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Published quarterly, the CFA Montreal newsletter is an online publication offering content that is both interesting and beneficial to our professionals. Offering exclusive interviews, opinion pieces, information about the Society’s events and activities, industry appointments and personalities, market outlook news, and articles on a wide variety of subjects, the newsletter aims to spur ongoing dialogue among professionals in the Montreal financial industry.
We invite you to send us your areas of interest and ideas for articles. You are also welcome to submit texts you have written and wish us to consider for publication.*
*CFA Montreal reserves the right to decide whether or not to publish articles and to request revisions if it judges that the subject matter represents a sensitive issue or one that may negatively affect the Society or its members.
Promoting recognition of the CFA® designation and supporting the growth of the Montreal financial community
The members of the board of directors, executive committee, management team and working committees of CFA Montreal all exemplify the efficiency, knowledge and expertise that we promote. They demonstrate a strong commitment in all that they do on behalf of the Society.
The professional background, governance experience and network of contacts of these individuals are taken into account when they are appointed to the board of directors. In this way, each new member makes a valuable contribution to the Society and its members.
2017 – 2018 Board of directors
FREDERICK CHENEL, CFA
Frederick Chenel is a member of the Institutional Markets team and participates in the marketing effort with various consulting firms and institutional clients. He is also a member of the firm’s Institutional Alternatives team, responsible for the marketing and development of Fiera’s alternative strategies. Mr. Chenel has 12 years of industry experience and joined the firm in 2010. Prior experiences include Practice Leader and Research Analyst positions at a leading Canadian investment consulting firm. Mr. Chenel graduated from McGill University with a Bachelor of Commerce (BComm), majoring in Finance. He later obtained the Chartered Financial Analyst (CFA) designation
CARL ROBERT, CFA
Intact gestion de placements
Carl Robert is Director and Portfolio Manager at Intact Investment Management. Carl has more than 14 years of experience in the capital markets working for asset management firms in Canada and the United States. Combining a background in physics (Ph.D. University of Maryland. M.Sc and B.Sc. Laval University),experience as a researcher and professor (University of California Santa Barbara, Reims University) as well as training in finance (Financial Risk Manager 2007, Chartered Financial Analyst Charterholder 2010), Carl also volunteers with the CFA Montreal Society since 2011.
Programs and activities Chair
RALPH DAGHFAL, CFA
Ralph Daghfal is responsible for developing and expanding business partnerships with institutional clients and consultants in Eastern Canada. Prior to joining the Addenda Capital team, Ralph worked in institutional business development at CIBC Asset Management (2012-2015), at MFS McLean Budden (2007-2012) and at TD Asset Management (1999-2007). He also held various positions within TD Asset Management, including Portfolio Manager (1997-1999) and Investment Specialist (1995-1997). Ralph holds a Bachelor of Commerce degree with a major in Finance from Concordia University (1994). He holds the Chartered Financial Analyst (CFA®) designation.
SECRETARY AND GOVERNANCE
Social media Chair
MARIEM ELSAYED, CFA
Mariem Elsayed is Senior Advisor, Investor Relations with Gaz Métro, a leading energy provider and the largest natural gas distribution company in Québec. Mariem has held various positions over the course of her career including roles in investment banking, treasury operations, project management and investor relations. She holds a BBA from HEC Montréal, an MBA from McGill University and is a CFA and CAIA charterholder. She joined the board of CFA Montreal Society in 2015.
TRESEARURE AND DIRECTOR
ODRÉE DUCHARME, CFA
Caisse de dépôt et placement du Québec
Since 2014, Odrée Ducharme, CFA, is Senior Director, Strategy at La Caisse de dépôt et placement du Québec (CDPQ). She advises the executive team on the design, planning and execution of CDPQ' investment strategy. Between 2005 and 2013, she was Director, Performance analysis. She oversaw a team that analyses the performance of alternative asset classes and also CDPQ's total return. Odrée started her career at the CIBC after graduating from HEC Montréal in 2001.
SOPHIE PALMER, CFA
Sophie Palmer is a portfolio manager at Jarislowsky, Fraser Limited, one of Canada's leading independent investment firms. She has joined the firm in 1999 and became a Partner in 2008. Sophie currently manages portfolios and relationships for Private Wealth and Institutional clients in Canada. She also serves on many not-for-profit boards and committees. Sophie holds a bachelor in actuarial mathematics and earned the CFA Charter in 2006.
