Total Fund Management

Stephen McLennan

  • Senior Managing Director

Stephen McLennan leads the newly-created Total Fund Management department, which integrates Ontario Teachers' portfolio construction approach with our treasury and funding capabilities. He was previously responsible for managing Ontario Teachers' allocation to Natural Resources, including direct private assets such as timberland, oil and gas and mining and agriculture.

Stephen joined Ontario Teachers' in 2003 and has since held positions of increasing responsibility in both capital market and private asset related groups. Before joining Ontario Teachers', Stephen spent over three years with Merrill Lynch's investment banking team in Calgary and prior to that, two years with the Canadian operations of Archer Daniels Midland.

Stephen holds a Master of Mathematical Finance from the University of Toronto, an MBA from the University of British Columbia and a Bachelor of Commerce from McGill University. He is also a CFA charterholder and has ICD.D certification from the Institute of Corporate Directors.

Audrey Gaspar

  • Managing Director, Treasury & Integration

Audrey Gaspar is responsible for leading the Treasury & Integration team at the Fund. The team is accountable for Ontario Teachers' investment funding strategy as well as all treasury and funding capabilities to support the investment program.

Audrey joined Ontario Teachers' in 2005 and has held progressively more senior roles including Managing Director, Total Fund Architecture and Vice President, Investment Planning and Asset Liability Modelling.

Audrey earned a Master of Mathematical Finance from the University of Toronto as well as a Master of Arts, Mathematics and a BA (Honours), Mathematics from Western University. She is a CFA charterholder.

Steve Saldanha

  • Managing Director, Portfolio Management & Asset Allocation

Steve Saldanha is responsible for portfolio management and asset allocation for the Total Fund Management department. He joined Ontario Teachers' in 2006 and was most recently Director, Global Tactical Asset Allocation in Capital Markets, where he specialized in active public market investments across various asset classes in both emerging and developed countries.

Prior to joining Ontario Teachers' in 2006, Steve was a portfolio manager at TD Asset Management and CT Investment Management. Before that he was an economist at CIBC World Markets, Nesbitt Burns and TD Securities.

Steve is a CFA charterholder and holds an MA in Economics from the University of Toronto.

Millan Mulraine

  • Director and Chief Economist

Millan Mulraine joined Ontario Teachers' in 2016 after close to 10 years with TD Securities, most recently as their Deputy Chief Economist in New York where he was responsible for directing U.S. economic research and rates strategy. He leads the economics team and is responsible for designing and conducting macro-oriented research to inform the Fund's investment decisions.

Millan holds an undergraduate degree in Economics and Statistics from the University of the West Indies in Jamaica, a Masters in Economics from the University of Warwick in England and a Ph.D. in Economics from the University of Toronto.