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Actuaries in Non-Traditional Roles Investment Banking

Duncan McCallum Managing Director, Global Markets RBC Capital Markets. Actuaries in Non-Traditional Roles Investment Banking. CIA/CAS Joint Session Montreal, November 17, 2004. Career History. Qualified as an Actuary in 1981 FSA, FCIA Pension Consulting for 10 Years

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Actuaries in Non-Traditional Roles Investment Banking

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  1. Duncan McCallumManaging Director, Global MarketsRBC Capital Markets Actuaries in Non-Traditional RolesInvestment Banking CIA/CAS Joint Session Montreal, November 17, 2004

  2. 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. 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

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