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%.
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