Canadian Investment Performance Council (CIPC)

About the CIPC

The Canadian Investment Performance Council (CIPC) of CFA Societies Canada is a council of independently minded expert volunteers from across Canada. The objective of the CIPC is to provide thought leadership on investment performance best practices and promote adoption of the GIPS® standards in the pursuit of fairness and transparency for Canadian market participants. The CIPC was formed in 2008 as a national initiative of the Canadian CFA Societies, to promote adherence to the highest standards of ethical behaviour, encourage professional development through the CFA program and facilitate respectful open exchange of information and opinions. The CIPC is currently recognized by CFA Institute as the official sponsor of the GIPS Standards for the Canadian market.

From time to time, the CIPC publishes articles and presentations on performance topics.

Note: The Canadian Investment Performance Council has translated the 2020 GIPS Claims of Compliance from English to French to assist compliant firms in their communications with clients and the public. The CIPC is interested in hearing from Canadian firms, asset owners, and their verifiers as to whether further French translations of the GIPS Standards would be beneficial. Click here to get your French version of the Claims of Compliance for firms and for asset owners. Any requests or comments can be sent to info@cfacanada.org.

Council Members

Jaclyn has served on the CIPC since June 2018. Jaclyn is Vice President, Head of Sustainability & Institutional Services at Burgundy Asset Management Ltd., a global investment manager providing discretionary investment management for private clients, foundations, endowments, pensions, and family offices. Jaclyn joined Burgundy’s Legal & Compliance team in 2016 to focus on marketing compliance, evaluate regulatory risk and policy implementation. In 2020, she joined Burgundy’s Institutional team to oversee the Institutional Services group to focus on supporting outstanding client service, day-to-day institutional reporting needs, strategic projects, and elevate the firm’s presence on global databases used by consultants around the world. In 2022, she was appointed Head of Sustainability & Institutional Services to provide a dedicated resource to the firm for ESG-specific research, engagement, and service. Before joining Burgundy, Jaclyn held various roles at Gluskin Sheff + Associates Inc. in client wealth management, compliance, and corporate governance. Prior to that, Jaclyn held a variety of positions at Excel Funds Management Inc. Jaclyn earned a Bachelor of Science, Honours, Major in Biological Sciences from the University of Guelph and obtained the ICD.D designation in 2023. Jaclyn serves as a Board member of the Bruce Trail Conservancy and as Governor for the North York General Foundation. She is a former Board member of the National Society of Compliance Professionals.
Jaclyn Moody
Benjamin has served on the CIPC since June 2017. Benjamin joined Burgundy Asset Management in 2014, where the holds the position of Senior Manager, Performance Measurement. He leads a team responsible for analyzing and reporting performance, attribution, and performance related statistics. In addition, his role entails oversight of the firm’s GIPS compliance and verification process. Beyond performance measurement, Benjamin leads various projects and initiatives for process improvement and reporting. Prior to Burgundy, Benjamin worked for State Street for seven years, four of which were in a performance measurement role. Benjamin graduated in 2006 with a Bachelor of Commerce (BCom) from the University of Toronto. He earned the CIPM certificate in 2012 and became a CFA charterholder in 2013.
Ben Banyai
Matt has served on the CIPC since November 2020. Matt leads the Performance Measurement & Analytics department at the Investment Management Corporation of Ontario (IMCO), responsible for accurate and timely reporting of performance measurement and analytics to support the investment decision-making process. Prior to joining IMCO in April 2019, Matt was a Managing Director at State Street in the Performance & Analytics department, having held positions of increasing responsibility over 24 years at State Street. Matt holds a Bachelor of Commerce degree from McMaster University and is a CFA charterholder.
Matt Swan
Simon has served on the CIPC since June 2016. Simon is a CFA charterholder and holds the position of Vice president, Valuation and Performance at CDPQ. In this role, he leads the teams responsible for portfolio valuation across private asset classes, performance attribution on a global firm level as well as performance communication to clients and management, GIPS compliant reporting, and benchmarks management. Other responsibilities include strategic advisory on investment performance and IT solutions planning. Simon received his CFA designation in 2007 and graduated with a B.A. in finance from Sherbrooke University.
Simon Filteau
Paul has served on the CIPC since June 2019. Paul is a Director, Performance & Analytics at RBC Global Asset Management (RBC GAM) in Toronto. He joined the performance team at RBC GAM in November 2006 and is currently responsible for leading a global team that calculates, analyzes, presents and reports on numerous outcomes. Reports include trailing performance, equity and fixed income attribution, ex-post risk, including portfolio characteristics across multiple asset classes. In addition, Paul oversees RBC GAM’s compliance with the GIPS Standards and annual verification process. Prior to joining the RBC GAM team, Paul worked for State Street Canada for 5 years. Paul became a CFA charterholder in 2006 and earned his Certificate in Investment Performance Measurement (CIPM®) in 2010.
Paul Boaden
Vivian has served on the CIPC since June 2020. Vivian is a Senior Director, Investment Performance and Attribution at British Columbia Investment Management Corporation in Victoria, BC. She leads a team that is responsible for measuring investment performance, benchmarking, attributing, analyzing and reporting performance across multiple asset classes as well as total fund for both internal and external clients. Prior to this, Vivian was the Director, Performance Measurement and Attribution at Canada Pension Plan Investment Board. Vivian holds an MBA from Richard Ivey School of Business, University of Western Ontario, received her CFA charter in 2006 and CPA, CMA designation in 2009.
Vivian Hu
