BCI secures its first client mandate beyond British Columbia, overseeing The Four Pillars Society's fund
The Four Pillars Society has selected British Columbia Investment Management Corporation (BCI) as its investment manager to oversee a $2.8bn settlement fund.
This fund was established following a class-action lawsuit settlement by the Canadian government, addressing the loss of culture and language rights experienced by Indigenous communities due to residential schools.
The Four Pillars Society, representing 325 First Nations across Canada, is tasked with administering these funds to support the revitalization and protection of Indigenous language, culture, heritage, and well-being.
Executive Director Cliff Fregin emphasized the significance of this partnership, stating, “This marks a momentous milestone in the stewardship of these settlement funds and the management of Indigenous capital in Canada.”
He added that BCI's role is crucial in growing and safeguarding the collective assets to empower Indigenous communities in preserving their heritage.
Following a competitive review process, The Four Pillars Society chose BCI based on its comprehensive portfolio approach, in-house asset management capabilities, responsible investment leadership, and cost recovery model that emphasizes equity, accuracy, and transparency.
BCI's CEO and CIO, Gordon J. Fyfe, expressed honor in being awarded this mandate, stating that managing these settlement funds will have a lasting, positive impact on Indigenous people and communities for many generations.
BCI, with $250bn in gross assets under management, serves a diverse clientele, including British Columbia pension funds and institutional clients.
The press release said that this collaboration with The Four Pillars Society marks BCI's first client mandate extending beyond British Columbia.
This initiative aligns with broader efforts to enhance Indigenous participation in economic ventures.
For instance, the Indigenous Growth Fund, managed by the National Aboriginal Capital Corporations Association (NACCA), has raised $153m to support Indigenous entrepreneurs across Canada.
Similarly, the Alberta Indigenous Opportunities Corporation (AIOC) facilitates Indigenous investment in natural resources, agriculture, telecommunication, transportation, and tourism projects, using up to $3bn in loan guarantees to improve access to capital.
