Vestcor Corp. is reporting a 7.5 per cent return for 2023, despite the challenges of rising inflation and high interest rates. The New Brunswick-based investment organization achieved five- and 10-year annualized returns of 6.27 per cent and 6.73 per cent, respectively. In a press release, Vestcor noted these returns ensure its clients continue meeting their […]
Vestcor Inc. is appointing Sean Hewitt as president and chief executive officer, effective mid-April. He’ll succeed John Sinclair, who announced his retirement last November after leading the investment organization for 20 years. Read: New Brunswick’s Vestcor CEO John Sinclair to retire Hewitt has nearly 20 years of progressive experience within the pension and investment industries […]
Vestcor Inc. reduced the carbon exposure to several of its portfolios throughout 2022, according to its annual responsible investing report. The New Brunswick-based investment organization reported its Canadian, global and emerging markets portfolios all saw declines in carbon exposure by nine per cent, 13 per cent and nine per cent, respectively. The portfolios also retained […]
Members of the New Brunswick Public Service Pension Plan are receiving a cost-of-living adjustment that doesn’t cover increases in the cost of living in Canada. According to a press release, the $6.6 billion hybrid pension plan’s board of trustees voted to award its 40,000 members with a 5.24 per cent COLA, set to begin on […]
New Brunswick’s auditor general is reigniting a dispute with the an independent public sector asset manager responsible for investing on behalf of pension plans jointly sponsored by Crown corporations. In a report, Paul Martin, the province’s auditor general, expressed concerns that Vestcor Investment Management Corp., which provides administration services for 11 public sector pension plans and […]
Whether it’s battling the challenges of plan maturity, increasing longevity, the changing nature of work or difficult financial markets, these so-called golden handcuffs are looking pretty dented in some cases. But the 10 years following the great financial crisis wasn’t all bad. Many public pension plans, as well as affiliated administrators and investment managers, have […]