Steve has served on the CIPC since June 2018. Steve is a Senior Director, Performance Measurement and Attribution at PSP Investments since October 2016. His team is responsible for calculating, analyzing, and reporting performance throughout the organization and external clients. Prior to this, Steve was working for the Abu Dhabi Investment Council for 8 years, where his last role was Head of Performance and Reporting. While in Abu Dhabi, Steve was also a part-time instructor for a CFA Program course provider. His industry experience also includes performance measurement roles at CIBC Global Asset Management, and various positions within RBC Royal Bank. Steve has a Bachelor of Commerce from Concordia University, became a CFA charterholder in 2004, and a CIPM certificate in 2006.
Steve Khairy
Lawrence has served on the CIPC since June 2020. Lawrence is currently the Senior Manager of Investment Analytics at Connor, Clark & Lunn Financial Group, where he leads three teams of finance professionals providing support across the asset management value chain, including performance/attributions, investment analytics, and sales/marketing services. Prior to this, he held leadership roles in global firms such as HSBC, UBS, Merrill Lynch and JP Morgan. He also spent 3 years working in the public sector in Japan for the Ministry of Education.
LawrenceLi
Kenrick has served on the CIPC since June 2017. Kenrick joined TD Asset Management Inc. (TDAM) in February 2004. Currently he is responsible for a team that quantifies and attributes the performance and risk associated with TDAM’s products and investment processes. He also has a primary focus on GIPS Composites and Regulatory Reporting. Prior to joining TDAM, he was a Senior Financial Analyst in the TD Wealth Management Division for TD Bank. The role involved preparing year-end and interim financial statements for the TD Mutual Funds. Kenrick graduated from University of the West Indies with a Bachelor of Science in Economics holds an MBA from Edinburgh Business School (Graduate School of Business of Heriot-Watt University, Scotland). He has earned his Certificate in Investment Performance Measurement (CIPM) in November 2016 and has completed various courses with the Canadian Securities Institute. In 2008, he became a Recipient of the Vision in Action award at the TD Bank Financial Group and obtained the Teacher of the Year Award at George Brown College where he has been a part time instructor in Managerial Accounting, Financial Accounting and Corporate Finance since 1999.
Kenrick Ohid
Andrew has served on the CIPC since July 2023. Andrew is a Product Specialist of the Portfolio Solutions team at Canaccord Genuity Wealth Management. Andrew joined Canaccord Genuity in 2022, where he is responsible for investment oversight and manager research for the firm’s third-party investment managers. He is responsible for manager selection, onboarding, and performance analysis. Andrew also works with discretionary portfolio managers on composite construction and performance reporting. Prior to joining Canaccord, Andrew held roles in investment due diligence and product research at Manulife Securities. Andrew has undergraduate degrees from the University of Kansas and a Master’s Degree in Organizational Management. He has been a CFA charterholder since 2017 and earned his CIPM certificate in 2019.
Andrew Pennington
Brad has served on the CIPC since July 2023 Brad leads the Performance function at CPP Investments and is responsible for the calculating returns of all the Fund’s investments and their benchmarks along multiple dimensions to assess investment performance. Prior to joining CPP Investments in 2016, he worked at a mid-sized asset owner (2013-2016) and at an asset servicing firm (2006-2013). Brad has a Master of Finance from the University of Toronto (MFin), is a CFA charterholder, and has obtained the Certificate in Investment Performance Measurement (CIPM).
Bradley Sinclair
David has served on the CIPC since October 2022. David Spaulding has been a thought leader in our industry for more than 30 years, and has in-depth experience and knowledge of all aspects of investment performance and risk measurement. Dave has over 40 years’ experience in management and technology, including over 35 years in the financial sector. He has conducted training classes for clients, the CFA Institute, as well as local societies for 25 years. He has written four books, and been a co-author and/or editor of five more. He has also written numerous articles for various industry publications. Dave has served on a variety of industry committees and working groups. He earned a BA in Mathematics from Temple University, an MS in Systems Management from the University of Southern California, an MBA in Finance from the University of Baltimore, and a doctorate in Finance and International Economics from Pace University. Dave’s wife of nearly 48 years died in 2020. He is now engaged to a soon-to-be-retired attorney from Ontario. His sons, daughter-in-law, and three grandchildren live in New Jersey. He and his fiancé are “snow-birds,” splitting their time between Ontario and Florida. Dave served six years in local politics in North Brunswick, NJ: four years as mayor and two as a councilman (one year as council president). He also served in the Field Artillery branch of the US Army for nearly five years, earning the rank of captain.
David Spaulding
Daniel has served on the CIPC since July 2023. Daniel is the founder and president of Purpose Consulting Services, a consulting firm focused on supporting asset managers in their performance measurement and reporting transformations and initiatives. Prior to forming Purpose Consulting Services in 2018, Daniel held various positions of increasing responsibility with the largest Canadian pension fund managers, including AIMCo and CPP Investments, with his last position as Director of Business Reporting and Analytics at BCI. Daniel holds an MBA in Investment Management from Concordia University and is a CFA charterholder. He has also earned the CIPM certificate from the CFA Institute and Financial Risk Manager (FRM) designation from the Global Association of Risk Professionals.
Daniel Talje
Emil has served on the CIPC since June 2019. Emil is the Principal and President of EVIV Group Inc., Canada’s largest GIPS consulting and verification firm. His firm’s strength lies in its unique custom approach to each client’s circumstances and its commitment to resolve challenges to client success. Emil has over 14 years of industry experience. Before founding EVIV Group in 2012, he worked as a Performance and GIPS Specialist at Sionna Investment Managers. Emil has a Master’s Degree in Economics & Management, has also earned a Certificate in Investment Performance Measurement (CIPM) from the CFA Institute and the Chartered Investment Manager (CIM) designation from the Canadian Securities Institute.
Emil Vassenine

