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Making the difference in retirement

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ISSUE 33.06

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CONTENTS

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UPFRONT 02 Editorial

End ESG lip service

03 Events

06 UP CLOSE

26 PROFILE & DIRECTORY

MONEY MANAGERS

GLIDING HOME

Chhad Aul and Jason Zhang of SLGI on a smooth landing in retirement

04 Statistics

Well-being, retirement, and more

40 Jim Helik column

Perceptions of private equity

SPECIAL REPORT 19 Top Employers

26 Passion for private credit

The country’s best in the field

FEATURES 16 OMERS

Pension security helps support healthy ageing

36 The Vanishing

Life in alternative investing at Barings

Some asset managers may be swallowed up

28 Directory listings UP CLOSE

PRIORITIES PEOPLE

Report from the ACPM national conference

Desjardins’ Marie-France Amyot on keeping the focus on the customer

BENEFITS PROFILE

38 Insurance

Group plans are more vital than ever

PEOPLE 12 Industry Icon

Equiton’s Helen Hurlbut sees blue skies ahead

David Tompkins of Manitoba Blue Cross on why relationships come first

14 FEATURES

THE ROAD LESS TRAVELLED Look beyond the usual for capital appreciation in the long term

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UPFRONT

EDITORIAL

Time for empty ESG rhetoric is over

n a world where USPs can improve ROI, and CTAs and KPIs rule, ESG has become an obligatory acronym for a company “doing good.” Firms from all industries have environmental, social and governance “policies,” and many claim it’s an integral part of its decision-making. Forgive the cynicism. I have no doubt the vast majority of businesses are sincere in their intentions, but there is a growing sense that lip service prevails. Change is not happening fast enough. Does their workforce reflect society? How many women are on the board? Does the company have transparent checks and balances? The exposure of greenwashing – a marketing tactic used to attract environmentally conscious customers, despite their products or services being anything but – has compounded the feeling of ESG inertia, albeit from a more deceitful viewpoint. A report earlier this year by Efficio highlighted the problem when grand environmental targets, set with the best intentions, aren’t backed up. One snippet revealed only 33 percent of business leaders are confident of their organization’s ability to meet its greenhouse gas emissions, while 67 percent admit that overpromising on sustainability-related goals is a major reputational risk to their organisation. For business leaders, then, you’re damned if you do, damned if you don’t. But for many employees and certainly the next generation, a commitment to ESG values is

The lack of trust on this issue has already sparked an ESG backlash especially in the US table stakes. Results, and transparency around them, are what matter if firms are to really make a difference. Our money managers issue features Barings, an institutional asset manager that manages $351+ billion and that has staked a large part of its success on its approach to ESG issues. In particular, its DEI stance is noteworthy in terms of its reporting (UK Gender Pay Gap Report 2022, for example), transparency (32.2 percent of its senior staff are women), and use of employee resources groups (the Barings Black Network US, to name one). Barings is clear that these efforts are also part of its fiduciary duty – that embracing diversity is not only the right thing to do but will also optimize investment returns. This type of attitude is needed to make people view companies’ commitment to ESG as genuine. The lack of trust on this issue has already sparked an ESG backlash, especially in the US, where it has become a political football. This is a potential disaster, because the big-picture goals of ESG, like addressing climate change and ensuring equality in the workplace, are too important to be played with. It’s time to back up well-meaning rhetoric with real action, real numbers, and real change. Enjoy your latest issue of Benefits and Pensions Monitor. James Burton, global managing editor

A KM Business Information Canada publication

benefitsandpensionsmonitor.com ISSUE 33.06 EDITORIAL Managing Editor James Burton

CORPORATE President Tim Duce

Editor Nienke Hinton

Director, People and Culture Julia Bookallil

Content Editor Kel Pero

People and Culture Business Partner Alisha Lomas-Oliver

ART & PRODUCTION Designers Khaye Cortez Marla Morelos Production Coordinators Kat Guzman Loiza Razon Customer Success Executive Michelle Tamayo Vice President, Production Monica Lalisan

SALES & MARKETING Business Development Director Abhiram Prabhu Business Development Manager Doris Holinaty Account Manager Michael Hughes Webinar Producer Kristyn Dougal

Chief Revenue Officer Dane Taylor Chief Information Officer Colin Chan COO George Walmsley CEO Mike Shipley

EDITORIAL ADVISORY BOARD Randy Bauslaugh, Bauslaugh Pensions & Benefits Law Celine Chiovitti, OMERS Joe Connelly, Morneau Shepell Doug Crowe, RBC Tim Clarke, tc Health Consulting John Dynes, Cascadia Greg Hurst, Greg Hurst & Associates Neeraj Jain, Mawer Alain Malaket, InBenefits Mark Newton, Newton HR Law Robert Weston, Pharos Platform

Editorial advisory board members meet informally and are consulted when appropriate to their areas of expertise, intesest or jurisdiction. The members bear no responsibility for the contents of the magazine.

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EVENTS

CONFERENCE

Full schedule, events create successful 2023 ACPM national conference

“BETTER RETIREMENT outcomes – issues, answers, and actions” was the title and theme of the 2023 ACPM national conference, held in Ottawa, ON, from September 12–14, 2023. More than 400 industry professionals, including sponsors, administrators, trustees, and service providers, attended the event to learn about and discuss many of the issues and concerns currently on the minds of stakeholders in the pension industry. On Tuesday, September 12, attendees enjoyed a golf tournament at the Club de Golf Gatineau Golf & Country Club. The course has a length of 5,001–6,894 yards over four teeing areas. The beautiful course has vibrant rolling greens, with numerous bunkers strategically placed, while leaving plenty of trees on the fairways to give definition to each hole. Tuesday evening was the welcome reception

at the Westin Ottawa Hotel. Hundreds of attendees and delegates gathered at the opening reception and enjoyed appetizers and beverages while networking and catching up with industry colleagues.

Discussing insights and risks Wednesday, September 13 featured an opening plenary, “Focus on governance: insights from the Maple 8,” where representatives of some of the top pension funds discussed successes and demands in a rapidly changing global environment, as well as topics such as diversity, equity, and inclusion (DEI), environmental, social, and governance (ESG) issues, sustainable investing, and transition finance. The afternoon plenary on Wednesday was “DC, DB, and TC – challenges and the way

forward.” Leaders from Canadian pension funds, banks, and law firms discussed what was top of mind for them, including the risks they are managing and those they are anticipating. Wednesday evening featured a reception with a dinner and social. The event took place at the Canadian Museum of History in Gatineau, QC – just on the other side of the Ottawa River from the Westin hotel. Hundreds of people enjoyed fine food, refreshments, networking, and a tour of the museum, which included a magnificent exhibition of Indigenous history, culture, and art. The first plenary on Thursday was “Population and economic trends affecting the Canadian retirement system.” The speakers discussed the Canadian population and economic trends reflected in CPP Investments’ thirty-first actuarial report; the difference in funding between basic CPP and Additional CPP; and how the population and economic trends affect the sustainability of benefits. On Thursday afternoon, Canadian political scientist Janice Stein, the Belzberg professor of conflict management, department of political science at the Monk School of Global Affairs & Public Policy, talked about the global developments that will have implications for the pension fund industry. The gala reception and dinner were held on Thursday evening at the Westin hotel. Attendees enjoyed dinner and drinks and listened to Shine, a Canadian cover band. The 2024 ACPM National Conference will take place September 24–26, 2024, at the Delta Grand Okanagan in Kelowna, BC. Visit ACPM.com for more information.

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UPFRONT

STATISTICS RETIREMENT SAVINGS GENDER INEQUALITY

TOTAL REWARDS ASPECTS ENHANCED TO MEET RECRUITMENT AND RETENTION GOALS – 2023 VS. 2022

78%

Base salary

3 out of every 10 women who had paused their careers had to come out of retirement to begin working again.

Variable compensation or bonus programs

40%

Medical benefits

39%

Well-being initiatives 38%

Leave policies

70% of women took time out of work because of the birth of a child or to care for a child. Only 6% of men answered the same.

20% of women

also said that they were concerned about outliving their retirement savings. Only 9% of men expressed the same concern.

Source: Teladoc Health, Virtual Care Transformation Index survey

33% 30

100

Q1 TRUSTEED PENSION FUNDS: MARKET VALUE OF ASSETS BY TYPE Asset class

% of total assets

% change from Q4 2022

Equities

37.5%

1.1%

Bonds

24.9%

Infrastructure

9.6%

4.6%

Real estate

12.2%

0.6%

Short-term

4.7%

5.9%

Assets, nationality unknown

11.2%

4.1% Source: Statcan

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VIRTUAL CARE Dimensions of employee well-being that have become more important in 2023

of employers plan to expand their virtual mental health services over the next three years

74%

Emotional

77%

49%

Financial

83% 47%

Physical

of respondents agree that virtual care programs can help address concerns around diabetes care and weight management

38%

Career

40%

None

10% 0

100

of employers plan to expand their virtual mental health services over the next three years

Source: Gallagher 2023 Workforce Trends Report Series

BIGGEST FINANCIAL STRESSORS Nearly 3 in 4

80 70

60 50

plan to focus that expansion on enhanced mental health services for adolescents, children, and caregivers.

40 30 20

90%

retirement and emergencies

ability to pay bills

level of debt

credit card debt Source: Employee Benefit Research Institute

of employers said an integrated whole-person virtual care strategy was “very” or “extremely” important Source: Teladoc Health, Virtual Care Transformation Index survey

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SPECIAL PROMOTIONAL FEATURE

UP CLOSE

Choosing the right glidepath for the best possible retirement outcome Sun Life Global Investments experts Chhad Aul and Jason Zhang explain how to build a stronger glidepath – with a focus on retirement outcomes THE LIFELONG trajectory of investing from aggressive wealth accumulation to wealth preservation and finally a sustainable income is embedded in the glidepath of target-date funds, which are designed to meet plan members’ needs through the entire cycle. Glidepath construction is the most important step in target-date fund design because it has the biggest impact on plan members’ wealth. “Target-date funds provide plan members with an investment journey,” says Chhad Aul, chief investment officer and head of multiasset solutions at SLGI Asset Management Inc. (SLGI). “We construct our glidepath to ensure a plan member takes an appropriate amount of risk to build assets during the accumulation phase, before transitioning to protecting their wealth and preparing for a later stage we call decumulation.” Managing this glidepath is an incredibly complex process, as investment managers make continual strategic adjustments for market and behavioral risk and investment mix at different phases of the glidepath. They also have to account for broad social shifts. People are not only living longer, they also want to be more active during their retirement years, and that often requires more money for travel, recreation, healthcare, holiday homes, and so much more. Aul, together with colleague Jason Zhang, a portfolio manager at SLGI Asset Management, recently sat down with Benefits and Pensions Monitor to discuss

Chhad Aul, CFA, chief investment officer and head of multi-asset solutions, SLGI Asset Management Inc.

glidepath construction for target-date funds and the important considerations that go into building a stronger retirement outcome. As experts in risk, it’s perhaps no surprise that Aul and Zhang have complementary definitions of risk and how it affects plan members.

