BPM 34.05

Fertility benefits can give your company new life

The world is full of people who boast about changing lives. Most prey on our insecurities and worries. Most, let’s be frank, are charlatans. Employer benefits may not be an obvious anecdote to this hyperbolic culture, but I truly believe they can improve people’s day-to-day in ways that transcend the nine-to-five working day.

This can be true across a myriad of issues, from chronic illness and mental health struggles to family bereavement. But another challenge more and more people are facing is infertility. Not everyone wants children, but for those who do and opt for in vitro fertilization (IVF), the personal toll can be considerable. The stress, physical and emotional, can last for years.

According to the National Library of Medicine, infertility affects between 10 and 17 percent of the Canadian population. A single round of IVF, not including the drugs and egg freezing, costs about $20,000 with no guarantee of success. In fact, many families require several rounds before a successful pregnancy. For others, it never works. Each step is exhausting, expensive, and potentially heartbreaking.

What is more precious and valuable than helping couples build a family?

As Ellen Medeiros writes on page 6, the cost exceeds most people’s means and brings a huge financial burden with each round. I would add that the emotional impact also exceeds most people’s mental capacity. Somewhere in the recent history of healthcare benefits, fertility and family planning got pushed to one side.

For employers this presents a heightened risk of poor performance, absenteeism, and presenteeism. This sounds like the bottom line talking, and it is, but the rewards of offering a solution are much more humanistic and fulfilling, in my view.

For those companies that are able, the inclusion of IVF treatment in their benefits package would not only ease the stress on the employee during treatment (improving their chances of conception) but would also connect them to the employee on a level that is beyond words. After all, what is more precious and valuable than helping couples build a family? In layman’s terms, I’d want to stay with that company, and I’d also want to work my butt off for them!

If all this sounds a little partisan, that’s because it is. I was one of the aforementioned 10 to 17 percent affected, and I’ve experienced the impact that IVF failure and, thankfully, success have on a family. The gratitude I feel to everyone who helped us on that journey will last a lifetime.

Standing by valued employees in times of need is an investment that can pay rich dividends in both human connection and, by extension, work loyalty and performance. Adding infertility benefits has the potential to breathe new life into your organization.

James Burton, managing editor

EDITORIAL

Managing Editor James Burton

Senior Editor David Kitai

Journalist Josh Welsh

Senior Sponsored Content Writer Manal Ali

Lead Production Editor Roslyn Meredith

Production Editors

Kel Pero, Christina Jelinek

ART & PRODUCTION

Art Director Marla Morelos

Designer Khaye Cortez

Production Coordinator Kat Guzman

Customer Success Coordinator Gail Baes

Vice President, Production Monica Lalisan

SALES & MARKETING

Vice President, Global Sales (Wealth) Abhiram Prabhu

Business Development Manager Doris Holinaty

Account Manager Michael Hughes

CORPORATE

President Tim Duce

Director, People and Culture

Julia Bookallil

Chief Revenue Officer

Dane Taylor

Chief Information Officer

Terry Szames

COO

George Walmsley

CEO Mike Shipley

EDITORIAL ADVISORY BOARD

Celine Chiovitti, OMERS

Katie McNulty, CAAT Pension Plan

Greg Hurst, Greg Hurst & Associates

Robert Weston, Pharos Platform

Kevin Minas, Mawer Investment Management

Mark Newton, Newton HR Law

Jim Helik, James Helik Consulting

Tim Clarke, tc Health Consulting

EDITORIAL INQUIRIES

james.burton@keymedia.com

SUBSCRIPTION INQUIRIES tel: 416 644 8740 • fax: 416 203 8940 subscriptions@keymedia.com

ADVERTISING INQUIRIES

Michael Hughes michael.hughes@keymedia.com

Doris Holinaty doris.holinaty@keymedia.com tel: 416 644 8740

Benefits & Pensions Monitor is part of an international family of B2B publications, websites and events for the finance and insurance industries

WEALTH PROFESSIONAL james.burton@keymedia.com

HYBRID WORK IS DOMINANT

Sixty-four percent of IT and C-suite leaders report that their workplace adopts hybrid models, reflecting a significant post-pandemic trend. Hybrid models are now the most common approach in adapting to new workplace needs.

2025 SALARY INCREASE PROJECTIONS

The average salary increase for 2025 is projected to be 3.4 percent, with some industries expecting higher-than-average increases.

64% use hybrid models

84% make changes to boost productivity

DECLINES IN CANADIANS’ WELL-BEING

Rising economic pressures are affecting the mental, employment, and financial well-being of Canadians, with more than half reporting declines in mental health and more than five in ten experiencing reduced job satisfaction.

63% seek to attract talent

42% seek to improve culture

WORKPLACE EMOTIONAL CHALLENGES

Seventy-four percent of Canadian workers admit they face situations requiring emotional control. These include conflicts with colleagues, tight deadlines, strong opinions, and public speaking, significantly affecting workplace behaviour.

CHALLENGES FACED BY CAREGIVERS

Almost

FINANCIAL STRUGGLES FOR STUDENTS

More than six out of ten Canadian students feel financially unstable, with almost half struggling to meet basic needs. Many also express a desire for better budgeting and financial planning.

65% of students feel financially unstable

struggle to meet basic needs have a budget want more budgeting knowledge

When did fertility and family planning get left behind?

How an employer’s perspective on and handling of fertility and family-planning benefits can help or hinder workplace culture

WHEN UNDERSTANDING the true needs of an employee population, an employer must first accept that equity looks different for everyone. Although infertility affects one in six families, fertility treatment is often looked at as a nice-to-have, or an add-on to traditional coverage. Gallagher’s 2023 Benefits Strategy & Benchmarking Survey found that over 80 percent of 504 surveyed employers had a healthcare benefits plan because they wanted to provide their employees with access to the quality medical care they need. So when did fertility and family planning get left behind?

While insurers are starting to include fertility drugs in their benefit plans, fertility treatments are less likely to be covered, and take up the bulk of treatment cost. Some of the average costs for treatments include $20,000 for in-vitro fertilization, $8,000 for egg freezing, and $60,000 for surrogacy – and some families need multiple rounds before a successful pregnancy. Provincial coverages vary, wait times are lengthy, and, often, programs do not cover even half of the required funds. Of the Canadian employers covering fertility benefits, five percent cover the cost of treatments while 95 percent only cover the cost of drugs. In comparison, drug pipelines feature drugs

costing upwards of $500,000 annually, with employers providing unlimited drug coverage – excluding fertility. The cost of fertility treatments exceeds most people’s means and can place a financial burden on employees and their families.

