Bail-in Bonds: Are Taxpayers Really Better Off?
Roundtable Luncheon with Tiff Macklem, Robert Richards, and Peter Routledge
Professor Tiff Macklem, Dean, Rotman School of Management
Tiff Macklem began his five-year term as Dean of the University of Toronto’s Rotman School of Management on July 1, 2014.
Tiff Macklem served as Senior Deputy Governor of the Bank of Canada, sharing responsibility with the Governor and four Deputy Governors for monetary policy and the Bank’s role in promoting financial stability. In that role, he was also the Bank’s Chief Operating Officer and a member of its board of directors, overseeing strategic planning and coordinating the Bank’s operations. Macklem has also played a leading role in efforts to ensure stable financial systems worldwide through the G20 and the Financial Stability Board.
Prior to his appointment at the Bank, Macklem served as Associate Deputy Minister of the federal Department of Finance and Canada’s Finance Deputy at the G7 and G20. He also served as chair of the Standing Committee on Standards Implementation of the Financial Stability Board. In that role, he worked to establish an international system of peer review to promote and assess the implementation of new financial standards across the 24 most financially important countries in the world.
Macklem is a well-known expert in monetary and financial systems and has contributed articles to such publications as The Economic Journal, Journal of International Money and Finance, Canadian Public Policy, and the Canadian Journal of Economics, while providing chapters and commentaries on monetary, fiscal, and financial policies in over a dozen books and conference proceedings.
Robert F. Richards, BA, MBA, CFA, Chairman and Portfolio Manager, Heathbridge Capital Management Ltd.
Chairman of Heathbridge Capital Management Ltd., Rob has 46 years of experience in the investment industry. The first twenty were spent as a top-ranked research analyst, starting in 1970 with Harris and Partners, later absorbed by Dominion Securities. Rob was one of eight founding partners in a specialty research investment dealer which was taken over by the Deutsche Bank in 1988. He became manager of equity sales and then portfolio manager. For the past twenty years, Rob and his team at Heathbridge have managed portfolios in accordance with an investment discipline that was distilled from decades of first-hand observation of the portfolio techniques of money managers in Canada and the United States and that incorporated a number of tested theories of investment and finance. Of $700 million of assets under management in 2015, $550 million represented Heathbridge client profits.
Rob was born and raised in Winnipeg and took his B.A. at the University of Manitoba. He received his MBA from the Ivey School of Business at the University of Western Ontario in 1970. He earned his CFA accreditation in 1976.
Rob currently serves on the Board of the Foundation Fighting Blindness and has raised funds for learning disabilities for over 25 years.
Peter Routledge, Managing Director and Research Analyst, National Bank Financial
Peter Routledge is a Managing Director and Research Analyst covering Banking and Insurance. Based in Toronto, he joined the NBF research team in 2010 and has worked in the Financial Services industry since 1997.
Prior to NBF, Peter led the Canadian Financial Institutions Group at Moody’s Investors Service, with responsibilities for covering issuers in the Banking, Life Insurance, P&C Insurance and Reinsurance industries in Canada and the United States.
Before joining Moody's, Peter was a management consultant at A.T. Kearney in New York. As a consultant, he advised senior executives at leading financial institutions in Europe, Asia, Latin America and North America on strategic issues. Prior to that, he held various leadership roles at Canadian Pacific Railway in both Vancouver and Toronto.
In 2013, Peter was ranked No. 3 earnings estimator in the Insurance sector by StarMine.
Peter obtained an MBA from INSEAD in France, and a bachelor’s degree in business and economics from Simon Fraser University in Vancouver, Canada.
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