H.M. Treasury, London
Government Economic Service
Macroeconomic policy analysis and advice to government ministers.
About
Andrew Spence, CEO
An economist, investor and risk manager who has worked inside a central bank, an investment bank and two of Canada’s largest pension plans.
Background
Thirty-plus years reading economies, markets and balance sheets.
Andrew provides independent advice on investment strategy, investment planning and governance design to pension plans, endowments, foundations, independent asset managers and family offices.
He has directed strategic asset allocation, investment planning and top-of-house risk management, and he has chaired the investment committee of a major Canadian community foundation. He holds an M.Phil. in Economics from the University of Bath, England, and a BA from the University of Alberta.
Career
Where the experience comes from.
TD Securities & Deutsche Bank
Global Head of Rates & FX Research · Chief Economist for Canada
Led rates and FX research at TD Securities, and served as Deutsche Bank’s Chief Economist for Canada.
Bank of Canada
Special Adviser to the Governor
Seconded to Ottawa as the first Special Adviser from the private sector. Active member of the Monetary Policy Review Committee.
Ontario Teachers’ Pension Plan
Strategic role · Asset mix & risk
Led asset-liability research and strategic asset allocation, and managed the total fund overlay that controlled balance sheet risk.
OMERS Capital Markets
Tactical role
Responsible for the Global Macro Portfolio and Quantitative Investments.
C.D. Howe Institute
Senior Fellow
Appointed Senior Fellow for his expertise in monetary and financial sector policy.
Spence Strategic Consulting Group
CEO & Founder
Independent advice on investment strategy, investment planning and governance design.
Boards, advisory & writing
Still in the room where decisions get made.
Board
Toronto Foundation
Board director and Investment Committee member. Former Chair of the Investment Committee.
Board
Equality Fund
Inaugural Chair of the Investment Committee.
Advisory
Validus Risk Management
Senior advisor in Toronto for pension plans and asset managers, appointed in 2023.
Pensions
International Centre for Pension Management
Executive-in-Residence from 2020 to 2022, then moderator of member Round Tables.
Writing
Fraser Institute & C.D. Howe Institute
Author of policy research and commentary. Former Senior Fellow at the C.D. Howe Institute.
Teaching
University of Toronto
Has lectured at the Rotman School of Management and the Munk School of Global Affairs.
A short first conversation
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.