While larger employers may look to embed fertility coverage in their program, smaller employers may need a unique solution, such as a healthcare spending account carved out solely for fertility. This offers employees tax-free coverage for their fertility treatments, while not affecting experience-rated claims use in a traditional fully insured program. As a reminder, these treatments may be higher in cost, but are low frequency, and make a great impact on employees’ lives.

Beyond the financial constraints, employee mental health is greatly affected by the process. A supportive workplace can make all the difference for an employee going through this experience. Many employees who did not have financial support through their workplace noted that understanding and clear communication on internal policies from their leadership team would have positively shaped their experience. Having the autonomy to schedule appointments during the day and not having to use sick or

vacation days but instead being able to make up the time is seen as a supportive measure. One employee even mentioned how higher coverage for acupuncture or naturopathic treatments may have helped support her as she chose to use these alternative methods to improve her fertility.

Poor mental health can quickly create absenteeism, presenteeism, and, ultimately, disability claims. While many Canadian employers are already struggling with rising disability cases due to mental health conditions, fertility issues could also greatly affect those costs. Many employees would also consider leaving their employers for jobs with greater benefits or a better perceived work-life balance. What is the true cost of replacing an employee?

Last, a very important note on grief

These treatments may be higher in cost, but are low frequency, and make a great impact on employees’ lives

Ellen Medeiros, Gallagher

and bereavement. While the fertility and family planning process may be lengthy and burdensome on an individual’s mental health, it is important to note that one in four pregnancies will end in a loss. These devastating impacts of grief and loss are not often talked about in the workplace or in society. Having a supportive workplace culture that encourages employees to bring their whole selves to work will positively influence the outcomes of these situations.

On a broader spectrum, employers can look to incorporate pregnancy and infant loss into their internal bereavement policies. Employers may also be able to amend their group contracts to remove outdated dependent life wordings such as from “live birth” or “14 days from live birth” to help support employees who have suffered a stillbirth. Other suggestions may include parental top-up programs and providing support groups for new parents or those

who have recently suffered a loss to help ease them back into the workplace.

With most employers wanting to improve their diversity, equity, inclusion, and belonging (DEIB) initiatives, it is important first to look internally to see what policies and procedures exist in the workplace today. By broadening coverages or providing supportive and flexible programs and policies internally, employers can ensure that employees not only have a seat at the table, but have the seat they need.

Ellen Medeiros supports organizations with unique benefits solutions that affect the well-being of their people. Ellen volunteers at the Pregnancy and Infant Loss Network, supporting grieving families enduring the devastating impacts of loss.

INDUSTRY ICON

PHARMACOGENOMICS MAKES TREATMENT PRECISE AND PERSONAL

Mental health serves as main focus for testing, says Equitable director

JOVANA BUDISIN is a dedicated believer in the purpose and impact of pharmaceutical drugs. The director of pharmacy benefits at Equitable says no two days are ever the same because new drugs and medications are always coming out. “There’s so much movement in this space,” she says. “I help our clients as a pharmacist and as an insurer, so I have to wear both hats.”

Her role means she has witnessed how the evolution of medicine is pivoting toward a more personalized approach, with pharmacogenomics playing a pivotal role in tailoring treatments based on an individual’s genetic makeup. This emerging field is poised to revolutionize the way chronic conditions and mental health are managed, with significant implications for employee benefits plans. Even though pharmacogenomics and pharmacogenetics are often used interchangeably, they differ slightly in scope, explains Budisin. Pharmacogenetics focuses on how one drug is metabolized by multiple genes across different people. It examines the relationship between individual genetic variations and drug responses.

In contrast, pharmacogenomics takes a broader approach by looking at a person’s entire genome to predict how they will respond to various medications. “While pharmacogenetics was the precursor, pharmacogenomics has expanded into a more comprehensive field

that includes pharmacogenetics as a subset,” she said. This evolution also allows for more precise medical decisions, making it possible to predict how different drugs will interact with an individual’s unique genetic profile.

The science behind pharmacogenomics involves analyzing an individual’s DNA to identify genetic variations that affect drug metabolism. Techniques like polymerase chain reaction (PCR) are used to amplify genes, enabling the detection of mutations that may

a patient isn’t responding well to a drug, or when they experience adverse side effects,” she explains. In this case, pharmacogenomic testing can identify whether genetic variations are affecting how the drug is metabolized.

“For example, if someone is a fast metabolizer, that drug is not going to get a chance to work in that person, while if someone is a slow metabolizer, that drug is going to accumulate and cause side effects.”

Proactive testing, on the other hand, is

“Pharmacogenomics has expanded into a more comprehensive field that includes pharmacogenetics as a subset”

affect how drugs are processed in the body.

Budisin points out that while pharmacogenomics is more commonly used in research settings, pharmacogenetics, which deals with individual assays, has become widely commercialized. In some cases, this technology can be employed proactively, especially in fields like mental health, where it’s already widely used, to guide treatment decisions based on genetic markers.

Pharmacogenomics can be integrated in two main ways – reactive and proactive testing, notes Budisin. “Reactive testing occurs when

often used in oncology. Here, genetic testing can guide physicians in selecting targeted therapies that slow down tumor growth by affecting specific proteins involved in cancer cell signaling.

“This is the key,” she says. “It doesn’t mean that you’re going to react normally to a drug, and it [also] doesn’t mean that you’re not going to get a side effect, but at least we know something that can help us manage the side effect profile that we didn’t know before.”

The landscape of pharmacogenomics

PROFILE

Name: Jovana Budisin

Company: Equitable

Title: Director of pharmacy benefits

Age: 49

Years in the industry: 25

What do you enjoy about the pharmacogenomic space? I enjoy the fact that we can make a real difference in the lives of mental health patients

Career highlight: Working as a senior’s health pharmacist. I visited an elderly gentleman several times and persuaded him to try stopping his sleeping pill. He called me and told me that he has not felt better in years, and he went back to his bridge playing passion as a result.

Career lowlight: Realizing the scale of devastation prescription opioids caused in our vulnerable populations. But the lowlight spurs us on.

INDUSTRY ICON

coverage within benefits plans is evolving. Over the past five years, extended health coverage has increasingly begun to include pharmacogenomics as an optional benefit. At Equitable, for instance, employers can add pharmacogenomic testing to their plans at an affordable rate. If an employee qualifies for testing – such as when they face side effects or ineffectiveness from a drug – their plan will cover the cost of the test. Equitable has partnered with a company called Personalized Prescribing Inc., which specializes in offering these tests.

Budisin emphasizes that the partnership is critical, as it ensures that the tests are performed accurately and ethically. “The

it also means they’re on the right drug sooner, and the drug plan isn’t paying unnecessarily for these drugs that aren’t working,” says Bisch.

So far, feedback from employees who have used this service has been overwhelmingly positive. “A majority of people are extremely happy because something positive happened as a result of the test, like a change in medication or fewer side effects,” Budisin highlights. “There’s also research that suggests an up-to-30 percent decrease in adverse outcomes when using genotype-specific care.”

