Canadian Investment Performance Council (CIPC)

The Canadian Investment Performance Council (CIPC) of CFA Societies Canada is a council of independently minded expert volunteers from across Canada.

About the CIPC

The Canadian Investment Performance Council (CIPC) of CFA Societies Canada is a council of independently minded volunteers from across Canada. The objective of the CIPC is to provide thought leadership on best practices for investment performance measurement and to promote adoption of the GIPS^® standards for Canadian market participants. The GIPS standards are a set of voluntary performance reporting standards that focus on fair representation and full disclosure in calculating and presenting investment performance. The CIPC was formed in 2008 as a national initiative of the Canadian CFA Societies to foster adherence to the highest standards of ethical behaviour, encourage professional development through the CFA^® designation and CIPM Program, and facilitate a respectful open exchange of information and opinions. The CIPC is recognized by CFA Institute as the official sponsor of the GIPS Standards for the Canadian market. Additionally, the CIPC also advocates for adherence to the CFA Institute Asset Manager Code™ (AMC), which defines the ethical and professional duties of firms managing assets for clients.

From time to time, the CIPC publishes articles and presentations on investment performance measurement topics.

Note: The CIPC has translated the 2020 GIPS Claims of Compliance to French to assist compliant firms in their communications with clients and the public. The CIPC is interested in hearing from Canadian firms, asset owners, and their verifiers as to whether further French translations of the GIPS Standards would be beneficial. Click here to get your French version of the Claims of Compliance for firms and for asset owners. Any requests or comments can be sent to info@cfacanada.org.

“As a leading global investment group, we must uphold the highest standards. Following industry best practices is essential to us and enables improved transparency with our clients around performance disclosure – and the GIPS standards also help increase client and stakeholder confidence in the quality of published data.”

Caisse de dépôt et placement du Québec (CDPQ)

Looking to become GIPS compliant? See what Caisse de dépôt et placement du Québec (CDPQ) had to say about the process:

GIPS Standards Testimonial

Council Members

Lawrence Li, CFA, CIPM

Chair

Lawrence has served on the CIPC since June 2020. Lawrence is currently the Senior Manager of Investment Analytics at Connor, Clark & Lunn Financial Group, where he leads three teams of finance professionals providing support across the asset management value chain, including performance attributions, investment analytics, and sales/marketing services. Prior to this, he held leadership roles in global firms such as HSBC, UBS, Merrill Lynch and JP Morgan. He also spent 3 years working in the public sector in Japan for the Ministry of Education.

Matt Swan, CFA

1st Vice Chair

Matt has served on the CIPC since November 2020. Matt is the Senior Director of Performance Measurement and Analytics the Investment Management Corporation of Ontario (IMCO), responsible for the accurate and timely reporting of performance measurement and analytics to support the investment decision-making process. Prior to joining IMCO in April 2019, Matt was a Managing Director at State Street in the Performance and Analytics department, having held positions of increasing responsibility over 24 years at State Street. Matt holds a Bachelor of Commerce degree from McMaster University and is a CFA charterholder.

Lindsey Beecroft, CFA

2nd Vice Chair

Lindsey has served on the CIPC since July 2024. Lindsey is a Director in Performance at La Caisse, where she is responsible for analyzing, explaining and advising on investment performance, as well as developing performance attribution models and applications. Previously, she held roles in McGill University’s Office of Investments, working in areas such as manager oversight, asset allocation, and performance analysis and reporting. Ms. Beecroft previously served as a volunteer for the GIPS Standards Asset Owner Subcommittee and earned a master’s degree in economics from Concordia University.

Ryan Bouttell

Olga Gappasova, CFA

Olga has served on the CIPC since July 2026. Olga Gappasova, MBA, CFA, PEng, is a senior consultant at Meradia specializing in fintech, investment analytics and investment operations. Olga has over 15 years of experience at the intersection of asset management and technology, delivering innovative technology-enabled solutions to support global investment teams at top asset management firms including Manulife Asset Management, Sunlife Capital Management and Canada Pension Plan Investment Board.

Mable Leung,

Mable has served on the CIPC since July 2025. With nearly two decades of expertise in investment performance and reporting, Mable brings a wealth of knowledge from her work at both University Pension Plan Ontario (UPP) and State Street. She currently serves as a Director at UPP, where her leadership continues to shape meaningful outcomes for pension stakeholders.

Winston Lin, CFA

Stephen O’Neill

Steve O’Neill has served on the CIPC since July 2026. Steve is a senior investment reporting and analytics leader with deep expertise in pension fund management, financial governance, and performance measurement. As former Senior Director of Investment Reporting & Analytics at the Healthcare of Ontario Pension Plan (HOOPP), he led high impact reporting frameworks, strengthened data-driven oversight, and supported strategic decision-making across one of Canada’s top institutional investors. Holding an MBA along with CPA, CMA, and CAIA designations, Steve blends technical rigor with collaborative leadership. He is known for bringing clarity to complex financial environments, building strong cross-functional partnerships, and elevating reporting standards that enhance transparency and organizational resilience. Based in Toronto, Steve remains active in the investment and professional accounting communities and is exploring new opportunities to drive impact in investment reporting, performance analytics, and financial leadership.

Wen Qiu, CIPM

Wen has served on the CIPC since July 2025. Wen Qiu is a seasoned financial services professional with over a decade of experience in asset and wealth management. As Director of Business Analysis at Scotiabank, she leads strategic data and analytics initiatives supporting enterprise platform engineering. Previously, Wen held senior leadership roles overseeing global performance and analytics teams at leading asset management firms.

