Dr. Puffer sits on the Investment Review Committee for Canso Investment Management and Lysander Funds.
Dr. Marlene Puffer is a member of the Board of Trustees and she is Chair of the Asset-Liability Committee of the Hospitals of Ontario Pension Plan (HOOPP), one of Canada’s largest pension plans. The Asset-Liability Committee oversees all aspects of the leading-edge liability-driven investment strategy that makes extensive use of derivatives and alternative asset classes.
Dr. Puffer was Chief Strategist, Global Fixed Income at BCA Research. She provided independent macroeconomic analysis and fixed income investment strategy to top institutional clients worldwide. Paid subscribers to her weekly reports included the world’s top pension funds, money managers, trading desks and hedge funds. She recommended successful value-added portfolio strategies and specific trades, guiding investors through the European crisis, Japan’s monetary policy regime shift and extraordinary central bank intervention. Her team published a weekly bulletin and in-depth special reports with clear investment recommendations and trade ideas in major sovereign and credit markets. Special Reports included in-depth analysis of European vs. U.S. corporate credit markets, emerging market debt in the context of investment grade bond portfolios, and individual country/regional reports. Dr. Puffer travelled globally to meet with clients.
Since 1949, BCA Research has been one of the world’s top independent providers of global investment research and leading-edge market analysis.
Twist Financial provides expert witness reports, pills testimony and litigation support in various areas of the capital markets. Previous cases have included the BCE vs. Bondholders case that went to the Supreme Court of Canada, high yield emerging markets debt, and determining the current value of damages due to Telus bondholders in a case of early redemption.
Dr. Puffer created and implemented a Liability-Driven Investment strategy (LDI) for NAV CANADA’s $3Billion pension plan using derivatives. She was responsible for all aspects of investment management and asset mix for the pension fund. She restructured the real estate and equity portfolios. The strategy reduced the volatility of the plan’s solvency ratio and improved the risk profile of the pension fund. She worked closely with the Board, senior management, unions and the plan actuaries to develop a governance process for the pension plan including risk assessment, risk budgeting, optimization, and risk monitoring.
Dr. Puffer was a key expert witness and provided litigation support for BCE and their partners vs. bondholders in the context of Canada’s largest ever Leveraged Buyout transaction. The case was decided in favour of BCE at the Supreme Court of Canada and has had important effects on the Canadian market. An article by Twist Financial on the Implications of the BCE transaction and court case on corporate bondholders in Canada can be found here.
Dr. Puffer was part of a large team of consultants evaluating the Canada Mortgage Bond program which finances the majority of mortgage lending in the Canadian market. The focus of the study was on Canada’s residential mortgage market from 2001-2006, with an update following market developments since August, 2007. Twist Financial component reports included a report on Capital Markets, a report on Canadian Mortgage Markets (with KPMG), and a Literature Review, with Prof. Paul Halpern and Prof. Alexandra Mackay, from the Rotman School of Management, University of Toronto. Other consultants on the project included ALM Model Metrics, KPMG, Dr. Michael Lea of Cardiff Economic Consulting. The final summary report is here.
KPMG LLP – CMHC Report, August 2008. This report analysed the effectiveness of Canada Mortgage Bonds (CMB) as financing vehicles for Canadian residential mortgages and assessed the impact of the funding program on the cost of mortgages for Canadians.
Twist Financial interviewed markets participants associated with the CMB program, wrote extensive studies on the structure of Canadian mortgage and funding markets and on the academic literature that contributed to this report. Dr. Puffer wrote the Addendum on Current Market Conditions (Annex C of the Report) that updated the report’s findings to reflect the events and market reaction associated with the financial crisis.Read the Article
Dr. Puffer sat on the Pension Committee and on the Board at Havergal College. Pension Committee 2006 – 2009; Finance and Audit Committee 2006 – 2008