A Letter from Darus Suharto, AVP Finance & CFO
Leona Fields, the Director, Pension Fund, has retired effective May 1, 2026. Since joining 91ÑÇÉ« in July 1999, Leona has devoted more than 26 years of dedicated service to the University. Throughout her tenure, she has been a steady and trusted leader, playing a central role in strengthening our pension investment governance and supporting the long-term sustainability of the Pension Plan, during which time the 91ÑÇÉ« Pension Plan grew from approximately $800 million to $4 billion. Her professionalism, sound judgment, and genuine commitment to both the University and plan members have been deeply appreciated.
Following Leona’s retirement, the University has integrated the pension investment and treasury functions under a single senior investment leader. Arijit Banik, University Treasurer, has assumed the expanded role of Treasurer & Chief Investment Officer. This alignment is intended to streamline investment management, enhance coordination across portfolios, and improve operational resilience, while fully preserving pension-specific governance and fiduciary protections. For clarity:
• Pension investments will continue to be managed strictly in accordance with policies, mandates, and risk parameters approved by the Pension Fund Board of Trustees.
• Reporting lines and accountability to the Pension Fund Board of Trustees will remain unchanged.
• Pension assets will remain fully segregated from the University’s endowment and operating funds.
Darus Suharto
AVP Finance & CFO
Pension Investments Staff
Our Role
The fund’s Pension Investments team has been put in place by the Board of Trustees and Vice-President, Finance & Administration, to prudently manage the fund and ensure it performs optimally. Our role is to:
- Monitor and report on fund performance
- Monitor the activities of the investment managers and all external agents
- Manage the governance of the pension fund and requirements for the Board of Trustees and Pension Fund Investment Committee
- Research and make investment recommendations
- Ensure policy and regulatory compliance
- Monitor and manage cash flows into and out of the fund
- Communicate with plan members about fund performance
Our Partners
To effectively achieve this role, the Pension Investments team works internally with:
- The Pension Fund Investment Committee, composed of both internal and external experts
- The Pension Fund Board of Trustees, composed of stakeholders from the 91ÑÇÉ« community
As well as several external partners:
- Investment Managers – currently 24 relationships
- Custodian – CIBC Mellon
- Auditor – Ernst & Young
- Investment Consultants
Policy & Performance Evaluation – WTW
Manager Search & Real Assets Reporting - Aon - Lawyer – Stewart McKelvey
With daily oversight by the Treasurer & Chief Investment Officer, the Pension Investments team works together with our partners toward the shared goal of securing pensions for plan members now, that are sustainable in the future.