Amir Sajedian, CFA, CIPM

Amir has served on the CIPC since July 2024. Amir is a seasoned Investment Analytics and Reporting Sales Specialist boasting over a decade of experience in sales, investment analysis, portfolio performance evaluation, risk analysis, and reporting. Amir is currently a Sales Specialist (Manager) at FactSet Canada Co., where he adeptly identifies analytics opportunities in North American asset management and buy-side firms, builds strategic partnerships with key stakeholders, and masters the FactSet Analytics suite. Previously, Amir was a Senior Analyst and Team Lead in Quantitative Analytics & Reporting at Alberta Investment Management Co. (AIMCo), where he led critical risk analytics and reporting projects, enhancing the organization’s risk measurement quality and transparency. His tenure at AIMCo also included roles as an Analyst in Performance and Analytics, focusing on multi-asset class performance, valuation, and external manager reporting. Amir’s educational background includes notable designations such as Chartered Financial Analyst (CFA), CIPM, and Financial Risk Manager (FRM). His professional affiliations include membership in the CFA Institute, CFA Society Toronto, and GARP Institute. His volunteer experience includes serving as a Committee Member for the Governance and Nomination Committee at CFA Society Toronto and Vice President/Secretary & Board Member at CFA Society Edmonton, where he championed CFA awareness and organized key society events

Cynthia Shaw-Pereira, CIPM

Cynthia has served on the CIPC since July 2025. Cynthia is Vice President, Head of the Asset Owner Segment at CIBC Mellon, with 20 years of experience in the field of asset servicing. Based in Toronto, Canada, she has dedicated her career to understanding institutional investors and developing innovative performance and risk solutions for a range of small entities to large-scale global allocators. Her roles at BNY and CIBC Mellon have been centred on leveraging her deep understanding of investment decision-making processes to enhance client relations and product development. Cynthia’s expertise extends into the realm of environmental, social, and governance (ESG) considerations, where she has been an influential voice in understanding ESG integration strategies and critical factors. Her work has not only elevated the discourse surrounding ESG integration but has also provided invaluable insights to investors across Canada and globally. A recognized leader in her field, Cynthia’s contributions have positioned her as a thought leader at client and industry events, where she shares her technical experience and insights into performance measurement and risk analytics. Her leadership and innovative approach have significantly shaped the landscape of asset servicing, earning her accolades and respect in the financial community. She earned a Certificate in Investment Performance Measurement (CIPM) from CFA Institute and has also holds their certificate in sustainable investing. She holds an undergraduate degree from the University of Toronto.

Darshit Sheth, CFA, CIPM

David Spaulding, CIPM

David has served on the CIPC since October 2022. David Spaulding has been a thought leader in our industry for more than 30 years, and has in-depth experience and knowledge of all aspects of investment performance and risk measurement. Dave has over 40 years’ experience in management and technology, including over 35 years in the financial sector. He has conducted training classes for clients, the CFA Institute, as well as local societies for 25 years. He has written four books, and been a co-author and/or editor of five more. He has also written numerous articles for various industry publications. Dave has served on a variety of industry committees and working groups. He earned a BA in Mathematics from Temple University, an MS in Systems Management from the University of Southern California, an MBA in Finance from the University of Baltimore, and a doctorate in Finance and International Economics from Pace University. Dave served six years in local politics in North Brunswick, NJ: four years as mayor and two as a councilman (one year as council president). He also served in the Field Artillery branch of the US Army for nearly five years, earning the rank of captain.

Daniel Talje, CFA, CIPM

Daniel has served on the CIPC since July 2023. Daniel is the founder and president of Purpose Consulting Services, a consulting firm focused on supporting asset managers in their performance measurement and reporting transformations and initiatives. Prior to forming Purpose Consulting Services in 2018, Daniel held various positions of increasing responsibility with the largest Canadian pension fund managers, including AIMCo and CPP Investments, with his last position as Director of Business Reporting and Analytics at BCI. Daniel holds an MBA in Investment Management from Concordia University and is a CFA charterholder. He has also earned the CIPM certificate from the CFA Institute and Financial Risk Manager (FRM) designation from the Global Association of Risk Professionals.

Want to contribute to promotion of the GIPS standards, industry standards, and become a part of a community advocating for best practices in investment performance measurement/management?

Nomination Form

Reporting Structure

The CIPC reports to the CFA Societies Canada Board of Directors.
The Board of CFA Societies Canada in turn designates the CFA Societies Canada Executive Committee.

The CFA Societies Canada Executive Committee is responsible for:

Oversight of the Canadian Advocacy Council (CAC), Canadian Investment Performance Council (CIPC) and any other committees or councils approved by the Board (including functions such as budget and member approval as per the respective committee governance documents);
Oversight of organizational communications programs
Such other authority and responsibility as the Board may determine, from time to time.

Board members of CFA Societies Canada are encouraged to observe all CIPC meetings/ conference calls and join meetings in their respective cities.

Global Investment Performance Standards (GIPS)

What are the GIPS standards?
The Global Investment Performance Standards (GIPS®) provide an ethical framework for the calculation and presentation of the investment performance history of an investment management firm. Investment management firms that comply with the GIPS standards allow clients, prospective clients, and consultants the best opportunity to fairly evaluate their past performance.

Who established the GIPS standards?

The GIPS standards were created and are administered by CFA Institute, the global, not-for-profit association of investment professionals that awards the Chartered Financial Analyst (CFA)® and Certificate in Investment Performance Measurement (CIPM)® designations.

Organizations in nearly 40 countries sponsor and promote the Global Investment Performance Standards.

The GIPS standards provide:

Firms with an ability to compete globally
Investors with the ability to make comparisons

Find out more about GIPS

Interested in learning more or attending roundtable discussions?

Contact CIPC