Despite the promise of pharmacogenomics, however, Budisin cautions that there are important considerations to keep in mind

“The patient experience is key. It’s not just about doing the test. It’s about the entire follow-up process”

patient experience is key,” she says. “It’s not just about doing the test. It’s about the entire follow-up process, ensuring the patient understands the outcomes and the physician receives a clear recommendation, which they’re free to take into consideration.”

For groups without coverage, discounted tests are available, which Budisin notes aren’t covered yet by any public insurances.

Mental health conditions represent a significant portion of pharmacogenomic testing, with approximately 90 percent of tests focusing on mental health medications. Mental health treatments can be a lengthy process of trial and error, as patients often need to try multiple drugs before finding one that works. This process can be shortened dramatically with a pharmacogenomic test, notes Don Bisch, director of group product and marketing at Equitable.

“Not only does it reduce some of that trial and error and some of the unnecessary suffering and side effects for the patient, but

when it comes to pharmacogenetics and employee benefits. “Privacy is a big deal,” emphasizes Budisin. “We can’t just ask for genetic information, and there are strict laws and consent forms that need to be followed.”

The interpretation of genetic test results can be complex. Regulations are in place to ensure that employers and insurers cannot misuse this data, but Budisin cautions that patients need to be fully informed about how their genetic data will be used and protected.

As technology advances and costs decrease, Budisin believes it will likely become a routine part of medical practice, and the integration of artificial intelligence (AI) models will play an important role in the advancement of pharmacogenomics.

“With so much data and information coming in, the human mind may not be enough to parse it all and make the best recommendations,” Budisin says. “AI can help us come up with more personalized and effective treatment plans.”

in 1920

office in Waterloo, Ontario 1,000+ employees across Canada

More than 1.1 million Canadians protected

$8.1 billion of assets under administration

Top marks for service in NMG Consulting’s 2023CanadianGroupBenefitsStudy

One of Canada’s largest mutual life insurance companies

Founded

Head

RETIREMENT

Retiring well –the Canada Life way

How does Canada Life help guide their customers to a healthy retirement? It’s all about simplicity, informed choice, and expert support every step of the way

RETIREMENT ISN’T a one-time event. It may be better described as a journey that’s different for everyone, even if some of the challenges and rewards that come with it feel universal.

But retirement has also changed a lot in recent years. What many once considered a time to rest and relax, the majority of Canadians now see as a “new chapter in life.” People are living longer, and traditional family structures have evolved. Some people are still supporting adult children or elderly parents later in life. So what does it really mean to have a “healthy retirement” today?

Contrary to what you might think, it doesn’t just mean more money in your pocket – at least, not according to the team at Canada Life. To them, it’s more about painting a full picture of financial, physical, and mental well-being working in harmony.

This team knows that the way they talk about financial well-being matters, too. That’s why, in their words, they’ve tried to “turn the traditional narrative of wealth on its head.” For Craig Christie, vice president, institutional investment solutions, there are three key factors that define their approach to retirement: simplicity, informed choice, and support. Christie helps to shape the investment choices that plan sponsors offer their members.

“Our efforts are to try to simplify the approach, allow [our customers] to make informed choices, and then provide support along the way, whether it’s direct, through the tools that they use, or one-on-one consultation,” says Christie.

You don’t need to look any farther than Canada Life’s retirement funds to see this simplicity in action. These funds have three options to suit each plan member’s

why there are three portfolios to choose from, whether it’s the moderate, the conservative, or the balanced approach. It’s just part of our responsibility to ensure our fund shelf and product shelf evolve as the needs of Canadians change.”

Then there’s the My Canada Life at Work™ site, which makes it easy for members to view their plan balance, see where they’re invested, and learn more about how to retire well. They

“One of the things we’re trying to do is mirror the kaleidoscope that is Canada” Cecelia Hui, Canada Life

unique investment personality. It’s a portfolio designed to allow people to withdraw income regularly, and has both active and passive investment strategies, risk reduction elements, and access to alternative investments for diversification purposes.

Sound complicated? It can be. That’s why Canada Life has taken on the portfolio responsibility. This means all their members need to do is pick an all-in-one fund based on their strategy and risk profile.

“We believe that not every solution is the same for everybody,” says Christie. “That’s

can even access an investment personality questionnaire to help simplify these complex investment decisions.

As for informed choice and support, Canada Life has adopted a “people-first” approach to retirement. This means they’re focused on more than just transitioning savings to income and sending people on their way. They feel it’s important to be there for customers along every step of their journey, from enrolment to retirement. And Canada Life’s expert advice and experience can go a long way toward helping members make informed choices.

Sponsored by

“When it comes down to the individual, everyone’s unique,” said Christie. “And I think it’s important to realize that, understand it, and then create a [retirement] plan that helps take that into consideration.”

Canada Life’s people-first approach isn’t all talk, either. Cecelia Hui, assistant vice president, investment & retirement solutions and strategic initiatives, helps lead a team of multilingual investment and retirement consultants who specialize in personalized savings solutions and advice. She knows the importance of those one-on-one touchpoints.

“We take the time to meet with as many of our members as we can,” says Hui. “They can reach out to us anytime to talk through what their plans are, and then have a personalised conversation on how to realize them.”

Not only does this team provide advice, but beyond that, their goal is to make it easy for members to act on that advice. Hui knows just how unique each person’s goals are and how groundbreaking it can be to talk through them with an expert. To Hui, there’s nothing more valuable than being able to speak with someone who thinks about retirement day in and day out.

“In terms of transitioning to retirement, some of your everyday activities have completely overturned and you may have worries around income stability,” says Hui. “Having somebody walk you through it hands-on, that’s what we hear from our members as being something that matters to them.”

And often this isn’t just a one-time touchpoint.

“It’s not uncommon for members to still be calling our investment and retirement consultants five or ten years later,” says Hui. “They speak with some of the same folks who helped them originally as they entered retirement.”

As Canadians deal with longer life expectancies and the ups and downs of the market, they need innovative options to fit their diverse needs. Canada Life plans to

“Retirement is a complex and everevolving industry, and we have a responsibility to try and simplify it to help people navigate it” Craig Christie, Canada Life

keep building up their understanding of the diversity among their customers and embracing it wholeheartedly.

“One of the things we’re trying to do is mirror the kaleidoscope that is Canada,” says Hui. “Trying to have employees who can address and help support members in various languages and with the understanding of cultural norms that might be specific to certain ethnic backgrounds –that’s something we’re quite proud of.”