Market risk The first category of risk involves exposure to the markets. Markets fluctuate, and this can have a significant impact on a plan

Jason Zhang, CFA, portfolio manager, SLGI Asset Management Inc.

member’s wealth. “When people think about market risk, they tend to focus on the downside risk,” Zhang says. “That’s important, but we also want to ensure our younger plan members have the opportunity to grow their assets – because accumulating a strong asset base proves to be one of the biggest drivers when it comes to delivering strong retirement outcomes.”

Sequence risk Susceptibility to risk increases as a plan

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member moves closer to retirement. Sequence risk is the risk of a plan member withdrawing funds from the target-date fund in order to invest more conservatively. Sequence risk is also important during decumulation because withdrawing funds during a bear market will create more risk to retirement income than withdrawing during a bull market. “This is one thing that we don’t want to see,” Zhang says. “We understand people tend to be susceptible to divesting during major market downturns, but this kind of behaviour usually leads to a worse retirement outcome.” It’s important when designing a glidepath that investment managers understand the scope of sequence risk and take this behavioral bias into consideration in their modelling and analysis.

value of a plan member’s savings, and this needs to be part of the scenario analysis when constructing a glidepath.

Stress-testing the glidepaths We’ve covered the main measures of risk that an investment manager needs to consider when designing a glidepath. But what goes into quantifying those risks and calculating their impact on retirement outcomes? Every investment manager employs a variety of stress tests to measure the different risks and assess the strength of their glidepath candidates. Aul and Zhang’s team have chosen five metrics designed to address the above risks, with a goal of delivering the strongest retirement outcomes possible. The first three apply to pre-retirement and the other two to post-retirement.

“We are looking at thousands of scenarios to ensure plan members are ultimately achieving the right balance of returns to enjoy a comfortable retirement” Longevity risk People are living much longer today than they did in the past. For example, individuals who retire at the age of 65 can expect to have active lives for about 25 years, if we consider mortality improvements. This is a long time to go without employment income, making investment returns very important during the decumulation phase. “We need to make sure that the assets that we’ve helped plan members accumulate for retirement can last for the longer and longer lifespans that we’re now seeing,” Aul says. “We don’t want to see people outliving their savings.”

Inflation risk With inflation at record highs, it is no surprise that inflation risk is an important consideration. Inflation can erode the real

Sponsored by

Featuring equity portfolio manager Jeremy Burge and equity investment specialist Kathrin Forrest THERE ARE OFTEN less-visible paths to long-term capital appreciation than those offered by tech. And taking an alternate path may provide more resilience than holding a handful of highly correlated stocks that can move down as quickly as up. “There are many different ways to deliver results,” says Jeremy Burge, portfolio manager of Capital Group Global Equity Fund™ (Canada). As illustrated in the charts below, information technology played an outsized role in the MSCI All Country World Index one-year results through August 31, 2023, accounting for more than a third of total contribution to results. In contrast, Global Equity experienced a more balanced set of sector contributors, highlighting the opportunities that exist off the beaten track. Industrials was, in fact, the fund’s leading sector contributor at 19.1 percent, followed by consumer discretionary at 16.7 percent and information technology at 16.7 percent. Global Equity has taken many different paths over its 20-plus year history when seeking superior results with the emphasis on the long term. As shown in the chart on the following page, one of the fund’s greatest areas of conviction since its November 1, 2002 inception is not information technology, as some may expect, but consumer discretionary. Think Canada’s Lululemon Athletica, Germany’s Adidas, Home Depot and Amazon in the US, and Sweden’s Evolution AB, a more recent contributor.

“Lighting the way is company-by-company research,” says equity investment specialist Kathrin Forrest. Global Equity’s research team combines the insights of nearly 50 analysts and multiple portfolio managers who bring diverse perspectives to each company under consideration. This leads to a highly differentiated portfolio compared to the index when it comes to individual companies and, as a by-product, sector exposures. “One key point is that it’s not just the portfolio that has multiple avenues to success, but the individual companies as well,” says Burge, referencing the forces at work that may help a company thrive in different environments.

Company innovation is one such force, and it has played an important role in aiding Global Equity’s historical results over the years. Yahoo! Japan and Motorola were some of the fund’s top contributors in 2003, while Gilead Sciences was a pivotal holding in the early 2010s. It’s worth noting that innovation can occur in any sector of the market.

Opportunity All of which brings us to the present day. What are the differentiated, fundamental features that are important today? “Amid today’s economic and geopolitical uncertainty, we’ve positioned the portfolio to perform in multiple scenarios, including

DIFFERENT PATHS, DIFFERENT OUTCOMES Sector results contributors: Global Equity vs. MSCI ACWI

GLOBAL EQUITY

ACWI

Information Technology Financials Consumer Discretionary

Industrials Health Care Communication Services

Information Technology Industrials Consumer Discretionary

Financials Health Care Communication Services

Energy Consumer Staples

Materials Cash

Energy Consumer Staples

Materials

Source: Capital Group

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to mine rare-earth metals such as cobalt, lithium, copper and nickel, materials used to support the energy transition from fossil fuels to electricity and renewables.

AN EVOLVING PORTFOLIO: SECTOR EVOLUTION OF GLOBAL EQUITY OVER TIME When Global Equity’s exposure is: Communication services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real Estate2 Utilities Cash3 and equivalents

Greater than the index1

2003-2023

Less than the index

Min. -3.1 -1.2 -4.6 -5.8 12.9 -3.3 -2.6 -9.1 -3.1 -3.2 -3.9 3.3

Max. Current -1.9 4.2 2.1 10.6 -1.8 0.5 2.6 4.9 -1.5 2.1 5.4 6.2 3.7 5.0 -6.9 7.7 -0.2 1.7 -2.3 2.0 -2.5 -0.5 3.3 16.5

Notes: 1. MSCI World Index from inception to May 31, 2011, and MSCI ACWI thereafter. 2. Real estate included in financials before October 2016. 3. Cash and cash equivalents includes short-term investments. Data as of each year-end and as of June 30, 2023, for the Current column. Effective September 30, 2018, the telecommunication services sector was broadened and renamed to communication services. Certain stocks in the information technology and consumer discretionary sectors were reclassified as communication services companies. Source: Capital Group

a global recession. We do not need a bullish investment environment to deliver results,” says Burge. Individual company features in focus include strong competitive positions, resilient end markets, and solid balance sheets that generate free cash flow. Solid near-term fundamentals are just part of the equation as long-term superior results remain the fund’s North Star.

Structural growth A primary feature for Global Equity’s potential holdings is structural growth, and this can occur through innovation, evolving preferences, or policy or regulation gateways. Opportunities here can stretch across regions, sectors, and industries. As an example, Denmark-based Novo Nordisk has an innovative product pipeline, with the most recent example being its obesity drug, Wegovy. Novo Nordisk’s weight-loss drug cleared a large-scale clinical trial in August, which also showed it reduced the risk of serious cardiovascular events among participants by 20 percent. In the industrials sector, there are various

companies that not only have strong fundamentals but also offer structural growth opportunities. US-based construction equipment-maker Caterpillar has strong market share, solid customer relationships through onsite collaboration, and a sticky aftermarket business. Caterpillar may also benefit from long-term opportunities stemming from the US Inflation Reduction Act. One key aim of the act is to encourage investment in domestic energy production while promoting clean energy. Caterpillar manufactures heavy equipment required

Beyond the obvious Other opportunities may look more cyclical at first glance, but may have longer-term trajectories. Examples include companies in the aerospace industry (Airbus and Safran) as well as travel and leisure (Ryanair and Booking Holdings). “We look for opportunities before the rest of the market sees them,” says Burge. An ability and willingness to return cash to shareholders in a meaningful, sustainable way can also play a key role in favourable results. Examples include some select companies within the energy sector, such as Tourmaline Oil, which has been paying steady dividends and recently announced a share buyback program. Global Equity’s portfolio managers and analysts are deliberate when it comes to companies, approaching some with caution or steering clear of others altogether. This is in part because the same conditions that can point forward for key investments can work against others. For instance, while certain companies may have strong underlying business models, they may face headwinds due to cyclical forces and a heightened focus on regulation. Along with winners, there may be some losers. “Avoiding the not-so-good companies is just as important as investing in enough of the good ones,” says Burge.

CAPITAL GROUP GLOBAL EQUITY FUND™ (CANADA) Global equity allocations have been steadily rising for more than a decade in registered pension investment programs. Global Equity is underpinned by a distinct, decades-old investment process and is singularly focused on delivering superior, consistent results for long-term investors using high-conviction portfolios, rigorous research, and individual accountability. The fund is benchmarked to MSCI ACWI and invests across 40 countries, including both developed and emerging markets. Capital Accumulation Plan sponsors and consultants can access Global Equity via the Sun Life Core Investment Platform, the Canada Life Top Shelf Program, and by request through Manulife Investment. For more information contact Kevin.Martino@capgroup.com, vice president of institutional for Capital Group in Canada.

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RETIREMENT

DEFINED BENEFIT

The impact on health of a secure and stable income in retirement Why the value of a defined benefit pension plan goes beyond the pension cheque

WITH NEARLY 600,000 members, our mission at Ontario Municipal Employees Retirement System (OMERS) is to provide secure, stable, and affordable pensions to Ontarians who have spent their careers serving the public. In 2022, OMERS paid out C$5.9 billion in pension benefits to 194,000 retired members. But the value of a defined benefit pension plan goes beyond the

pension cheque, and I have the great privilege of speaking to members and hearing first-hand how their pension benefits have positively affected their lives. To better understand the relationship between a secure and stable income in retirement and the health and well-being of Canadians, earlier this year OMERS sponsored a report by the National Institute

on Ageing (NIA), a think tank at Toronto Metropolitan University focused on the realities of Canada’s ageing population. The report, Healthy Outcomes: Understanding the Impact of Adequate, Stable and Secure Retirement Income on the Ability of Canadians to Age Well and in the Right Place, reviewed the impact that financial security both before and in retire-

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ment has on the physical and mental health and well-being of Canadians. The report examined the relationship among income, income stability (changes in income over time), and economic security (how a person perceives their financial circumstances) on health and the ability to age in the right place, meaning the ability to determine how and where to age. It also shared new findings from the 2022 NIA Ageing in Canada Survey that further examined these relationships, with a focus on these three broad areas of research: income adequacy, income stability, and economic security. Dr. Samir Sinha, director of health policy research at the NIA and co-author of the Healthy Outcomes report, recently said, “As record numbers of Canadians approach traditional retirement ages over the coming two decades, strategies and initiatives that improve their income adequacy, stability, and security will be critical to enable them to look forward to living the rest of their lives with financial confidence.”

Income adequacy Measuring how Canadians perceive the adequacy of their income can provide insight into whether they have confidence in their financial resources and their ability to sustain themselves to live and age comfortably while also saving for the future. The 2022 NIA Ageing in Canada Survey found that Canadians who reported lower levels of perceived income adequacy were less likely to report excellent or very good health compared to Canadians who reported higher levels of perceived income adequacy. Those who reported having excellent or very good health and higher income adequacy were also more confident in their ability to age in the right place.

The right partner makes everything better.

