Franklin Resources Inc., operating as Franklin Templeton, is acquiring investment management company Legg Mason Inc. The all-cash deal priced Legg Mason’s common shares at US$50. As part of the transaction, Franklin Templeton will assume the manager’s outstanding debt of about US$2 billion. Legg Mason and its multiple affiliates collectively manage about $806 billion, including Brandywine Global, Clarion Partners, […]
While a recession may not be likely, institutional investors can expect dampened performance in many capital markets heading into 2020, according to Bill Yun, executive vice-president at Franklin Templeton’s multi-asset solutions business, at an event in Toronto on Tuesday. Forward-looking expectations for capital markets from Canadian government bonds to emerging market equities are all in […]
When central banks took on the challenge of saving a drowning global economy during the 2008 financial crisis, pension plans appeared to have plenty to be thankful for. However, as the U.S. Federal Reserve and the European Central Bank embark on their latest round of monetary stimulus, these policy changes mean pension plans are now […]
The outsourced chief investment officer market could be reaching its natural maturity, according to a new survey by Cerulli Associates Inc. Globally, OCIO assets under management nearly reached US$2 trillion at the end of 2018. While the U.S. experienced 7.8 per cent growth over the past year, the report noted growth may prove more modest in the coming […]
Andrew Claerhout is joining Searchlight Capital Partners, L.P. as a partner, where he’ll share responsibility for leading the firm’s infrastructure investments. Claerhout previously spent nearly 13 years at the Ontario Teachers’ Pension Plan, where he was most recently head of infrastructure and natural resources. During his time at Ontario Teachers’, he was also responsible for […]
The Alberta Teachers’ Association and the Alberta Teachers’ Retirement Fund are calling on the province’s auditor general to examine the 2019 budget proposal that would put the pension’s investments under the control of the Alberta Investment Management Corp. In a letter to the auditor general, the ATRF said it would prefer to remain in control of its own investments. “Without […]
A defined contribution plan sponsor’s strategic decisions around asset allocation are far more influential to the performance of the pension portfolio than security selection or timing investments. “The strategic decision is very important in terms of long-term results and the long-term experience of your plan members,” said Chhad Aul, vice-president of portfolio management at Sun […]
The Public Sector Pension Investment Board and the Alberta Teachers’ Retirement Fund Board are acquiring all issued and outstanding common shares of AltaGas Canada Inc. The Canadian company holds natural gas distribution utilities, as well as renewable power generation assets. In the transaction, the cash offering of $33.50 per common share is an approximate 31 per cent premium on AltaGas’ closing […]
Twenty years ago, Jim Keohane was brought into the Healthcare of Ontario Pension Plan to launch its derivatives program. Since then, he’s climbed his way to the role of president and chief investment officer, grown his reputation as a trailblazer in liability-driven investing and navigated the pension fund through the financial crisis with positive returns. […]
Looking at South Korea today, it’s hard to believe the country was one of the world’s poorest just a few decades ago. But since the 1960s, its economy has been growing quickly. “In fact, from the mid-1960s to the mid-1970s, it had one of the highest growth rates in the world, and at times in […]