Quebec's giant C$125bn (£55.7bn) pension fund, Caisse de depot et placement (CDP), has pulled out of its bid for RT Capital Management.
CDP said it was no longer in the running to purchase RT Capital Management and has terminated its discussions, in agreement with the parties concerned, regarding the purchase of the fund management company.
In March, RT Capital Management's parent company, Royal Bank of Canada (RBC) revealed that it was considering its options regarding the asset manager, including a possible sell off.
Putnam Lovell Securities is advising RBC.
Formed in 1986, RT Capital Management currently has more than C$32bn (£14.5bn) in assets managed for pension funds, corporations, insurance firms, central banks and endowment/charities.
By Geoffrey Ho
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.