Nomination Form

Want to contribute to promotion of the GIPS standards, industry standards, and become a part of a community advocating for best practices in investment performance measurement/management?

Nomination Form

The CIPC reports to the CFA Societies Canada Board of Directors.
The Board of CFA Societies Canada in turn designates the CFA Societies Canada Executive Committee.

The CFA Societies Canada Executive Committee is responsible for:
– Oversight of the Canadian Advocacy Council (CAC), Canadian Investment Performance Council (CIPC) and any other committees or councils approved by the Board (including functions such as budget and member approval as per the respective committee governance documents);
– Oversight of organizational communications programs
– Such other authority and responsibility as the Board may determine, from time to time.

Board members of CFA Societies Canada are encouraged to observe all CIPC meetings/ conference calls and join meetings in their respective cities.

What are the GIPS standards?
The Global Investment Performance Standards (GIPS®) provide an ethical framework for the calculation and presentation of the investment performance history of an investment management firm. Investment management firms that comply with the GIPS standards allow clients, prospective clients, and consultants the best opportunity to fairly evaluate their past performance.

Who established the GIPS standards?

The GIPS standards were created and are administered by CFA Institute, the global, not-for-profit association of investment professionals that awards the Chartered Financial Analyst (CFA)® and Certificate in Investment Performance Measurement (CIPM)® designations.

Organizations in nearly 40 countries sponsor and promote the Global Investment Performance Standards.

The GIPS standards provide:

– Firms with an ability to compete globally
– Investors with the ability to make comparisons

Find out more about GIPS

Interested in learning more or attending roundtable discussions?

Contact CIPC