’re going to find.”
Benefits and Pension Monitor ’s Special Reports deliver an expert-curated resource for benefits, and pension professionals seeking best-in-class partners and trusted solution providers.
These reports provide an opportunity to recognize the organizations and individuals advancing the industry through leadership, innovation, and measurable impact.
For 2026, Benefits and Pension Monitor will publish a robust portfolio of Special Reports exploring the issues shaping the future of workplace health, total rewards, retirement readiness, and pension strategy—focused on what matters most to the Canadian market.
• Elite Women
• Top Consultants
• Top Employers
• Rising Stars
• Hot List
• 5-Star Technology
If you would like further details on how to be involved, please get in touch via email at sophia.egho@keymedia.com.
Rethinking money market management
Cash management has become a more deliberate portfolio decision, writes Christopher
Schmück
FOR DECADES, money market investing was viewed as the most conservative and least dynamic corner of fixed income. When cash yields were negligible, it was commonly seen as a drag on portfolio performance rather than a strategic allocation. Portfolio managers focused on safety, liquidity, and operational simplicity, with returns largely dictated by central bank policy and Treasury issuance. Today’s money market environment –particularly in US dollars – is influenced
by more than central bank policy alone. Issuance patterns, regulatory demand, and balance-sheet considerations all play a role in shaping front-end yields. Cash management has become a more deliberate portfolio decision, where relative value, funding mechanics, and cross-market dynamics can meaningfully affect results.
US Treasury bills remain the backbone of global liquidity. They are widely used as collateral in repo markets where investors borrow
or lend cash against securities, and they underpin day-to-day liquidity management for banks, asset managers, and pension plans. Over the past several years, the US Treasury has adjusted its issuance strategy in response to debt-ceiling dynamics, fiscal deficits, and broader funding objectives. Periods of reduced bill issuance – whether driven by debt-limit constraints or a shift toward longer-dated coupon supply – have at times tightened front-end liquidity.
How professional money market managers maximize yield without adding excessive risk
Cash should not be treated as a residual allocation within institutional portfolios. It is a core component of the investment mandate and often one of the most persistent exposures. Institutional money market management is not about taking duration or credit risk, but about precision. Managers seek to extract incremental return by carefully navigating:
• issuance patterns along the T-bill curve
• repo versus outright funding economics •settlement timing and cash-flow predictability
• liquidity premiums embedded in specific maturities
This is balance-sheet optimization rather than traditional leverage, with a focus on liquidity and capital preservation.
No longer a US market: why international money markets matter more than ever
What has become increasingly clear is that US money markets do not exist in isolation. Short-term interest rate curves across developed markets are linked through foreign exchange forwards and funding markets. When those links are imperfect, opportunities emerge.
Canadian Treasury bills typically trade at lower outright yields than US T-bills. On the surface, this would appear unattractive for a US dollar investor. However, foreign exchange forwards embed the relative short-term interest rate differential between the two currencies.
For example, with three-month Canadian Treasury bills yielding roughly 2.2 percent and the Canadian dollar trading at a forward premium of roughly 50 pips, the FX hedge adds about 1.5 percent annualized to the Canadian return. When fully hedged back to US dollars, this can result in a USD-equivalent yield that is broadly in
line with, or modestly above, comparable US Treasury bills.
When FX forwards matter: turning currency hedging into yield
In theory, covered interest parity implies that a fully hedged money market investment should deliver similar returns across currencies. In practice, short-term funding dynamics and market segmentation can cause small deviations from this relationship, creating modest relative-value opportunities in international money markets.
At current market levels, this exercise produces a small but positive yield pickup
cost than in the past, reinforcing the role of money markets as not only a defensive allocation but a source of readily deployable capital.
More importantly, diversified money market exposure provides flexibility. When US bill supply tightens or repo markets become less attractive, international instruments can offer an alternative source of liquidity without sacrificing safety. While this approach requires operational sophistication and a solid understanding of FX hedging mechanics, these capabilities are often already in place for institutions managing global portfolios.
In a world where front-end yields are shaped by politics, regulation, and balancesheet constraints, the most effective money market strategies are those that treat cash as a portfolio
– on the order of a few basis points – relative to comparable US Treasury bills. That margin is not an arbitrage windfall. It reflects temporary imbalances between supply, demand, and funding conditions across jurisdictions.
Importantly, the risk expectation does not change.
• Credit exposure remains sovereign.
• Duration remains firmly in the front end.
• FX risk is fully hedged.
• Liquidity remains daily.
For pension funds and long-term asset owners, cash allocations are no longer trivial. Cash balances fluctuate with contributions, benefit payments, collateral requirements, and transition management needs.
In an environment where short-term yields are meaningfully positive, holding liquidity also carries a lower opportunity
Cash as a strategic asset, not a placeholder
US Treasury bill yields reflect more than policy rates, and international curves provide additional levers for disciplined managers.
In a world where front-end yields are shaped by politics, regulation, and balancesheet constraints, the most effective money market strategies are those that treat cash as a portfolio – one that can be actively structured, internationally diversified, and carefully optimized without compromising its core purpose.
Christopher Schmück is a portfolio manager and head of currency and liquidity management in the public markets domain at Fiera Capital. He leads the investment strategies in the currency field and oversees short-term trading activities for the firm.
INVESTING
The next phase of AI issuance
The AI infrastructure buildout is reshaping credit markets and creating new opportunities for investors
ARTIFICIAL INTELLIGENCE
is now part of daily life. Beyond its technological impact, AI has also emerged as one of the decade’s defining investment themes, reshaping global credit markets in the process.
As technology companies compete to build the data centres, cloud infrastructure, and power generation required to support AI capabilities, capital spending has picked up considerably. With industry estimates projecting expenditures of US$3−5 trillion over the next several years, these companies will increasingly rely on debt financing to fund AI buildouts.
For investors, this wave of issuance presents both opportunity and risk.
The rapid shift to debt-funded growth
In 2025, hyperscale technology companies, including Amazon, Google, Microsoft, Meta, and Oracle, issued approximately US$160 billion in public, private, and assetbacked debt to support AI infrastructure.
Beyond volume, what stood out to investors is pricing. Historically, these issuers have enjoyed some of the tightest spreads in the investment-grade market. Recently, however, multi-billion-dollar deals have included new issue concessions of 10−20 basis points.
“These are best-in-class companies, but the sheer scale of capital spending means they’re no longer optimizing for the lowest cost of debt,” says Ilias Lagopoulos, RPIA’s
head of investment grade. “They’re focused on securing capital quickly, and markets are demanding a higher risk premium to absorb that supply.”
Issuers clearly believe long-term AI returns justify higher near-term financing costs. For investors, this has created an opportunity to earn incremental yield from companies with strong business fundamentals.
A market-transforming event
As AI funding shifts from internally funded capex to market-wide cross-asset issuance, the compositions of public and private credit markets are beginning to change.
One effect is the structure shift within the benchmark. Funding even 20 percent of projected AI capital spending through public markets would elevate companies such as Amazon to eclipse the largest borrowers (currently US banks) within the US investment grade benchmark. This increases correlation risk, as index performance becomes more dependent on a small group of technology firms pursuing similar strategies.
At the same time, the growing scale of supply has also pushed risk premiums higher. Some AA-rated issuers now trade wider than the broader investment-grade index and, in some cases, wider than lowerrated BBB bonds. Meta is a notable example, with spreads that remain elevated despite the company’s market position and balance sheet strength.
Despite these challenges, the AI buildout is creating opportunities for investors who are willing to conduct deeper analysis.
Where opportunities are emerging
One opportunity lies in structured data centre financing. Technology companies are partnering with infrastructure specialists and financial institutions to fund projects through joint ventures and special purpose vehicles. These bonds often trade at wider spreads than parent company debt due to concerns about asset obsolescence or incomplete guarantees. Where cash flows are supported by long-term contracts with large technology firms, careful analysis of structure and protections can uncover opportunities for spreads to narrow over time.
“As AI funding shifts from internally funded capex to market-wide crossasset issuance, the compositions of public and private credit markets are beginning to change”
Even among established investment grade issuers, temporary dislocations can create value. A recent example is Oracle, where concerns about funding needs pushed bond spreads to wider levels than some highyield BB-rated bonds. Once the company clarified that future expansion would be financed through a mix of debt and equity, spreads tightened over 40 basis points, rewarding investors with a longer-term view.
Where to exercise caution
The scale of the AI build-out also introduces new risks. Supply constraints – power availability, labour shortages, construction delays – could pressure issuers with weaker balance sheets. In the US, data centre demand is expected to outpace power supply by 2028, potentially creating bottlenecks.
There is also the risk of overbuilding. Rapid improvements in chip efficiency could
reduce future demand for certain types of infrastructure. At the same time, the emergence of lower-cost AI models has raised questions about whether today’s spending levels are sustainable, increasing the risk of stranded assets.
The key difference between the AI buildouts versus past supply booms, like the flood of issuance by financials following the global financial crisis, is that this wave is largely leverage increasing. That makes credit selection and structure analysis far more important than simply owning the theme.
A longer cycle with lasting consequences
For institutional investors, the AI buildout should not be viewed as a short-term trade. It is a multi-year financing cycle that will influence index composition, correlations, and relative value across global credit markets.
Active strategies that emphasize balance sheet discipline, funding plans, and covenant protection are best positioned to navigate the shift. The opportunity is not simply in backing AI growth but in understanding where markets are mispricing risk.
Important Information
Information presented by RP Investment Advisors LP (“RPIA”) is for informational purposes only, does not provide investment, or other advice and should not be relied upon in that regard without seeking the appropriate professional advice. Forwardlooking statements are subject to change based on economic and market conditions.
Derrick Jumper is a principal and head of credit research at RPIA. Jumper has 17 years of experience in the credit industry. He graduated from the Wharton School at the University of Pennsylvania with a bachelor of science in economics and a dual concentration in finance and accounting.
Investor home bias is warping fixed income
‘There
are opportunities to reduce that home bias and broaden issuer sector credit exposure,’ says Capital Group’s Naoum Tabet
CANADIAN PENSION plans pride themselves on global diversification. They hold equities across multiple continents, alternative assets spanning private equity to real estate, and sophisticated hedging strategies.
But, according to Capital Group’s fixed income director, Naoum Tabet, there’s a blind spot that few want to address, as he believes fixed income remains stubbornly domestic.
