Pension Pulse

The Canadian Press reports  CPP Investments selling Australian toll road assets for $4.5 billion: Canada Pension Plan Investment Board has signed a deal to sell its Australian toll road assets to Transurban for a total of about $4.5 billion. The deal includes CPP Investments' 10.5 per cent stake in WestConnex and its 25 per cent interest in NorthWestern Roads Group, which includes the Westlink M7 and NorthConnex roadways. James Bryce, head of infrastructure at CPP Investments, says the sale allows the investment manager to realize value from mature assets. CPP Investments first invested in Westlink M7 in 2010, followed by investments to develop NorthConnex in 2014. It invested in WestConnex in 2018. The deal will see Transurban increase its interest in NorthWestern Roads Group to 75 per cent and 60.5 per cent for WestConnex. The transaction is subject to closing conditions, including regulatory approvals. Roushni Nair of Investing.com also reports  Transurban to buy ...

Lauren Bailey of Markets Group reports IMCO is restructuring its investment leadership as CIO readies to depart: The Investment Management Corp. of Ontario (IMCO) is moving away from a single chief investment officer model as Rossitsa Stoyanova prepares to leave the role in January 2027. IMCO plans to distribute her responsibilities among three senior investment executives, according to a press release. Rather than appoint a direct successor, the fund will divide responsibilities previously held by the CIO across its total portfolio, private markets and public equities functions. Nick Chamie, currently senior managing director of total portfolio and capital markets and chief strategist, will become executive managing director of total portfolio. Craig Ferguson, senior managing director and head of private equity and global credit, will become executive managing director of private markets, while Angus Botterell, senior managing director and head of public equities, will become...

Today, BCI released its 2025-2026 Stewardship Report:  British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, today released its 2025-2026 Stewardship Report , demonstrating continued environmental, social, and governance ( ESG ) leadership and measurable progress through engagement , proxy voting , and policy dialogue .   “In a year that tested active owners, BCI advanced our stewardship program with the same conviction and persistence we have held for more than 20 years,” said Jennifer Coulson , BCI’s Senior Managing Director & Global Head, ESG. “Consistency is an advantage, and our approach is driving improvements in our portfolio and creating long-term sustainable value for our clients.”   Last year, BCI directly engaged 181 public and private portfolio companies on material ESG risks and opportunities, reaching thousands more through collaborative initiatives. Of the in-depth engagements, 44% showed pos...

Andrew Willis of The Globe and Mail reports  Canadian airports can anchor a global infrastructure champion: If you are reading this while killing time waiting for a flight in one of Canada’s major airports, you are sitting in what should be the country’s next global corporate champion. The federal government’s long-overdue decision to sell concessions in four major domestic hubs – Vancouver, Calgary, Toronto and Montreal – promises to be a win for passengers and taxpayers. After years of analysis paralysis, Prime Minister Mark Carney has an opportunity to improve the passenger experience while raising billions of dollars. The ultimate goal in this exercise, clearly visible to a Prime Minister who started his career as a Goldman Sachs banker advising governments on privatizations, should be creating a private-sector operator of Canadian airports that does business around the world. At least one domestic pension fund, Montreal-based PSP Investments, is already well down this runway. ...

Sean Conlon, Justina Lee and Tobias Burns of CNBC report the Dow jumps more than 470 points Friday; stocks notch winning week despite Treasury yield surge: U.S. equities rose on Friday as Wall Street wrapped up a volatile week of trading, with a surge in Treasury yields rippling through financial markets. The S&P 500  climbed 0.51% to close at 7,743.41, while the Nasdaq Composit  gained 0.5% to 27,068.72. The Dow Jones Industrial Average  advanced 478.64 points, or 0.93% to end at 51,828.62. Akamai Technologies  was a key winner of the session, rising 3% after announcing a multiyear deal with Anthropic . Also helping sentiment, oil prices slid amid optimism that the Strait of Hormuz could be reopened, as Iran has asked the U.S. to return to the memorandum of understanding from June that failed to end the Middle East conflict. West Texas Intermediate crude futures dropped 2.33% to settle at $92.41 per barrel, while international benchmark Brent crude futur...