Pension Pulse

AIMCO's CIO Justin Lord spoke with Sarah Rundell of Top1000Funds on their new strategy focusing on cost, efficiency and less directs:  Efficiency, cost savings and less direct investment in private equity are key tenets of investment strategy at C$182 billion ($133 billion) Alberta Investment Management Corporation (AIMCo) under the leadership of new chief investment officer, Justin Lord. Lord has been at AIMCo for 14 years, climbing the ladder to lead the public markets division before he was promoted to the helm in July last year, tasked with steadying the ship after a tumultuous 2024 when the provincial government of Alberta terminated the entire 10-member board and its CEO Evan Siddall citing underperformance and rising costs. [See Chaos at AIMCo as politicians take control ]. In an interview from AIMCo’s Edmonton offices, Lord tells Top1000funds.com that centralising the investment process has been a key focus in his first six months as CIO, particularly around liq...

Rian Howlett ,  Karen Friar and Laura Bratton of Yahoo Finance report the Dow, S&P 500, Nasdaq slide to cap volatile week and month, metals sink after Trump taps Warsh for Fed: US stocks slid on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and a screeching halt to 2026's roaring metals rally . The S&P 500 ( ^GSPC ) and the tech-heavy Nasdaq Composite ( ^IXIC ) fell 0.4% and 0.9%, respectively, recording another down session for tech stocks. The Dow Jones Industrial Average ( ^DJI ) dropped 0.4%. Despite Friday's volatility, all the gauges notched slight January gains. The Dow and Nasdaq both posted their third straight losing weeks, while the S&P 500 snapped its losing streak, rising 0.3% over the past five days. Markets are calculating the potential impact after Trump said he has chosen frontrunner Warsh as the US central bank's next chair. The form...

Derek Decloet and Layan Odeh of Bloomberg report the US dollar has lost its shine and that's a problem for pension funds: Treasury Secretary Scott Bessent stepped in to stop the slide in his country’s currency, telling CNBC earlier today: “The US has always had a strong dollar policy.” The Bloomberg Dollar Spot Index rose for the first time in a week. An exception to the greenback’s rally was the loonie, which stayed strong after the Bank of Canada and Federal Reserve both opted to hold rates steady. The Canadian dollar is now at its highest level against the buck since October 2024, which is nice for cross-border shoppers and vacationers — though there are fewer of them these days. A stronger currency is a complicating factor in the Canadian economy. Some export-driven manufacturers prefer a softer loonie. Among other things, it can help cushion the blow of tariffs. Canadian pension funds, stuffed to the rafters with US-dollar assets, also have some decisions to ma...

Valor and QuadReal recently committed to deliver a 10,000 sqm cross-dock logistics hub in South Paris:  Valor Real Estate Partners (“Valor”), Europe’s leading last-mile logistics specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, a 10-acre site, which includes a 6,500 sqm vacant cross-dock property, in Fleury-Mérogis, south of Paris. In line with the JV’s value-add strategy, Valor will undertake a comprehensive ESG-led refurbishment of the existing space and add a 3,500 sqm extension, delivering a state-of-the art, cross-dock logistics hub. Totalling 10,000 sqm, the property will be ideally suited for 3PL, parcel delivery, and distribution occupiers in what is Europe’s dominant e-commerce centre. Specifications will include a 1/109 sqm door ratio, 9-metre clear heights, vehicle yards ranging from 33 to 53 metres, and extensive car and...

The Canadian Press reports  CPP Investments forms real estate joint venture with California-based IRA Capital: The Canada Pension Plan Investment Board has signed a deal to form a joint venture with California-based private equity firm IRA Capital to invest in medical outpatient buildings. CPP Investments has allocated an initial US$143 million of equity capital to the joint venture. It will hold a 47.5 per cent stake. The partners have agreed to acquire an initial portfolio of 24 properties across 11 U.S. states to start. Sophie van Oosterom, managing director and head of real estate at CPP Investments, says the venture will target modern outpatient care facilities in growing U.S. communities. Founded in 2010, IRA Capital specializes in real estate investments with a focus on commercial real estate assets in the U.S.  Last week, CPP investments issued a statement on this deal:  CPP Investments allocates initial US$143 million of ...