actuaries in non-traditional roles investment banking
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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 - PowerPoint PPT PresentationTRANSCRIPT
CIA/CAS Joint Session
Montreal, November 17, 2004
Actuaries in Non-Traditional Roles
Investment Banking
Duncan McCallum
Managing Director, Global Markets
RBC Capital Markets
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
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