Some key statistics: • Overall, 72 percent of Canadians aged 50 years and older said that their income was enough for them (33 percent said that it was good enough that they could save from it and 39 percent said that it was just enough so that they did not have major problems) • 26 percent said that their income was not enough for them (19 percent said that it was not enough for them because they were financially stretched and seven percent said that it was not enough because they were having a hard time)

Income stability Income stability describes changes to income over time. Trends over time are important because they capture how having a low income throughout life can result in a cumulative disadvantage to an individual’s health (or vice versa). While changes resulting in increased income can be beneficial, repeated negative changes to income are considered harmful to health.

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RETIREMENT

DEFINED BENEFIT

According to the report, having periods of inadequate income may also reduce an individual’s access to healthcare, leading to insufficient chronic disease management. An unstable income may also increase an individual’s stress, worry, or fear about their current and future financial circumstances. The Canadian pension system acts as a cushion to reduce income instability in retirement, protecting older adults with a minimum income floor. It also helps mitigate income fluctuations through lower taxes and greater social benefits (such as reduced Guaranteed Income Supplement repayments) when income decreases.

health outcomes than physical health outcomes. Economic insecurity may negatively affect an individual’s mental health, regardless of income level. A lack of economic security may influence health and well-being through increased stress or anxiety, which, in turn, worsens physical and mental health in the short and long term. One study outlined in the report indicated that negative mental health impacts can linger even after a period of economic insecurity is resolved. Another study found that economic insecurity negatively affects mental health, even if a temporary drop in household income does not actually occur.

Canadians who reported lower levels of perceived income adequacy were less likely to report excellent or very good health Sudden drops to an individual’s monthly or yearly income could be detrimental if the remaining income is insufficient to cover the entire time spent in retirement or if sudden emergencies or unexpected situations require substantial financial resources. Several studies referenced in the report examined the relationship between eligibility for a public pension and health. Even among low-income individuals, eligibility for a public pension is more likely to be associated with better health outcomes for older adults and a lower probability of experiencing food insecurity.

Economic security Economic security refers to how a person perceives their present or future economic circumstances. For example, someone might worry about whether they could manage or recover from a future unexpected financial downturn. The report found that economic security is more strongly associated with mental

Pensions as social infrastructure As a leader in the pension industry in Canada, OMERS recognizes a responsibility to raise awareness of the value of having a secure and stable income in retirement, for the benefit of both our members and members of other pension plans, and because we know that a secure and stable income in retirement can play a crucial role in positively affecting local, provincial, and national economic and social well-being. In this regard, pensions can be considered “social infrastructure,” which is critical to ensuring our society remains vibrant, caring, and productive. With an increasingly greater proportion of the population over the age of 65, access to employer-sponsored pension plans and a secure and stable income in retirement has never been more critical. Demonstrating their value is important to ensuring broad understanding and support for pension plans that have considerable impact on the

lives of both participants and communities, including the defined benefit pensions that OMERS provides. Pension plan members reported that the presence of a defined benefit plan was a compelling reason for them to stay with their employer. This reframing of value has the potential to broaden the appeal of pension plans at a time when the Canadian population is aging and proportionately few have access to a pension. The NIA research follows the economic and social value research conducted for OMERS by the Canadian Centre for Economic Analysis (CANCEA). The research found that defined benefit pension plans have broad and meaningful value, not just for OMERS members, but also for their families and communities across Ontario. For the member who receives the pension payment, it is a financial value that also provides a better sense of life satisfaction and financial security, higher satisfaction with health, community involvement, and lower stress. It is a valuable retention tool for employers, especially when competition for talent is so strong. And for communities, there is greater likelihood of voluntarism, a high propensity for charitable donations, and less reliance on government financial support. The findings from the Healthy Outcomes report and the prior social value research reinforce the important role that defined benefit pension plans play in Canadian society. Viewed from this perspective, it’s time to have a broader discussion about the role of pensions as social infrastructure. Read the full report at www.omers.com/ healthy-outcomes.

Celine Chiovitti is EVP and head of pensions, OMERS

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SPECIAL REPORT

TOP

EMPLOYERS 2023 Canada’s best companies to work for in the benefits and pensions industry foster a positive and inclusive culture where employees can thrive throughout their careers

CONTENTS

PAGE

Feature article ................................................. 20

Methodology ................................................... 21

Top Employers 2023 ...................................... 24

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SPECIAL REPORT

TOP EMPLOYERS 2023

WORKPLACE WINNERS BENEFITS AND PENSIONS MONITOR announces its inaugural Top Employers of 2023, a select group of companies recognized by their employees as among the best companies to work for in Canada. The premier cohort of Top Employers in the benefits, pensions, and institutional investment space have all achieved

high marks across crucial indicators of employee satisfaction, such as: • benefits • compensation • culture • development • DE&I initiatives

TOP 5 MOST IMPORTANT BENEFITS TO EMPLOYEES 1 = not important; 5= very important

Vacation leave

4.70

Dental coverage

4.68

Medical coverage

4.67

Flexible work options

4.56

“We think it’s essential to have fun; our social committee is busy planning monthly socials and many other events throughout the year, both in and out of the office” Carol Graham, Sutton Special Risk

Survey respondents offered feedback on all the awardees, including the following three Top Employers:

Sutton Special Risk Retirement plan

4.55

Overall employee satisfaction rate: 94% • “Sutton is a wonderful place to work, and I would recommend them to

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anyone looking for a family-type environment that embraces the ‘work hard, play hard’ attitude.” • “Employee engagement and social activities, planned and impromptu, have always been first rate. The management is flexible and willing to make temporary concessions to help the team.” • “As an older employee, it is gratifying to see the younger block of employees growing their careers and flourishing in a culture of inclusivity and educational development.”

Franklin Templeton Canada Overall employee satisfaction rate: 85% • “The many long-standing employees are a testament to the support they feel from the leadership team.” • “I am fortunate to work for a company and within a team where I am

Saskatchewan Healthcare Employees’ Pension Plan (SHEPP) Overall employee satisfaction rate: 83% • “One of the most recognizable qualities is its friendly, positive, and inclusive culture.” • “Our organization prioritizes the health and well-being of employees and deliberately supports professional development and personal growth through training and other opportunities.” • “There are no inter-business unit rivalries that I’m aware of, and it seems staff truly enjoy working here, as reflected by our high participation in social events, on work time, and on employees’ own time.”

Top Employer prioritizes well-being and development Sutton Special Risk strives to improve continually. Employees have access to various initiatives that cater to their develop-

“Our strong culture was deliberately built over time and set us apart; that commitment has led to momentum and growth, with everyone on board and no pushback” Cheldon Angus, Saskatchewan Healthcare Employees’ Pension Plan (SHEPP)

supported and appreciated from all levels. The culture here is the best I have ever been a part of.” • “The company supported employees during the pandemic and has continued to offer flexible arrangements that allow employees to maintain a healthy work-life balance.”

ment, well-being, work-life balance, and a generous benefits package. The group benefit/insurance company encourages community, employee collaboration, and communication. Managers seek feedback and ideas from their teams in respectful, open forums and ensure employees know their contributions are valued.

METHODOLOGY To find and recognize the best employers in the benefits and pensions industry, BPM first invited organizations to participate by filling out an employer form, which asked companies to explain their various offerings and practices. Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development, and commitment to diversity and inclusion. To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75% or greater average satisfaction rating from employees were named Top Employers for 2023.

This combination of factors has resulted in low staff turnover and an above-industry average rating of 4.65 out of 5 in BPM’s survey for excelling at recognizing employees and their accomplishments. “It starts with our people,” says executive vice president and COO Carol Graham. “We’ve been fortunate to have attracted a team of people with shared values who support each other toward achieving our goals.” Some of the programs offered at Sutton include: • two volunteer days per year • funding and time off for employees pursuing industry designations and professional development • company-wide huddles • work exchanges with business partners to mentor younger employees • a flexible, hybrid work structure

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SPECIAL REPORT

TOP EMPLOYERS 2023

IN THE LAST 12 MONTHS, HAVE YOU BEEN CANVASSED BY YOUR EMPLOYER FOR YOUR VIEWS ON BENEFITS, CONDITIONS, ETC.?

32%

Yes

68%

WHAT IS YOUR AGE RANGE? Over 60

5% 50–59

18–29

17%

19%

30–39 40–49

26%

33%

“We will continue to nurture our unique culture and ensure our people remain our priority,” says Graham. “We’ll stay abreast of employee benefits and well-being developments and are launching new, in-house training initiatives this fall, along with a formal mentoring program open to all staff.”

Thriving environment attracts and retains staff A flourishing culture is the trademark of SHEPP. Survey respondents noted that the organization’s great culture starts with downto-earth and welcoming CEO Alison McKay, which cascades throughout the hierarchy. The plan administrator for the Saskatchewan healthcare sector has always been deliberate about its culture and in creating employee programs that would elevate its status as an employer of choice. “We do engagement surveying, and we’re always asking our employees for their feedback,” says chief people and technology officer Cheldon Angus. “We take that data and make many of our decisions based on that feedback, so employees feel like they’ve got a say about what the organization is doing.” SHEPP addresses its employees’ overall well-being and development with various initiatives, including: • a flexible hybrid work environment that continues to expand to support employees • prioritizing employees’ professional and personal development, including financial support • earned days off, where employees work an extra 32 minutes each day to earn a day off once every three weeks • a defined benefit pension plan

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“We have created a work culture that focuses on employees, allowing them to learn, grow, and be valuable contributors while also making a difference in the Canadian market” Duane Green, Franklin Templeton Canada

A full review of the organization’s wellbeing benefit offerings and utilization was conducted to revise programs to better meet employees’ needs and boost program communication to increase understanding of the available services. “We’re going to continue to focus on being that employer of choice, on listening to our employees, and on continuing to mature the programs that we have to meet the needs they want,” says Angus.

Going beyond Our business partnerships are partnerships for success We’re interested in relationships, not transactions. That’s why we commit to providing value to our clients beyond the investments they entrust with us. From thought leadership, investor and professional education, to business solutions to help financial professionals grow their businesses. We are committed to helping our clients succeed.

Learn more at franklintempleton.ca

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SPECIAL REPORT

TOP EMPLOYERS 2023

“That means going back to the market and making sure we’re aware of any advancements and that we’ve got the best-in-class products available for our members.”

Employees thrive over the long term Boasting long-tenured employees who have succeeded in their career journeys is a hallmark of a Top Employer. Franklin Templeton Canada proudly claims that

status with five employees who have been with the organization for over 30 years. “It comes down to our people, and the testament as to why people are here as long as they are is because they feel it is a place where they can bring their whole selves to work every day,” says Canadian president and CEO Duane Green. “Culture comes from the top, and you’ve got to set that tone. You can’t dictate culture; you have to

live it and breathe it, and you have to lead by example.” Franklin Templeton offers a comprehensive and competitive mix of benefits and programs, including: • a defined contribution pension plan with employer contribution, an RSP plan with employer contribution, and a share purchase plan

TOP EMPLOYERS 2023 100–499 employees Franklin Templeton Canada Picton Mahoney Asset Management

26–99 employees InBenefits Phone: 905 889 6200 Email: info@inbenefits.ca Website: inbenefits.ca Saskatchewan Healthcare Employees’ Pension Plan (SHEPP) Phone: 306 751 8300 Email: sheppinfo@shepp.ca Website: shepp.ca

Sutton Special Risk Phone: 1 800 461 3292 Email: inquiries@suttonspecialrisk.com Website: suttonspecialrisk.com Canso Investment Counsel Dixon Mitchell Investment Counsel

10–25 employees Amundi Canada

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• a Be Well program with a broad mission to help employees improve and maintain overall well-being across multiple dimensions • a robust DE&I strategy • a formal hybrid work program The global asset and investment manager fosters a psychologically safe work environment where employees are empowered to do their jobs and encouraged to challenge the status quo. “The real magic is when you actually see people doing this,” says Green. “I’m particu-

larly proud that everyone has adopted that mindset and feeling around coming to work here and figuring out how to take our business to the next level.”

