The CPP Investment Board has retained external expertise to provide investment support services and a portfolio risk management system.

State Street Trust Company Canada will provide custody, performance measurement and investment accounting services. Askari, a State Street business unit, will provide a system that supports internal portfolio risk management.

“The CPP Investment Board is a virtual corporation with a small team of experienced professionals setting our operating and investment strategies and then retaining external organizations to help us to implement those strategies,” explained John MacNaughton, CPP Investment Board president and CEO “We want to benefit by accessing and leveraging the best services available in the competitive marketplace rather than building a bureaucracy and expensive internal systems to do everything in-house ourselves. That way we can contain costs and focus on strategic investment decisions that can add significant long-term value.”

He added that State Street and Askari have proven track records in serving the needs of large pension funds. “Their services give us the flexibility we need as our assets under management grow from $14 billion today to more than $130 billion within 10 years.”