Pension Pulse

Samantha Subin and Tanaya Macheel of CNBC report the S&P 500 notches new high for 2023 Friday, on six-week hot streak after solid economic data: The S&P 500 rose on Friday to hit a new high for the year after the November jobs report and University of Michigan consumer survey data signaled a resilient economy and cooling inflation, fueling hopes for a so-called soft landing scenario. The S&P 500 added 0.41% to settle at 4,604.37, while the Nasdaq Composite rose 0.45% to finish at 14,403.97. The Dow Jones Industrial Average gained 130.49 points, or 0.36%, to end at 36,247.87. The S&P 500 posted its highest close of the year last week, but had yet to exceed its 2023 intraday high set in July until Friday, when it topped 4,609 in afternoon trading. The benchmark is now up about 20% on the year and trading at its highest level back to March 2022. All the major averages finished the week with gains. The broad market index jumped 0.2% for the period, and the Dow fin

IMCO issued a press release stating it will add $2.6 billion in portfolio assets, following selection by four new clients to provide investment management services: The Investment Management Corporation of Ontario ("IMCO") announced today that it has been selected by the Financial Services Regulatory Authority of Ontario ("FSRA"), Tarion Warranty Corporation ("Tarion"), the City of Ottawa, and Ontario Clean Water Agency ("OCWA") to provide investment management services. Following a competitive evaluation process, IMCO was chosen to manage assets totaling approximately $2.6 billion, including: $1.2 billion for the Pension Benefits Guarantee Fund ("PBGF"), administered by FSRA, $702 million for Tarion’s Guarantee Fund, $633 million for the City of Ottawa's OC Transpo employees' defined benefit pension plan, and $50 million for OCWA’s reserve fund. IMCO is one of the largest asset

Harriet Agnew and Will Louch of the Financial Times report Canadian pension giant warns against UK plan to push schemes into private equity: The head of one of the world’s biggest pension funds has said UK retirement plans should not be told where to invest their money, as the government sets out plans to funnel more cash into unlisted assets and early-stage companies. John Graham, president and chief executive of the Canada Pension Plan Investment Board, which has C$576bn (£337bn) in assets, told the Financial Times he was opposed to “any constraint on portfolio construction” or “any influence to invest in a specific asset class or a specific part of the market”. His comments come as the UK government tries to increase returns for long-term pension savers and unlock an additional £75bn from retirement plans for investment in high-growth businesses. In last month’s Autumn Statement it announced it will revise guidance to the £360bn Local Government Pension Scheme (LGPS), settin

James Bradshaw of the Globe and Mail reports Ontario Teachers’ Pension Plan taps Pierre Cherki to head real estate investing team: Ontario Teachers’ Pension Plan has hired Pierre Cherki to a new executive role leading the real estate investing team that is moving over from subsidiary Cadillac Fairview Corp. in January. Earlier this year, Ontario Teachers’ announced a restructuring that will create an in-house investing team for real estate . In January, a 37-person team will move over from Cadillac Fairview, which will continue to own, operate and develop real estate. Mr. Cherki will lead the new, in-house team as executive managing director, real estate, Teachers’ announced on Tuesday. He has served on Cadillac Fairview’s board since 2022, and spent most of his career at German alternative investment manager DWS Group. At DWS, Mr. Cherki was global head of real estate, then led the alternatives division, and was a member of the company’s executive board. Real estate makes

Last week, CAAT Pension Plan released a white paper on the business benefits of better pensions: Toronto, November 30, 2023 – CAAT Pension Plan today released a white paper, titled Better Pensions Needed to Create a Better Canada, on current demographic trends and state of retirement preparedness that open opportunities for businesses to better retain and engage their workforce. Providing an employer perspective to retirement literacy research, the report highlights actionable recommendations to better attract and retain talent in an intensifying labour market. The paper examines results from the Canadian Public Pension Leadership Council (CPPLC) survey report released in June 2023, The Pensions Canadians Want: Perceptions of Retirement (2016–2022), which compared changes in Canadians' views on retirement over the past six years. It traced how outlooks have declined, factoring environmental and economic drivers such as pandemic disruptions and rising inflation. "A