UPP’s Barbara Zvan Co-Authors New Research on Pension Fund Value Creation

In research recently published in the Journal of Alternative Investments, Barbara Zvan examines how UPP has successfully tailored investment approaches to enhance value creation. 

Recently, UPP President and CEO Barbara Zvan co-authored a new research paper, “Direct Value Creation and Capture in the Pension Fund Industry: Five Examples,” published in the Journal of Alternative Investments.

The research examines how leading Canadian pension funds—Ontario Teachers’ Pension Plan (OTPP), Public Sector Pension Investment Board (PSP), Caisse de dépôt et placement du Québec (CDPQ), and CPP Investments—have successfully generated and captured value in key transactions. It highlights strategies such as achieving scale in strategic markets, reducing fee drag, coordinating stakeholder groups, and fostering internal synergies. Importantly, the paper also explores how UPP, as a mid-sized pension plan, has effectively implemented and tailored these approaches to enhance value creation and deliver long-term benefits for members.

The paper was co-authored by Barbara Zvan, Sebastien Betermier, Executive Director of the International Centre for Pension Management, and Eduard van Gelderen, Head of Research at FCLTGlobal and former Chief Investment Officer at PSP Investments.

This research follows the October 2024 Conference Board report commissioned by UPP and peer plans, which highlighted the positive economic impact of defined benefit (DB) pensions on Ontario’s economy.

Read the research

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