The British Columbia Investment Management Corp. is overseeing $2 billion on behalf of a not-for-profit organization representing the financial interest of 325 First Nations across Canada.
The Four Pillars Society has selected the BCI to oversee an investment mandate established as part of a $2.8 billion settlement fund granted by the Government of Canada for the loss of culture and language rights of these communities due to residential schools. The suit was originally filed in 2012 and reached a settlement in 2023.
Read: BCI reports 7.5% annual return, assets grow to $250.4BN
“We were honoured,” says Ramy Rayes, executive vice-president of investment strategy and risk at the BCI. “I mean, there’s no other words for it. It was a big, big step for [the] BCI and we felt really honored that they selected us.”
Rayes confirmed the BCI is managing $2 billion for the organization, which received the federal transfer of settlement funds in June 2023. FPS was established with the intention to empower a 20-year administrative venture.
He says the process kicked off with a request for proposal to become the investment manager for an organization without knowing exactly which one. At the end of last summer, the BCI moved on to an interview process and then got the confirmation towards the end of 2024. “Within a couple of weeks, they were fully on board.”
Read: BCI updates voting proxy guidelines, prioritizing ESG
The BCI had to consult with the provincial government to confirm FPS as an institution that could invest with them, he adds. Amid the review, the investment organization also had to navigate a provincial election process.
In a press release, Cliff Fregin, executive director at the Four Pillars Society, said they’ve entrusted the BCI to help grow and safeguard the collective assets. “This marks a momentous milestone in the stewardship of these settlement funds and the management of Indigenous capital in Canada.”
According to the release, the BCI was selected as investment manager because of a total portfolio approach, in-house asset management capabilities, responsible investment leadership and a cost recovery model emphasizing equity, accuracy and transparency.
aHR0cHM6Ly93d3cuYmVuZWZpdHNjYW5hZGEuY29tL25ld3MvY2lyLW5ld3MtbmV3cy9iY2ktb3ZlcnNlZWluZy0yYm4tb2YtZm91ci1waWxsYXJzLXNvY2lldHktc2V0dGxlbWVudC1mdW5kcy8(U2NyZWVuSGVpZ2h0)NzIw(U2NyZWVuV2lkdGg)MTI4MA(T0ZTWVNfUmVmZXJyZXI)(dmlzaXRvcktleQ)Zk5QQmUxbWw(dmlzaXRLZXk)YVVnUE95Mzc){kind=small}