In 2017, she has been named Volunteer of the year for the Americas by the CFA Institute and been appointed on the Board of the CFA Institute Research Foundation.
JACQUES LUSSIER, CFA
Jacques Lussier is a former academician at HEC Montreal and has worked within the financial industry for 18 years at Desjardins Global Asset Management (DGAM) where he was Chief Investment Strategist until March 2013. During his career, Jacques has been involved in most segments of the asset management industry: portfolio policy and global asset allocation for institutional clients, funds of funds management both alternatives and traditional, research leading to product design and product management in the equity, commodity and asset allocation space and management of high net worth platforms. Jacques earned a M.Sc. in Finance from HEC Montreal and a Ph.D. in International Business from the University of South Carolina. He is a CFA and President of CFA Society Montreal (2013-2015). He is a board member of Régie des Rentes du Québec and a member of its investment and audit committees. He is also a member of the advisory board of InvestorLit and the author of the book “Successful Investing Is A Process” published by Wiley and Bloomberg Press in December 2012. With Hugues Langlois, Jacques published a second book "Rational Investing" in March 2017.
He is one of Finance and Investment Top 25 financial personalities of 2017.
In may 2017, he receives the Excellence award - Content from CFA Institute Research Foundation for the brief "Portfolio structuring and the value of forecasting".
Members benefits Chair
SALIM LAAROUSSI, CFA
Salim Laaroussi is a Director in the Risk Management Solutions Group at National Bank Financial Markets. During the last five years, he advises Canadian enterprises at hedging their currency risks, using derivatives. Salim completed a B.Eng. in electrical engineering from the Ecole Polytechnique of Montreal and an MBA in Investment Management from Concordia University. He earned his CFA Charter in 2013.
Membership & Professional conduct Chair
JÉRÔME BICHUT, CFA
Jérôme Bichut started his career in France in investment management before joining in 1995 the Caisse de Dépôt et Placement du Québec in Montreal where he became Portfolio Manager European equities. In 2001, he joined PSP Investments as portfolio manager and is now heading the team in charge of international equity portfolios.
He holds a postgraduate diploma in Economics and Finance from Sorbonne University in Paris and is Chartered Financial Analyst.
Employers outreach Chair
PATRICK DE ROY, CFA
Caisse de dépôt et placement du Québec
Patrick De Roy joined CDPQ in October 2016 as Senior Vice-President, Research Depositors and Total Portfolio. He is responsible for portfolio construction, financial modelling, strategic support to cross-sector research activities and to advisory activities for depositors, innovation, and contributes to the oversight of specialized portfolios.
Patrick is a member of the management and investment committees in his unit and of CDPQ’s asset allocation committee.
Patrick has close to 20 years of experience as a portfolio manager and investment advisor. As part of his role, he developed portfolio construction tools, implemented management structures and developed integrated risk management strategies, leveraging various asset classes, including those less liquid.
Before joining CDPQ, Patrick was a partner and leader of the investment and risk management practice at Eckler, a leading Canada-wide advisory firm. He has also worked as institutional portfolio manager in fixed income at Fidelity Investments, senior asset-liability strategist for the Americas at UBS Asset Management, and headed the national risk management practice at Morneau Shepell.
Patrick received his degree in actuarial science from Université Laval and holds the following designations: Certified Financial Analyst (CFA), Fellow of the Society of Actuaries (FSA), Fellow of the Canadian Institute of Actuaries (FCIA), Financial Risk Manager (FRM) and Chartered Enterprise Risk Analyst (CERA).
University liaison Chair
SHAHENDA EL GINDI, CFA
Shahenda El Gindi is a buy-side equity analyst focusing on the energy sector in Canada at CN Investment Division. Previously, she was a Portfolio Manager at the investment arm of the National Bank of Kuwait, in a team that overlooked equity investments in the Middle East and North Africa region. She has nine years of experience in the investment industry. Shahenda holds a Bachelor of Computer Science from Concordia University (2006), an MBA from HEC Montreal (2017) and is a CFA Charterholder since 2011.