Retirement may be changing, but looking ahead, Canada Life says they’re ready to embrace the change. They’re evolving to meet market needs by investigating new ways to support Canadians. This includes funds targeted specifically to pre-retirees, and responsible investing options. They’re also looking into possible solutions like variable payment life annu -

ities and advanced life deferred annuities to help keep up with current industry trends.

“There are a lot of people who are thinking about retiring,” says Christie. “Retirement is a complex and ever-evolving industry, and we have a responsibility to try to simplify it to help people navigate it.”

Being flexible and future-focused while also staying true to simplicity, informed choice, and support are key for Canada Life. By working to understand the daily highs and lows of the people they support, they hope to better provide the solutions their customers need, whenever they need them, for life as they know it.

1 “ResilientChoices:Trade-Offs,Adjustments,andCourseCorrectionstoThrive inRetirement.”EdwardJones.https://www.edwardjones.com/sites/default/ files/acquiadam/2023-05/050423_AW_EJ_4Pillar_ResilientChoices_FINAL.pdf. ©CanadaLifeanddesign,FreedomExperience,andMyCanadaLifeatWorkaretrademarksof TheCanadaLifeAssuranceCompany.

Putting the pieces together

Five factors to consider when evaluating retirement consultants for your business, and how they can support the total well-being puzzle

THE CANADIAN retirement landscape is evolving rapidly, creating both challenges and opportunities for businesses striving to ensure their employees’ financial wellbeing and future security. With constant changes in the pension industry and broader economy, businesses must adopt a proactive approach to retirement savings, and support their employees in getting there.

According to TELUS Health’s financial well-being special report of October 2023, three-quarters of workers surveyed (74 percent) believe it is important for their employer to offer a retirement savings option, with 30 percent saying financial planning is most important in a benefits plan. That reality is not expected to shift, and failing to cater to this need could lead to disengagement and decreased workforce morale.

Helping your employees secure their futures

Crucial to this approach is partnering with the right retirement consultant to successfully navigate the complex pension and benefits landscape. Without expert

guidance, businesses risk losing talent as employees choose employers offering robust retirement benefits. Monitoring economic trends, workforce changes, and regulatory shifts with the support of a strategic consulting partner can help businesses design and govern tailored retirement plans that meet the diverse needs of their companies, particularly in the case of multigenerational workforces. Here are five essential factors to consider when evaluating the best retirement consultant for your business:

1. Tailoring to unique needs

Every retirement plan is different, and every organization has unique priorities. Choose a partner that builds a strategy based on corporate objectives and helps achieve goals tailored to the company’s workforce and business profile. A solution should be customized – both in its governance and operations – and ensure regulatory compliance while identifying cost-saving opportunities and providing tools to enhance employee engagement.

2. Ensuring expertise and qualifications

Experienced and qualified retirement consultants play a pivotal role in optimizing retirement benefits and savings programs. In Canada, actuarial designations like FCIA (Fellow of the Canadian Institute of Actuaries), certifications like CFA or CPA, and expertise tailored to the country’s unique retirement landscape are essential. An accredited consultant can identify inefficiencies or risks in a company’s program and help combat challenges to achieve better outcomes.

Without expert guidance, businesses risk losing talent as employees choose employers offering robust retirement benefits

3. Staying ahead of regulatory changes

Retirement regulations can be complex and ever-changing. The right consultant will stay up to date with federal and provincial regulations to minimize your company’s legal risks and act as an extension of your internal team to help untangle the complexities. A consultant who anticipates your organization’s future needs as business objectives evolve and employees move through various life stages is an important asset who can make certain you are prepared through every step.

4. Ensuring effective communication and employee engagement

Many workers are losing confidence that they will be financially secure when they retire. Look for a consultant trained to offer ongoing education about retirement options, delivered through clear communication and supplemented by personalized financial coaching, to help boost employee engagement.

5. Maximizing value for your investment

With today’s financial pressures and uncertainty, both employers and employees are looking for ways to bring more value to each dollar. Transparency in fees and service agreements is vital. Your expert consultant should help monitor and manage the organization’s

pension plans to help find the most beneficial, cost-effective solutions. Balancing these expenses with the value and benefits ensures a measurable return on investment.

Choose a partner with a comprehensive approach

The best retirement consultants are ready to think big picture proactively and guide human resources and executive leadership on how financial security is inextricably linked to both physical and mental well-being. In fact, the connection among those three pillars has never been more important.

Overall, total well-being has a tremendous impact on employees’ ability to be fully present at work and drive innovation. A comprehensive approach toward total rewards provides higher-value outcomes per dollar contributed, allowing employees to feel more in control of their finances and making organizations more competitive in both recruitment and retention.

This is not only true for older generations, but also increasingly important to workers ages 18 to 35. With growing competition for talent, companies with integrated total reward strategies are positioning themselves to maintain and grow a better, more engaged workforce.

A 22-year pension expert, Paul Grant leads a talented team of consultants that develops and executes tailored retirement strategies for organizations, helping them support the financial well-being of their employees.

Fixed income’s revival as the ultimate hedge

How leading experts are navigating volatility, duration strategies, and diverging views on the US dollar

MARKETS BELIEVE bonds will rally during a significant risk-off event. In other words, fixed income is now returning to its traditional role as a risk-off hedge. Why does fixed income sometimes have a positive correlation with risk assets, and other times a negative one? Simply put, inflation. When a central bank’s focus isn’t on inflation, fixed income and risk assets tend to move in the same direction. If there’s a sell-off in risk assets, you’ll see higher yields.

“Historically, there has been negative correlation because central banks used to hike rates when growth was too hot, in order to get ahead of inflation. It was a different operating process. Now, with inflation being less of a focus, there’s a return to fixed income’s role as a hedge,” says Earl Davis, head of fixed income at BMO Global Asset Management. “There is an almost insatiable demand for fixed-income products currently.”

After Fed chairman Powell’s speech at Jackson Hole, he essentially took inflation off the table and indicated that employment is now the key factor guiding monetary policy. The reason for higher or lower rates is tied to growth, not inflation. This is why fixed income is now in a better place.

Echoing the sentiments in an insightful discussion with Benefits and Pensions Monitor, Tom O’ Gorman, senior vice presi-

dent and director of fixed income for Franklin Templeton Fixed Income, asserts, “I like fixed income a lot.” The recent economic cycle, particularly since the pandemic, has seen equity markets deliver strong returns, but O’Gorman cautions that this “Goldilocks” period may not last.

“I marvel at equity returns since the pandemic,” O’Gorman notes, “but I do wonder how long this can go on, given the tightening cycle and global dynamics.” As a result, O’Gorman remains firmly committed to fixed income, particularly as insurance companies and pension funds seek to lock in long-term yields to meet their liabilities. “There’s demand here,” he adds, “because pensions, after 10 to 15 years of fixed income not offering much, can now rebalance and capitalize on higher yields.”

