Group Health Group Holdings Inc. is acquiring a 75 per cent stake in Canadian Benefits Investment & Insurance Group Inc., a British Columbia-based provider of group benefits and wealth management services. The transaction will see GroupHEALTH expand its sales and service presence in Western Canada, according to a press release, which noted the acquisition includes […]
The funded position for an average Canadian defined benefit pension plan improved slightly during May, with a solvency of 108.2 per cent, according to a new report by LifeWorks Inc. (formerly Morneau Shepell Ltd.) On an accounting basis, it found expenses for the average pension plan had dropped precipitously since the beginning of 2021, at […]
The Caisse de dépôt et placement du Québec is taking a majority interest of Noverco and its subsidiary Energir, Quebec’s largest natural gas distribution company. The Caisse owns 64.5 per cent of Trencap, a limited partnership that reached an agreement to buy all of the 39.5 per cent outstanding interest in Noverco held by Enbridge for […]
British Airways is appointing Blackrock Inc. as outsourced chief investment officer for its two defined benefit pension plans. While many U.K.-based pensions have adopted an OCIO model, the agreement is significant due to its scale. The Airways Pension Scheme and New Airways Pension Scheme have combined assets of £21.5 billion ($36.82 billion), making the transfers […]
The Canada Pension Plan Investment Board and partners have closed a $27 million series B funding round for Clir Renewables, a software start-up developing cloud-based renewable energy asset management and reporting software. Since it was founded in 2017, Clir has provided technology to support asset owners of renewable energy assets in 11 countries through its artificial intelligence-driven […]
The Canadian Life and Health Insurance Association has elected Michael Doughty, president and chief executive officer of Manulife Canada, as its chair. Doughty will take over the role from Jean-François Chalifoux, the president and chief executive officer of Beneva Inc., who was appointed chair in December 2020 and who’ll remain on the board as a past […]
Shannan Corey will succeed Katherine Strutt as the executive director of the Saskatchewan Pension Plan. A 30-year veteran of the pension sector, Corey most recently served as the founder and CEO of Corey HR Consulting and as a board director of the Saskatchewan Teachers’ Federation’s pension and benefits board. Previously, she was a board vice-president […]
The Canada Pension Plan Investment Board is investing 5.6 billion Indian rupees (about $93 million) to secure a 49 per cent equity stake in a regional retail centre in Kolkata, located in West Bengal. The nine-hectare mall will be a joint venture between the CPPIB and Phoenix Mills Ltd. Construction will begin this year in […]
The Desjardins Group is set to acquire Montreal-based investment firm Hexavest Inc. The deal is expected to close on Sept. 1, 2021, subject to certain conditions. Hexavest, which is based in Montreal, manages $5 billion in assets. The majority of its approximately 50 clients are institutional investors from Canada, the U.S., Australia and Asia. In […]
The Financial Services Regulatory Authority of Ontario has unveiled its priorities for the next three years, including plans to reshape its supervisory role for the province’s defined contribution pension plans. The FSRA’s plan for the financial years 2021-2024, includes three major initiative categories: the first covers a series of goals related to supporting the flexibility […]