What are you missing?
Investment strategy, policy and governance advice for pension plans, foundations and insurers, from an economist with thirty-plus years in markets, pension funds and the Bank of Canada.
Experience shaped at
H.M. Treasury, TD Securities, Deutsche Bank, Bank of Canada, Ontario Teachers’ Pension Plan, OMERS, C.D. Howe Institute, Toronto Foundation, Fraser Institute, University of Toronto
Everyone reads the headline. We read what’s underneath.
The essence of discovery is to see what others have seen, but to think what no one has thought. We bring that to the questions your committee should be asking.
- 01What return can we expect?
- 02What risk can we afford to take?
- 03Are we managing the investments, or managing the manager?
Six ways we help you see the whole picture.
Whether you are a foundation, an insurer or a pension plan, meeting your liabilities at the right level of risk takes original thinking and good governance.
Strategic Asset Allocation
Are your return assumptions built on theory, or on last year?
Economic scenarios and ten-year expected returns that feed your asset-liability model, explained in plain language for your board.
Learn more 02Investment Policy
Does your manager know the rules of the road?
We draft, renew and review your Investment Policy Statement: return targets, asset mix bands, risk limits and reporting.
Learn more 03Investment Challenges & Decisions
Leverage, liquidity, private assets: is the trade-off clear?
Return hurdles were set when expected returns were higher. We help you see the risks you now take to clear them.
Learn more 04Economic & Investment Environment
What are the predictable surprises?
Thirty-plus years of reading the global economy, used to test your strategy and capital market assumptions.
Learn more 05Investment Governance
Is your committee managing the investments, or managing the manager?
Good governance delivers good decisions. We help you put the right people in the right chairs, doing the right things.
Learn more 06Bespoke Advisory
Have a niggly problem that doesn’t fit a template?
Independent reviews, research and action plans for the challenges your organization faces.
Learn moreWe listen first. Then we build a plan that works for you, not us.
Most advisers talk to share their wisdom. The real value lies in understanding your circumstances and your perspective.
- Pension plans
- Foundations & endowments
- Insurance companies
- Asset managers
- Family offices
- 01Define your goals
- 02Set expectations
- 03Delegate authority
- 04Define a clear strategy
- 05Develop strong leadership
- 06Measure success
An economist, investor and risk manager, on your side of the table.
Andrew Spence was an investment executive at two of Canada’s Maple 8 pension plans, Global Head of Rates and FX Research at TD Securities, and Special Adviser to the Governor of the Bank of Canada. He started his career at H.M. Treasury in London.
A direct line to Andrew.
Our retainer puts you in direct contact with our founder, with a letter on governance and investment trends, fads and fallacies.
- Half a day of Andrew’s time each year, for your board or committee
- The Investment Monthly: governance and investment trends, fads and fallacies
- Try it first: start with a fifteen-minute call
- Ask about the retainer
Recent thinking.
Higher Real Interest Rates
Are mostly about monetary policy, but this is no time for complacency.
Read (opens in a new tab)Fraser Institute studyNov 21, 2025Increasing Competition and Efficiency in Canadian Banking Services
Co-authored with Lawrence L. Schembri, former Deputy Governor of the Bank of Canada.
Read (opens in a new tab)Canadian Investment ReviewFeb 11, 2026Economic, political uncertainty shaping pension sector’s 2026 priorities
Expert panel contribution on what pension investors should prioritize.
Read (opens in a new tab)Tell us what’s vexing your committee.
Give us fifteen minutes. We prize brevity and clarity, and we listen first, so we don’t waste your time.