FSRA is one of four new clients for giant asset manager
The Financial Services Regulatory Authority of Ontario (FSRA) has selected the Investment Management Corporation of Ontario (IMCO) to manage $1.2 billion in portfolio assets for the Pension Benefits Guarantee Fund (PBGF).
The PBGF is a fund administered by the CEO of FSRA that employers must contribute to if they provide a defined benefit pension plan that is covered by the PBGF for Ontario employees. The purpose is to provide a guaranteed payment of certain benefits if the pension plan terminates due to the employer’s bankruptcy.
“FSRA is committed to promoting the good administration of Ontario pension plans and to protecting the rights and benefits of their beneficiaries,” says Mark White, FSRA CEO. “The Ontario Pension Benefits Guarantee Fund (PBGF) is unique in Canada and protects the beneficiaries of single employer defined benefit pension plans in Ontario that contribute to the PBGF. Increased returns on PBFG assets will provide greater protection to these beneficiaries, and we are confident in IMCO’s ability to improve these returns.”
IMCO is one of the largest asset managers in Canada. Managing over $73 billion in assets (as of December 31, 2022), the company provides end-to-end investment solutions and fiduciary oversight to a range of public sector clients across Ontario.
IMCO adds four new clients
In addition to FSRA, IMCO has also added three other clients to its roster – Tarion Warranty Corporation, the City of Ottawa, and the Ontario Clean Water Agency (OCWA), for a total of $2.6 billion in portfolio assets. IMCO will provide investment management services.
Tarion is an independent, not-for-profit, consumer protection organization designated by the Ontario government to administer the Ontario New Home Warranties Plan Act (ONHWPA). Tarion’s fund provides Ontario's new home buyers and owners with peace of mind that their purchase is safeguarded through the province's new home warranty and protection program.
The City of Ottawa sponsors the closed OC Transpo employees' defined benefit pension plan, which provides retirement benefits to more than 2,000 public transit workers in Ottawa.
OCWA is an Ontario Crown Agency providing solutions to municipalities, First Nations, businesses, governments, and institutions, and committed to ensuring that communities across Ontario have access to safe and reliable water and wastewater services.
IMCO will begin the process for bringing its new clients on board in 2024.
