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Addenda Capital, Greystone Managed Investments Inc. and Phillips, Hager & North Investment Management lead the latest rankings of Canadian institutional investment managers by Stamford, Conn.-based research firm Greenwich Associates.

“These firms have set themselves apart from competitors by providing exceptional service that often goes beyond the constraints of traditional investment mandates to help institutions achieve their primary organizational goals,” Greenwich Associates says in a news release.

Canadian pension funds, along with other types of institutions, are increasingly relying on external asset managers for investment advice and service, the research firm notes.

The three leaders, “… understand that service cements relationships through good times and bad, and that over time, high-quality service will result in lower attrition rates during periods of underperformance and improved cross-sell win rates,” says Davis Walmsley, managing director with Greenwich Associates, in a statement.

To calculate the rankings, Greenwich Associates conducted 217 interviews between July and October 2017 with senior professionals at the largest tax-exempt funds in Canada, including corporate funds, Canadian subsidiaries of U.S. corporate funds, public sector and provincial funds, endowments, and foundations.