VANCOUVER (NEWS 1130) – BC’s giant public-sector pension fund manager is reporting its first decrease since the financial crisis. The BC Investment Management Corporation says its assets under management in the year to the end of March were down $1.7 billion to $123.6 billion. Its biggest losing bet was on emerging markets, followed by Canadian stocks.
The BC fund underperformed its peers, such as Quebec’s Caisse de depot which returned 9.1 per cent last year and the Ontario Teachers’ Pension Plan which made 13 per cent. The four-year average return by bcIMC is 9.4 per cent.
CEO and chief investment officer Gordon Fyfe says bcIMC “plans to increase client returns by bringing more asset management in-house,” specifically its “private markets and public equities,” rather than using outside firms.
Canada’s fifth-largest pension fund says it is “rebuilding its base,” hiring 76 new people and reviewing compensation “to attract and retail skilled professionals.”