Today’s yields, while still below recent highs, are significantly higher than they were pre-pandemic. Positive real yields – where bonds earn more than inflation – are essential for growing client wealth and providing the stability investors seek. Currently the yields are higher than they’ve been over the past 10 years. This is critical for providing a strong diversifying effect in portfolios.

Canada’s economic divergence and fixed-income impacts

The Canadian economy has recently diverged from the US, experiencing a deeper slowdown that has significant implications for fixed-income investors. This divergence underscores the independence of the Bank of Canada’s (BoC) policy actions. Typically, the Fed leads, and other central banks follow, but Canada’s unique challenges – driven by mortgages and disposable income – required the BoC to act ahead of the Fed.

The broader challenges Canada faces have strained per capita spending. “The number

of jobs being created does not support our immigration policy, so that drain on individual spending is visible in housing and disposable income,” says Davis.

O’Gorman also highlights the significant divergence in growth between the two countries. “Year-over-year growth is 3.1 percent in the US compared to just 1.1 percent in Canada,” he notes. He emphasizes the deeprooted challenges Canada faces, particularly with record levels of debt across the government, corporate, and consumer sectors. “Canada didn’t have a housing crisis during the 2008 financial crisis, but it still cut rates

Sponsored

by

on how central banks have become deeply entrenched in financial markets through quantitative easing (QE) and are still trying to find their way out. “It’s not surprising that this cycle we’re going through is different,” he remarks, acknowledging the unique nature of today’s market environment, where central banks have more influence than ever before.

Bear market context and fixed income’s role

O’Gorman also underscores the importance of framing the recent bear market

“Now, with inflation being less of a focus, there’s a return to fixed income’s role as a hedge”

Earl Davis, head of fixed income & money markets, active fixed income, BMO Global Asset Management

to zero. Now, we are dealing with the consequences of that decision, with debt acting as a wet blanket on growth.”

Both Davis and O’Gorman point out that the BoC’s independence is crucial in navigating these challenges. While Canada typically has limited room to ease without the US following suit, that constraint has largely been cast away. The BoC will do what’s necessary for Canada, indicating that the currency has taken a back seat as the central bank shifts its focus toward domestic priorities such as employment and consumer spending.

The path forward for Canada is complex, especially as the BoC tries to thread the needle between controlling inflation and preventing further strain on the housing market. O’Gorman also reflects

in fixed income within a broader context. “The bear market in fixed income needs to be looked at with regard to what happened before – two years of 10 percent-plus returns when spreads were at their all-time highs and yields were near zero,” he explains. Unlike equities, which can grow through earnings expansion, fixed income is inherently tied to prevailing economic dynamics. A functioning fixed-income market where yields reflect current economic dynamics is required.

Looking back at historical trends, O’Gorman remarks, “When I was a young guy in this business, you’d look at nominal GDP and say, ‘US inflation is three percent, so the US 10-year yield should be at six percent.’ Today, that seems laughable, with the US 10-year

INVESTING

trading at 3.82 percent – even 70 to 80 basis points lower than recent highs.” O’Gorman believes the current market has become more balanced, with fixed-income strategies delivering solid year-to-date returns of four percent to 5.5 percent through July.

Davis adds that while central banks have indicated that inflation is no longer their primary concern, “Inflation isn’t back in the bottle yet.” He highlights the need for investors to maintain a risk premium on longer-dated bonds. “We are likely to see structurally higher yields and a steeper yield curve, whether it’s a bull steepener with lower long-term rates or a bear steep -

ener

if inflation or growth accelerates.”

The combination of these dynamics suggests a complex environment for fixed-income investors, with the potential for both lower short-term rates and upward pressure on longer-term yields. The easing process is still unfolding, and shorter-term rates will likely fall, but several factors, including bond supply and longer-term inflation risks, could keep long-term rates elevated.

Duration strategies and reinvestment risk

Davis also discusses the shift in his BMO Core Plus Bond Fund strategy from being

underweight in duration for most of 2022 and into 2023 to now overweight. The trigger point in Canada was the BoC actually starting to ease. This shift introduces reinvestment risk, a key factor in conversations with clients.

Now is the time to stand out. While clients may be attracted to the higher yields offered by shorter-term bonds, reinvestment risk becomes a significant factor when those shorter-term bonds mature. Locking in yields above inflation is critical, and there is value in extending duration in this environment.

Additionally, Davis has allocated half

of his overweight duration into real return bonds (RRBs) and Treasury InflationProtected Securities (TIPS). The real return bonds in Canada yielding close to two percent is a significant shift from their negative yields three years ago. While RRBs and TIPS are less liquid and more volatile, as they provide important long-term value and protection against inflation. “The volatility is worth it, and we’re comfortable with it because it aligns with our view of where inflation is headed over the long term.”

trade, and he sees it as a strategic opportunity. “The Canadian economy has more leverage, and I like the US dollar better,” he explains, adding that it’s an essential tool for navigating volatility. For Canadian investors managing multi-asset portfolios, the US dollar can serve as an important balancing factor.

Davis, on the other hand, takes a more measured approach and is currently flat on the US dollar, noting that his team uses duration as their primary risk-off hedge. “When we are overweight in duration, that becomes the hedge in itself, so

“I marvel at equity returns since the pandemic, but I do wonder how long this can go on, given the tightening cycle and global dynamics”

Tom O’Gorman, senior vice president and director of fixed income, Franklin Templeton Fixed Income

Divergence on the US dollar

While both O’Gorman and Davis share similar sentiments on the importance of fixed-income and duration strategies, they diverge when it comes to their views on the US dollar. O’Gorman is notably more bullish on the US dollar, seeing it as a crucial hedge against volatility in his core plus strategies. “I love the US dollar,” O’Gorman says, emphasizing its role in managing volatility. “We manage core plus strategies with a lot of credit risk, and the dollar provides a hedge. We might have at least five percent long USD at any given time, and it’s an important part of managing volatility for Canadian investors.”

O’Gorman views the recent fall in the US dollar as part of a larger unwinding of the carry

we don’t need to take an explicit position in the US dollar.” He acknowledges the importance of the US dollar as a reserve currency, but prefers to take positions in it only at extremes. “While we see a structural drive toward a weaker US dollar in the long term, we only like the US dollar at extremes as a risk driver or alpha driver,” Davis says, suggesting that the dollar is not a core part of his current strategy.

Davis’s cautious stance on the US dollar aligns with a broader shift in focus for many investors, as attention turns away from currency plays and toward the attractive opportunities emerging in the fixed-income space.

With inflation no longer the central focus

and yields significantly higher than they have been in recent years, fixed income offers both stability and growth potential. For investors – particularly those in pension plans or insurance portfolios – the current environment is ripe for capitalizing on the renewed role of fixed income as a risk-off hedge.

