TORONTO (APRIL 15, 2020)
IMCO adds Provincial Judges’ Pension Plan as new client
TORONTO, April 15, 2020 – The Investment Management Corporation of Ontario (IMCO) welcomes the Provincial Judges’ Pension Plan (PJPP) as a new client with $420 million in assets under management. IMCO will strengthen the investment management of the PJPP’s portfolio with expert portfolio construction, access to alternative investments, and superior risk management.
The PJPP is the most recent Ontario public sector fund joining IMCO to reduce overall costs and to access a broader range of investment strategies. IMCO provides a professional end-to-end solution for clients lacking the scale to create or access a full range of asset classes, and consolidated risk management and reporting, in a cost-efficient manner.
“I am pleased to welcome the Provincial Judges’ Pension Plan as our new client,” said Bert Clark, President and CEO, IMCO. “As the only investment management organization purpose-built to serve Ontario’s broader public sector, we are closely aligned with our clients’ interests. Our professional investors, sophisticated risk management systems, and cost-recovery model enables clients to meet their long-term financial obligations in an increasingly challenging investment climate.”
The PJPP pays approximately $44.3M in annual pension payments to nearly 300 Plan beneficiaries. The Treasury Board Secretariat remains as the PJPP’s Plan Sponsor.
In addition to PJPP, there are 90 potential funds in Ontario’s broader public sector that are eligible for IMCO membership. These funds represent nearly $100 billion in assets under management. IMCO is mandated to provide investment management and services to the following persons/entities:
- Crown agencies;
- Corporations, with or without share capital, that is not a Crown agency but is owned, operated, or controlled by the Crown;
- Boards, commissions, authorities or unincorporated bodies of the Crown;
- Universities in Ontario, including affiliated and federated colleges, that receive operating grants from the Government of Ontario;
- Municipalities as defined in section 1 of the Municipal Act, 2001; and
- Any other bodies as may be prescribed.
As an independent, member-based not-for-profit organization, IMCO receives no financial support from the Ontario government or taxpayers.
IMCO’s risk monitoring and oversight helps protect against the loss of public funds; reduces investment management costs, minimizing burden on public purse; and enables access to a broader range of investment strategies, helping to diversify risk and improve investment returns.
The Investment Management Corporation of Ontario (IMCO) manages $70.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors.
For Further Information
Vice President, Corporate Communication