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Valuation uncertainty, not liquidity, driver behind real estate fund suspensions

During the global financial crisis, certain real estate funds were suspended because of liquidity constraints, but during the coronavirus downturn, it’s valuation uncertainty that’s causing suspensions, says Steve Marino, senior vice-president of portfolio management at Great-West Life Realty Advisors Inc, a subsidiary of the Canada Life Assurance Co. On March 20, 2020, Canada Life announced […]

  • May 4, 2020 December 6, 2020
  • 08:02

What role will shadow banking play in the coronavirus crisis?

Since the last financial crisis in 2008-09, the shadow banking sector in Canada has been growing at a rapid pace, which can pose challenges in the current coronavirus crisis, according to a report by DBRS Morningstar. Shadow banking refers to non-bank financial institutions that provide credit and related financial intermediation that aren’t prudentially regulated. A […]

  • May 1, 2020 December 6, 2020
  • 10:23

What’s next for variable benefits?

While the Canadian retirement industry has spent a lot of time focusing on the accumulation stage, the decumulation conversation is much further behind. For defined contribution pension plans, almost all jurisdictions across the country have now passed variable benefits legislation, including Ontario, which began allowing the option on Jan. 1, 2020. However, despite receiving legal […]

  • April 30, 2020 December 13, 2020
  • 08:32

Coronavirus crisis sparks need for more investment analysis, monitoring

The current market environment isn’t like a regular market correction, but more like a natural disaster, says Joseph Connolly, vice-president of asset and risk management at Morneau Shepell Ltd. In the current context, investors should be doing more monitoring and looking at more timely data because mid-month or mid-quarter results may be stale. “We’re definitely […]

  • April 29, 2020 December 13, 2020
  • 07:58

Using alternatives to strive for stability at the City of Montreal pension plans

Changes to Quebec’s pension legislation, including a move away from solvency funding requirements and the introduction of a cost-sharing model, against the backdrop of a low interest rate environment has had a major influence on the City of Montreal’s pension investment strategy. The City manages six plans under one pooled portfolio. The assets from all […]

  • April 28, 2020 December 13, 2020
  • 07:29

Can employees’ subjective ages impact their savings behaviour?

In 2018, a 69-year-old man named Emile Ratelband in the Netherlands lost a legal fight to change his birth date to 20 years earlier, arguing that he didn’t feel as old as he was. The court case inspired a paper looking into the idea of subjective age versus biological age and how it impacts economic […]

  • April 21, 2020 December 13, 2020
  • 07:54

Managing a real estate portfolio amid the coronavirus crisis

While the fallout from the coronavirus pandemic has wreaked havoc on many asset classes, institutional investors in real estate face a unique set of challenges. Firstly, the shutdown of non-essential businesses has put many tenants in a position where they can’t afford rent, forcing their investor landlords to decide how to react. Institutional investors are […]

  • April 20, 2020 December 13, 2020
  • 09:47

How the City of Montreal uses alternatives for pension stability

Changes to Quebec’s pension legislation, including a move away from solvency funding requirements and the introduction of a cost-sharing model, against the backdrop of a low interest rate environment has had a major influence on the City of Montreal’s pension investment strategy. The City manages six plans under one pooled portfolio. The assets from all […]

  • April 17, 2020 March 4, 2021
  • 08:54

A look at the different paths to ESG integration

With environmental, social and governance issues becoming more prominent among investors, it’s important to consider what sustainability means for DC plans. Plan sponsors are facing somewhat conflicting objectives, said Christine Girvan, senior managing director and head of Canadian distribution at MFS Investment Management, during a session at Benefits Canada‘s 2020 DC Plan Summit in Montreal […]

  • April 17, 2020 November 30, 2020
  • 08:48

Taking a broader view of pension sustainability

While the pension industry has historically thought about the sustainability of pension plans themselves, it’s now time to think about sustainability more broadly, said Kate Nazar, vice-president of strategy and market development for group retirement services at Sun Life Financial, during a panel at Benefits Canada‘s 2020 DC Plan Summit in Montreal in February. “We’re […]

  • April 17, 2020 November 30, 2020
  • 08:45