Internal Investment Committee


The Internal Investment Committee was established in 2016 to strengthen our internal processes for exercising delegated authority and certain other matters. Additional details regarding the function of the Internal Investment Committee are set out in its Terms of Reference.

The current voting members of the Internal Investment Committee are set out below. The General Counsel and other investment department staff also attend and participate in meetings of the Internal Investment Committee.

Jeff NortonJeff Norton, B.Sc. (Eng), LLM, CFA, C.Dir.
President & CEO
Chair, Internal Investment Committee

Jeff Norton is responsible for the overall operations of TRAF, and also works closely with the Board regarding governance matters. Prior to initially joining TRAF in 2005, Jeff was President of Assante Global Advisors Inc., an investment management firm based in Los Angeles, California.

Jeff holds two degrees from the University of Manitoba (Industrial Engineering, 1986, Gold Medalist; Law, 1989, Dean's Honour List), as well as a Master of Laws degree from the London School of Economics. Jeff is also a Chartered Financial Analyst (CFA) charterholder and Chartered Director, and previously served as an Adjunct Professor at the University of Manitoba Faculty of Law.

Jeff currently serves as the Chair of the Independent Review Committee of the Beutel Goodman family of mutual funds, as a director of Altema Asset Management Inc. and as a member of the Investment Committee for the Winnipeg Civic Employees' Benefit Program. Within the pension industry, Jeff has served as a director of both the Association of Canadian Pension Management (ACPM) and the Pension Investment Association of Canada (PIAC).

Graeme HayGraeme Hay, CPA, CMA, CFA
Chief Investment Officer

Graeme Hay leads all aspects of TRAF's investment program, including investment strategy, manager selection and monitoring. Prior to TRAF, he was a member of the investment team of Wellington West Asset Management, the internal portfolio management unit of one of Canada's largest independent brokerages. In this role, he carried out fundamental research for the firm's equity portfolios and led the firm's research effort on external investment managers employed across the firm.

Graeme is a Certified Management Accountant (CMA), having earned the Robert Syme Memorial Silver Medal, and is a Chartered Financial Analyst (CFA) charterholder. He is the Chair of the Pension Investment Association of Canada (PIAC), and a past president of the CFA Society of Winnipeg. He also serves on the Investment Committees of the Manitoba Museum Pension Trust Fund, United Way Winnipeg and the University of Manitoba's endowment.

Dave AsselstineDavid Asselstine, CPA, CA.IFA, CFE
Senior Vice President & Chief Financial Officer
Chief Risk Officer

David Asselstine works closely with the investment team, the Board and the Investment Committee in establishing an appropriate investment risk appetite, an appropriate investment strategy, and the prudent design and execution of the investment program.

David has over 20 years of experience as a financial expert. Prior to joining TRAF, he was the President of Infocus Forensic Financial Investigations Ltd. where he served as a forensic accountant and financial expert. His clients have included, among others, the International Monetary Fund, local and national governments, numerous foreign governments, an independent and historic public inquiry, municipal and national police forces, and various public regulatory bodies. On five occasions, David has testified as an expert witness in criminal tribunals dealing with such matters as investment fraud and other white-collar crime matters.

Russell OlivsonRussell Olivson, CFA
Portfolio Manager

Russell Olivson is responsible for the long-term strategy and implementation of TRAF's real estate and real estate debt portfolios.

Prior to TRAF, Russell was the Director of Investments and Analysis for Longboat Development Corporation, a Winnipeg-based real estate development firm, where he was responsible for all investing and financing activities within the organization. Russell played a key role in the development of several office, retail and residential projects, as well as overseeing a portfolio of assets within the city of Winnipeg.

Russell holds a Bachelor of Commerce degree from the Asper School of Business at the University of Manitoba and is a Chartered Financial Analyst (CFA) charterholder.

He currently sits on the Investment Committee of the Jewish Foundation of Manitoba. He also sits on the Board of Directors for Manitoba Possible and is the Chair of its Finance and Audit Committee.