Industry outreach Chair
MOAD FAHMI, CFA
Autorité des marchés financiers
Moad Fahmi is Director – FinTech et Innovation at the Autorité des marchés financiers (AMF), the provincial securities regulator. Before joining the AMF, he was a senior manager at Laurentian Bank and the Business Development Bank of Canada (BDC). With a decade of industry experience Moad holds a B.B.A. from HEC Montreal and has completed the Investment Management Workshop at Harvard Business School and the Quantitative Investment Strategies program at the Amsterdam Institute of Finance. He earned his CFA charter in 2011 and currently sits as Chair of the Canadian Advocacy Council for Canadian CFA Institute Societies (CAC).
Professional development Chair
THOMAS GAGNÉ, CFA
Thomas Gagné has been working in market finance for about fifteen years. He currently holds the position of Strategic Advisor at the Treasury of Desjardins Group where he has developed expertise in matters relating to capital, liquidity and interest rates management. He began his career as a credit analyst at the Treasury before taking a mandate in risk management on the ABCP restructuring (2009-2011).
Thomas Gagné holds a bachelor's degree in business administration - a finance profile from the Université du Québec à Rimouski (2000) and a master's degree in finance from the Université de Sherbrooke (2002). He holds CFA® (Chartered Financial Analyst -2006) and FRM® (Financial Risk Manager - 2006). Marathonian and triathlete, he has also been involved in the cause of the Grand défi Pierre Lavoie since 2015. Finally, Thomas Gagné has been involved in CFA Montréal since 2009.
NORMAND VACHON, CFA
BMO Asset Management
Normand is accountable for business development and relationship management, building meaningful partnerships with institutional investors, prospective clients and consultants across Quebec and the Atlantic provinces. Normand joined BMO Global Asset Management in 2015, following eight years – with the last three – as Managing Director at TD Asset Management. Previously, he worked as Vice President for the institutional arm of Standard Life Investments in Eastern Canada, following more than two decades of actuarial and investment work for corporations and consulting firms.
Normand holds a Bachelor of Actuarial Sciences from Université Laval. He is a Fellow of the Canadian Institute of Actuaries, and holds the Chartered Financial Analyst (CFA) designation.
MICHEL CHARRON, CFA
PBI Conseillers en actuariat
Michel Charron is an investment consultant at PBI Actuarial Consultants Ltd. and has been working with the PBI-Montreal investment team since 2009. Michel is involved in all aspects related to investment consulting at PBI, particularly in analyzing and monitoring manager performance. He participates in compliance issues, revising investment policies, asset allocation studies, development and implementation of management structures, manager searches, guidelines for exercising voting rights and the application of principles for responsible investing.
Michel holds a Bachelor of Commerce (B. Com.) degree from McGill University with a major in Finance and is a Chartered Financial Analyst (CFA). He has also completed the Canadian Securities Course (CSC) and the Canadian Investment Funds Course (CIF).
JEAN-PHILIPPE TAILLON, CFA
Rubicon Energy Group
Jean-Philippe Taillon, CFA is President and Co-Founder at Rubicon Energy Group, operating on the North American energy markets. Jean-Philippe started is career as a commercial lender for BMO Financial Group before joining HR Strategies inc as a senior analyst covering hedge fund manager selection. While at HR Strategies, he launched the HRS Plant-E Fund, a hedge fund arbitraging power prices on the North American power grids. He left Plant-E Corp in august 2016 and founded Rubicon Energy Group in January 2017. He holds a bachelor degree from The University of Western Ontario and acquired the CFA charter in 2013. Involved with CFA Montreal since he joined he contributed actively to the career management committee before piloting the society's Social Media endeavors starting in 2015.
Laurent Marien, CFA
Laurent Marien is an associate portfolio manager at RBC PH&N Investment Counsel. He is involved in the discretionary management of portfolios for high-net-worth clients, their families and their corporations. Prior to joining RBC PH&N, Laurent held positions in FinTech and in equity research. Laurent holds a Bachelor of Commerce – Finance from McGill University (2005) and a M.Sc. Finance from HEC Montréal (2008). He holds the Chartered Financial Analyst (CFA®) designation (2012). He is an avid cyclist and for the last few years has cycled at the 48 hours ride for the Make-A-Wish Quebec foundation. Laurent has been involved with the Dobson center of McGill University with its startup competition, the Dobson Cup, and its X-1 accelerator summer program. He has been a volunteer of CFA Montréal since 2014.