Industry insights While employees praised the Top Employers for fostering a culture in which they feel valued, appreciated, and rewarded, BPM’s survey respondents also offered suggestions on how to improve workplace conditions across the industry: • “Ensure those who excel in their roles

are properly rewarded with increasing responsibility and the opposite for those who do not excel. Keep politics out of the way of meritocracy.” • “Increase the coverage of medical and wellness benefits.” • “More access to senior leaders for employees in satellite offices.” • “As we’ve grown, our office is reaching capacity. Considering a refurbishment or update would be great.” • “It will be critical that employee compensation adjusts to reflect the current environment of increasing inflation.”

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MONEY MANAGERS

PROFILE

‘People are counting on us’ How a passion for alternative investing led Tyler Gately to top private credit role at Barings IN 2008, right out of college, Tyler Gately started his career in investment banking, following in the footsteps of his father, who worked in finance at that time. While he loved the industry and had a “phenomenal experience,” once he was bitten by the alternative bug, he never looked back. He spent the following years rolling up his sleeves to learn the different parts of capital markets. “I’ve loved working with smaller businesses and have preferred closing and sticking with deals versus the transactional style of investment banking,” he says. Gately’s resume includes working on the high-yield bond desk at Wells Fargo Securities, where he was a lead analyst covering the metals, mining, chemicals, and energy sectors. He has also held positions at Plexus Capital, a middle-market-focused junior capital fund, and BofA Merrill Lynch, where he worked in the investment bank’s capital markets division. Gately joined Barings in 2018 and is now global head of client portfolio management for private credit at the asset management firm; his territory includes Canada. He is responsible for client management, product development, and external communication of global private finance investments, and is an observer in investment committee meetings and portfolio investment reviews. Barings’ mandate is split between private and public assets, with capabilities across the spectrum.

Solutions-focused culture with global scale Gately emphasized Barings’ solutions-focused culture and partnership approach as a key differentiator for the firm. His team

creates highly customized portfolios for clients by sourcing investment opportunities across global networks and a range of risk/return profiles, often investing alongside clients. “What’s so powerful about the asset management industry is we are entrusted with others’ capital, whether it be for a pensioner, a foundation, or an endowment. People are counting on us, which makes performance and manager integrity so critical. “Within the private world, we pride ourselves on our unique origination capabilities across the alternative fixed-income spectrum globally, between infrastructure debt on the more conservative end to capital solutions and special situations on the higher-returning end of the spectrum,” he says. Barings is a $351+ billion (as of June 2023) global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed-income, real estate, and specialist equity markets. It has investment professionals based in North America, Europe, and Asia Pacific. Gately says he enjoys working with colleagues across Barings’ global footprint, which provides a broad perspective and an ability to source diverse investment opportunities that are designed to generate attractive risk-adjusted returns for clients. At the same time, he thrives on working with internal teams on topics such as market strategies and broader growth initiatives. He also notes the importance of diversity, equity, and inclusion (DEI) in the asset management industry as a whole, and specifically at Barings.

SNAPSHOT Name: Tyler Gately Years in the industry: 15 Best advice: “Forget the widget that you’re making and focus on your skill set and trust that you can make any product if it fits your skill set.” What inspires you? “When you have people in positions of authority who are truly humble and want to work with you – as opposed to someone who just throws orders down – that really gets me excited to work for that person.” “DEI is something that we are deliberate about, and we try to be thoughtful about how we incorporate that in everything we do. We are lucky to have a remarkably diverse and talented team at Barings, and the value of that is evident in everything from the performance of our funds to the retention of talent.” “I’ve been wildly fortunate in my career to be given opportunities.” While Gately’s top priority will always be his wife and three children, on the professional side, “I would hope that my legacy will be that I’ve utilized those opportunities to make a positive impact on others.”

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ACPM serves plan sponsors, administrators and service providers and provides governments and their agencies with guidance on dozens of retirement income issues in Canada.

ADVOCACY

MEMBERSHIPS

» Publications Topics of Importance

» General Individual Membership Active, Non-active and Student

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EVENTS

PROGRAMS » CareerPost Industry job posting service

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MONEY MANAGERS DIRECTORY LISTINGS

ADDENDA CAPITAL INC. Janick Boudreau, CFA, Executive Vice-President, Business Development & Client Partnerships, 800, René-Lévesque Blvd. W., Ste. 2750, Montreal, QC, H3B 1X9 PH: 514.908.1989 Fax: 514.287.7200 eMail: j.boudreau@addendacapital.com Web: www.addendacapital.com Ownership: Co-operators Financial Service Ltd.: 96.52%; Addenda Capital employees: 3.48% Investment Professionals: 70 Established: 1985 Minimum Investment: Pooled: $5M, Separate: $20M Manager Style – Size Bias: Mid, Large-Cap Style Bias: Value, Growth, GARP Management Style: Active Fixed Income Management Style: Active, Passive Bond Management Style: Duration, Credit, Yield Curve CAP Services: Investment Management Investment Assets Under Management DB Pension: $5,308.8M DC Pension: $1,800.7M Foundation & Not-for-profit: $1,499.2M Private Client: $2,643M Other: $20,929.7M (Insurance, Other Institutional, Third-Party Mutual Funds) Total Investment Assets: $32,181.3M

ALLIANCEBERNSTEIN LP Wendy Brodkin, Managing Director, 200 Bay Street, North Tower, floor 12, Toronto, ON, M5J 2J2 PH: 647.375.8203 eMail: wendy.brodkin@alliancebernstein.com Web: https://www.alliancebernstein.com/ americas/en/institutions/home.html Ownership: Principals: 14%, Public: 25%, Third Party: 61%. Includes ownership of AllianceBernstein units, indirect ownership of AllianceBernstein units through its interest in AllianceBernstein Holding, and general partnership interests in AllianceBernstein and AllianceBernstein Holding by Equitable Holdings Inc. and through various subsidiaries. (2) Public and Other. (3) Direct and indirect ownership including unallocated units in

deferred compensation plans. Investment Professionals: 398 Established: 1971 Minimum Investment: Pooled: $10M, Separate: varies by strategy Manager Style – Size Bias: All Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Bond Management Style: Credit Investment Assets Under Management DB Pension: $5,512M DC Pension: $545M Foundation & Not-for-profit: $308M Private Client: $49M Other: $6,216M Total Investment Assets: $12,630M

AMUNDI CANADA INC. Tanya Bishop, Senior Vice-President, 120 Adelaide St. W., Suite 2201, Toronto, ON, M5H 1T1 PH: 647.201.4225 eMail: tanya.bishop@amundi.com Web: www.amundi.com Ownership: Principals Amundi Asset Management: 100% Investment Professionals: Amundi Canada delegates all portfolio management services to its affiliates (Amundi Group). Established: 2008 Minimum Investment: Pooled: Depends on the legal structure, Separate: Depends on the legal structure Other: Amundi Asset Management offers a range of financial products in all asset classes, in active and passive strategies. CAP Services: Amundi offers a range of investments products, from mutual funds to tailor-made investment mandates. From active to passive, across all asset classes, with industry leading ESG integration and products. As of June 2023, Amundi Canada offers the following products to DB Pension funds: currency overlay, global equity, multi-factor, global corporate bonds, emerging markets equity, and multi-asset. Investment Assets Under Management DB Pension: $5,924M Pension Assets Managed for Other Managers: $411M Foundation & Not-for-profit: $13.9M Private Client: $14.3M

Other: Government-related entities: $184M; Retail distributor $4,221M; Insurance General Fund: $98M Total Investment Assets: $10,868M

BEUTEL, GOODMAN & COMPANY LTD. Tim Hylton, Senior Vice President, Client Service & Business Development, 20 Eglinton Ave. West, Toronto, ON, M4R 1K8 PH: 416.485.1010 Fax: 416.485.1799 eMail: thylton@beutelgoodman.com Web: www.beutelgoodman.com Ownership: Principals: 51%, Third Party: 49%. Includes ownership of Affiliated Managers Group, Inc. Investment Professionals: 25 Established: 1967 Minimum Investment: Pooled: $10M, Separate: $25M Manager Style – Size Bias: Large Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration, Credit, Yield Curve CAP Services: Investment Management Investment Assets Under Management DB Pension: $9,591M DC Pension: $13,789M Foundation & Not-for-profit: $1,171M Private Client: $2,648M Retail Mutual Funds (Direct): $2,180M Other: $10,492M Total Investment Assets: $39,870M

BGO Yvonne Davidson Principal, Capital Raising & Investor Relations, 100 – 1 York Street, Toronto, ON, M5J 0B6 PH: 647.335.4096 eMail: yvonne.davidson@bgo.com Web: www.bgo.com Ownership: Principals: 36%, Public: 51%, Third Party: 13%. Includes ownership of Tetragon Financial Group Investment Professionals: 277 globally; 72 in Canada Established: 1911

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MONEY MANAGERS DIRECTORY LISTINGS

Minimum Investment: Pooled: $1M, Separate: $10M Style Bias: Core Management Style: Active CAP Services: Real Estate Investment Management Investment Assets Under Management DB Pension: $6,953M DC Pension: $282M Foundation & Not-for-profit: $1,051M Private Client: $30M Other: Insurance Companies, Fund of Funds Total Investment Assets: $28,887M

BMO GLOBAL ASSET MANAGEMENT Samantha Cleyn, CFA, MBA, Managing Director & Head, Institutional Sales & Service, 100 King Street West, Toronto, ON, M5X 1A1 PH: 514.862.2653 Fax: 416.364.6758 eMail: samantha.cleyn@bmo.com Web: https://www.bmogam.com/ca-en/ institutional/ Ownership: Third Party (BMO Financial Group): 100% Investment Professionals: 116 Established: 1982 Minimum Investment: Pooled: $10M, Separate: $100M Manager Style – Size Bias: Small, Mid, Large-Cap Style Bias: Value, Growth, GARP, Core Management Style: Active, Passive Fixed Income Management Style: Active, Passive Bond Management Style: Duration, Credit, Yield Curve CAP Services: Investment Management including customized solutions, Recordkeeping and Administration, Member Education, Decision Support Investment Assets Under Management DB Pension: $2,557,614,876.2M DC Pension: $197,077,344.50M Foundation & Not-for-profit: $515,584,599.32M Private Client: $22,205,752,088.80M Retail Mutual Funds: $107,156,367,103.35M Other: $14,644,838,261.07M Total Investment Assets: $147,277,234,273.25M