Disclaimers

Anystatementthatnecessarilydependsonfutureeventsmaybea forward-lookingstatement.Forward-lookingstatementsarenotguarantees ofperformance.Theyinvolverisks,uncertainties,andassumptions.Although suchstatementsarebasedonassumptionsthatarebelievedtobereasonable, therecanbenoassurancethatactualresultswillnotdiffermateriallyfrom expectations.Investorsarecautionednottorelyundulyonanyforward-looking statements.Inconnectionwithanyforward-lookingstatements,investors shouldcarefullyconsidertheareasofriskdescribedinthemostrecent simplifiedprospectus.

Thismaterialisintendedtobeofgeneralinterestonlyandshouldnotbe construed as individual investment advice or a recommendation or solicitation tobuy,sell,orholdanysecurityortoadoptanyinvestmentstrategy.Itdoes notconstitutelegalortaxadvice.Theviewsexpressedarethoseofthe investmentmanager,andthecomments,opinions,andanalysesarerendered asatpublicationdateandmaychangewithoutnotice.Theinformationprovided inthismaterialisnotintendedasacompleteanalysisofeverymaterialfact regardinganycountry,region,ormarket.

Commissions,trailingcommissions,managementfees,brokeragefeesand expensesmaybeassociatedwithinvestmentsinmutualfundsandETFs. Pleasereadtheprospectusandfundfact/ETFfactsdocumentbeforeinvesting. MutualfundsandETFsarenotguaranteed.Theirvalueschangefrequently.Past performancemaynotberepeated.

FranklinTempletonCanadaisabusinessnameusedbyFranklinTempleton InvestmentsCorp.

TheviewpointsexpressedbyEarlDavis,headoffixedincome&money markets,activefixedincomeatBMOGlobalAssetManagementrepresentshis assessmentofthemarketsatthetimeofpublication.Thoseviewsaresubject tochangewithoutnoticeatanytime.Theinformationprovidedhereindoesnot constituteasolicitationofanoffertobuy,oranoffertosellsecuritiesnorshould theinformationberelieduponasinvestmentadvice.Pastperformanceisno guaranteeoffutureresults.Thiscommunicationisintendedforinformational purposesonly.

Thisarticleisforinformationpurposes.Theinformationcontainedhereinisnot, andshouldnotbeconstruedas,investment,taxorlegaladvicetoanyparty. Particularinvestmentsand/ortradingstrategiesshouldbeevaluatedrelative totheindividual’sinvestmentobjectivesandprofessionaladviceshouldbe obtainedwithrespecttoanycircumstance.

BMOGlobalAssetManagementisabrandnameunderwhichBMOAsset ManagementInc.andBMOInvestmentsInc.operate.Certainoftheproducts andservicesofferedunderthebrandnameBMOGlobalAssetManagementare designedspecificallyforvariouscategoriesofinvestorsinCanadaandmaynot beavailabletoallinvestors.Productsandservicesareonlyofferedtoinvestors inCanadainaccordancewithapplicablelawsandregulatoryrequirements.

“BMO(M-barroundelsymbol)”isaregisteredtrademarkofBankofMontreal, used under license.

Forinstitutionalclientsonly.

PEOPLE BEFORE PROFIT

EXCEPTIONAL PERFORMERS in the benefits, pension, and institutional investment sectors are not driven by profit, but by ensuring they deliver for the public at large. That’s the verdict of Riley St. Jacques, partner and senior consulting actuary with PBI Actuarial Consultants.

“The people involved in this space

should focus not on sales or profitability, but on supporting core groups like Canadians in meeting their benefit and pension needs,” he remarks. “This work should prioritize the public good over profit-driven innovation. I believe leadership in this area should centre on serving the greater public interest rather than

individual company or sponsored results.”

The growth of registered pension plans and active members in Canada from 2019 to 2023, an 8.1 percent increase, highlights the increased demands on Benefits and Pensions Monitor’s Hot List.

Outlining the essential qualities that leading professionals in the various financial spaces need to possess, St. Jacques splits them into two groups:

“We’ve strategically positioned ourselves as experts in providing international private health solutions with a focus on high-end service and customer care” Gino Stirpe, VUMI Canada

Benefits and pensions professionals:

• volunteering on boards and associations advocating for legislative reform

• leadership in undefined spaces, such as the decumulation of pensions

• innovating benefit solutions that are not downloading government benefits to employers but meeting employee needs

• working toward results-driven solutions versus short-term cost savings

Top-performing professionals in the benefits industry, such as BPM’s awardees, have demonstrated their understanding of the balance between meeting employee expectations and providing comprehensive packages.

The graphs presented in this report illustrate how organizations are exceeding workers’ wish lists in several areas, showing their commitment to employee well-being and satisfaction.

For top financial executives and professionals in the institutional investment space,

the ability to anticipate macroeconomic shifts and tailor their strategies, both in the short and long terms, positions them as exceptional market players.

Institutional investment

professionals:

• defined contribution investment solutions that reduce fees

• education for members, boards, and committees focusing on broadening knowledge beyond achieving better returns

“Professionals should be seeking solutions that make meaningful shifts in results, not just in terms of returns, but also in helping people truly understand what’s happening in the markets and where they’re headed,” adds St. Jacques.

“It’s challenging to pinpoint specific changes because it’s so subjective; what’s considered an acceptable level of risk and the philosophies or directions to pursue vary

METHODOLOGY

In May 2024, Benefits and Pensions Monitor invited industry professionals from across the country to nominate their most exceptional leaders for the second annual Hot List. Nominees had to have been in the industry for at least 10 years.

After receiving hundreds of nominations, BPM narrowed the list down to 39 movers and shakers whose contributions have helped shape the benefits, pension, and institutional investment space over the past 12 months.

From innovators at the forefront of change to leaders who are transforming the way the industry does business, this year’s Hot List represents the best the industry has to offer.

widely,” he continues. “However, any strong leader in the investment space should focus on education, ensuring a true understanding of the investments being made, rather than just concentrating on basic returns.”

In determining the Hot List 2024, BPM recognizes 39 top financial executives and professionals in the benefits, pension, and institutional investment sectors, spotlighting a thriving group of disruptors and innovators who have significantly shaped their industries.

To be named to the second annual Hot List, nominees had to have over a decade of experience and have made substantial strides in their fields, showcasing outstanding leadership, pioneering new solutions, and leaving a notable impact across their professional footprint over the past 12 months.

2024’s Hot List winners disrupting the industry with innovation

Gino Stirpe – VUMI Canada

Over a successful 35-year insurance career, the vice president developed a passion

“I’m guided by three things: reputation matters, hire for attitude and aptitude, and look beyond the easy and obvious”

Daniel Simunac, Stonebridge Financial

for healthcare and helping Canadians access timely and potentially life-saving tests and treatments, particularly as local health networks have come under strain.

