Building the Total Portfolio at Ontario Teachers – Stephen McLennan

Podcast: Capital Allocators – Inside the Institutional Investment Industry · Ted Seides – Allocator and Asset Management Expert

Opublikowano: 2026-10-05

Stephen McLennan is the Co-Chief Investment Officer of the Ontario Teachers' Pension Plan, where he oversees asset allocation for the $300 billion fund responsible for the retirement security of 346,000 teachers. Stephen joined OTPP in 2003 and worked across credit, natural resources, infrastructure, and Total Fund Management, before splitting the CIO seat with Gillian Brown in 2024 — a dual-CIO structure that is unique among Canada's largest pension funds. Our conversation traces that path and discusses OTPP's total portfolio strategy, including the balance of top-down asset allocation with bottom-up investing, role of active management, liquidity, leverage, and internal and e...