Pension Pulse

Innes Ferré of Yahoo Finance reports on 'the dark side of AI', Wall Street weighs recent stock sell-off over disruption fears: The stock market just got a look at how disruptive investor concerns over AI could become across multiple industries. What began as a shake-up in software stocks spread to the wealth management, transportation, and logistics industries last week, raising questions about just how deeply AI could transform not only tech but also high-fee service businesses. The S&P 500 ( ^GSPC ) and Nasdaq Composite ( ^IXIC ) both ended the week down more than 1% as Financial Services ( XLF ), Consumer Discretionary ( XLY ), and tech stocks sold off on AI concerns. The Dow Jones Industrial Average ( ^DJI ) was down 1.2% for the week, while the Nasdaq Composite ( ^IXIC ) dropped 2% and the S&P 500 ( ^GSPC ) slipped 1.4% "That's the dark side of AI," Innovator Capital Management chief investment strategist Tim Urbanowicz told Yahoo Finance. ...

James Bradshaw of the Globe and Mail reports  CAAT puts CEO on leave, names new chair and vice-chair amid governance crisis: The CAAT Pension Plan has placed chief executive officer Derek Dobson on administrative leave, installed an acting CEO and appointed a new chair and vice-chair to its board of trustees as a governance crisis at the $23-billion pension plan has spurred an overhaul of its leadership. Mr. Dobson is being sidelined, effective immediately, after some of the plan’s top executives raised concerns about his conduct as well as oversight by CAAT’s board of trustees, setting off multiple investigations into possible governance failures. Kevin Fahey, who was promoted to chief investment officer in late January, has been appointed as CAAT’s acting CEO and plan manager, CAAT said in a statement on Friday. The pension plan also named trustee Audrey Wubbenhorst as its new board chair, and Janet Greenwood as vice-chair. Previous board chair Don Smith was removed ...

The Canadian Press reports  CPP Investments buying 50 per cent stake in Peruvian power company Inkia Energy:  The Canada Pension Plan Investment Board has signed a deal to invest in Peruvian private power generation company Inkia Energy alongside I Squared Capital. Under the agreement, CPP Investments has agreed to acquire a 50 per cent stake in Inkia at a total enterprise value of US$3.4 billion. I Squared, which has been invested in Inkia since 2017, will hold the other 50 per cent. Inkia operates a diversified portfolio through its subsidiaries Kallpa Generación S.A. and Orazul Energy Peru S.A. Bill Rogers, managing director and head of sustainable energies at CPP Investments, says Inkia operates a resilient power generation platform that aligns well with the fund's long-term approach to investing in high-quality businesses. The deal is subject to closing conditions and government approvals. Earlier today CPP Investments issued a press release stating it will inve...