That enduring drive led Stirpe to become a disruptor – a certified health insurance specialist credited with introducing international private medical insurance (IPMI) to the Canadian marketplace.

He has forged relationships with top brokerages, raising awareness of this new type of insurance available and backed by Canada’s innovative Humania Assurance. Within just one year, VUMI Canada has become the largest national provider of IPMI, following Royal & Sun Alliance’s exit from the Canadian marketplace and Vumi’s acquisition of its entire PPI Tri Access block of business.

VUMI has also rolled out initiatives to solidify its reputation as the go-to provider for Canadians looking to expand their healthcare options globally. It has set new standards with a focus on:

Source:2024CanadaPerksandBenefits,RobertHalf

• personalized service to enhance client access to worldwide healthcare

• providing innovative services, such as patient concierge and second medical opinion, as part of the package

“For VUMI, this meant expanding healthcare options for Canadians while offering them easy access to world-renowned doctors and hospitals worldwide,” Stirpe says. “The trend toward prioritizing client experience has reinforced our commitment to delivering VIP care that sets us apart. Our VIP products are designed to meet the unique needs of employees, as individuals and families, without jumping through the hoops of issues existing within the national healthcare system.”

The impact of owning the Prestige VIP health insurance plan is evident in patients’ health journeys, with one insured receiving care from a top orthopedic specialist within five days of injuring his quadricep while water skiing.

Over the last year, the industry has been defined by a need for personalized and responsive service, asserts Stirpe. VUMI Canada’s Prestige VIP niche product is typically sold to C-suite executives in groups by employee benefits brokers, consultants, and third-party administrators.

“Being one of the pioneers who did this and working with other partners to make them aware is the wind in my sails,” he says. “We’re in the early stages, but we’ve experienced exponential growth.”

As a three-decades-long member of Advocis, a leading association for financial advisors and insurance specialists, Stirpe has made several notable industry contributions:

• celebrated a 30-year milestone membership

• is a frequent speaker and sought-after presenter at numerous industry events nationally

• is actively involved in study groups for employee benefits, including with the Conference for Advanced Life Underwriting

“Our motivation comes from a deep

HOW COMPANIES ATTRACT CANDIDATES

WINNERS BY JOB TITLE

“I’ve built a reputation for offering tailored service, partnering with vetted companies, and staying current on industry trends”

Christopher Gory, Orchard Benefits

commitment to providing our insureds with unparalleled VIP service and care,” Stirpe adds. “Our clients seek flexible solutions, access to world-renowned hospitals and facilities, and the assurance of coverage anytime, anywhere.”

Daniel Simunac – Stonebridge Financial

The Co-CEO joined Stonebridge in 2023 as it approaches a major milestone this year, a

quarter century since its founding. Similarly, Simunac will celebrate 25 years of lending and private debt management next year.

“Like Stonebridge, I am just getting warmed up, and is why I joined the firm,” he says. “We see so much opportunity within private debt to grow and add value to clients while generating prudent but compelling returns for our investors.”

Simunac forged his credit risk and portfolio management experience at leading Canadian, European and US regulated institutions, including Sun Life Financial, TD Bank, Allied Irish Bank and Raymond James Bank.

Before joining Stonebridge, he served as the inaugural principal officer for two new banks entering Canada, where he led their efforts and built loan portfolios, growing each firm conservatively and profitably into well-respected lenders in the market, as recognized by clients, other financial institutions and regulators.

“I was promoted to country head of a bank at age 30 at the height of the GFC; that was very formative for me,” Simunac reflects. “Building two banks new to Canada was a grassroots, entrepreneurial experience. I had considerable ownership and accountability regarding strategies, and I managed such decisions on behalf of investors, accordingly.”

To date, Simunac has committed $15 billion across various markets and asset classes in his career. He joined Stonebridge to reinforce the firm’s expertise as a leader in infrastructure, renewable energy, and healthcare private debt while expanding its experience in real estate (commercial mortgages) and corporate private credit.

“I am fortunate to have been involved in a wide range of transactions across different sectors and geographies and experience how various asset classes, markets, and borrowers withstand various economic cycles,” he notes. “This has helped the lending teams I have led avoid certain issues while leaning into other, more resilient opportunities.”

Aside from his personal achievements, Simunac is particularly proud of Stonebridge’s track record of zero losses since its inception as an investment manager. Building on this success, he has already brought new capital and relationships to the firm. Among Simunac’s personal accomplishments include:

• chairing the “Tournament of Stars NBA Celebrity Charity” in support of West Park Hospital since 2018

• serving as Realpac lecturer of “Commercial Lending”, a course he created and has taught since 2013

• receiving the “Executive of the Year Award” from the Canadian-Croatian Chamber of Commerce

Some of Stonebridge’s notable achievements include:

• achieving $3.2 billion in AUMA, an approximately 10 percent annual growth rate over the last 20 years

• recipient of the “Indigenous Allyship Award” by the First Nations Power Authority and a “Clean50” award

• launching funds that help crowd-in pension capital into social, sustainable, and Indigenous investments

As part of the firm’s 25th anniversary, aside from a corporate rebrand and publishing its inaugural sustainability report, Stonebridge is launching its third infrastructure debt fund, which will continue to focus on investing capital secured by social infrastructure, sustainable energy, and Indigenous ownership in projects.

Stonebridge was the first manager in Canada to launch such funds in 2012, raising over $200 million, with its second fund growing to nearly $600 million, three times the size of the first. These funds averaged 38 percent of commitments to Indigenous projects, including financing the first 100

percent-owned power project by a First Nation. Building on the success of its first two funds, Stonebridge is targeting $1 billion for its third fund.

Simunac believes market intelligence comes from market experience, and he and his firm have plenty of it. When asked how tall Stonebridge can grow, he says, “The broader the base, the taller the tower. Ask me in 20 years. We’re just getting warmed up.”

Christopher Gory – Orchard Benefits

With nearly $9 million in annual premiums and a growing client roster of 120, the employee benefits advisor has set a high benchmark for his solo brokerage operation, which manages employee benefits for startups of all sizes in Canada and internationally.

“One of the things I did several years ago was I started using a group MGA to handle marketing, claims experience reports, and document preparation, which freed up my time to focus on growth, and I’ve more than doubled my business over the past eight years,” Gory says.

The precious time saved by offloading back-office paperwork has enabled Gory to concentrate on serving the technology sector, which now comprises over 90 percent of his client base. He counts social media innovator Snapchat among the tech companies for which he manages employee benefits across Canada.

