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

2. 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

3. 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

4. The Early Days
Greater excitement and risk

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

6. Actuarial Weaknesses in Finance
Alliances can trump technical solutions

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

8. Conclusion
Once an actuary, always an actuary