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
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.