“If you think about pension plans and institutional investors, they’re highly diversified on the equity front, on the alts front, they have exposures across the globe. But when it comes to fixed income, pension plans in Canada are highly concentrated in Canadian fixed income,” Tabet says, noting that “95 percent of institutional investors’ fixed income allocation is in Canadian fixed income.”
While he acknowledges the rationale of matching Canadian liabilities with Canadian bonds, he argues that corporate credit exposure introduces risks that many overlook.
“If you think about the Canadian corporate bond market, it’s really two sectors: energy and banks. It’s highly concentrated in the top 10 issuers,” he says.
This concentration creates what he describes as “uncompensated risk,” particularly as investors accept sector and issuer concentration without receiving additional yield for the exposure. Additionally, a pension plan holding Canadian corporate bonds isn’t diversified across industries but, rather, making a leveraged bet on two sectors that already dominate the Canadian economy.
“The exposure to domestic corporate bonds introduces concentration and diversification and challenges and risks,” says Tabet.
To that end, Tabet expects a widening gap between the US and Canadian economies in 2026. He forecasts US GDP growth of around two and a half percent, with consensus estimates stretching from one and a half to three percent.
Meanwhile, Canada is likely to reach just one percent growth, a “tepid pace” that leaves little room for excitement, argues Tabet.
Tabet traces Canada’s current economic weakness to a series of setbacks. Aggressive rate cuts in 2024 failed to spark growth, and difficult tariff negotiations with the US rattled business confidence. As a result, companies that depend on exports have pulled back on capital spending and hiring.
The government has responded with increased spending and larger deficit projections, but Tabet cautions that stimulus takes time to flow through – things like approvals, corporate uptake, and deployment could stretch over multiple years. Add in Canada’s longstanding productivity gap, and the nearterm picture looks challenging.
“From an economics perspective, I think Canada over the short term is unlikely to grow at high levels,” he says, adding over time he does see a path forward through stronger trade ties beyond the US productivity gains and infrastructure investment. But he doesn’t expect that turnaround to come quickly.
While fixed income allocators have been slower to confront home bias, Tabet believes this needs to change.
“By rethinking the role of corporate credit within the Canadian pension context, I think there are opportunities to reduce that home bias and broaden issuer sector credit exposure beyond that handful of issuers,” he says.
‘Attractive opportunity’
Government bonds, in his view, should remain central to any liability-matching strategy. But he sees an opportunity to rethink corporate credit, broadening exposure beyond the narrow set of domestic issuers that currently dominate Canadian pension portfolios.
“Today, US fixed income is the most attractive opportunity. Its true valuations are tight, but total yield is extremely attractive when compared to other regions, be it Canada or Europe,” he says.
Beyond yield, the US market offers something Canadian bonds can’t – breadth. With the economy growing at a solid pace and rate cuts likely on the horizon, Tabet notes that American fixed income also provides exposure across a far wider range of issuers and sectors than its domestic counterpart.
Sizing private credit exposure
Meanwhile, Tabet has been examining how Canadian pension plans stack up globally in their private credit exposure and finds they’re heavily allocated compared to peers in other regions. He sees why the allocation has grown, particularly as private credit has helped smooth returns, align assets with longterm liabilities, and reduce the noise of daily market pricing.
Yet, he stresses that this part of the portfolio comes with meaningful vulnerabilities, including opaque valuations, slower recognition of losses, refinancing pressures, and liquidity risks, particularly as more retail money flows into private markets.
“Sizing exposure makes a lot of sense for 2026 when it comes to allocation to private assets,” notes Tabet.
LEADING THE CHARGE
LEADERSHIP equity across the Canadian benefits, pensions, and institutional investment sectors remains unresolved. But it’s not due to a lack of talent, which is exemplified by the collection of outstanding industry leaders recognized in Benefits and Pensions Monitor’s third annual Elite Women report. They stand apart due to:
• Responsibility at scale: leading systems that affect large member populations, significant assets, and long-term outcomes, making decisions
where accuracy and accountability matter every day
• Credibility earned through expertise: deep knowledge built over years, whether in pensions, law, investments, governance, or operations, and from being relied on by boards, regulators, and senior leaders
• Building what las ts: focusing on structures, policies, and ways of working that continue to function through growth, change, and complexity
• W idening access: bringing people into secure arrangements, from expanding pension coverage and improving benefit design to addressing gaps that have left some groups behind
• Imp act beyond their own roles: impacting the wider sector through board work, mentoring, teaching, speaking, and advocacy that help move the industry forward
The equity challenge is structural, rooted in how advancement, authority, and opportunities are shaped. Progress depends on changing those foundations.
Nora Lamb, director of pensions and savings at Suncor and one of the 2026 Elite Women, points to a quieter structural barrier. In many organizations, the technical and commercial complexity of pensions and benefits can be underestimated.
“People sometimes look at it and think, ‘It’s pensions. It’s benefits.’ Whereas, I often compare it to engineering. We’re dealing with people, with major corporate financial impact, and with real-life impacts across industries,” Lamb says. “When you think about health and well-being and the longterm outcomes for individuals, it’s much more than a line item.”
That structural tension is also visible in how leadership values are expressed inside organizations that have not always made space for it, says Shannan Corey, CEO of Corey HR Consulting.
“Being an Elite Woman, in my view, means staying true to your values and establishing your own principles and standards,” she says. “Don’t be afraid to be genuine and real, even if that means showing your emotions. And don’t be afraid to step back from or call out behaviours that don’t align with those values.”
The leaders recognized in the Elite Women 2026 report offer a clear counterpoint. They hold senior roles across Canada’s pensions, benefits, insurance, asset management, and corporate advisory ecosystem, working inside organizations where regulatory accountability, fiduciary responsibility, and long-term outcomes converge.
BPM’s data points to experienced leaders working at levels where judgement carries real consequences. With a median tenure of 15–16 years and most holding executive, founder, or VP-level roles, the 2026 winners reflect leadership built through sustained responsibility.
By comparison, Doane Grant Thornton’s Women in Business 2025 report shows women hold 34.7 percent of senior management roles in small and medium-sized Canadian businesses.
After tracking women’s representation in senior management for more than 20 years, the firm reports improvement in recent years. But the trajectory suggests meaningful parity remains decades away, with current trends pointing to 2051.
In financial services, specifically, the 2025 VersaFi Women in Wealth report found that men still hold approximately 80–85 percent of investment advisory roles in Canada. Sixty-one percent of women report a lack of female role models, and only 23 percent believe they have equal access to succession opportunities.
Corey notes that while women’s leadership has become more visible within organizations and on boards, the numbers still point to a wider diversity gap.
Summit Cover head of group benefits and life, Kandy Cantwell, argues that equity in lead-
METHODOLOGY
In October 2025, Benefits and Pensions Monitor invited professionals from across the country to nominate their most exceptional female leaders for the third annual Elite Women list. Nominees had to be working in a role that related to, interacted with, or in some way impacted the financial services industry, and to have demonstrated a clear passion for the benefits, pensions, and institutional investments industry.
Nominators were asked to provide details of their nominee’s achievements and initiatives over the past 12 months, including specific examples of their professional accomplishments and contributions to the industry as a whole.
The BPM team reviewed all nominations, examining how each individual had made a meaningful contribution to the industry, to narrow down the list to 30 Elite Women.
“Sometimes, taking a calculated risk doesn’t go well, and when that happens, I take accountability and learn from my mistakes. But I don’t give up. I make the necessary changes and try again, as it’s crucial for those of us who have a platform to make the system better for everyone”
Chief pension officer, Toronto, ON
PERCENTAGE
OF CANADIAN BUSINESSES WITH NO WOMEN IN SENIOR MANAGEMENT ROLES
In Canada, 7% of businesses have no women in senior management positions, while 12% say that they have only one woman in a senior role.
Source: Doane Grant Thornton’s Women in Business 2025 report
Source: Doane Grant Thornton’s Women in Business 2025 report
“I’ve always believed that benefits are deeply personal. They touch every stage of life, from starting a family to retiring with dignity”
Vice president of group benefits, Saskatoon, SK
WOMEN LEADERS SHAPING THE SECTOR’S FUTURE
Suncor’s Lamb has spent over two decades working across pensions and benefits. Her early interest was in employment and business law, but her first office role out of university redirected her path when she was asked to take on payroll, benefits, and pensions.
“I don’t think any of us woke up as kids and said, ‘I want to be a pension and benefits professional,’” she says. “What ended up happening was I had a great opportunity.”
Supported by strong finance mentors, her work quickly deepened into pensions, governance, and plan design across energy and diversified Alberta companies. She followed each opportunity, even pausing at times to question whether the field would define her career.
In her current role, Lamb leads design, communications, and governance for the organization’s pensions and savings division, alongside responsibility for total rewards within mergers and acquisitions. She brings extensive experience as a pension trustee and committee member, and continues to contribute through industry advisory roles.
When reflecting on impact, Lamb doesn’t point to a single defining achievement. Instead, she frames her work in terms of continuity:
Building pension and savings programs that remain sustainable through growth, acquisition, and change, while supporting employees across countries and life stages
For her, the work is about financial security and flexibility over decades.
“People often think pensions are a moment in time,” she says. “But we’re talking about supporting people from hiring through to the end of life.”
That long view also defines how she thinks about leadership. Lamb sees women’s presence at the decision-making table as critical to balancing financial outcomes with human ones and recognizing how technical decisions affect people over time.
“It’s not just about a company’s financial stability but about individual employee stability, longevity, and that broader view of integrated well-being,” she says. “That ability to bring the personal, the technical, and the business together in one place is something I value deeply.”
ership will not be achieved through representation alone. It requires cultural and organizational changes that reshape how careers develop and how authority is exercised at senior levels.
“Progress depends on pay transparency, flexible career design, and treating empathy and collaboration as strengths in C-suite decision-making, not exceptions,” Cantwell says.
That question was settled when she joined Suncor to work with Pat Suzuki, a leader she admired.
“I didn’t choose the company because of a long-term plan. I chose it because of her,” Lamb says. “She really showed me what pensions and benefits mean. It’s not just a calculation or a job.”
Sustainability, however, was not something Lamb learned easily. Earlier in her career, she had to step away.
“I learned the hard way,” she says. “I went through a period of burnout and had to take time off to reset and rebalance.”
What followed was a shift in mindset. Lamb learned that the same care applied to employees and members also had to extend inward.
