Acceptance Speech by. Robert Bertram. Executive Vice-President, Investments. Ontario Teachers Pension Plan. recipient of the

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1 Acceptance Speech by Robert Bertram Executive Vice-President, Investments Ontario Teachers Pension Plan recipient of the Lifetime Achievement Award at the Top 40 Money Managers Banquet on September 26, 2006

2 Opening Remarks by Don Bisch, Editor, Benefits Canada Magazine: Now it s my pleasure to present the Top 40 Money Managers Lifetime Achievement Award. This award is meant to honour an individual from the pension money management industry who has spent his or her career demonstrating leadership, innovation and who has had an impact on how pension assets are managed. The recipient of the Top 40 Money Managers Lifetime Achievement Award has had more impact on Canada s pension asset management industry than any other single individual. He has changed the way Canada thinks about pension investments, and the trends that he introduced have been adopted across the industry. At the same time, however, he remains humble and well-grounded, never forgetting his roots in rural Saskatchewan. Under his leadership, the Ontario Teachers Pension Plan has been the topperforming Canadian pension fund every year since it became an independent corporation in And our winner has a history of firsts, not just for the Ontario Teachers Pension Plan, but for the pension industry as a whole. First, he completely transformed the fund when he arrived. He shifted it from a fund of non-marketable, non-assignable provincial debentures into the most successful and innovative pension plan investment fund in the country, and in fact, one of the world s best. He also broke new ground in how pension funds invest, introducing numerous alternative investment classes to the pension fund milieu: He introduced the swap market to Canada, when no one in Canada even knew how to price them. He sought and won the federal rulings that allowed the plan to use derivatives. He brought managed index funds in-house. He was the first to use hedge funds.

3 He was the first to buy a major operating real estate company. He was among the first to invest in income trusts as a retail product. He was among the first to invest in infrastructure and timber and to introduce a private equity division. He also developed a pioneering risk budgeting system that allows Ontario Teachers Pension Plan to allocate risk, instead of capital, across the fund s asset classes. Perhaps most important, he introduced the practice of in-house investing to the pension industry. This practice is now also being followed by other organizations such as Canada Pension Plan Investment Board and OMERS. The recipient of the Lifetime Achievement Award is also a strategic leader. He leads by example and believes in delegating responsibility, not just tasks. For example, he introduced the concept that Teachers portfolio managers should have the authority to pull the trigger on their deals without higher level approvals. Most important, he applies the same concept of risk taking to his management of the organization as he does to investing: having smart, responsible investment professionals who are accountable for their results. He has also shown tremendous leadership in corporate governance and shareholders rights in Canada. He is a well respected member of a number of corporate boards of directors and is a founder of the University of Toronto s Rotman School of Management s Institute of Corporate Directors. He has served as an expert witness on the prudent investment of government funds. He is generous with his time and expertise, lending them to smaller institutional funds, such as the University of Toronto and the Toronto Community Fund. Literally thousands of pensioners in Canada today and in the future have our recipient to thank for their financial comfort in retirement. The winner of Benefits Canada s Top 40 Money Managers Lifetime achievement award is Robert Bertram, Executive Vice President, Investments for the Ontario Teachers Pension Plan.

4 Acceptance Speech by Robert Bertram, Executive Vice-President Investments: I am honored to be here today to accept this award from Benefits Canada. This decision both flatters me and humbles me to think that I am worthy of such recognition. I am certain that the decision cannot have been an easy one because the Canadian investment community has many great leaders. Since Don first called I have been reflecting on my lifetime and what it means to me to receive this award and especially from Benefits Canada in their 25 th year of recognizing excellence in Canadian money management. Is it coincidental that I started my first pension management job in 1978? That s only 3 years longer then the 25 years they have been publishing the top 40 managers. Lifetime Achievement! It has a noble but quite a scary ring to it. Lifetime Achievement! If I say it too quickly it may sound like my career is all but over and I am on the way to geezerville and a sample of my own pension cooking. Age has its benefits. There are a few people out there who know I can't hit the long ball on the golf course anymore. Now I am old enough to pretend I once could. Every time I try to one put a green I prove to myself how much imagination I still possess. As well as age Don s call caused me to reflect on and replay in my mind my own career. That experience can be scary because a lot more things could have gone wrong then actually did. To me, the term lifetime - as in "Lifetime Achievement Award" is pretty all encompassing - a term that requires some reflection concerning the road I ve traveled, the people who have joined me on that journey and the places I have yet to be. I ve never felt I stood out in a crowd. I like to think of myself as an average Canadian. Maybe I am not. You judge. I grew up on the Saskatchewan prairies as the 12 th child amongst a family of 14. Our farm house did not have indoor plumbing but the school I attended did: a one room school for

