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2019 Report

August 26, 2019

Investment management

Western’s investments are managed by a diverse and talented group of alumni and staff who are committed to ensuring Western maximizes the support our students and faculty receive. The Investment Committee establishes an investment policy consistent with its investment objectives and monitors portfolio performance against the objectives quarterly. It appoints external fund managers, performance measurement services and independent investment consultants as needed.

The investment objective of the endowment portfolio is to generate a long-term return sufficient to meet the payout rate established by the Board of Governors to fund endowed chairs, scholarships and other University needs, and to maintain the purchasing power of donated capital.

Asset allocation (at December 31, 2018)

The Investment Committee reviews the asset mix policy on an annual basis to maintain, over the long-term, the best balance between investment returns and an acceptable level of risk.



Investment performance

Investment returns to December 31, 2018



Investment payout rates and timing

The total return earned by the endowment portfolio net of investment management costs is allocated proportionately to the capital of each endowment fund at April 30 each year. For the period May 1, 2018 to April 30, 2019, the investment return, net of investment management costs of approximately 0.67 per cent, was 6.5 per cent.

Balances in the expendable account are credited with interest income based on the 30-day Canada T-Bill rate, net of costs.

An amount equal to 4.0 per cent of the ending capital balances averaged over the five most recent years is allocated for expenditure each year. The five-year average is used to smooth the effect of market fluctuations. The allocation for expenditure is reflected as a transfer from the capital account to the expendable account on your fund report.

Investment Committee

Martin Belanger
Director, Investments
Western University

Douglas Greaves, HBA’72
Vice-President, Pension Fund & Chief Investment Officer
Canada Post

Rosamond Ivey, HBA’82, LLD'18
Managing Partner
JRS Group

James Knowles, BA'72, BSc’74, MBA’77
Vice-President Finance
Blackburn Radio Inc.

Lynn Logan (Chair), EMBA’13
Vice-President (Finance & Facilities)
Western University

Eric Mallory, BA'05, HBA'07
Co-Associate Vice-President Financial Services
Western University

Jeff Parr, BA’82
Vice Chairman and Managing Director
Clairvest Groups Inc

Douglas Porter, BA’82, MA’84
Chief Economist & Managing Director
BMO Financial Group

Lee Sienna, HBA’74
Vice-President, Long-Term Equities(Retired)
Ontario Teachers’ Pension Plan

David Stenason, BA’78
Managing Director
Rempart Asset Management

Degrees listed represent those granted by Western University.

Western’s Investment Committee works diligently to ensure our endowment yields sufficient returns to not only provide an annual stable amount for spending, but also to preserve the capital so future generations may benefit in the same manner as today’s. Despite a tumultuous year in the world markets, we are proud to have grown Western’s endowment to $803 million, an increase of $57 million from last year, and to have seen an annualized return of 9.3% over the last 10 years.”

- Lynn Logan, CPA, CA, EMBA
Investment Committee Chair

This article appeared in the 2019 edition of Endowment Report
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