She now listens more closely to signals from mentors, family, friends, and her own body, and makes deliberate space for life outside work.
“The priority we place on caring for others has to apply to caring for ourselves as well,” she explains.
Today, Lamb describes a sustainable career as one built on awareness rather than endurance. It is an approach grounded in experience, and one she continues to refine, as she remains focused on the long-term impact pensions and savings have on people’s lives. Lamb’s career reflects just one dimension of the leadership shaping the sector.
Across the 2026 cohort, BPM invited nominations from across the country and selected 30 women whose work is being recognized for impact that spans systems, strategy, investment, and education.
Redefining retirement security and pension access
• expan ding pension coverage while addressing structural inequities in access
• modernizing de fined benefit plan design, policy, and governance
• improving service quality and outcomes at population scale across public and private systems
Transforming systems, strategy, and organizational leadership
• leading digital moderniza tion of pension and benefits administration
• driving total re wards strategy, operational change, and largeteam leadership
• s trengthening governance, fiduciary oversight, and long-term plan sustainability
Advancing investment strategy and institutional influence
• providing global investment leadership and portfolio oversight
PERCENTAGE OF CANADIAN WOMEN IN SENIOR MANAGEMENT POSITIONS
Source: Doane Grant Thornton’s Women in Business 2025 report
PERCENTAGE OF CANADIAN BUSINESSES AIMING TO ACHIEVE PAY EQUITY
44% of Canadian business leaders say they’re aiming for all employees to receive the same compensation for the same role, regardless of gender
Source: Doane Grant Thornton’s Women in Business 2025 report
• shaping institutional engagement, ESG integration, and risk management
• influencing national and international investment direction through governance roles
Innovators and educators expanding industry knowledge
• advancing education, thought leadership, and member engagement
• de veloping tools, frameworks, and content that deepen industry understanding
• contributing through public speaking, publishing, and community leadership
LEADERSHIP DEFINED
Cantwell frames leadership as a combination
of judgement, adaptability, and a willingness to share influence. In her view, effective leaders engage directly with unresolved issues rather than working around them.
“An Elite Woman knows that this industry and healthcare and financial wellness in Canada have a lot of messy issues, and she uses empathy, DEI, and transparency to look for and implement truly new solutions,” Cantwell says.
Technology, she adds, has become a defining leadership capability. As plan design grows more layered and expectations rise, reliance on legacy approaches limits both advice quality and partnership potential.
“We need to embrace tech and how it can play a vital role in how we truly advise, bring valuable solutions to plan sponsors
who helps guide the way, but is happiest when her mentees shine and lets them have their well-deserved moment,” she says.
Those traits recur across the 2026 winners’ list with many modernizing delivery models, strengthening governance, and scaling services across large and diverse member populations.
That leadership presence also carries tangible consequences for decision-making and outcomes, Corey notes.
“Gender diversity is a fundamental element when it comes to improving outcomes,” she says. “Women bring values and principles to the table in different ways, and that perspective can produce the ‘ah-ha’ moments that expand and shift strategic thinking.”
VersaFi’s findings underline how far the industry still has to go on workplace culture and progression. Fewer than half of women in wealth management feel their workplace is free from sexism, and just six percent view succession planning processes as transparent.
As regulatory expectations rise and plan design grows more demanding, Cantwell points to the measurable impact diverse leadership has on outcomes, from risk assessment to member experience.
“When it comes to pension and retirement plans, having gender diversity at the table results in more well-rounded and strategic decisions, a more holistic view of risk assessments, and a better representation of the challenges being faced by insured and covered members,” she says.
That observation is borne out in the experience of this year’s winners, many of whom sit at board and executive tables where longterm consequences are decided and where the sector’s direction is increasingly set.
WHAT LEADERSHIP LOOKS LIKE IN PRACTICE
and their employees, and allow insurers to be real partners in these relationships, and not simply seen as an interchangeable vendor.” Cantwell also points to mentorship and restraint as indicators of confidence, reflected in leaders who create space for others to succeed.
“An Elite Woman is a collaborative mentor
Across BPM’s 2026 list, influence is defined less by title and more by what strategies these leaders have implemented. Their work operates at a systems level, changing access, policy, and operational frameworks in ways that outlast individual mandates.
2026 ELITE WOMEN BY YEARS IN THE INDUSTRY
ELITE WOMEN BY LOCATION
IMPACT OF GENDER EQUALITY STRATEGIES IN CANADIAN BUSINESSES
Success can be seen in expanded coverage, improved outcomes, and clearer pathways, shaped by policies that better reflect how people actually work and plan for the future.
Grant Thornton’s research supports that picture, with many respondents citing persistent barriers tied to mentorship access and career design.
Corey says, “Let’s not be afraid of challenging traditional strategic thinking. We need to ensure current leaders and boards are receiving relevant training in this area. In terms of behaviours themselves, for current leaders, don’t be too quick to dismiss a woman’s perspective just because it may look and feel different.”
HOW LEADERSHIP CHOICES SHAPE LONG-TERM OUTCOMES
• The pers istence of leadership gaps suggests the issue is not pipeline
or performance, but how organizations define credibility, readiness, and authority in complex technical environments. Until those signals change, progress will remain incremental.
• T he work of the 2026 Elite Women shows that effective leadership in this sector is cumulative and systems-driven. Value is created through stewardship, judgement, and institutional memory, not visibility or short-term wins.
• For organizations facing rising regulatory scrutiny, longevity risk, and member expectations, leadership composition is a strategic input. Diverse decision-making is directly linked to better governance, more resilient design, and fewer blind spots over time as evidenced by the success and track record of BPM’s Elite Women of 2026.
Advice for the next generation of women leaders
“Step into spaces that feel uncomfortable, but do it with intention. Lean on mentors and peers, use those relationships to learn, and remember that leadership grows through partnership”
Nora Lamb, Suncor Energy
“[A woman of influence] sees the broader industry landscape and translates that vision into practical, implementable strategies”
Executive director, Greater Toronto Area, ON
Female senior leaders are visible role models.
All employees feel they are treated equally within our business.
Employees feel we have an inclusive work environment.
an increase in female employees progressing through the business to senior leadership positions.
Source: Doane Grant Thornton’s Women in Business 2025 report
Nora Lamb Director, Pensions and Savings Suncor Energy
Phone: (403) 296 7682
Email: nlamb@suncor.com Website: suncor.com
Celine Chiovitti Chief Pension Officer OMERS
Phone: (416) 970 9533
Email: cchiovitti@omers.com Website: omers.com
Samantha Cleyn Country Head, Canada Ninety One
Phone: (514) 214 2773
Email: samantha.cleyn@ninetyone.com Website: ninetyone.com
Alice Fang President and CEO Northern Trust Corporation
Alison McKay Chief Executive Officer Saskatchewan Healthcare Employees’ Pension Plan
Andrea Hansen President and Benefits Advisor Benefits Alliance Group
Caitlin Gubbels
Senior Managing Director and Global Head of Private Equity CPP Investments
Candace Dodson Benefits and Insurance Broker CDW Benefits
Carole Field Assistant Vice President, Compensation and Pensions CPKC
Catherine Thrasher Chief Operations Officer CIBC Mellon
Christine van Staden Vice President, National Accounts Canada Life
Denise Balch President Connex Health
Heather Cooke Chief Investment Officer The Audra Group
Janet Greenwood Board of Trustees CAAT Pension Plan
Joanna Lohrenz Chief Pension Services Officer University Pension Plan Ontario
Julie Joyal Vice President, Pension Services Alberta Teachers’ Retirement Fund Board
2026
Karen Adams President and CEO Kii Health (Santé) Canada Inc.
Kim Maxwell Vice President, Employee Benefits and Savings Matheis Financial Group
Korinne Collins Chief Executive Officer Association of Canadian Pension Management
Laura Nashman Chief Executive Officer BC Pension Corporation
Lilach Frenkel, FCIA, FSA Director, Product Innovation CAAT Pension Plan
Lilly Price Executive Director and Head, International CIBC Asset Management
Lyn McGaughey Group Benefits Advisor Atlas York Insurance
Natasha vandenHoven Partner Stikeman Elliott
Pavithra Ravi Head of Pharmacy and Pharmaceutical Relationships Manulife
Rachel Arbour Head of Plan Benefits, Design and Policy Healthcare of Ontario Pension Plan
Shandy McLean President Arcora Shannon Patterson Director Co-operative Superannuation Society
Sylvia Tran AVP, Group Benefit Sales Co-operators Life Insurance Company
Tricia Brown Director, Governance and Executive Secretary Plannera Pensions & Benefits
Insights
As part of our editorial process, Benefits and Pensions Monitor’s researchers interviewed the subject matter experts below for an independent analysis of this report and its findings.
Shannan Corey Chief Executive Officer Corey HR Consulting Ltd.
Kandy Cantwell Head of Group Benefits & Life Summit Cover
Treading lightly on US exposure
While confidence diminishes, investors still stay true to US assets
THE US market has typically dominated global portfolios for years, but the tide could soon be shifting as several asset managers start to pump the brakes.
At a recent Canadian Pension and Benefits Institute (CPBI) economic outlook event, several institutional investors outlined why confidence has been steadily decreasing over the last year in US markets.
“We’re slightly underweight in the US. I think that goes against consensus, or at least the common thinking that US is where it’s at,” said Lorne Gavsie, senior vice president and head of macroeconomic & FX strategy at CI Global Asset Management. “Our own model suggests that we should continue to see outperformance elsewhere, including in Canada, Europe, the UK, and EM. It’s about how much do you want to be underweighted in the US, in this environment, where it is the biggest global economy? There’s a lot of things going for it, but there’s also the emotional side that says maybe I don’t really want to be invested in supporting what’s going on there.”
Gavsie also acknowledged the political uncertainties facing US markets, noting the House remains in play for Democrats while the Senate presents a steeper climb. But he framed the deeper issue as one of eroding institutional confidence in American assets.
The tension, he explained, is that global investors have few practical alternatives. The US remains the world’s largest economy, and treasuries offer unmatched liquidity for institutions managing vast sums.
He also pointed to recent comments from the head of Temasek, Singapore’s sovereign
wealth fund, who recently told the Financial Times that current US exposure levels have become difficult to justify.