BNY MELLON ASSET MANAGEMENT CANADA LTD David McKee, Vice President, Institutional Sales David Blyth, Vice President, Institutional Sales 1 York Street, Suite 601, Toronto, ON, M5J OB6 PH: McKee: 647.625.5424, Blyth: 416.846.1018 eMail: david.mckee@bnymellon.com david.blyth@bnymellon.com Ownership: Publicly held: 100% Investment Assets Under Management DB Pension: $31,175M Others: $19,857M (Retail Sub-Advisor)

BURGUNDY ASSET MANAGEMENT LTD. Mike Sandrasagra, VP, Head of Canadian Institutional Group, 181 Bay Street, Suite 4510, Toronto, ON, M5J 2T3 PH: 416.869.8980 Fax: 416.869.1700 eMail: msandrasagra@burgundyasset.com Web: www.burgundyasset.com Ownership: Principals: 100% Investment Professionals: 30 Established: 1990 Minimum Investment: Pooled: $5M, Separate: $10M Style Bias: Quality and Value Management Style: Active Fixed Income Management Style: Active Bond Management Style: Credit Other: Market Capitalization: Small, Mid, Large, All Cap Style: Bottom-up, Fundamental CAP Services: Discretionary investment management services Investment Assets Under Management DB Pension: $5,727M DC Pension: $1,089M Foundation & Not-for-profit: $4,399M Private Client: $10,728M Other: $3,813M – Corporations, Insurance Total Investment Assets: $25,756M

CANSO INVESTMENT COUNSEL LTD. Patrick McCalmont, Portfolio Manager, 550 – 100 York Boulevard, Richmond Hill,

ON, L4B 1J8 PH: 905.881.8853 Fax: 905.881.1466 eMail: clientservice@cansofunds.com Web: www.cansofunds.com Ownership: Principals: 100% Investment Professionals: 31 Established: 1997 Minimum Investment: Pooled: $10M, Separate: $250M Fixed Income Management Style: Active Bond Management Style: Credit CAP Services: Private Debt, Long and Corporate products and services Investment Assets Under Management DB Pension: $7,694.9M DC Pension: $17.5M Foundation & Not-for-profit: $400.1M Private Client: $17,976.9M Other: $12,902.8M Total Investment Assets: $38,992.2M

CAPITAL GROUP CANADA Kevin Martino, Vice-President, Institutional, Brookfield Place, 181 Bay St., Ste. 3730, Toronto, ON, L4B 1J8 PH: 416.815.2128 Fax: 213.486.9223 eMail: kevin.martino@capgroup.com Web: www.capitalgroup.com/ca Ownership: Principals: 100% Investment Professionals: 479 Established: 1931 Minimum Investment: Pooled: $15M, Separate: $120M; separately managed accounts. Minimum Investment is subject to confirmation of account details. Manager Style – Size Bias: All Cap Style Bias: Core Management Style: Active Fixed Income Management Style: Active Bond Management Style: Credit CAP Services: Provide recordkeeper daily pricing feed; provide recordkeeper/DC plan sponsor fund data and commentary for fund data pages (which are produced by the recordkeeper). Investment Assets Under Management DB Pension: $93M DC Pension: $573M Foundation & Not-for-profit: $74M Private Client: $14,780M Other: $3,175M (Subadvisory & SMA) Total Investment Assets: $15,520M

Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com www.benefitsandpensionsmonitor.com

MONEY MANAGERS DIRECTORY LISTINGS

CIBC ASSET MANAGEMENT Carlo DiLalla, Managing Director and Head, Institutional Asset Management, 161 Bay St., Ste. 2230, Toronto, ON, M5J 2S1 PH: 416.980.2768 eMail: carlo.dilalla@cibc.com Web: www.cibcam-institutional.com Ownership: Wholly owned by CIBC Investment Professionals: 90 Established: 1972 Minimum Investment: Pooled: $10M, Separate: $25M Manager Style – Size Bias: Small, Mid, Large Cap, All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active, Passive Fixed Income Management Style: Active, Passive Bond Management Style: Duration, Credit, Yield Curve Other: Sector Allocation CAP Services: Investment management Investment Assets Under Management DB Pension: $22,916.2M DC Pension: $2,156.2M Foundation & Not-for-profit: $1,401.6M Private Client: $3,395.6M Retail Mutual Funds (Direct): $117,190.6M Total Investment Assets: $192,266.4M

CLARION PARTNERS Hugh Macdonnell, Managing Director, 230 Park Avenue, 12th Floor, New York, NY, 10169 PH: 212.883.2500 eMail: clarion.partners@clarionpartners.com Web: https://www.clarionpartners.com/ Ownership: Principals: 18%, Third Party: 82% (Franklin Templeton) Investment Professionals: 209 Established: 1982 Style Bias: Core Management Style: Active Investment Assets Under Management DB Pension: $4,225M Foundation & Not-for-profit: $49M Total Investment Assets: $4,376M

CONNOR, CLARK & LUNN FINANCIAL GROUP LTD. Brent Wilkins, Head of Institutional Sales (Canada), 1400-130 King St. W. , P.O. Box 240, Toronto, ON, M5X1C8 PH: 416.862.2020 Fax: 416-363-2089 eMail: bwilkins@cclgroup.com Web: www.cclgroup.com Ownership: Principals: 100% Investment Professionals: 228 Established: 1982 Minimum Investment: Pooled: $1M, Separate: $10M Manager Style – Size Bias: All Cap Style Bias: Core Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration Other: Also managed on a growth and value style. Bond Management Style includes duration, credit and yield curve CAP Services: Investment management and client service Investment Assets Under Management DB Pension: $20,688.17M DC Pension: $9,285.8M Foundation & Not-for-profit: $2,782.61M Private Client: $15,093.10M Retail Mutual Funds (Direct): $1,055.90M Total Investment Assets: $90,710.3M

DESJARDINS GLOBAL ASSET MANAGEMENT Natalie Bisaillon, Vice President & Chief of Partnerships & Institutional Client Relations, 1, Complexe Desjardins, 20th Floor, South Tower, Montreal, QC, H5B1B2 PH: 877.353.8686 Fax: 514-281-7253 eMail: natalie.bisaillon@desjardins.com Web: www.desjardins.com/dgam Ownership: Third Party: 100% (Desjardins Global Asset Management is part of the Desjardins Group, which is a financial services co-operative that belongs to its members) Investment Professionals: 84 Established: 1998 Minimum Investment: Pooled: $5M,

Separate: $10M Manager Style – Size Bias: Large Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration Other: Bond Style Management: Duration, Credit, Yield Curve CAP Services: LDI, Market Neutral, TAA Overlay, Smart Beta, Multi-factor, ESG, Infrastructure Investment Assets Under Management DB Pension: $10,046M Foundation: $130M Retail Mutual Funds (Direct): $21,502M Total Investment Assets: $50,160M

EQUITON Aaron Pittman, SVP, Head of Institutional, 1111 International Blvd Suite 500, Burlington, ON, L7L 6W1 PH: 905.635.1381 x119 eMail: apittman@equiton.com Web: https://equiton.com/institutional-investors/ Ownership: Third Party Investment Professionals: 5 Established: 2015 Minimum Investment: Separately managed accounts: $1M Other: Real estate – value add CAP Services: Private equity real estate Investment Assets Under Management Others: Exempt market real estate funds: $955M

FIDELITY CANADA INSTITUTIONAL Michael Barnett, Executive Vice-president, Institutional, 483 Bay St., Toronto, ON PH: 416.217.7773 Fax: 416-307-5511 eMail: michael.barnett@fidelity.ca Web: institutional.fidelity.ca Ownership: Principals: 100% Investment Professionals: 39 from FIC, 867 from FMR/FIAM and 461 from FIL, with all of whom Fidelity Investments Canada has a sub advisory relationship. Established: 1987 Minimum Investment: Pooled: $7.5M,

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MONEY MANAGERS DIRECTORY LISTINGS

Separate: varies by strategy Manager Style – Size Bias: Small, Mid, Large, All Cap Style Bias: varies by strategy Management Style: Active Fixed Income Management Style: Active Bond Management Style: varies by strategy CAP Services: Investment only Investment Assets Under Management DB Pension: $14,234.99M DC Pension: $21,230.77M Pension Assets Managed for Other Managers: $4,185.05M Foundation: $849.66M Retail Mutual Funds (Direct): $160,522.93M Total Investment Assets: $204,537.87M

FIERA CAPITAL CORPORATION Krista McLeod, Head of Client Relations, 1981 McGill College Avenue, Montreal, QC, H3A 05H PH: 514.954.3300 Fax: 514 954-9692 eMail: kmcleod@fieracapital.com Web: www.fieracapital.com Ownership: Principals: 14%, Publicly held: 79%, Third Party (DESJARDINS FINANCIAL HOLDING INC): 7% Investment Professionals: 216 Established: 2003 Minimum Investment: Pooled: relationshipbased, Separate: relationship-based CAP Services: Fiera Capital has extensive experience developing innovative solutions for Defined Contribution Pension Plan clients. We are proud to offer unique expertise in traditional and alternative investment solutions, both in terms of income and capital appreciation, allowing Fiera Capital to distinguish itself and offer its clients solutions that will help them achieve their performance objectives across all market environments. Investment Assets Under Management DB Pension: $21,812.03M DC Pension: $6,941.81M Pension Assets Managed for Other Managers: $2,012.40M Foundation & Not-for-profit: $12,506.46M Private Client: $26,967.76M Retail Mutual Funds (Direct): $26,605.50M Total Investment Assets: $111,815.30M

FOYSTON, GORDON & PAYNE INC. (FGP) Kimberley Woolverton, Executive Vice President, Head of Distribution, 1 Adelaide Street East, Suite 2600, Toronto, ON, M5C 2V9 PH: (416) 848-1936 Fax: (416) 367-1183 eMail: kwoolverton@foyston.com Web: www.foyston.com Ownership: Principals: 36%, Third Party (Affiliated Managers Group, Inc.): 64% Investment Professionals: 19 Established: 1980 Minimum Investment: Pooled: $5M, Separate: dependent on strategy Manager Style – Size Bias: Small, Large, All Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration, credit CAP Services: Investment Management Investment Assets Under Management DB Pension: $1,776M DC Pension: $198M Foundation and Not-for-profit: $415M Private Client: $2,586M Total Investment Assets: $6,842M

FRANKLIN TEMPLETON INSTITUTIONAL CANADA Duane Green, President & CEO, 200 King Street West, Suite 1400, Toronto, ON, M5H 3T4 PH: 416.957.6165 eMail: duane.green@franklintempleton.ca Web: www.franklintempleton.ca Ownership: Principals: 35%, Publicly Held: 65% Investment Professionals: 1,178 Established: 1954 Minimum Investment: Pooled: $1M, Separate: varies by strategy Manager Style – Size Bias: Small Cap, Mid Cap, Large Cap, All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active, Passive Fixed Income Management Style: Active, Passive Bond Management Style: Duration, Credit, and Yield Curve CAP Services: Investment Management, OCIO, SIP&P/IPS construction

Investment Assets Under Management DB Pension: $7,827M DC Pension: $2,950M Foundation and Not-for-profit: $1,583M Private Client: $1,259M Retail Mutual Funds: $1,2407M Total Investment Assets: $34,288M

