The Investment Management Corp. of Ontario is taking on the Provincial Judges’ Pension Plan as its latest client.
The pension plan is joining with $420 million in assets under management. With the Treasury Board of Canada Secretariat as its plan sponsor, the plan pays out about $44.3 million in annual pension payments to nearly 300 beneficiaries.
“I am pleased to welcome the Provincial Judges’ Pension Plan as our new client,” said Bert Clark, president and chief executive officer at the IMCO, in a press release. “As the only investment management organization purpose-built to serve Ontario’s broader public sector, we are closely aligned with our clients’ interests.
“Our professional investors, sophisticated risk management systems and cost-recovery model enables clients to meet their long-term financial obligations in an increasingly challenging investment climate.”
In 2017, the IMCO began managing about $60 billion in assets on behalf of the Ontario Pension Board and the Workplace Safety and Insurance Board. And, with a mandate to provide investment management services to broader public sector institutions, it now manages $70.3 billion of assets on behalf of its clients.
In Ontario’s broader public sector, 90 potential funds, representing nearly $100 billion in assets under management, are eligible to join the IMCO, the press release said.