The Ontario Teachers’ Pension Plan will nominate its outgoing president and chief executive Claude Lamoureux to BCE’s board of directors, according to a newspaper report. The Globe and Mail reports that the nomination will take place once the pension fund and its partners—Madison Dearborn Partners and Providence Equity Partners—complete the takeover of the telecom firm. […]
RBC Dexia Investor Services has been selected by IA Clarington Investments Inc. to provide custody for an investment portfolio of approximately $5 billion. “We were impressed not only by the broad range of investor services provided by RBC Dexia, but also by their reputation for delivering responsive, expert client service,” says Gavin Foo, IA Clarington’s […]
UPS and the International Brotherhood of Teamsters have signed a five-year tentative agreement that will establish a pension fund administered by the company and the union. The deal will allow UPS to withdraw employees from the Central States multi-employer pension plan and to establish a jointly trusteed single-employer plan for about 42,000 Teamsters members. The […]
Despite a slight increase in recent years, average contribution levels in the majority of defined contribution(DC)pension plans in the United Kingdom are too low to support employees in retirement, according to survey. Mercer’s 2006 Work & Savings Survey finds that overall contribution rates are up slightly to a current average of 10.4% of salary from […]
A committee headed by Imasco’s former chairman and CEO, lawyer Purdy Crawford, has been formed to oversee the restructuring process of about $35 billion in third-party asset-backed commercial paper(ABCP)as a result of the recent disruption in the credit markets. Crawford’s no stranger to dealing with difficult debt situations, having been appointed as a special […]
The recent trouble in the third-party asset-backed commercial paper(ABCP)market isn’t due to lax rules sanctioned by the Office of the Superintendent of Financial Institutions, said superintendent Julie Dickson. Speaking in Montreal this morning, she said there are two ABCP markets in Canada: one sponsored by Canadian banks, which OSFI oversees, and one sponsored by unregulated […]
The committee created to help restructure the third-party asset-backed commercial paper(ABCP)market in Canada wants more time to reach an agreement. “Given the highly complex process and the significant number of stakeholders involved, a successful restructuring cannot be completed by mid-October in respect of all the affected conduit trusts,” says Purdy Crawford, chairman of the committee. […]
General Motors has reached a tentative agreement with the United Auto Workers union to establish an independent retiree healthcare trust. “This agreement helps us close the fundamental competitive gaps that exist in our business,” says the automaker’s chairman and chief executive, Rick Wagoner. “The projected competitive improvements in this agreement will allow us to maintain […]
The increasing complexity of pension investment management and the need to control the negative impact of investment volatility upon corporate financials are prompting organizations to reevaluate the management of their pension investments, according to a poll. An SEI poll finds that 55% of organizations say they were re-evaluating their investment management approach with 42% reporting […]
The CPP Investment Board has committed US$125 million to acquire a 39% interest in a joint venture sponsored by a U.S.-based real estate private equity firm. The joint venture sponsored by Callahan Capital Partners(CCP)owns five class A office properties totaling 2.8 million square feet and a development parcel in downtown Denver, which were acquired in […]