Pension Pulse

Thomas Seal, Layan Odeh, and Kevin Orland of Bloomberg report a $520 billion retirement system comes under fire in Western Canada: In the span of eight months, the pension manager for Canada’s wealthiest province fired its entire board, shuttered new offices in Singapore and New York and cut more than two dozen jobs. If Premier Danielle Smith has her way, that’s just the start of sweeping changes for the C$180 billion ($131 billion) Alberta Investment Management Corp. — and perhaps Canada’s entire pension system. The populist leader is seeking to overhaul how the oil-rich province handles its retirement savings and wealth, with a focus on slashing costs, curbing DEI initiatives, building up a homegrown fund and possibly reducing its exposure to private equity. The moves stand to upend the widely admired “Canadian model” of pensions operating with independent governance through sophisticated in-house management and partnerships with global firms. Smith is also setting up a ...

Barbara Shecter of the National Post reports that La Caisse's $3.2-billion investment in a nuclear project is the kind of deal Canada wants — too bad it's in the UK: The Caisse de dépôt et placement du Québec ’s $3.2-billion investment in a new nuclear energy facility this week is the kind of deal Canada is hoping the country’s largest pensions and institutional investors will step up to fund — but it’s happening overseas, in England, alongside the U.K. government. The Quebec’s pension giant’s 20 per cent stake in the Sizewell C nuclear power station in Suffolk was part of a final funding push to greenlight the project, of which the U.K. government owns 44.9 per cent. Once completed, the country’s first new nuclear plant since 1995 is expected to reduce carbon emissions and provide more than 60 years of “clean, reliable power to the U.K. grid, helping to boost the U.K.’s economy (and) strengthen energy security.” The deal is noteworthy for a couple of reasons: first...

Madison MacLauchlan of BetaKit also reports   Michael Yang to depart OMERS Ventures as pension fund refocuses on Canada in “strategic shift”: Michael Yang is stepping down from his role as head of OMERS Ventures as the Canadian public pension fund undergoes a “strategic shift” to refocus its investment activity in Canada, BetaKit has learned.  In an email sent today by OMERS managing director Saar Pikar, he noted that the pension fund has decided to increase its focus on Canadian investment “while continuing to pursue selective opportunities in the US through both direct investments and strategic partnerships.” The change comes after a strategic review of OMERS’s private equity business. As part of the new strategy, Pikar will take on an expanded role as managing director and head of ventures and growth. OMERS Ventures partner Laura Lenz has also been promoted to managing director, the email said. OMERS confirmed both appointments and Yang’s departure in an ...

Sarah Young and Nina Chestney of Reuters report UK approves Sizewell C nuclear plant after La Caisse investment: Britain has secured investment for the Sizewell C nuclear plant from Canadian pension fund La Caisse, Centrica and Amber Infrastructure, enabling the government to give the final go-ahead on Tuesday for the 38 billion pound ($51 billion) project .   Under the deal, the British state will be the largest shareholder in the project with a 44.9% stake, La Caisse will hold 20%, UK energy firm Centrica 15% and London-based Amber Infrastructure will take an initial 7.6%, joining France's state-owned EDF which had already announced its 12.5% stake.   The decision to go ahead with Sizewell C in eastern England is another sign of a nuclear revival in Europe as several countries look to build new plants to replace ageing fleets, boost energy security and reach climate goals.   The plant in Suffolk will be only the second new nuclear plant built in Britain...