“We either have to see US assets outperform this year, the US dollar outperform this year, or we need to start reducing,” he said. “Unless the US market outperforms, that kind of pressure will potentially lead to a continuation of this reweighting relative to the US. We’re just starting to lose complete, absolute confidence. It’s being chipped away.”
In the interim, Gavsie sees emerging markets – rather than in North America –as one of the more compelling opportunities, both on the equity and fixed income sides. The thesis rests on a widening growth differential and a weakening US dollar.
On the first point, he noted that many EM economies avoided the fiscal excess that marked the Western COVID response.
“That puts them arguably in a better fiscal position now than they have been in years on a relative basis,” he said.
Economic activity is now picking up in those markets, while US consumption in 2025 was underwhelming and questions remain about whether it will re-accelerate this year, he noted.
As for the second point, he emphasized how EM assets tend to benefit when the US dollar weakens, with that backdrop now in place. With global investors still not meaningfully overweight EM, he thinks there is “potential for ongoing buying flows going into those markets,” he added.
Meanwhile, Chhad Aul, chief investment officer and head of multi-asset solutions at Sun Life Global Investments (SLGI) reflected on how the post-Liberation Day landscape has since defied market expectations. Despite the America First rhetoric that dominated 2024, US assets lost their shine as trade policy shifted. The dollar weakened through 2025, marking several years of negative returns, a reversal few had anticipated.
However, Canada fared better than most predicted, he said. Political transition helped restore confidence, services sectors held up, and the USMCA framework shielded the bulk of Canadian exports from the worst tariff impacts.
“The provisions and the carve-outs for products covered by USMCA, the Free Trade Agreement, normally NAFTA, did shield most of our exports from higher tariffs,” he noted.
But that protection now faces an expiration date as he believes the looming renegotiation of the trade agreement represents the most significant risk on the horizon for Canadian markets. Yet, Aul sees reason for cautious optimism over a longer horizon.
“I still believe in the long-term-pain scenario,” he said. “In five years from now, 10 years from now, I think we, as a country, will be in a more robust position,” he said.
Until then, however, Gavsie believes the more pressing concern is a potential re-acceleration that reignites inflation, noting that if growth picks up steam across the US, Canada, and other regions, the virtuous cycle could turn problematic.
“The risk is you have markets doing well, economy doing well, consumption starts to pick up, and that starts to push inflation higher again,” he noted.
While he doesn’t call this his base case, he flagged it as “one considerable risk” for the second half of 2026, one that could force central banks back into tightening mode and create headwinds for equities and other risk assets.
A ‘multi-engine approach’ to fixed income
Fixed income investors make the case for flexibility in a crowded credit market FIXED INCOME ANNUAL REPORT
FIXED INCOME investors face a peculiar predicament heading into 2026. Credit spreads have compressed to levels not seen since before the global financial crisis, volatility has all but vanished from bond markets, and yet the underlying yields remain attractive enough to keep capital flowing into the asset class.
Meanwhile, strategies from the old playbook − like leaning into duration for diversification and holding government bonds for safety − no longer command the same
confidence they once did for institutional investors.
“People are a little bit scarred from 2022. They don’t see duration as that bastion of portfolio resiliency that it used to be,” says TJ Sutter, portfolio manager and head of the fixed income team at Connor, Clark & Lunn Investment Management, noting that scarring has prompted a rethink as corporate pension plans and institutional investors are looking for returns without heavy duration exposure. “People are looking at it in a more
creative way,” he says, adding that they also want short credit indexes, hedged duration, and uncorrelated return streams.
He believes the fixed income industry remains too siloed in its thinking. Most investors still categorize bonds as either duration plays or long credit, with little in between. The real opportunity, he argues, lies in products that can deploy capital across multiple uncorrelated return streams within a single vehicle − what he describes as “a multi-engine approach.”
PRIVATE CREDIT BY THE NUMBERS
$150 billion
Private credit issuance in 2024
$375 million
Average placement size
2−30 years
Maturity range
7−10 years
Weighted average life
BBB+
Weighted average quality
Source: Voya IM
The more diverse those return sources, the more consistent the performance through different market cycles.
“It’s still underappreciated. I think that most people are still looking at fixed income like ‘This is our duration replacement, and this is our long credit,’” he says.
According to Sutter, “Credit is in the 95th percentile of tightness of credit spreads in the last couple of decades. And long credit strategies are pretty crowded.”
While he stops short of predicting a sharp reversal, Sutter suggests investors should reconsider how much exposure they want to trade.
Yet Darcy Briggs, senior vice president and portfolio manager for Franklin Templeton’s fixed income team has responded to stretched valuations by moving up in credit quality. He underscores that spreads have compressed to levels last seen before the financial crisis − and while exiting credit entirely isn’t practical, staying defensive makes sense.
“You’re back to 2007 type of spread levels. Incredibly complacent markets, but you can’t be totally out of the space,” he says,
adding that upgrading quality allows his team to maintain carry while preserving flexibility to add risk if corporates sell off relative to governments.
Last year’s winning trade centred on Canadian duration as the Bank of Canada cut rates. Now that the central bank has paused, consensus remains divided on whether further cuts are coming. But Briggs believes the more interesting opportunity may lie south of the border.
“I think a big trade this year might be US duration, and it has to do with the Fed still considering easing rates,” he says, adding the key isn’t about selling US assets but rather about buying them and positioning for rates to move lower.
have increased not only to investment grade but further down the quality spectrum into high yield.
“Broadly, higher quality has opened up a little bit more directly, but it does seem as though flows into corporate bond funds are relatively positive and we’re certainly seeing that, given the technicals in the marketplace,” he says, adding that new issues attract heavy oversubscription, pricing comes in tight, and spreads have held firm despite a range of risks.
“Spreads, generally speaking, remain very resilient in the face of a number of risks that are out there,” he says.
Still, tight spreads offer reasonable absolute yields when compared to the
“People are a little bit scarred from 2022. They don’t see duration as that bastion of portfolio resiliency that it used to be”
TJ Sutter, Connor, Clark & Lunn Investment Management
When James Arnold, senior vice president and portfolio manager at Burgundy Asset Management, is asked what he sees as the most compelling area of fixed income, he also points to credit, regardless of whether investors focus on investment grade, high yield, or structured products across geographies.
“Any mandate with flexibility toward credit and different types of credit markets is well positioned here,” he says.
Still, he concedes that spreads have tightened to levels that introduce valuation risk. But expensive index-level valuations don’t tell the whole story because opportunities remain for those willing to dig deeper into individual issuers and sectors trading at more attractive levels.
To that end, Arnold sees a steady migration toward corporate credit among institutional investors, noting that allocations
post-financial crisis era, though Briggs notes that most of that yield now comes from the government curve rather than the credit spread component. Default risk barely registers in current pricing, and volatility has collapsed. For Briggs, that suppressed volatility creates an opportunity.
“You want to buy volatility when it’s cheap, and it’s really cheap right now,” he says.
With corporate valuations stretched, Briggs’ team focuses on idiosyncratic situations − issuers offering compelling yields or diversification benefits rather than broad market exposure. The stimulus tied to mid-term elections should support risk assets near term, Briggs notes, but surprises remain possible.
“We’re waiting for a volatility event to actually provide those opportunities. We’re building in buffers or some capability to
CANADIAN BOND MARKET 2025 PERFORMANCE
capitalize on those if and when they occur,” he says.
Carl Pelland also sees credit remaining attractive on a relative basis despite tight valuations, and acknowledges that the economic backdrop supports the case. Moderate growth in the 1 to 2 percent range benefits corporate margins without overheating the economy.
“The companies, especially in the US, have never had so much high margins,” says Pelland, vice president of fixed income and head of corporate and impact bonds at Addenda Capital. Firms in Canada, however, present a less compelling picture, with margins lagging their American counterparts, he notes.
While this environment favours risk assets, Pelland stops short of recommending aggressive positioning.
“We’re not being paid right now to take more risks. So being a very high-quality portfolio in corporate bonds is very interesting,” he says, emphasizing that the strategy centres on capturing stability through quality rather than reaching for yield in lower-rated credits.
“It’s really about the ability to be flexible within the credit space… It increases diversification, which is a huge benefit to investors in this space as well”
James Arnold, Burgundy Asset Management
Arnold notes, “It’s really about the ability to be flexible within the credit space… It increases diversification, which is a huge benefit to investors in this space as well. That’s really the area that investors should be focused on.”
Sutter ultimately argues that investors need to first clarify their objectives before evaluating fixed income strategies. Duration-heavy approaches offer diversification by performing well during equity drawdowns, while credit-heavy strategies tend to move in tandem with riskier assets. The real opportunity, he suggests, lies in alternative strategies that offer uncorrelated return streams − an area he believes remains underappreciated.
He points to evidence that skilled managers can add value in bonds in ways they can’t in equities.
“The median manager in fixed income outperforms the market, which is unlike equities. And so, what that tells me is there’s evidence of skill in the fixed income market,” Sutter says, adding that too often, investors fixate on headline yields without examining what’s actually generating those increased returns.
“I think that’s the important thing − finding the strategies that are either more reliant on the alternative sources of return stream or have the wherewithal and the ability to risk budget between those return streams,” he says.
Morningstar Canada Core Bond Index Morningstar Canada Government and Provincial Bond Index
Source: Morningstar
ADDEND A CAPITAL INC.
Contact: Janick Boudreau, CFA
Executive Vice-President
Business D evelopment and Client Partnerships
800 René-Lévesque Blvd. W., Ste 2800 Montréal, QC, H3B 1X9
Phone: 514-908-1989
Fax: 514-287-7200
Email: j.boudreau@addendacapital.com
Website: addendacapital.com
Canadian plan sponsors managed: 47 Fixed income asset classes (CA$M): Universe
$1,272.5; mor tgages $1,010.9; long $1,059.9; corporate $332.6; liability-driven investments
$2,617.0; custom multi-style fixed income $192.2; impact fixed income $31.7; money market $19.2
Fixed income AUM for Canadian pension plans (CA$M): $6,536.0
Manager style: Yield curve, immunized, index, ac tively managed, fundamental, top-down combined with bottom-up, core, active duration, impact
Ownership: Principals 5%; third-party 95%
Fixed income professional staff: 37
Established: 1985
Performance presentation standards: GIPS Minimum investment (CA$M): Pooled $5; separate $20
ALPHAFIXE CAPITAL INC.
