Actuaries in Non-Traditional Roles Investment Banking

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Presentation transcript:

Actuaries in Non-Traditional Roles Investment Banking Duncan McCallum Managing Director, Global Markets RBC Capital Markets CIA/CAS Joint Session Montreal, November 17, 2004

Qualified as an Actuary in 1981 Career History Qualified as an Actuary in 1981 FSA, FCIA Pension Consulting for 10 Years EVP and Chief Actuary at W. F. Morneau & Associates Switched to Investment Banking in October, 1991 Debt-focused Investment Banking from 1991 to Present

Lateral application of actuarial mathematics How I Switched Lateral application of actuarial mathematics Designed structure for Canada’s Real Return Bonds Same structure now used for TIPS in the US

The Early Days Greater excitement and risk

Actuarial Strengths in Finance An actuary can be a technical star in banking

Actuarial Weaknesses in Finance Alliances can trump technical solutions

Best Actuarial Fits in Finance Many applications for actuarial mathematics Derivatives Indexed funds Structured products

Conclusion Once an actuary, always an actuary