The Ontario Pension Board, which runs the C$12bn (US$7.8bn) Public Service Pension Plan, is conducting an asset liability study (ALS) and mandates could be put out to tender in September.
Robert Kay, senior vice president, investments for the Board, said that the ALS is being conducted by Frank Russell in Toronto. After the ALS is completed in September, Kay said that it was likely that mandates would be put out to tender.
According to Kay, amongst the possible mandates that could be put out to tender are equities and alternative investments, such as private equity, hedge funds and leveraged buyouts.
Currently the fund has Sceptre Investment Counsel, Jarislowsky Fraser Investment Counsel, Perigee Investment Counsel, Jones Heward Investment Management and Phillips, Hager & North Investment Management running balanced North American mandates.
GE Asset Management has a Europe and Asia equity mandate, JP Morgan Fleming Asset Management runs a European and UK mandate, whilst Alliance Bernstein has a value US equity mandate. Kay declined to reveal the size of the managers’ mandates, citing the ongoing ALS as the reason.
At the start of the year the fund's asset allocation was as follows: special Ontario debentures 31%; Canadian equities 14%; Canadian bonds 15%; foreign equities 22%; foreign bonds 4%; cash 6%; and real estate 8%.
By Geoffrey Ho
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.