Contact: Stéphane Corriveau
President, Managing Director 1800 McGill College, Ste. 2420
Montréal, QC, H3A 3J6
Phone: 514-861-3493
Email: s.corriveau@alphafixe.com
Website: alphafixe.com
Canadian plan sponsors managed: 52
Fixed income asset classes (CA$M): Universe
$5,835; core plus $789; bank loans $616
Fixed income AUM for Canadian pension plans (CA$M): $7,240
Manager style: Yield curve, structured products, immunized
Ownership: Principals 100%
Fixed income professional staff: 13 Established: 2008
Performance presentation standards: Relying on the flexibility of its proprietary portfolio management information system (Integra), Alphafixe has always been offering clients the possibility to customize their investment mandates. As claiming GIPS compliance would have required that each of these mandates be included in one of the firm composites, we would have had to maintain many composites. This is why we are not claiming GIPS compliance. As such, although we do not claim GIPS compliance nor produce GIPS compliant performance reports, performance is calculated according to GIPS’ highest standards and methodology.
Minimum investment (CA$M): Pooled $0; separate $50
AMUNDI CANADA INC.
Contact: Tanya Bishop
130 Adelaide St. W, Suite 2207 Toronto, ON, M5H 3P5
Phone: 647-201-4225
Email: tanya.bishop@amundi.com
Website: https://www.amundi.ca/professional Canadian plan sponsors managed: 8
Fixed income asset classes (CA$M): Global bonds
$1,828.1; high yield $82.2; corporate $1,309.6; multi-asset credit $265.5; Canadian (government, provincial, and territorial) and IG corporate bonds
$72.15
Fixed income AUM for Canadian pension plans (CA$M): $134.0
Manager style: Yield curve, structured products, immunized, passive, index, quantitative Ownership: Principals 69%; publicly held 29%; third-party 2%
Fixed income professional staff: 100+
Established: 1950
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $5; separate $100
AVIVA INVESTORS
Contact: Duane Green
CEO, Americas 100 King Street West, Suite 4900 Toronto, ON, M5X 2A2
Phone: 416-643-2770
Email: info@avivainvestors.com
Website: avivainvestors.com/en-ca
Canadian plan sponsors managed: 5
Fixed income asset classes (CA$M): Universe
$5,956.6; US bonds $619.3; core plus $1,468.7; corporate $4,341.4; other $308.9
Fixed income AUM for Canadian pension plans (CA$M): $1,154.3
Manager style: Yield curve, immunized, passive, index, duration, cross markets, sector/quality, and security selection. Baker Gilmore manages various types of fixed income strategies such as portfolio managed versus FTSE indices/custom benchmarks, absolute return strategies, structured credit strategies, alternative fixed income and LDI solutions. Baker Gilmore can also manage passive strategies if requested.
Fixed income professional staff: 80+
Established: 1971
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $0.5; separate $50
Contact: Jean-Philippe Lemay
Managing Director, Head of Institutional
BAKER GILMORE & ASSOCIATES INC.
MANAGERS OF FIXED INCOME DIRECTORY
Sales, Global, Connor, Clark & Lunn Financial Group
1800 McGill College Avenue, Suite 1300 Montreal, QC, H3A 3J6
Phone: 514-287-0110
Fax: 514-287-9176
Email: jplemay@cclgroup.com
Website: bakergilmore.com
Canadian plan sponsors managed: 3
Fixed income asset classes (CA$M): Universe
$23.1; long $181.3; shor t-term bond $41.6
Fixed income AUM for Canadian pension plans (CA$M): $246
Manager style: Yield curve, immunized, passive, index, duration, cross markets, sector/ quality, and security selection. Baker Gilmore manages various types of fixed income strategies such as portfolio managed versus FTSE indices/custom benchmarks, absolute return strategies, structured credit strategies, alternative fixed income, and LDI solutions. Can also manage passive strategies if requested.
Ownership: Principals 50%; third-party 50%
Fixed income professional staff: 7
Established: 1988
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $5; separate $10
BEUTEL, GOODMAN & COMPANY LTD.
Contact: Kimberley Woolverton
Managing Director, Head of Institutional 2000-20 Eglinton Avenue West Toronto, ON, M4R 1K8
Phone: 416-545-5367, e xt. 367
Email: kwoolverton@beutelgoodman.com
Website: beutelgoodman.com
Canadian plan sponsors managed: 51
Fixed income asset classes (CA$M): Universe $7,830.2; long $1,274.1; core plus $467.2; corporate $650.6; short-term $197.4; money market $1,490.2; Canadian sustainable bond
$24.6
Fixed income AUM for Canadian pension plans (CA$M): $10,782.89
Manager style: Yield curve; interest rate
anticipation (duration); credit sector allocation; security selection
Ownership: Principals 51%; third-party 49%
Fixed income professional staff: 9
Established: 1967
Performance presentation standards: GIPS
M inimum investment (CA$M): Pooled $10; separate $25
BMO GLOBAL ASSET MANAGEMENT
Contact: Daniel Stanley
Head of Institutional Sales & Service
100 King Street West Toronto, ON, M5X 1A1
Phone: 416-418-2354
Email: daniel.stanley@bmo.com
Website: institutional.bmogam.com/ca-en Canadian plan sponsors managed: 6
Fixed income asset classes (CA$M): Universe
$13,045.6; global bonds $233.4; mortgages $248.3; high-yield $233.1; long $830.1; core plus $4,033.2; corporate $678.2; emerging markets debt $56.8; fixed income ETFs $36,040.9; short-term mandates $12,902.3
Fixed income AUM for Canadian pension plans (CA$M): $964.23
Manager style: Yield curve, structured products, immunized, passive, index, quantitative, credit, ESG Passive indices: FTSE Canada Universe Bond Index, FTSE Canada Long Term Federal Bond Index, Bloomberg US Inv Gr 5-10 Corp Index, US IG 5-10 Corp TR Hed CAD Index, FTSE Canada Short Term Corporate Bond Index, FTSE Canada Discount Bond Index, FTSE Canada Mid Term Corporate Index, FTSE Canada All Government Bond Index, FTSE Canada Mid Term Provincial Index, Bloomberg High Yield Very Liquid Index, Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped Index CAD Hedged, FTSE Canada Short Term Provincial Bond Index, FTSE Canada Short Term Federal Bond Index, FTSE Canada Long Term Corporate Bond Index, FTSE Canada Mid Term Federal Bond Index, FTSE Canada Short Term Corporate Bond Index, FTSE Canada Mid Term Corporate Bond Index, FTSE Canada NHA
Benefits and Pensions Monitor
MBS 975, FTSE Canada Long Term Provincial Bond Index, Bloomberg U.S. Treasury TIPS 0, FTSE Canada Non-Agency Real Return Bond Index, FTSE Canada All Corporate Bond Index, US Inv Gr 1-5Y TR Hed CAD, FTSE Canada Short Term Overall Bond Index, Bloomberg US Inv Gr 5-10 Corp Bond Index, Bloomberg U.S. Treasury: 20+ Y Bond Index, FTSE Canada Short Term Corporate Bond Index, Bloomberg Treasury 1-5 Yr Index, Bloomberg MSCI Canada Corporate Bond Index, Bloomberg U.S. Treasury 5-10 Y, Bloomberg MSCI US HY Liq Corp, FTSE Canada Short Term Federal Bond Index, Bloomberg US Treasury 1-5 Yr Index, Bloomberg MSCI US Corporate Sustainable Bond Index, FTSE Canada 1-10 Year Corporate Bond Index, Bloomberg U.S. Treasury 5-10 Y, Bloomberg U.S. Treasury: 20+ Y, Bloomberg U.S. Treasury: 20+ Y, FTSE Canada Short Term Provincial Bond Index, Bloomberg U.S. Treasury TIPS 0, FTSE Canada 1-10 Year Corporate Bond Index, Bloomberg MSCI US HY Liq Corp, Solactive Canada Bank Income I, Bloomberg US Aggregate Total Return Bond Index
Ownership: Principals 100%
Fixed income professional staff: 10
Established: 1982
Performance presentation standards: Part 15 of NI 81-102
Minimum investment (CA$M): Pooled $30; separate $100
BURGUNDY ASSET MANAGEMENT LTD.
Contact: Mike Sandrasagra
Vice President, Global Head of Consultant Relations 181 Bay St., Suite 4510 Toronto, ON, M5J 2T3
Phone: 416-869-3222
Fax: 416-869-1700
Email: msandrasagra@burgundyasset.com
Website: burgundyasset.com
Canadian plan sponsors managed: 81
Fixed income asset classes (CA$M): Universe
$584.3; high-yield $114.1; other $1.2
Fixed income AUM for Canadian pension plans (CA$M): $485
directories can be found at www.benefitsandpensionsmonitor.com
MANAGERS OF FIXED INCOME
Manager style: Fundamental, bottom-up
Ownership: Third-party 100%
Fixed income professional staff: 3
Established: 1990
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $5; separate $10
CANSO INVESTMENT COUNSEL LTD.
Contact: Jason Davis
Portfolio Manager, Vice President Client
S ervice & Marketing
500-100 York Boulevard
Richmond Hill, ON, L4B 1J8
Phone: 905-881-8853
Fax: 905-881-1466
Email: clien tservice@cansofunds.com
Website: cansofunds.com
Canadian plan sponsors managed: 93
Fixed income asset classes (CA$M): Private debt
$74.2; long $1,344.4; corporate $62,206.9; total $63,625.5
Fixed income AUM for Canadian pension plans (CA$M): $10,945.1
Manager style: Credit analysis and bottom-up fundamental security selection Ownership: Principals 100%
Fixed income professional staff: 32
Established: 1997
Performance presentation standards: M odified Dietz method as recommended by GIPS
Minimum investment (CA$M): Pooled $10; separate $250
CAPITAL GROUP CANADA
Contact: Mike Tuira
Vice-President, Institutional
Brookfield Place, 181 Bay St., Ste. 3100
Toronto, ON, M5J 2T3
Phone: 647-553-1054
Fax: 213-486-9223
Email: mike.tuira@capgroup.com
Website: capitalgroup.com/ca
Manager style: Yield curve, immunized, credit and fundamental research Ownership: Principals 100%
Fixed income professional staff: 259
Established: 1931
Performance presentation standards: GIPS Minimum investment (CA$M): Pooled $15; separate $125
CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD.
