The Investment Management Corp. of Ontario (IMCO), the province’s new public sector pension manager, began to manage approximately $60 billion in pension assets on Monday.
The independent IMCO is modelled on similar public sector pension managers in Alberta and British Columbia (AIMCo and bcIMC). IMCO’s first two clients are the Ontario Pension Board (OPB), which administers the Public Service Pension Plan (PSPP), the Ontario government’s defined-benefit pension plan; and the Workplace Safety and Insurance Board (WSIB), which administers compensation and no-fault insurance in the province.
Toronto-based IMCO provides public sector organizations with investment management services, including portfolio construction, access to a variety of asset classes and portfolio reporting. After taking over the task of managing assets for its first two clients, it expects to add additional public sector clients.
“We look forward to working with our initial two clients and future clients in the coming years to provide them with value added investment services,” says Bert Clark, CEO of IMCO, in a statement.
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