Pension Pulse

James Bradshaw of the Globe and Mail reports the Ontario government plans governance review at pension fund manager OMERS: The Ontario government is launching a governance review of the province’s largest pension fund for municipal employees, responding to pressure from associations representing police and firefighters that complained of a perceived lack of transparency from one of the pension plan’s two boards of directors. The review will examine how effective the governance model for the Ontario Municipal Employees Retirement System (OMERS) has been. It will also look at decision-making processes, the composition and effectiveness of two separate boards that oversee OMERS, and the level of engagement with employees and employers. The review was ordered in August by Ontario’s Municipal Affairs and Housing Minister, Paul Calandra, and revealed publicly at an annual update OMERS gave to Toronto city councillors on Wednesday. Over the summer, multiple associations represen

Medora Lee of USA Today reports on which country has the best retirement system and it's not the US: The U.S. retirement system received a C+ grade again this year, but its score dropped for a second year in a row in a new ranking of global retirement systems. The U.S. system, which is funded mostly by individual retirement accounts (IRA), 401(k)s and  Social Security , came in 29th out of 48 countries, according to the Mercer CFA Institute Global Pension Index, released Monday. Its overall score dipped to 60.4 out of 100, down from 63.0 last year and 63.9 in 2022. It was also below the overall average of 63.6. U.S, scores declined in every subcategory – adequacy,  sustainability  and integrity – that make up the overall score. But the largest drag was from adequacy, which includes benefits provided by the current pension systems, and design features that can potentially improve the likelihood that adequate retirement benefits are provided. The U.S. adequacy score was 63.

The Economic Times of India reports Trudeau doesn't trust India but Canada's pension funds do: India-Canada ties have hit a new low after Canada decided to investigate the Indian High commissioner and other diplomats as "persons of interest" likely in connection with the assassination of Hardeep Singh Nijjar, a Khalistani terrorist and subsequently India recalling its High Commissioner and many other diplomats as well as expelling six Canadian diplomats. Canadian Prime Minister Trudeau and Jagmeet Singh, the leader of the New Democratic Party which had propped up Trudeau's minority government, are known for patronising pro-Khalistani anti-India separatists. Trudeau has accused India of engaging in activities threatening public safety, including covert operations targeting South Asian Canadians. India has accused Trudeau of using anti-India rhetoric for domestic political gains, citing his past association with separatist elements while rejecting his allegatio

Sinéad Carew, Lisa Mattackal and Pranav Kashyap of Reuters report S&P 500, Dow hit records, boosted by bank earnings surprise: The S&P 500 and the Dow scored record closing highs on Friday, with the big boosts from financial stocks after banks reported strong quarterly results while the latest inflation data fueled expectations for a U.S. Federal Reserve rate cut in November. Major financial companies kicked off earnings season with JPMorgan Chase finishing the session up 4.4% after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast. Shares in Wells Fargo rallied 5.6% after its profit also beat analysts' expectations. BlackRock stock gained 3.6% after the asset manager reported that its assets under management had hit a record high for the third straight quarter. Other stocks in the industry rose broadly, making the S&P 500 Financials index the biggest index points boost for the benchmark. "We&#

QuadReal, BCI's real estate subsidiary, and its strategic partner Valor announced they will accelerate London urban logistics deployment and extend development pipeline with c. £60 million Barking and Enfield acquisitions: Valor Real Estate Partners (“Valor”), Europe’s fastest growing last mile real estate specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, operating and development company, two prime last mile logistics sites in Barking and Enfield, London, with a total GDV of £60 million. Both properties were acquired off market. In Enfield, North London, the joint venture has acquired, Trafalgar Trading Estate, Enfield’s pre-eminent multi-let industrial park. The 79,435 square foot property benefits from strong specifications and totals 11 units across three terraced buildings. It is 92% occupied by a range of trade counter and last mile businesses, with an average lease term of two