Morneau Sobeco Income Fund has purchased Vancouver-based Leong & Associates Actuaries And Consultants for an undisclosed amount.
“One of our key growth strategies has been the acquisition of other firms that complement our service offering, and this transaction is another great example of delivering on our promises,” says William Morneau, chairman and chief executive of Morneau Sobeco. “We are excited to welcome Leong & Associates to our organization, and combine our operations to expand our actuarial and pension consulting offerings in Western Canada.”
Leong & Associates was one of the largest independent actuarial and pension consulting firms in Western Canada and all of its 16 current employees will become employees of Morneau Sobeco.
The acquisition, which was announced Wednesday, was also completed on Wednesday.
Earlier this year, Morneau Sobeco announced the acquisition of Shepell•fgi.
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OMERS Tries to Calm Members’ Nerves
Due to recent questions from its members regarding volatile markets, OMERS released a statement saying that its plan is well funded to weather market changes.
The pension fund said it’s gradually increasing its holdings in private market investments such as infrastructure, private equity and real estate, which is also reducing some of the impact of volatility resulting from wild swings in the market.
The latest evaluation of the plan’s funded status showed a small surplus ($82 million) at the end of 2007.
“Several years ago, there was major volatility in the market and OMERS was equipped to weather the storm,” the statement said. “OMERS is prepared for the long term.”
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Man Investments Opens in Calgary
Man Investments opened the doors to its new office in Calgary Wednesday, saying Western Canada is a key market for the firm’s growth.
“Our new presence in Calgary reflects the growing demand for alternative investment solutions to complement the accelerated growth pattern in the region,” says Toreigh Stuart, CEO of Man Investments Canada. “Calgary, and all of Western Canada, is home to an increasingly high number of sophisticated investors who demand unparalleled experience, high-quality service and access to a wide variety of products, funds and global markets.”
The new office will serve as a hub for Man’s operations in the region, and will be staffed by Lawrence Berrigan, executive vice-president; Athas Kouvaras, regional sales manager; and Jaclyn Britton, internal sales.