TORONTO, July 24, 2017 /PRNewswire/ --
IMCO to Provide Public Sector Clients in Ontario with Full Range of Investment Management Services
Today the Investment Management Corporation of Ontario (IMCO) began to manage the assets of its first two clients, the Workplace Safety Insurance Board (WSIB) and the Ontario Pension Board (OPB). Together the funds under management have a value of approximately $60B and are invested across a broad range of asset classes, including public equities, public debt, private equity, real estate, and infrastructure. This puts IMCO among the group of the largest public-sector asset managers in Canada.
IMCO was established in 2016 and modelled after similar organizations in Canada such as AIMCo and bcIMC. IMCO's mandate is to provide broader public-sector clients in Ontario with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns.
IMCO is a member-based non-share capital corporation. It operates independently of government, consistent with best practice in the public pension fund investment sector. IMCO's Board of Directors is a professional board with expertise in a range of directly relevant areas. IMCO's CEO, Bert Clark who was hired in late 2016 has been working with the WSIB and OPB to build the organization required to assume investment responsibility for the $60B of assets.
"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," Bert Clark, CEO.
"This is an exciting day for the group of people who have been working hard over an extended period of time to make IMCO a reality. The Board is confident that IMCO will have a major impact on public fund management in Ontario," David Leith, Chair of the Board of Directors.
IMCO anticipates and looks forward to working with additional broader public-sector clients once the integration of the assets and operations of the first two clients is complete.
- Public sector funds of Crown corporations, agencies, board or commissions, universities or municipalities may join IMCO as members.
- The Ontario Pension Board (OPB) is the administrator of the Public Service Pension Plan (PSPP), a major defined benefit pension plan sponsored by the Government of Ontario. PSPP membership is made up of employees of the provincial government and its agencies, boards and commissions.
- The Workplace Safety and Insurance Board (WSIB) is an independent agency that administers compensation and no-fault insurance for Ontario workplaces.
- IMCO is headquartered in Toronto, the second-largest North American financial services centre by employment after New York.
- Read the Investment Management Corporation of Ontario Act (2015)
- Read Facilitating Pooled Asset Management for Ontario's Public-Sector Institutions.
Contact: Gayle Fisher, firstname.lastname@example.org , +1-416-607-7790
SOURCE Investment Management Corporation of Ontario [IMCO]