The president of the New Brunswick Investment Management Corporation (NBIMC) earned more than $850,000 in 2014, according to information recently released by the province’s comptroller.
The CBC has reported that this amount shatters the previous record pay for an employee connected to the New Brunswick government of just over $725,000, which was set by the same NBIMC president, John Sinclair, in 2013.
The NBIMC, which manages the pension assets of more than 51,000 members of the province’s public service, has a compensation program that is designed to focus on delivering on the investment goals of its clients.
“NBIMC has a long serving compensation program and set of principles that follow best industry practices,” the NBIMC said in a statement. “These practices have enabled our clients to continue to exceed their long-term investment management goals at an extremely attractive management expense ratio versus external management alternatives, while also permitting the corporation to attract and retain competent industry professionals.”
The NBIMC’s gross nominal investment return for the fiscal year ending March 31, 2015 was 14.18% for total assets under management, according to a report in June 2015.
The same report showed that net assets under management reached an all-time high of $13 billion, up from $11.6 billion in the previous year. This increase resulted from $1.629 billion in net investment gains, partially offset by net payouts of $268 million.