The C$59.8bn (US$38.8bn) British Columbia Investment Management Corporation (bcIMC) has removed a European active equity mandate from JP Morgan Fleming Asset Management and given it to Bank Of Ireland Asset Management.
Daryl Jones, vice president of policy and research at the bcIMC, said that JP Morgan was dropped as bcIMC was unhappy with its performance.
He added that even if JP Morgan’s performance had been up to par, Bank of Ireland would still have been chosen as its was a better fit with the bcIMC's current manager roster. Jones declined to say how much the mandate was worth.
The bcIMC manages the assets of eight of the province's pension funds, as well as other investment funds and compensation boards. The eight pension funds are the College Pension Plan; the Municipal Pension Plan; the Public Service Pension Plan; the Teachers Pension Plan; the Workers' Compensation Board Superannuation Plan; the British Columbia Rail Pension Plan; Members of the Legislative Assembly Pension Plan; and the British Columbia Hydro Pension Plan.
Currently, the bcIMC has 80% of its assets managed in-house. Of the C$59.8bn that the bcIMC has in assets under management, 70% is held by the eight pension funds.
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