Sprucegrove Investment Management and BPI Global Asset Management have been awarded C$100m (US$65.3m) global equities mandates from the C$2.5bn ($1.36bn) City of Montreal Pension Fund.
Earlier this year the fund put a total of C$400m (US$261.4m) in global equities mandates out to tender. Sprucegrove and BPI's mandates are a result of that tendering process. The fund's controller, Johnny Quigley, said that Baillie Gifford had retained its C$150m (US$98m) global equities mandate that had been up for tender.
Quigley also revealed that one of the fund's existing global equities managers would be terminated, but declined to say which. The outstanding C$50m ($32.7m) mandate from the terminated manager will be reassigned in the third quarter, he said.
Originally, the fund was looking to appoint global equities managers by the end of April. However, a decision about appointments was put back as a study conducted by the fund's consultant, Brockhouse & Cooper reported no clear” choice between shortlisted candidates.
Additionally, Quigley said that the fund has completed its asset allocation study, and that the results would be announced in the third quarter.
By Geoffrey Ho
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