GUARDIAN CAPITAL LP Robin Lacey, Head of Institutional Asset Management, 1 99 Bay St., Suite 2700, Toronto, ON, M5L 1E8 PH: 416.947.4082 eMail: rlacey@guardiancapital.com Web: www.guardiancapital.com Ownership: Third Party: 100% (Wholly owned by Guardian Capital Group Limited) Investment Professionals: 55 Established: 1964 Minimum Investment: Pooled: $1M, Separate: varies by mandate Manager Style – Size Bias: Mid to Large Cap Management Style: Active, Mid, Large Cap Growth, GARP, Core Fixed Income Management Style: Active Bond Management Style: Yield curve, credit, structured products, Index, Immunized CAP Services: Produce comprehensive quarterly client reports; produce monthly updates and flash reports; attend client meetings; a dedicated client servicing executive will provide service to clients with educational requirements. Investment Assets Under Management DB Pension: $3,917.9M DC Pension: $236.7M Foundation & Not-for-profit: $1,818.5M Private Client: $147.1M Total Investment Assets: $6,120.2M

HILLSDALE INVESTMENT MANAGEMENT INC. Harry Marmer, EVP, 1 First Canadian Place 100 King Street West, Suite 5900, P.O. Box 477, Toronto, ON, M5X 1EA PH: 416.913.3907 Fax: 416.913.3901 eMail: hmarmer@hillsdaleinv.com Web: www.hillsdaleinv.com Investment Professionals: 23 Established: 1996 Minimum Investment: Pooled: $2M, Separate: $25M

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MONEY MANAGERS DIRECTORY LISTINGS

Style Bias: Core Management Style: Active Other: We specialize in client-driven bespoke investment mandates including ESG strategies. CAP Services: Hillsdale is an institutional investment boutique renowned for designing systematic, bespoke investment strategies across diverse objectives, including 17 strategies focusing on high alpha, ESG, customized, and smart beta. Investment Assets Under Management DB Pension: $1,237M DC Pension: $133M Pension Assets Managed for Other Managers: $572M Foundation and Not-for-profit: $186M Private Client: $133M Total Investment Assets: $3,290M

JARISLOWSKY FRASER Chad Van Norman, Managing Director, Co-Head, Institutional Management, Head Office; 1010 Sherbrooke St. W., 20th Floor, Montreal, QC, H3A 2R7 PH: 1.800.736.8666 eMail: cvannorman@jflglobal.com Web: www.jflglobal.com Ownership: Publicly held: wholly owned subsidiary of The Bank of Nova Scotia (Scotiabank) Investment Professionals: 33 Established: 1955 Minimum Investment: Pooled: $1M, Separate: $25M Manager Style – Size Bias: All Cap Style Bias: GARP CAP Services: Investment management of either individual asset classes or multiasset strategies; management of short and long-term funds; monitoring compliance with investment policy guidelines and mandates; advice on construction and ongoing monitoring of investment policy statements based on return objectives and risk assessment. Investment Assets Under Management DB Pension: $10,890.2M DC Pension: $8,840.5M Foundation & Not-for-profit: $5,347,30M Private Client: $11,639.10M Retail Mutual Funds (Sub-Advised): $6,934.31M Others: $7,636,79M (Corporation, Education Savings Plan, Indigenous, Insurance, Trust, WRAP, Other) Total Investment Assets: $51,288,17M

LEITH WHEELER INVESTMENT COUNSEL Ben Homsy, Principal, Portfolio Manager – Institutional Clients, 1500-400 Burrard Street, Vancouver, BC, V6C 3A6 PH: 604.683.3391 Fax: 604.683.0323 eMail: benh@leithwheeler.com Web: www.leithwheeler.com Ownership: Principals: 100% Investment Professionals: 50 Established: 1982 Minimum Investment: Pooled: $3M, Separate: $10M Manager Style – Size Bias: All Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Investment Assets Under Management DB Pension: $7,400M DC Pension: $1,363M Foundation & Not-for-profit: $2,100M Pension Assets Managed for Other Managers: $2,081M Private Client: $3,268M Retail Mutual Funds: $170M Total Investment Assets: $23,106M

LETKO, BROSSEAU & ASSOCIATES INC. David Després, Vice President, Investment Services, 1800 McGill College, Suite 2510, Montreal, QC. H3A 3J6 PH: 514.499.1200 Fax: 514.499.0361 eMail: data.requests@lba.ca Web: https://www.lba.ca/ Ownership: Principals: 84%, Third Party (minority shareholders and employees): 16% Investment Professionals: 24 Established: 1987 Minimum Investment: Separate: $5M Manager Style – Size Bias: All Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active Investment Assets Under Management DB Pension: $6,902M DC Pension: $328M Foundation & Not-for-profit: $1,167M Private Client: $6,542M Total Investment Assets: $16,093M

LINCLUDEN INVESTMENT MANAGEMENT Wayne Wilson, 201 City Centre Drive, Mississauga, L5B 2T4 PH: 905.273.3018 eMail: wayne.wilson@lincluden.net Web: lincluden.com Ownership: Principals: 40%, Third Party (Morguard Corporation): 60% Investment Professionals: 8 Established: 1982 Minimum Investment: Pooled: $0.15M, Separate: $0.15M Manager Style – Size Bias: All Cap Style Bias: Value Management Style: Active Fixed Income Management Style: Active

MAWER INVESTMENT MANAGEMENT LTD. Neeraj Jain, Institutional Portfolio Manager, 79 Wellington Street West TD South Tower, Suite 3410, Box 276, Toronto, ON, M5K 1J5 PH: 416.865.3929 eMail: njain@mawer.com Web: https://www.mawer.com/ Ownership: Principals: 100% Investment Professionals: 41 Established: 1974 Minimum Investment: Pooled: $10M, Separate: $50M Manager Style – Size Bias: All Cap Style Bias: Quality at the right price Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration, Credit, Yield Curve CAP Services: Investment management services along with periodic written pieces including discussion papers, blog articles, podcasts, and quarterly investment updates Investment Assets Under Management DB Pension: $12,306.2M DC Pension: $7,922M Foundation and Not-for-profit: $5,400M Private Client: $12,198.5M Retail Mutual Funds: $8,733.5M Other: $34,568.1M Total Investment Assets: $81,128.3M

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MONEY MANAGERS DIRECTORY LISTINGS

Investment Assets Under Management DB Pension: $5,674M Foundation: $450M Others: $5,007M (Non-pension third-party assets) Total Investment Assets: $11,130M

Investment Assets Under Management DB Pension: $835.9M DC Pension: $36.6M Foundation & Not-for-profit: $131M Private Client: $62M Total Investment Assets: $2,769M

MFS INVESTMENT MANAGEMENT CANADA LIMITED Christine Girvan, Senior Managing Director, Head of Canadian Distribution, 77 King St. W., 35th Floor, Toronto, ON, M5K 1B7 PH: 416.361.7273 eMail: cgirvan@mfs.com Web: www.mfs.com Ownership: Principals: up to 20%, Third Party (Sun Life Financial Inc.): 80% Investment Professionals: 315 Established: 1924 Minimum Investment: Separate account: Dependent on strategy Manager Style – Size Bias: All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration, credit, yield curve CAP Services: Asset management Investment Assets Under Management DB Pension: $5,429.4M DC Pension: $12,396.4M Foundation & Not-for-profit: $1,509.5M Other: $18,860.5M Total Investment Assets: $38,195M

ORBIS INVESTMENTS Chris Horwood, Head of Institutional Business, Canada, 2600 – 4710 Kingsway, Burnaby, BC, V5H 4M2 PH: 778.331.3074 eMail: chris.horwood@orbis.com Web: www.orbis.com Ownership: Principals: 100% Investment Professionals: 59 Established: 1989 Minimum Investment: Pooled: US$5M Manager Style – Size Bias: All Cap Style Bias: Value, Core Management Style: Active CAP Services: Pooled investment vehicles Investment Assets Under Management DB Pension: $2,547M DC Pension: CA$30M Foundation & Not-for-profit: $131M Private Client: $61M Total Investment Assets: $2,769M

PICTON MAHONEY ASSET MANAGEMENT Taras Klymenko, Head of Institutional Business, 33 Yonge St. – Suite 830, Toronto, ON, M5E 1G4 PH: 416.955.4845 Fax: 416.955.4100 eMail: tklymenko@pictonmahoney.com Web: www.pictonmahoney.com Ownership: Employees: 100% Investment Professionals: 43 Established: 2004 Minimum Investment: Pooled: $10M, Separate: $25M Manager Style – Size Bias: All Cap Style Bias: Momentum Management Style: Active Fixed Income Management Style: Active Bond Management Style: Hedged/Core CAP Services Investment management solutions (liquid alternative funds, mutual funds), portfolio construction Investment Assets Under Management DB Pension: $1,330.1M Foundation & Not-for-profit: $64.7M Retail Mutual Funds (Direct): $4,735.1M – includes liquid alternative mutual funds Total Investment Assets: $9,423.7M

NORTHERN TRUST ASSET MANAGEMENT David Lester, Senior Vice President, Global Institutional Client Group, 1910–145 King Street West, Toronto, M5H 1J8 PH: 416.843.3165 Fax: 416.366.2033 eMail: david.lester@ntrs.com Web: https://www.northerntrust.com/ canada/home Ownership: Publicly held: 100% Investment Professionals: 496 Established: 1889 Minimum Investment: Pooled: varies by mandate, Separate: varies by mandate Manager Style – Size Bias: All Cap Other: Full suite of investment solutions including active, quant, index, OCIO and private investments. CAP Services: Investment Management, Investment Consulting, Manager Research, Asset Allocation & Portfolio Construction, Oversight & Due Diligence

PICTET ASSET MANAGEMENT François Forget, Head of Distribution – Canada, 1000 de la Gauchetière West Suite 3100, Montreal, QC, H3B4W5 PH: 514.518.8587 eMail: fforget@pictet.com Web: www.am.pictet Ownership: Principals: 100% Investment Professionals: 405 Established: 1980 Minimum Investment: Pooled: $1.6M, Separate: $50M Manager Style – Size Bias: All Cap Style Bias: Growth Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration Defined Contribution Pension Plan clients: Investment Management including customized solutions

SETANTA ASSET MANAGEMENT Setanta Asset Management, Beresford Place, Dublin 1 PH: +353.1.612.4900 Fax: +353 1 612 4948 eMail: clientservices@setanta-asset.com Web: setanta-asset.com Ownership: Third-Party: 100% (Parent Company – Great West Life Co.) Investment Professionals: 15 Established: 1998 Minimum Investment: Pooled: $1M, Separate: $25M Manager Style – Size Bias: All Cap Management Style: Active, Quality Value Investment Assets Under Management DB Pension: $581M DC Pension: $51M

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MONEY MANAGERS DIRECTORY LISTINGS