Contact: Jean-Philippe Lemay
Managing Director, Head of Institutional S ales, Global, Connor, Clark & Lunn Financial Group
1800 McGill College Avenue, Suite 1300 Montreal, QC, H3A 3J6
Phone: 514-287-0110
Fax: 514-287-9176
Email: jplemay@cclgroup.com
Website: cclinvest.com
Canadian plan sponsors managed: 40
Fixed income asset classes (CA$M): Universe
CIBC ASSET MANAGEMENT
Contact: Carlo DiLalla
Managing Director & Head, Institutional
Asset Management
161 Bay St., Ste. 2230 Toronto, ON, M5J 2S1
Phone: 416-980-2768
Email: car lo.dilalla@cibc.com
Website: cibcam-institutional.com
Canadian plan sponsors managed: 45
Fixed income asset classes (CA$M): Universe $2,795.91; real return $1,052.92; long $3,783.03; core plus $439.26; corporate $842.78; LDI $7,985.35; money market $35.49; duration pools $140.66; US TIPS $278.03
Fixed income AUM for Canadian pension plans (CA$M): $17,353.43
Manager style: Yield curve, structured products, immunized, passive, index, quantitative, credit, multi-alpha Passive indices: FTSE Universe Bond Index, FTSE Short-term Bond Index, FTSE Long-term Bond Index, FTSE Real Return Bond, Customized Liability Benchmark Ownership: Publicly held 100%
Fixed income professional staff: 25 Established: 1972
Performance presentation standards: GIPS Minimum investment (CA$M): Pooled $10; separate $25
$2,965.2; high-yield $51.5; long $368.6; core plus $194.0; short-term bond $32.5; absolute return bond $5.3; blended benchmark $1,535.1; money market $69.9
Fixed income AUM for Canadian pension plans (CA$M): $5,222.2
Manager style: Yield curve, quantitative, credit
Ownership: Principals 71%; third-party 29%
Fixed income professional staff: 18
Established: 1982
Performance presentation standards: GIPS M inimum investment (CA$M): Pooled $10; separate $15
DESJARDINS GLOBAL ASSET MANAGEMENT
Contact: Natalie Bisaillon
Managing Director and Chief of Institutional Clien t Relations 1, Complexe Desjardins, 20th Floor, South
Tower
Montréal, QC, H5B 1B2
Phone: 514-214-5742
Fax: 514-281-7253
Email: natalie.bisaillon@desjardins.com
Website: dgam.ca
MANAGERS OF FIXED INCOME DIRECTORY
Canadian plan sponsors managed: 7
Fixed income asset classes (CA$M):
Universe $5,835.6; long $4,129.7
Fixed income AUM for Canadian pension plans (CA$M): $9,965.3
Manager style: Yield curve
Ownership: Third-party 100%
Fixed income professional staff: 13
Established: 1998
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $10; separate $25
FIERA CAPITAL CORPORATION
Contact: Sarah Aves
Co-Head of Canadian Institutional Clients 1981 McGill College Avenue, Suite 1500 Montreal, QC, H3A 0H5
Phone: 514-954-6468
Fax: 514-954-9692
Email: saves@fieracapital.com
Website: fieracapital.com
Canadian plan sponsors managed: 210
Fixed income asset classes (CA$M):
Universe $2,355.37; global bonds $104.05; real return $231.52; private debt $635.36; long $4,963.62; US bonds $46.76; core plus $650.95; corporate $538.56; other $6,043.77
Fixed income AUM for Canadian pension plans (CA$M): $15,569.97
Manager style: Yield curve, immunized, passive, quantitative, active, security selection, sector allocation Passive indices: FTSE CAN Provincial Short Term (CAD), FTSE CAN Provincial Mid Term (CAD), FTSE CAN Universe All Gov Provincial Bond Index (LT) (CAD), FTSE CAN Universe
All Gov Provincial Bond Index (20+) (CAD) Ownership: Principals 20%; publicly held 80%
Fixed income professional staff: 36 Established: 2003
Performance presentation standards: GIPS Minimum investment (CA$M): Pooled $5; separate $20
FOYSTON, GORDON & PAYNE INC.
Contact: Gabriel Lopezpineda
Senior Vice President & Client Relationship
M anager, Head of Institutional
1 Adelaide Street East, Suite 2600 Toronto, ON, M5C 2V9
Phone: 416-848-1948
Fax: 416-367-1183
Email: glopezpineda@foyston.com
Website: foyston.com
Canadian plan sponsors managed: 20 Fixed income asset classes (CA$M): Universe $114.7; mortgages $0.2; long $262.5; core plus $45.8; corporate $25.9; preferreds $4.3
Fixed income AUM for Canadian pension plans (CA$M): $453.4
Manager style: Yield curve, credit Ownership: Principals 43%; third-party 57%
Fixed income professional staff: 6
Established: 1980
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $1; separate $5
FRANKLIN TEMPLETON
Contact: Dennis Tew
Head of Sales, Canada
200 King St. W, Ste. 1400
Toronto, ON, M5H 3T4
Phone: 416-957-6023
Email: dennis.tew@franklintempleton.ca Website: franklintempleton.ca
Canadian plan sponsors managed: 25
Fixed income asset classes (CA$M): Universe $242; global bonds $2,635; private debt $28; US bonds $65; core plus $735; corporate $10; emerging markets
debt $1,709
Fixed income AUM for Canadian pension plans (CA$M): $5,424
Manager style: Yield curve, immunized, inde x, quantitative; domestic Canadian fixed income; emerging markets debt; global sovereigns; local asset management; mortgages/ABS; corporate high-yield and investment grade; municipals; bank loans and low duration; private credit
Ownership: Principals 36%; publicly held 64%
Fixed income professional staff: 346
Established: 1947
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $1; separate varies by strategy
JARISLOWSKY FRASER GLOBAL INVESTMENT MANAGEMENT
Contact: Dexton Blackstock (Central & Western); Karl W. Gagné (Eastern Canada) Institutional Business Development
Head Office: 40 Temperance St., 18th floor Toronto, ON, M5H 0B4
Phone: 1-800-736-8666
Email: info@jflglobal.com
Website: jflglobal.com
Fixed income asset classes (CA$M): Core: SMID, core bond, core plus, US$ bond, LT bond, sustainable & impact, fossil free; specialized credit: IG corp, credit absolute return, HY, multi-credit, loans & structured product, credit focused L/S; other: customized duration/liability, active IG floating rate, active discount bond
Manager style: Active, fixed income
Ownership: Third-party 100% (Bank of Nova Scotia)
Fixed income professional staff: 15
Established: 1955
Performance presentation standards: GIPS
Minimum investment (CAD$M): Pooled $1; separate $50
MANAGERS OF FIXED INCOME DIRECTORY
LEITH WHEELER INVESTMENT
COUNSEL LTD.
Contact: Gary Wong, CFA
Principal, Portfolio Manager – Institutional Clients Suite 1500 - 400 Burrard Street Vancouver, BC, V6C 3A6
Phone: 604-683-3391
Email: garyw@leithwheeler.com
Website: leithwheeler.com
Canadian plan sponsors managed: 51 (includes balanced and specialty fixed income clients) Fixed income asset classes (CA$M): Universe $10,720.1; high-yield $239.8; long $1,846.3; core plus $2,512.0; corporate $115.6; other $1,482.7
Fixed income AUM for Canadian pension plans (CA$M): $3,317.3
Manager style: Yield curve; combination of yield cur ve, credit and interest rate management
Ownership: Principals 100%
Fixed income professional staff: 9
Established: 1982
Performance presentation standards: GIPS
Minimum investment (CAD$M): Pooled $3; separate $10
MAWER
INVESTMENT MANAGEMENT LTD.
Contact: Neeraj Jain
Institutional Portfolio Manager
79 Wellington Street West
TD South Tower, Suite 3410, Box 276
Toronto, ON, M5K 1J5
Phone: 416-865-3929
Fax: 416-865-3357
Email: njain@mawer.com
Website: mawer.com
Canadian plan sponsors managed: 25
Fixed income asset classes (CA$M): Universe $777.02; global bonds $86.21; other (includes
fixed income assets managed as part of a balanced strategy)
Fixed income AUM for Canadian pension plans (CA$M): $863.23
Manager style: Yield curve, credit Ownership: Principals 100%
Fixed income professional staff: 7 Established: 1974
Performance presentation standards: GIPS Minimum investment (CAD$M): Pooled $10; separate $50
MFS INVESTMENT MANAGEMENT CANADA LIMITED
Contact: Andrew Kitchen
Senior Managing Director – Institutional Sales 77 King Street West, 35th Floor Toronto, ON, M5K 1B7
Phone: 647-253-9162
Email: akitchen@mfs.com
Website: mfs.com
Canadian plan sponsors managed: 18 (includes pension plan clients that have a fixed- income component as part of an asset-mix portfolio)
Fixed income asset classes (CA$M): Universe
$661.9; global bonds $38.8; long $549.2; core plus $225.7; Canadian money market
$19.7. Core plus assets include both long plus and core plus strategies. Assets provided include fixed income assets that are part of asset-mix portfolios.
Fixed income AUM for Canadian pension plans (CA$M): $1,495.4
Manager style: Asset & sector allocation, security selection, duration & yield curve, region, currency
Ownership structure: Principals up to 20%; third-party (Sun Life Financial) 80% Fixed income professional staff: 100
Established: 1924 Performance presentation standards: GIPS
Minimum investment (CA$M): Separate: dependent on the strategy
PH&N INSTITUTIONAL (RBC GAM INC.)
