FINE 464 Pension Funds & Retirement Systems
FINE 541 Applied Investments
Distinguished Teaching Award for Graduate Programs at Desautels (2020)
World’s Best 40 under 40 Business Professors, Poets and Quants (2017)
Distinguished Teaching Award for Undergraduate Programs at Desautels (2016)
All case studies were written by students under the supervision of Professor Betermier for the course FINE 464 Pension Funds & Retirement Systems.
Maple Leaf Pension Plan: Developing an Inflationary Resilient Decumulation Strategy (2023)
Inflation remains stubbornly high, and it is crushing real returns for investment managers. The situation is especially challenging for pensioners who live on a fixed income. We study the case of a fictional Canadian Defined Contribution pension fund that is designing an inflationary resilient decumulation strategy for its members.
Australia's SuperEasy: Designing a comprehensive and effective net-zero strategy (2022)
Asset managers have committed to achieving net-zero portfolios by 2050, but a scarcity of high-quality data and a lack of goal alignment with asset owners have made this an arduous task. Amidst rising temperatures and an everchanging regulatory landscape, how can they design sustainable strategies that transition to carbon-neutral investments without sacrificing returns?
Bouwen & Pensioen: Rethinking pension plan design in the context of low yields (2021)
How can long-term asset managers find ways to sustainably generate returns while minimizing the risks in the current environment of ultra-low bond yields? We focus on the ongoing pension reform in the Netherlands and study the portfolio design of a fictional newly launched collective defined contribution plan (CDC) which provides new possibilities for plan members to share risks with each other.
BNSF: UK launches a new sovereign wealth fund to promote economic equality and independence (2020)
We are now seeing countries seeking independence as protectionist tendencies are being revived and geo-economic dynamics are changing. How should long-term asset managers invest in the midst of rising protectionist tendencies and social inequalities? We study the fictional launch of the British National Strategic Fund, a new sovereign wealth fund with a triple mandate to generate risk-adjusted returns and promote economic equality and independence.
Designing environmentally sustainable investment strategies: the case of Newfoundland and Labrador Pension Investment Board (2019)
How do we align a fund manager's fiduciary duty to deliver returns with long-run environmental sustainability? We study the case of a fictional fund based in Newfoundland and Labrador. The fund is under pressure to divest from its holdings in the oil & gas industry, which have traditionally been a large, revenue-generating component of the fund's assets and one of the largest sources of economic growth in the province. The purpose of the case is to devise an optimal portfolio strategy that accommodates the competing interests of the different stakeholders involved and addresses climate risks.
Solving the underfunding of U.S. state pension plans: the case of VanPERS (2018)
The underfunding of U.S. state pension plans is incredibly complex and difficult to solve because it involves a uniquely large and diverse group of stakeholders with conflicting interests: unions, municipalities, state governments, and plan members. This complexity is compounded by U.S. regulation that mandates pension funds to discount their liabilities at the expected return on their assets. We highlight these issues by studying the case of an underfunded public pension plan in a fictional U.S. state: Vandalia.
Rescuing a corporate D.B. fund: the case of Lumber Co. (2017)
When a private pension plan runs a deficit, should the fund manager try to eliminate the deficit by taking on more risk and aim for higher returns, or is it up to the corporate sponsor to make a special contribution to the plan? We study the case of an underfunded private pension plan in Canada.