SLC MANAGEMENT Heather Wolfe, Senior Managing Director, Head of Canadian Business Development, 1 York St., Toronto, ON M5J 0B6 PH: 416.408.7834 eMail: heather.wolfe@slcmanagement.com Web: www.slcmanagement.com Ownership: Sun Life Capital Management (Canada) Inc. is an SLC Management company that is an indirect wholly-owned subsidiary of Sun Life Financial Inc., a publicly traded company listed on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Investment Professionals: 187 Established: 2013 Minimum Investment: Pooled: Varies by pooled fund, Separate: Varies by mandate Fixed Income Management Style: Active Bond Management Style: Credit Other: Our primary source of value-add within our fixed income teams is credit analysis. We typically do not take active interest rate positions. CAP Services: We offer investment management services to defined contribution pension plans through Sun Life Assurance Co. of Canada’s Group Retirement Services Business Unit. Investment Assets Under Management DB Pension: $7,253M CAP: $932M Other (Insurance, Mutual Fund Sub-Advisory): $121,447M Total Investment Assets: $129,632M

SUN LIFE GLOBAL INVESTMENTS Anne Meloche, Head of Institutional Business, 1 York Street, Toronto, ON, M5J 0B6 PH: 877.344.1434 Fax: 855.329.7544 eMail: info@sunlifeglobalinvestments.com Web: https://www.slqiinstitutional.com/en/ Ownership: Publicly held: 100% Investment Professionals: 11 Established: 2010 Manager Style – Size Bias: Small, Mid, Large, All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active, Passive Fixed Income Management Style: Active, Passive

Bond Management Style: Duration, Credit, Yield Curve CAP Services: Full suite of funds, communications, education Investment Assets Under Management DC Pension: $20,226M Retail Mutual Funds (Direct): $10,889M Total Investment Assets: $36,050M

TD GLOBAL INVESTMENT SOLUTIONS Mark Cestnik, Managing Director, 161 Bay St., 34th Floor, Toronto, ON, M5J 2T2 PH: 416.274.1742 Fax: 855.329.7544 eMail: mark.cestnik@tdam.com Web: www.tdgis.com Ownership: Third Party: 100%. Under the brand name “TD Global Investment Solutions” (“TDGIS”), TDAM offers its products and services to institutional investors. The TDGIS brand represents the institutional asset management businesses of TD Bank Group, globally. Investment Professionals: 323 Established: 1987 Minimum Investment: Pooled: $17M, Separate: $50M active and $200M passive Manager Style – Size Bias: Large, All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active Passive Fixed Income Management Style: Active, Passive Bond Management Style: Credit, Yield Curve Other: Minium Variance (low volatility) CAP Services: Investment management Investment Assets Under Management DB Pension: $125,360.1M DC Pension: $16,183.12M Pension Assets Managed for Other Managers: $402.91M Foundation & Not-for-profit: $7,303.56M Private Client: $51,953.1M Retail Mutual Funds (Direct): $152,141.05M Total Investment Assets: $393,453.31M

TRANS-CANADA CAPITAL Jean-Francois Milette, Global Head, Client Solutions, 1800, McGill College Ave., Ste. 2000, Montreal, QC H3A 3J6

PH: 514.397.7370 Fax: 855.329.7544 eMail: jfmilette@transcanadacapital.com Web: transcanadacapital.com Ownership: Air Canada Investment Professionals: 47 Established: 2019 Minimum Investment: Pooled: $5M Manager Style – Size Bias: All Cap Management Style: Active Fixed Income Management Style: Active Bond Management Style: Duration, Credit, Yield Curve, Relative Value approach Other: Diversified private markets and co-investment funds, and also a multi-strategy hedge fund Investment Assets Under Management DB Pension: $26,588M Pension Assets Managed for Other Managers: $601M Foundation & Not-for-profit: $45M Private Client: $24M Retail Mutual Funds (Direct): $21M Total Investment Assets: $27,280M

TRIASIMA PORTFOLIO MANAGEMENT INC. Nathalie Nowlan, Partner, Client Relationships, 2520-900 de Maisonneuve Blvd West, Montreal, H3A 0A8 PH: 514.906.0667 eMail: clients@triasima.com Web: https://triasima.com/ Ownership: Principals: 100% Investment Professionals: 11 Established: 2000 Management Style: Active Fixed Income Management Style: Active Other: Size and style biases are a blend CAP Services: Triasima provides portfolio management services Investment Assets Under Management DB Pension: $320M DC Pension: $6M Foundation & Not-for-profit: $78M Private Client: $213M Total Investment Assets: $3,277M

T. ROWE PRICE Lauren Bloom, Head of Canada 77 King St W Ste. 4240, Toronto, ON, M5K1G8

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NOVEMBER 7 | TRIBECA 360° NEW YORK CITY

PH: 416-320-7217 Fax: 855.329.7544 eMail: lauren.bloom@troweprice.com Web: www.troweprice.com Ownership: Publicly held: 100% *T. Rowe Price Group, Inc. is an independent, publicly traded company with significant employee ownership. Common stock owned outright by our associates and directors, combined with outstanding vested stock options and unvested restricted stock awards, total approximately 7% of our outstanding stock and outstanding vested stock options at December 31, 2022. Investment Professionals: 827 Established: 1937 Minimum Investment: Pooled: $5M, Separate: Varies by strategy and product Manager Style – Size Bias: Small, Mid, Large, All Cap Style Bias: Value, Growth, GARP, Core Management Style: Active Fixed Income Management Style: Active, Passive Bond Management Style: Duration, Credit, Yield Curve CAP Services: Investment management only for Canadian clients Investment Assets Under Management DB Pension: $2,264.1M DC Pension: $1,656.2M Foundation & Not-for-profit: $491.5M Total Investment Assets: $22,625.8M

VAN BERKOM GLOBAL ASSET MANAGEMENT Andy Kong, Senior Director, Institutional Markets, 600 de Maisonneuve Blvd West, Suite 2510, Montreal, QC H3A 3J2 PH: 514.985.0909 Fax: 514.985.2430 eMail: akong@vanberkomglobal.com Web: www.vanberkomglobal.com Ownership: Principals: 100% Investment Professionals: 16 Established: 1991 Minimum Investment: Pooled: $1M, Separate: $5 Manager Style – Size Bias: Small Cap Style Bias: Core Management Style: Active Other: Quality Investment Assets Under Management DB Pension: $1,838M DC Pension: $218M Foundation & Not-for-profit: $161M Private Client: $54M Total Investment Assets: $2,271M

BE PART OF THE EVENT OF THE YEAR Leading women from across the financial advisory profession will gather for the Women to Watch Summit and Awards—an evening of celebration and recognition honoring the industry’s finest. It will be a show to remember as you walk the red carpet, celebrate successes, toast the winners, and become a part of the American financial industry’s foremost awards ceremony for women. Join us for an unmissable gala, taking place at the Tribeca 360 in New York City on November 7th. We look forward to welcoming the who’s who of wealth professionals.

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BUSINESS LANDSCAPE

CONSOLIDATION

One in six asset managers expected to disappear by 2027 Digital transformation, shifting investor expectations will cause historical rate of turnover ONE IN six (16 percent) asset and wealth managers globally are expected to be swallowed up or fall by the wayside by 2027, twice the historical rate of turnover, says PwC in its 2023 Global Asset and Wealth Management Survey. The report, based on PwC’s latest industry projections and a survey of 250 asset managers and 250 institutional investors, paints the picture of an industry grappling with a set of challenges – digital transformation, shifting investor expectations, consolidation, and “retailization.” As a result, 73 percent of asset managers are considering a strategic consolidation with another asset manager in the coming months in order to gain access to new segments, build market share, and mitigate risks.

GLOBAL AUM IS SET TO REBOUND BY 2027

Mutual fund asset control

Inflation, market volatility, and interest rate movements are by far the biggest concerns for both investors and asset managers over the next 12 to 24 months

A direct consequence of these pressures – and the drive to deliver at scale amid cost and competitive pressures – is that by 2027, PwC expects the top 10 largest asset managers to control around half of all mutual fund assets globally, up from 42.5 percent in 2020. Asset managers faced a tough year in 2022, with global assets under management (AUM) falling to US$115.1 trillion, nearly 10 percent below the 2021 high (US$127.5 trillion). “Existential challenges are sweeping the asset and wealth management industry against a backdrop of social, economic, and geopolitical disruption,” says Olwyn Alexander, global asset and wealth management leader, PwC Ireland. “The choice is simple – adapt to the new context or fail. Firms that effectively leverage technology such as generative AI and robo-advisors, make meaningful inroads

CAGR 2018 to 2022 = 5.9% Mutual funds

3.7%

150

Alternatives Forecasts (percentages reflect projected CAGR)

200

100

Mandates

91.6

115.8

115.1

47.1

44.9

53.6

52.2

2020

2022

39.5 39.3

6.5% 157.5 25.3

137.8 22.3 51.5

147.3 23.7 55.9

67.7

72.3

2027 Low

2027 Base

2027 Best

59.9

0 2018

Note: Totals may not be equal sums shown due to rounding Source: ABS Monthly Housing Spending Indicator, July 2023

to new and existing customers, diversify their recruitment, and deliver exceptional client experiences will be well-positioned not only to survive, but to thrive.” In the report, PwC predicts assets managed by robo-advisers will reach US$5.9 trillion by 2027, more than double the figure of US$2.5 trillion in 2022. Individualized indexing is also gaining popularity, particularly among investors seeking tax optimization benefits, as well as those interested in ESG, factor investing, and algorithmic portfolio construction.

Nearly 40 percent of institutional investors are planning to invest in custom indexing products in the coming 12 to 24 months, whereas almost half of asset managers expect to add individualized indexing solutions to their offering. By 2027, PwC expects direct indexed AUM to have more than tripled to US$1.47 trillion, roughly one percent of total AUM, while active ETFs are forecast to rise from US$4.6 billion to US$1.1 trillion – accounting for 7.5 percent of the global ETF market by 2027.

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Continued innovation a must For asset managers to remain competitive, continued innovation is a must, says KPMG. Its annual Asset Management Opportunities and Risks report shows that where Canadian asset managers see the biggest opportunities to grow and improve is through technology, and also indicates where they’re likely to direct their digital/technology-related spending.

firms are looking to lower costs in any way they can, says the KPMG report. Digitization and technology are expected to play a significant role in cost optimization and streamlining in the months ahead. Large pension plans and institutional investors have been innovating, but incrementally, with multi-year digital transformations. They’ve also gone through a lifecycle

“The choice is simple – adapt to the new context or fail” Olwyn Alexander, global asset and wealth management leader, PwC Ireland Over half the asset managers identify digital transformation and embracing technology enhancements to operational processes as an opportunity ahead, not only for their own organizations but for the industry overall. Most asset managers have made substantial technology investments over the past few years in digital distribution and customer service, and now that those investments are starting to bear fruit, the big decision is where to double down and what digital assets might warrant decommissioning. With markets and assets under management (AUM) revenues trending downward,

of insourcing investment to add private strategies to their total portfolios and made corresponding technology updates to their back offices. Today’s new challenges are driving a reassessment of the speed and scale of digital achievements to date. Many businesses are considering adding more technology to streamline operations and run their organizations. Half of the asset managers identify legacy systems as a risk to their organizations, and nearly the same number see them as a continued risk to the industry overall. Legacy systems have certain data constraints that can delay, impede, and possibly increase

GLOBAL ASSET MANAGEMENT REVENUES FORECAST TO TOP RECORD HIGHS BY 2027 Global asset management revenues (US$ billion) Share of total revenues (%) Passive

600 400 200 0

500 157 337 84

317

239

2012

2017

473 178 272

2018

Active

Private Markets

534 199

561 211

599 235

522 545

309

253

307

319

329

261

2019

2020

2021

2022

273

2027

Note: Private markets revenue includes management fees and carried interest. Private markets exclude hedge funds. Source: PwC Global AWM & ESG Research Center, Lipper, Prequin, Pitchbook

the cost of effective investment in application development or digital experience initiatives. Firms with less-mature digital strategies are likely to address any gaps by increasing investments in new technologies. Organizations with more advanced digital strategies and technological capabilities can offer better user experiences, create efficiencies, reduce operational risk, and work more effectively with outsourcing partners. Consistently, managers identify fund accounting, trade and settlements, and transfer agents as key back-office areas ripe for technology investment in 2023. In the middle office, optimizing customer relationship management (CRM) and creating a single source of truth for investment data will be a key focus in the immediate term. Technology improvements across risk and compliance functions and in the client onboarding process may also help improve operating efficiency and reduce investment-related risks.