Contact: John Skeans
Managing Director
200 Burrard St. - 20th Floor
Vancouver, BC, V6C 3N5
Phone: 604-408-6000
Fax: 604-685-5712
Email: jskeans@phn.com
Website: institutional.rbcgam.com
Canadian plan sponsors managed: 140
Fixed income asset classes (CA$M): Universe $9,273.1; global bonds $517.0; mortgages $1,281.8; private debt $626.8; high-yield $960.5; long $12,347.4; core plus $15,773.0; corporate $6,668.6; emerging markets debt $61.2; other $15,244.6
Fixed income AUM for Canadian pension plans (CA$M): $62,754.13
Manager style: Yield curve, structured products, immunized, quantitative, credit
Ownership: Third-party 100%
Fixed income professional staff: 46
Established: 1964
Performance presentation standards: GIPS
Minimum investment (CAD$M): Pooled: v aries by mandate (minimum fee $75,000 per annum); separate: varies by mandate (minimum fee $150,000 per annum)
PICTET ASSET MANAGEMENT
Contact: François Forget
Head of Distribution - Canada 1000 de la Gauchetière West, Suite 3100 Montreal, QC, H3B 4W5
Phone: 514-518-8587
Email: fforget@pictet.com
Website: am.pic tet.com
Manager style: Yield curve, index;
MANAGERS OF FIXED INCOME DIRECTORY
emerging markets debt; global sovereigns; corporate high-yield and investment-grade; sustainable credit; strategic credit Ownership: Principals 100%
Fixed income professional staff: 114
Established: 1980 (parent in 1805)
Performance presentation standards: GIPS
Minimum investment (CA$M): Pooled $1; separate $50
PICTON INVESTMENTS
Contact: Ralph Daghfal, CFA
Senior Vice-President, Institutional Business 33 Yonge Street
Toronto, ON, M5E 1G4
Phone: 1-866-369-4108
Email: invest@pictoninvestments.com
Website: pictoninvestments.com
Fixed income asset classes (CA$M): Core plus $192; corporate $3,277; event-driven credit $663
Manager style: Active long/short credit and event-driven credit Ownership: Principals 100%
Fixed income professional staff: 9
Established: 2004
Minimum investment (CA$M): Pooled $10; separate $25
SLC MANAGEMENT
Contact: Véronique Lauzière
Senior Managing Director, Head of Canadian Business Development and Client Relationships
1 York St., Suite 1100
Toronto, ON, M5J 0B6 / 1155 rue M etcalfe
Montréal, QC, H3B 2V9
Phone: 438-342-1226
Email: veronique.lauziere@slcmanagement.com
Website: slcmanagement.com
Canadian plan sponsors managed: 84
Fixed income asset classes (CA$M): M ortgages $27.0; private debt $3,943.6; US bonds $1,389.2; core plus $35.1; corporate $2,167.4; other $2,195.11
Fixed income AUM for Canadian pension plans (CA$M): $9,757.4
Manager style: Immunized, credit selection
Ownership: SLC Management is an indirect wholly owned subsidiary of Sun Life Financial Inc., a publicly traded company listed on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Fixed income professional staff: 210 Established: 2013
Performance presentation standards: SLC M anagement claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Minimum investment (CA$M): Pooled: varies; separate: varies
SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (US) LLC in the United States and Sun Life Capital Management (Canada) Inc. in Canada operate. BentallGreenOak (BGO), Crescent Capital Group LP (Crescent), and InfraRed Capital Partners (InfraRed) are also part of SLC Management.
Figures include assets of SLC Management’s collective operations, including Sun Life Capital Management (Canada Inc.) but excluding BGO as their asset data is submitted separately, and InfraRed as their business focus is in infrastructure assets and not standard fixed income.
1 These represent separately managed LDI accounts which have significant exposure to corporate bonds, as well as some inflation-linked security exposure in certain accounts. The total also includes assets in the SLC Management Canadian Long Duration Overlay Fund which is a duration extension strategy used in LDI solutions.
Toronto, ON, M5J 2T2
Phone: 416-274-1742
Email: mark.cestnik@tdam.com Website: tdgis.com
Canadian plan sponsors managed: 296
Fixed income asset classes (CA$M): Universe $11,378.1; real return $1,204.9; mortgages $5,371.1; private debt $1,431.3; long $14,632.7; core plus $1,576.8; corporate $545.4; other $43,367.8
Fixed income AUM for Canadian pension plans (CA$M): $79,508
Manager style: Yield curve, immunized, passive Passive indices: FTSE Canada Universe Bond Index, FTSE Canada All Government Bond Index, FTSE Canada All Corporate Bond Index, FTSE Canada Long Term Overall Bond Index, Short Liability Driven Benchmark – the custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting of a high proportion of retirees, Mid Liability Driven Benchmark – the custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting of a blend of retirees and active members, Long Liability Driven Benchmark – the custom benchmark is a portfolio of provincial bonds that is structured to match the future obligations of a typical Canadian pension plan consisting of a high proportion of active members, FTSE Canada Long Term Corporate Bond Index, 50% FTSE Canada Short Term Corporate Bond Index + 50% FTSE Canada Mid Term Corporate Bond Index , FTSE Canada Universe Bond Index, FTSE Canada 20+ Strip Bond Index, FTSE Canada Real Return Bond Index, FTSE Canada Long Term Government Bond Index, FTSE Canada Long Term Provincial Bond Index, 3x FTSE Canada Long Term Provincial Bond Index minus 2x one-month CDOR, 2 x FTSE Canada Real Return Bond Index – 1 month CDOR, FTSE Canada Mid Term Provincial Bond Index
Ownership: Third-party 100%
Fixed income professional staff: 90
Established: 1987
Performance presentation standards: GIPS Minimum investment (CA$M): Pooled $17; separate $50 active and $200 passive
TD GLOBAL INVESTMENT SOLUTIONS
Contact:
Mark Cestnik
Managing
Director
161 Bay Street
Do GLP-1s really matter?
The challenges and strategic responses among GLP-1s that lie ahead for plan sponsors
OVER THE past several years, glucagon-like peptide-1 (GLP-1) drugs such as semaglutide (Ozempic, Wegovy) and tirzepatide (Mounjaro, Zepbound) have transformed the treatment landscape for type 2 diabetes and obesity. In Canada, GLP-1s have grown significantly in public and private drug spending. Data from the Canadian Institute for Health Information shows that the rise in diabetes and obesity drugs was responsible for a large share of public drug cost growth. Employers report increased coverage of GLP-1 therapies, particularly as more employees request access for weight-loss indications beyond diabetes. A recent Canadian employer survey found nearly one-third of plan sponsors now cover GLP-1s for both diabetes and weight management − up from less than 20 percent just a year earlier.
Why
GLP-1s matter to benefit plans
Originally developed for type 2 diabetes, GLP-1 drugs work by enhancing insulin secretion and slowing gastric emptying, which helps with glucose control and weight loss. Their effectiveness has sparked enthusiasm among clinicians and patients. However, the high unit costs − often several hundred dollars per month − mean these drugs can quickly escalate pharmacy spend. GLP-1 medications are often classified as specialty drugs, a category that typically accounts for a disproportionate share of plan costs despite low utilization. Specialty drugs can make up over 30 percent of total drug spend while being used by only a small fraction of members.
For employers providing health benefits, this introduces several strategic challenges:
• Rising premiums: Employers that include GLP-1 coverage − especially for weight-loss indications − may see increases in overall benefit costs, especially as they are categorized under lifestyle medications, which is a benefit not often provided by Canadian employers.
• Plan design complexity: Plans must decide how broadly to cover GLP-1 drug indications, balancing clinical benefit with financial risk.
• Employee expectations: As awareness of these treatments grows, employees increasingly expect coverage − even when the indication (e.g., obesity) is not universally approved by regulators.
T his combination of clinical demand and financial risk is prompting many employers to review and adapt their benefits strategies.
Strategies employers can use to manage GLP-1 costs
Balancing cost control with meaningful access requires thoughtful plan design and
member support. The following is a list of practical strategies and ideas that Canadian employers can consider:
1. Use utilization management wisely
Utilization management tools such as prior authorization, step therapy, and clinical eligibility criteria can ensure that GLP-1 therapies are approved only when medically appropriate. Common criteria include:
• established type 2 diabetes diagnosis or a BMI threshold with comorbid conditions
• documentation of prior treatment attempts
• ongoing clinical review to ensure continued need
Prior authorization works especially well when it confirms medical necessity and prevents inappropriate use.
Step therapy encourages starting with lower-cost alternatives or lifestyle interventions before moving to GLP-1 drugs, helping curb unnecessary spending.
2. Tiered or targeted coverage
Rather than blanket coverage, employers can design tiered benefits that differentiate clinical uses. For example:
• full coverage for diabetes indications
• restricted coverage for weight-loss claims, subject to clinical thresholds
• time-limited coverage, after which employees must meet re-evaluation criteria
(e.g., 12–24 months)
Employers may also consider annual or lifetime caps on expensive drug therapies to define financial exposure.
Wellness programs that reward healthy behaviours may reduce future pharmaceutical need, demonstrate employer commitment to holistic care, and reduce employer costs.
Looking ahead
While these therapies promise meaningful improvements in diabetes and weight management, their cost implications are significant and require proactive planning. Employers must strike a balance between providing access to cutting-edge treatment and protecting the sustainability of their benefits plans.
“Utilization management tools such as prior authorization, step therapy, and clinical eligibility criteria can ensure that GLP-1 therapies are approved only when medically appropriate”
3. Partner with a PBM or benefits expert for transparency
Working with a pharmacy benefit manager (PBM) that provides transparent cost and utilization data can help employers understand where costs are coming from and identify opportunities for savings. A strong PBM partner can assist with:
• negotiating rebates
• monitoring prescribing patterns
• supporting clinical management programs
Transparent PBM partnerships can also eliminate opaque fee structures.
4. Promote holistic health and weight-management programs
GLP-1 drugs are most effective as part of a broader clinical care plan including lifestyle change. Employers can invest in nutrition counselling, physical activity support, and behavioural health coaching to help employees achieve healthier outcomes − potentially reducing reliance on high-cost drugs.
To do this, benefit leaders need datadriven strategies, agile plan design, and a focus on holistic employee health. With thoughtful implementation, employers can manage costs effectively while supporting meaningful clinical care. They will in this way ensure that benefits remain both attractive and financially sustainable in an era of rapid drug innovation.
With over three decades of employee benefits experience,
brings a wealth of knowledge as a subject matter expert.
Jeffrey Stinchcombe is a partner with People Corporation, Canada’s leading employee benefits provider, with offices nationwide.
Stinchcombe
Jamil Jamal is a principal with People Corporation. Over the past 11 years, Jamal has published numerous articles, co-instructed with Jeffrey Stinchcombe a course called Best Practices of Employee Benefits, and been a member of the advisor council for one of Canada’s leading insurance carriers.
When ‘diabetes coverage’ isn’t enough
Diabetes Action Canada’s Linxi Mytkolli highlights what national
pharmacare misses about real‑world care
FROM A distance, pharmacare’s first steps look promising for people with diabetes. Up close, at the pharmacy counter, the picture is far more complicated.
