Pension Pulse

Today, PSP Investments posted this on LinkedIn on a recent discussion between CEO Deborah Orida and Goldy Hyder at the Canadian Club Toronto: The inaugural Canada Investment Summit focused the attention of global capital and gave Canada a podium to make its case to the world. What comes next? This question was at the heart of a fireside conversation between our President and CEO Deborah K. Orida and Goldy Hyder, President and CEO of the Business Council of Canada, at Canadian Club Toronto on Thursday. From infrastructure and airports to structured financing and infrastructure credit, Deb shared PSP Investments’ perspective on the opportunities we see in Canada, drawing on examples of how we are putting capital and expertise to work and leveraging our global experience locally. I am not going to go over the entire discussion but jump right into minute 21 after Deb said "the opportunity is not Canada instead of the US" but to think about Canada "as a seperate desti...

Hugh Leask, Lee Ying Shan and Tobias Burns of CNBC report the Dow tumbles more than 600 points as oil prices rise and market sell-off hits most sectors:  The Dow slid on Friday as a sell-off in tech in the prior session shifted to other areas of the market and U.S. oil prices topped $100 a barrel amid rising fears that the U.S.-Iran conflict would flare up again. The Dow Jones Industrial Average  dropped 652.82 points, or 1.23%, to settle at 52,215.16, while the S&P 500  slipped 0.52% to 7,623.68. The Nasdaq Composite  lost 0.21% to close at 25,955.34. More defensive stocks came under pressure on Friday, with the consumer staples, utilities and healthcare sectors all lower. Dow component American Express  fell more than 3% after announcing it was cutting about 5% of its global workforce , citing the need to “prepare for AI.” Caterpillar  also edged down about 2%, while Goldman Sachs  lost more than 1%, adding pressure to the 30-stock...

Sean Kilpatrick of the Canadian Press reports the public-sector pension board forms joint venture with Nuveen to invest in US shopping centres: The Public Sector Pension Investment Board has signed a deal to launch a joint venture with Nuveen Real Estate to invest in open-air shopping centres in the United States. The partnership is starting with a US$790-million portfolio. PSP Investments says the strategy is demographically driven, focusing on open-air shopping centres anchored by grocers, necessity-based retailers, and essential services. It is targeting U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where retailers are seeking to expand. To date, PSP Investments and Nuveen say they have closed deals on 19 assets in Virginia, Arizona, Florida, Minnesota, Texas, California, Colorado, and Washington. PSP Investments invests money for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mount...

The Canadian Press reports  CPP Investments and OMERS selling Associated British Ports stakes to IFM Investors: TORONTO — The Canada Pension Plan Investment Board and OMERS have signed a deal to sell their entire stakes in Associated British Ports to IFM Investors. Financial terms of the sale were not disclosed. ABP is Britain’s largest port operator with 19 ports in England, Scotland and Wales. CPP Investments holds a 33.9 per cent interest in ABP, while OMERS owns 30.0 per cent. IFM Investors is a global asset manager, owned by Australian pension funds and British pension fund Nest. CPP Investments and OMERS first acquired their stakes in ABP in 2015 and 2006 respectively. Kalbir Tawar of Briefs Finance also reports   IFM takes 64% of Associated British Ports in deal valuing the company at about £10 billion:   Summary: IFM Investors acquired a 64% holding in Associated British Ports The price implies about a £10 billion ($13.4 billion) valuation, per a person familiar w...

Bryan McGovern of Benefits Canada reports  Canada’s sustainable finance taxonomy group publishes final methodology report:  A working group tasked with establishing Canada’s voluntary sustainable finance taxonomy to establish and define green and transition investment categories has released its final methodology report. The new report indicates another step forward for the organization, which collected responses during a public feedback period, and now sets up the development of technical screening criteria and guardrails for specific sectors — electricity, buildings, transportation, mining, manufacturing and forestry or agriculture — by the end of 2027. Marlene Puffer, chair Canadian taxonomy and transition planning council, says the team received nearly 200 submissions during the public response opportunity.  “The ambition remains confirmed [and] that is net...