Technology for the long-term With the market as it is, KPMG says asset managers will need to be both creative and patient to weather the storm and deliver the investment performance clients expect. Technology investments will be crucial to both achieve stability and maintain a competitive edge. Better data translates into better products, and technology integration brings cost-reduction opportunities. Looking ahead, a key consideration is to keep the channels of communication with investors open. Their portfolios will be affected by markets, so helping ensure they are aware and informed is important to maintaining trusted relationships. “As people dig in for the downturn, the critical question moving forward is: ‘How can I preserve my top line and take cost out of the system without compromising my operations?’ says David Bardsley, partner, advisory, management consulting, wealth and asset management, KPMG in Canada. “Today, the best way asset managers can answer that question is with greater digital capacity, strategic technology integrations, and deeper insights from better data.”

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PROTECTION

INSURANCE

The growing importance of group insurance plans How to help employees safeguard their assets and make informed choices about insurance coverage

IN THE world of insurance, group plans have emerged as a popular choice for businesses, associations, and alumni groups, as well as their employees and members. These comprehensive insurance programs offer a range of benefits, including specialized service, lower rates, dedicated support teams, streamlined risk management, and community engagement. In my role at NFP, an insurance broker, consultant, and financial services firm, I get to see firsthand the value that a group plan adds. An essential part of getting the most out of your group home and auto plan is choosing a broker who will be a true partner to plan members.

Specialized service One of the key advantages of group insurance plans is the provision of specialized service to plan members. Unlike individual insurance policies, group plans often come with dedicated service teams who focus solely on meeting the needs of group members. These teams have in-depth knowledge of the specific insurance offerings and can provide personalized attention to employees, ensuring their insurance requirements are met promptly and efficiently. In the era of remote work, having a dedicated support team becomes even more crucial. With employees dispersed across various locations, accessing reliable insurance

guidance can be challenging. However, with a dedicated service team at their disposal, employees can receive expert advice, find answers to their questions, and navigate policy options with ease. Whether they need help understanding coverage details, filing claims, or seeking assistance during emergencies, employees can rely on their support team to provide the necessary guidance.

Lower rates Group insurance plans also offer the advantage of lower rates compared to individual insurance policies. The collective bargaining power of employers and associations means group plan brokers can negotiate discounted

rates with insurance providers on behalf of their clients. These negotiated rates can result in significant cost savings for plan members, with discounts up to 25 percent. In addition, group plans frequently eliminate the financial service fees commonly associated with individual insurance policies. By removing these extra charges, employees can enjoy substantial savings on their insurance premiums. Group insurance plans often also provide the opportunity to bundle home and auto insurance policies. Bundling means purchasing multiple insurance policies from the same provider. By combining home and auto insurance policies, employees can benefit from lower premiums.

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Lower rates not only benefit employees but also alleviate the financial burden for employers. Providing employees with access to affordable insurance coverage is an attractive perk that can help attract and retain top talent within an organization.

plan managers to make informed decisions about their insurance coverage, ensuring they have the right policies in place to address their specific risks.

Offsetting rising costs

Insurance brokers play a vital role in championing the interests of employers and employees. They act as trusted advisors, ensuring that organizations are well-prepared for emergencies and equipped to handle unexpected events effectively. An experienced

The COVID-19 pandemic has had far-reaching implications, causing disruptions across various industries and sectors. As businesses gradually recover, rising costs have become a pressing concern, affecting everything from raw materials to services. Insurance claims costs have also been going up, and this is beginning to lead to rising insurance premiums. As premiums begin to rise, access to discounted rates through group insurance plans becomes even more attractive. Through group insurance plans, employers and associations can access better rates, giving their members comprehensive coverage at a more affordable price than they could access individually. These discounted rates help mitigate the impact of rising insurance costs, making essential coverage accessible and affordable for employees, even during challenging economic times.

Streamlined risk management Managing multiple insurance policies can be complex and time-consuming. With group insurance plans, however, employers and employees have the advantage of consolidating their policies under a single broker. This streamlined approach to risk management simplifies the administrative process, making it easier to keep track of policies, updates, and renewals. Having a single broker managing all policies also allows for a comprehensive overview of coverage, ensuring there are no gaps or overlaps in protection. Additionally, the broker is familiar with the organization’s insurance needs and can provide tailored recommendations based on their understanding of the business. This personalized approach enables

Emergency preparedness and claims support

educational resources and materials to plan members. These resources help employees better understand their insurance coverage, enabling them to make informed decisions about their home and auto insurance needs. By promoting knowledge and awareness, insurance providers empower employees to take an active role in safeguarding their assets and making informed choices about their coverage. Group home and auto insurance plans offer numerous advantages to employers and employees. Through specialized service, dedicated support teams, streamlined risk

Managing multiple insurance policies can be complex and time-consuming broker guides employers in developing comprehensive emergency preparedness plans tailored to their specific needs and risks. These plans can include strategies for risk mitigation, disaster recovery, and business continuity to safeguard the welfare of employees and protect company assets. Moreover, in the unfortunate event of a claim, a good insurance broker will work with members throughout the claims process. From documenting the necessary evidence to liaising with the insurance provider, brokers streamline the claims journey, enabling a seamless and efficient resolution. Having a dedicated broker by their side during challenging times provides plan members with reassurance and peace of mind, allowing them to focus on their recovery without unnecessary stress.

Community engagement and education The best group insurance brokers are not solely focused on providing discounts; they are actively involved in supporting communities. They contribute to community development efforts, support charitable causes, and participate in educational programs. Group insurance providers also often offer

management, and cost savings, employees receive comprehensive coverage at affordable rates. Insurance brokers act as trusted advisors, ensuring organizations are well-prepared for emergencies and guiding employees through the claims process. In the wake of the COVID-19 pandemic and its aftermath, rising costs have become a concern, making access to discounted rates even more crucial. Group insurance plans provide a solution, allowing employees to secure comprehensive coverage at affordable rates, despite the challenges of a changing economic landscape. When looking for a group insurance broker, look for one who actively engages with the communities in which they work, demonstrating their commitment beyond discounts. Seek out a broker who will empower employees to make informed decisions about their insurance coverage. The right broker for your organization will not only offer access to discounts but will also be a vital partner with you through the process. Helen Riquinha is vice-president, business development at NFP Canada.

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BACK PAGE

OPINION

Does private equity get any respect? It’s a tough business and an easy target – but is it deserving of its pirate reputation?

COMEDIAN RODNEY DANGERFIELD might be long gone to that great comedy club in the sky, but I thought of him this past month while looking at recent books on Amazon. Two sprang to my attention: Plunder: Private Equity’s Plan to Pillage America and These Are the Plunderers: How Private Equity Runs and Wrecks America. These are weighty tomes: Plunder… is written by the former special counsel for private equity at the US Department of Justice, while Gretchen Morgenson of These Are the Plunderers has won a Pulitzer Prize. But aside from their use of pirate imagery and constant use of the word “plunder,” these two books paint a picture of private equity that I haven’t encountered in many, many decades. People who run these funds are billionaires who live in glass towers in Midtown Manhattan. They run large (which is a synonym for evil) funds that are private (also evil) and are accountable to nobody (tell that to the pension funds who often invest in these funds). They rip apart companies and destroy the lives of workers, furthering the gap between rich and poor. They use “offshoring tactics to reduce the tax obligations on themselves and their investors.” And when they are done, they purposefully push companies into bankruptcy … I think just for spite, but this is not made clear. These books present far too easy a target: they never mention venture capital and job creation, or that the ill-gotten booty is usually passed on to pension funds, both public and private, to fund the retirement of non-billionaires.

So let’s step back and look at some data that comes from Na Dai, at the School of Business SUNY at Albany, titled “Empirical Research on Private Equity Funds: A Review of the Past Decade and Future Research Opportunities,” published last year in the journal Review of Corporate Finance. To understand fund returns, rather than use traditional measures of cash-on-cash returns, he uses measures to compare the performance of funds to

ments stems not so much from choosing the right companies or from nurturing them but from investing in the right places at the right times.” ESG issues are becoming far more important. “Around one in three general partners has now hired sustainability officers. More private equity firms are requiring ESG disclosure when they perform due diligence of their portfolio companies.” The past decade has also seen a rapid emergence of various innovative vehicles for private equity in the financing of new firms, including accelerators, funding groups, and crowdsourcing platforms. Accelerator programs provide seed capital, co-working space, networking, and educational and mentorship opportunities to startups. However, basic services such as funding and co-working space do not seem to affect new-firm performance on their own; only when private equity bundles these with inputs from schools or other sources of broad-based learning is there a positive effect on new firms. So how does this compare to the image

Private equity is a tough business. Performance persistence is dropping, and today’s hot hand can go suddenly cold. ESG issues are gaining in importance public equity markets. While most studies conclude that private equity funds outperform the S&P 500 net of fees, the relative performance drops when other public equity benchmarks are used or when different sample periods are used. Other topics are examined. The persistence of private equity performance was first noted in 2000; the performance of a fund was positively associated with the performance of the next fund raised by the same private equity firm. Recent literature, however, finds that performance persistence has been diminishing somewhat and is partly driven by common economic impacts on funds that overlap in time. It seems that the “initial success in VC invest-

in the books? Private equity is a tough business. Performance persistence is dropping, and today’s hot hand can go suddenly cold. ESG issues are gaining in importance in the private equity world. Finally, these funds can help in the creation of new firms. Private equity firms may not be full of angels, but they certainly aren’t made up of pirates. Jim Helik is a contributing author to the Managing High Net Worth and Commodities as Investments courses published by CSI Global Education. He is also one of the first holders in Canada of the Human Resource Management Professional designation from the Society for Human Resource Management.

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Trademarks/registered trademarks of Bank of Montreal, used under license. BMO Global Asset Management (BMO GAM) is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Certain of the products and services offered under the brand name, BMO Global Asset Management, are designed specifically for various categories of investors in Canada and may not be available to all investors. Products and services are only offered to investors in Canada in accordance with applicable laws and regulatory requirements. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. To find out more about the BMO Partners Group Private Markets Fund please contact your BMO GAM advisor and consult the fund’s offering memorandum at bmogam.com/partners-group.

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