I live with diabetes myself. I also work in diabetes research, publish globally, and lead a national patient‑oriented research program inside Canada’s largest hospital network. And still, I have struggled to access the medica tions and devices I need − not because I am not trying hard enough or don’t understand the system, but because diabetes is hard, navi gating systems is harder, and wrestling with coverage is often the hardest of all.
Despite promises that “diabetes coverage” is coming, people with diabetes still encounter missing drugs on national lists, devices treated as optional extras, and months of paperwork just to hold on to therapies that already work for them.
Diabetes is more than glucose − and more than drugs
Diabetes policy often talks as if the condi tion begins and ends with blood sugar. Anyone living with it knows better.
Good diabetes care is about preventing heart attacks and strokes, protecting organs, supporting mental health, and fitting treat ment into real lives. When pharmacare focuses narrowly on glucose lowering drugs while excluding cardiovascular or psychi
atric medications that are standard of care for many people with diabetes, it builds in avoidable harm. A “diabetes package” that ignores what people are most likely to die from is partial coverage dressed up as progress.
The same narrowness appears in the way drugs and technologies are treated as separate worlds. Medications like insulin or GLP 1s only achieve their potential when people have reliable access to the tools that make dosing and monitoring possible. Pumps, pens, continuous glucose moni tors, test strips, and related supplies are not luxuries; they are the essential “char gers” that make the “electric car” move. Yet coverage for devices and supplies remains fragmented, heavily dependent on province, employment status, or the tenacity required to chase down special programs and appeals.
Fast-moving evidence, slow-moving formularies
GLP 1s are a clear example of how quickly evidence can move while formularies lag behind. Evidence of their effectiveness in treating multiple symptoms has evolved rapidly − from type 2 diabetes to obesity, with emerging cardiovascular and type 1 diabetes signals − while policy often still treats these therapies as optional add ons. People arrive at consultations already
asking whether pharmacare will keep up or leave them years behind what their clini cians are reading.
If national pharmacare locks in rigid lists and slow update cycles, it risks creating two standards of care: one for those who can pay out of pocket as evidence shifts, and another for those who must wait until budgets catch up. In diabetes, where complications accu mulate over years, that lag can mean the difference between prevention and irrevers ible damage.
Underneath these design choices sits a set of assumptions about diabetes that rarely get named. Diabetes remains one of the most stigmatized chronic conditions in Canada. It is often framed as a simple matter of personal responsibility − what you eat, how much you exercise, whether you “take care of yourself.” In that narrative, it
“A ‘diabetes package’ that ignores what people are most likely to die from is partial coverage dressed up as progress”
can seem reasonable to design coverage that assumes people just need to “try harder,” or that once a certain drug class exists the problem is largely solved.
From where I sit, working alongside people who test, inject, count, and calculate their way through every day, that story could not be farther from the truth. It has not matched my own experience either, despite every possible advantage of education, prox imity to care, and professional familiarity with the system. When policies are built as if diabetes were a moral deficit, they end up
treating access failures as individual short comings rather than design flaws.
Turning coverage into access
GLP‑1s, continuous glucose monitoring, pumps, and newer cardiometabolic agents are expensive, and benefits leaders are right to worry about budgets and protecting existing coverage. But carving diabetes into disconnected fragments − one list for drugs, a patchwork of devices, little attention to cardiovascular protection − doesn’t save money. It simply shifts the bill into hospital
budgets, disability claims, lost productivity, and eroded trust.
Diabetes is common, visible, and already heavily researched. It should be phar macare’s stress test. If we cannot build a coherent, equitable approach now− one that connects medications and technolo gies, keeps pace with evolving evidence, and reflects the expertise of those who live with it − we will struggle even more with rarer, more complex conditions.
Linxi Mytkolli, MSc, is director of patient engagement at Diabetes Action Canada and leads a national program that works with more than 400 patient partners on over $25 million in diabetes research annually. Her work on health equity and pharmacare has been published in peer‑reviewed journals and opinion outlets in Canada and internationally.
The ‘magic question’ around generics
Why sponsors should temper expectations on generic GLP-1s
WITH CANADA poised to become the first country globally to have a generic version of semaglutide this year, plan sponsors have been left to understand what this means for their benefits strategies.
As over $2 billion is spent annually on Ozempic in Canada – a material chunk of the country’s roughly $50 billion total drug spend – the stakes are significant, notes Massimo Nini. Still, the timeline remains murky.
“It’s going to be a very dynamic space for the next few years… No one actually knows when the generics are going to be approved,” says Nini, senior vice president of consulting, underwriting, and actuarial services at AGA Benefit Solutions. “A few companies have already submitted their application. Now, will it be six months, nine months, 12 months before it gets approved and rolled out? That’s the magic question. The cost of the generic will also be influenced by how many companies actually get approved.”
According to Nini, Canadian legislation allows generic pricing to drop as low as 25 percent of the brand name when three or more options exist, but that likely won’t come anytime soon. Notably, Novo Nordisk also plans to release its own generic version, which adds another layer of complexity to
pricing dynamics and makes precise forecasting difficult. As a result, actual savings will depend on how competitors and the originator respond.
To that end, Nini underscores that plan sponsors shouldn’t count on steep savings this year, noting a 75 percent cost reduction is more realistic by 2027. And with competing GLP-1 drugs like Mounjaro still
He also points out this is unfolding against a backdrop of tighter prior authorization and step-therapy rules for GLP-1s. That tightening has made the landscape more complex over the past three years and will shape how much crossover there is between obesity and diabetes indications as generics arrive.
The GLP-1 space is about to get more crowded in other ways too, with pill-based
“It’s going to be a very dynamic space for the next few years… No one actually knows when the generics are going to be approved”
Massimo Nini, AGA Benefit Solutions
lacking generic equivalents, some plan members may shift toward those options rather than embrace an Ozempic biosimilar, he says.
Still, he expects the first generic to produce meaningful but not immediate savings – roughly a 30–50 percent price reduction is a realistic, conservative estimate once a generic enters the market.
versions being released in the US later this year and Canadian approval expected to follow. Nini notes this could boost use among patients who’ve avoided injectables.
He’s also watching to see if side-effect profiles differ between delivery methods. Obesity drugs have existed for two decades, but their efficacy and tolerability have changed considerably.
Meanwhile, drugs like Mounjaro, another GLP-1 without a generic equivalent, complicate the picture as plan members might gravitate toward Mounjaro rather than switching to generic Ozempic, depending on how formularies are structured, notes Nini. He believes tightly managed formularies would prevent this, but not all plans have such restrictions in place.
Still, whether generic availability drives broader adoption remains an open question for Nini. “I think somewhere between 20 and 40 percent of plans cover obesity now. Are we going to get up to a 70 or 80 percent? Let’s see,” he says.
Nevertheless, with generic approval on the horizon, Nini urges plan sponsors to
start conversations with carriers now. They need to understand how quickly generics will be added to formularies, whether implementation happens on day one or follows a longer transition, and what the process will look like for members currently on the brand-name drug.
He recommends working with consultants to prepare communications well before approval arrives. Members will want to know whether they’ll have a grace period to convert, how their out-of-pocket costs might change, and whether the generic is truly equivalent.
For some, the switch could be a net positive if co-pays fall. But sponsors also need to address concerns about safety and efficacy head-on.
“It’s going through stringent approval processes, and it is safe and as efficient as the brand name,” Nini notes.
Yet, he believes affordability will remain a persistent challenge, particularly as years of compounding inflation, even if current rates have moderated, continue to squeeze plan members facing out-of-pocket costs.
“Even in terms of diabetes or obesity drugs, they’re not going to be covered at 100 percent. There will be an out-ofpocket spend,” Nini says, adding that how members respond to those costs will shape utilization patterns through 2026 and even into next year.
Nini also underscores that the broader question of return on investment also remains unresolved.
“When we think about obesity drugs, the jury’s out in terms of the ROI,” he says, noting that covering these medications carries obvious costs, but the potential offsets like reduced mental health expenses, lower absenteeism, and decreased disability costs are harder to quantify, particularly in Canada where private medical data is less comprehensive than in the US.
“In Canada,” Nini adds, “the benefit will likely impact the public plans before it impacts the private plans, but there are some studies and the findings are there that there is an ROI.”
“Overall health does improve,” he says. “Although not all of the benefits will be reaped by plan sponsors in terms of other components of the group benefit plan, when we look at the long term, there is something there around overall health improving and impact on productivity.”
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32 years of international experience as house announcer for short track speed skating
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‘ORGANIZED CHAOS’ ON THE RINK
WTW’s Dany Lemay is calling the shots at the Milan Olympics
DANY LEMAY will call his fifth Olympic Games in Milan this year, but his path to that highest-tier announcer’s booth wasn’t always smooth.
Lemay, a senior director and head of investment at WTW’s Montreal office, spent 20 years as a short track speed skater because his parents hoped skating skills would make him a better hockey player. But when he turned 12, he accepted hockey wasn’t in his future and committed to short track, drawn by its strategic elements.
In the mid-90s, he trained with Canada’s national team in Montreal while pursuing his actuarial degree. His break came in 1994 when a World Cup event in Montreal needed a house announcer. While Lemay
wasn’t racing that day, he knew every athlete and every rule, so organizers asked him to give it a shot, and the rest is history.
“I wasn’t good enough as a skater, so I became an announcer, and ultimately, an Olympic announcer,” says Lemay.
Now, he does play-by-play for 15,000 spectators who have often never seen the sport. Television can fail to capture what makes short track speed skating so compelling in the arena. Speed, combined with the tight distance between skaters and the blend of strength and agility required, hits differently when viewed in person. And with athletes adopting an all-or-nothing mindset, this often means more risktaking, more falls, and more collisions.
50+ World Cups
“It’s organized chaos,” Lemay says of the relays where 16 skaters circle the ice at once − and his job is to make sense of it.
He draws a parallel between announcing and his consulting work, as both demand an understanding of risk management. “I sit with people much smarter than I am, but on topics that they don’t see every day,” he says.
The high point for Lemay remains the 2010 Vancouver Games, where the 5,000-metre relay final secured gold for Canada’s men – a team he had coached as juniors.
“I had to focus on my microphone because I knew if I looked at them, I would get emotional and not do my job correctly.”
World Championships
years at WTW as an investment consultant
Winter Olympic Games (including Milano-Cortina)
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