5 each grade in Eston Saskatchewan. I had 50 classmates in grade one. Looking at my life today, it is hard to believe that experience was from the same lifetime. My Great Grandmother was Inuit, my mother was born in Montreal and my father was an American. I went to high school in Calgary and to the U of C and the University of Alberta. How more Canadian can one be. I have become very comfortable with my personal history. Farm habits of early days, hard work and long hours, are lessons you never forget It has made me what I am today. I am Canadian. The education I started, beginning in that one room school, continues for a lifetime. My MBA class is celebrating its 35 th anniversary in Edmonton this weekend. I can still remember vividly the day I started MBA school in It was a move I had deliberately undertaken to change the direction of my life. It certainly had that effect. I am going to be in Edmonton this weekend to celebrate those days. The U of A is where I first became acquainted with the intellectual giants who have changed the face of investing in our lifetime and provided me with a road map and directions for the balance of my career. I have since had the chance to meet many of them personally. In the 1950 s and 60 s modern portfolio theory was born. Harry Markowitz was the midwife. He explained portfolio diversification and the efficient frontier. Merton Miller and Franco Modigliani described WACC and proved financial engineering cannot change enterprise value. In doing so they established the principle that the role of the firm was to maximize shareholder wealth. Rules you can still live by. Bill Sharpe introduced the capital market line and created beta. From these foundations new financial theories flourished and proliferated. As portfolio theory reached early adulthood people such as Richard Roll challenged the models with an alternative, the Arbitrage Pricing Theory. As we matured together options theory followed from Myron Scholes and Fischer Black.

6 MPT is now over 50 years old, a mature adult. But it has never been more vigorous. It continues to prod the markets to examine ways of becoming more efficient. Looking back it is easy to see that the advent of the personal computer combined with financial theory to provide a flood of innovative events that have caused the financial markets to move forward with breathtaking speed. In my 1971 MBA class we studied CAPM, diversification and yield to maturity. Students today could look at index funds, duration, stripped bonds, real rate bonds, options, futures, swaps, asset backed securities, ARM s, credit derivatives, volatility options, exchange traded funds, hedge funds, tactical asset allocation, statistical risk management and the Canadian favourite, income trusts. Obviously there have been failures, portfolio insurance comes to mind, but the good innovations far out weigh the bad I was fortunate to be on the crest of this wave and have worked hard to stay there. I am not like the US patent officer in 1900 who said there is nothing left to invent. There is lots of opportunity left. People are living longer healthier lives and they demand more financial care. All of the innovations have been about new and better ways to manage risk and returns to support their lives. People are better off because of these innovations. A 1991 CFA Research paper pointed out that Societies expectations of financial analysts form our ethical content: The world expects its resources to be allocated to their highest and best uses. That is both our past and our future. The world will continue to demand more financial innovation because it improves their lives. To paraphrase an old saying, the risk is up to us. While filled with challenges my life in the financial community has been a source of pride and joy second only to my wife and family. As this award signifies, fortune has indeed bestowed many opportunities on me during my career and with the support of too many wonderful men and women to mention personally tonight, along with a little hard work I have tried to make the best of them.

7 As I thank you again for honoring me tonight I will remind you of some words from Abraham Lincoln: The Lord prefers common people, that s why he made so many of them. Thank you and good night.

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