Gory’s first client in Toronto’s thenblossoming tech community, which had four employees nearly 20 years ago, remains his client today and now boasts a workforce of 330. He has embraced technology to streamline his operations, hiring consultants to develop bespoke solutions such as integration between Salesforce, which he has customized, and a secure customer portal on ShareFile.

Gory has observed a shift in the tech sector, with employers focusing on benefits relating to fertility, gender reassignment,

and mental health. Over the past year, employers have been keen to offer discounts and perks at no cost to them, which sets Gory apart through his partnership with Rexall, providing his plan members with a 20 percent discount.

As many of his clients are smaller tech founders juggling various roles, his support extends to enterprise subscriptions with ConnectsUsHR and My Friendly Lawyer, while his prior experience as a computer programmer resonates with their needs.

Giving back to the industry is paramount for Gory, who lends his expertise to various committees of the Benefits Alliance and has:

• developed a new benchmarking tool driven by data from member firms

• vetted new partners and executive healthcare products for their members

• revived the alliance’s Slack channel, engaging members across Canada

• received the Fast Start award at the Spark Conference

He is also the lone voice of the small advisor on an Innovative Medicines Canada committee and represents the small group benefits industry with the Canadian Group Insurance Brokers Association, where he manages its Slack channel, involving hundreds of members, nationally.

“I’ve always been a person who likes giving back,” he shares. “I don’t know everything, and if I can help engage the community, when it’s my turn to ask a question, there will be an answer because it’s a two-way street.”

Shannon Rohan – Shareholder Association for Research & Education (SHARE)

Her early days were in the cooperative and credit union sector, where she analyzed how the cooperative model could deliver better social and economic outcomes. Rohan also lived and worked in South Africa on a

project funded by the International Finance Corporation focusing on the Black economic empowerment agenda in the post-apartheid era, and she brought significant expertise to SHARE on returning to Canada in 2006.

As chief strategy officer, she has been instrumental in the organization’s growth from seven employees to a 37-member team, an achievement she considers her most fulfilling to date.

Rohan’s quiet leadership has been central to creating the ecosystem for pension and benefit plans to act as responsible investors in Canada. Her behind-the-scenes guidance has benefited many existing practices, tools, and networks.

“That’s what gets me up every day and the work that motivates me,” she says. “I enjoy working with pension funds and helping them to untangle what is often a complex area of work and carve a meaningful pathway for those pension funds to take steps in implementing responsible investments.”

Rohan excels in assisting pension plans to develop investment beliefs and practices that effectively manage environmental, social, and governance (ESG) risks. The

“It’s been quite a journey of growth and that stands out for me because of the contributions SHARE has made to the growth of responsible investment practices in Canada”

Shannon Rohan, Shareholder Association for Research & Education

approach her organization takes to build a strong foundation and align their policies, procedures, and relationships with service providers include:

• gathering information through surveys or focus group discussions with relevant parties, such as the board of trustees, investment committees, or staff

• identifying areas of consensus, focusing on commonly held perspectives on ESG issues regarding their obligations as a pension fund

• avoiding a one-size-fits-all approach, considering the pension fund’s unique characteristics, such as investment strategy, governance model, and beneficiary needs

• assessing how to implement responsible investment policies, including evaluating asset manager information and taking steps to enhance the fund’s capacity

A challenge Rohan faces when working with pension funds is making a case for why ESG issues are relevant and their ability to deliver on the pension promise.

“It can feel like they are on the receiving end of a fire hose of information, and our job as responsible investment experts and advisers is to help the plans focus on the key pieces of information and develop manage-

able and meaningful roadmaps,” she explains. She leverages strategic approaches to advance the cause, including converting and tailoring expert knowledge on human rights, climate change, and labour rights with a financial lens into concise, actionable insights on what matters most.

Responsible investment is one piece of the puzzle that pension funds and asset managers must consider regarding investment performance. Under Rohan’s leadership, SHARE’s collaborative model assists these entities in working together toward a common set of goals while deploying their resources effectively.

Two recent examples of this technique in action are:

• Developed a common ESG questionnaire: Collaborated with a group of universities to create a shared ESG questionnaire for asset managers, streamlining resources and reducing redundancy. The tool is publicly available, providing critical questions for responsible investment and benefiting universities and asset managers by standardizing key focus areas.

• Facilitated constructive dialogues around responsible investment: Brought together asset owners and pension funds who share the same asset

managers in a purposeful conversation around responsible investment. This initiative enabled effective resource use and straightforward, collaborative dialogue on priorities, helping pension funds focus on key areas and hold their asset managers accountable.

Rohan volunteers as treasurer of the board of the First Peoples’ Cultural Foundation. SHARE has also formed a partnership initiative with the National Aboriginal Trust Officers Association known as the Reconciliation and Responsible Investment Initiative.

She remarks that pension plans are increasingly interested in understanding their role in reconciliation in Canada and responding to the Truth and Reconciliation Commission’s Calls to Action.

SHARE also partners with Indigenous-led organizations, such as the National Aboriginal Trust Officers Association, to connect pension funds with Indigenous trustees who face similar challenges in overseeing capital pools established through land settlements and economic activities.

“I think the most important thing we’ve learned as a non-Indigenous organization working in this space is that leadership must come from Indigenous leaders,” she says. “We strongly encourage pension funds to connect with the communities and First Nations where they work, build relationships, and engage with Indigenous-led organizations. This connection is critical, and it’s a lesson we’ve embraced and aim to pass on to pension funds as they begin their journey toward reconciliation.”

INSIGHTS

Daniel Simunac Co-CEO

Stonebridge Financial

Phone: 416 364 3001

Email: Info@Stonebridge.ca Website: Stonebridge.ca

Gino Stirpe Vice President VUMI Canada

Phone: 416 436 2268

Email: gstirpe@vumigroup.com Website: vumicanada.com

Shannon Rohan Chief Strategy Officer

Shareholder Association for Research & Education (SHARE)

Phone: 604 695 2026

Email: srohan@share.ca Website: share.ca

Adam Hornung

HOT LIST 2024

Vice President, Global Consultant Relations CIBC Asset Management

Email: adam.hornung@cibc.com Website: cibc.com/en/asset-management/institutional.html

Chris Gory

Employee Benefits Advisor Orchard Benefits

Phone: 1 855 967 2427

Email: chris@orchardbenefits.ca Website: orchardbenefits.ca

Louis-Philippe Pouliot

Executive Vice-President, Group Benefits and Retirement Solutions iA Financial Group

Phone: 438 827 2539

Email: alexandre.royer@ia.ca Website: ia.ca

Aaron Bennett Chief Investment Officer University Pension Plan

Anne Meloche Head of Institutional Business Sun Life Global Investments

Arif Bhalwani Chief Executive Officer Third Eye Capital

Celine Chiovitti Chief Pension Officer OMERS

Cheldon Angus Chief People and Technology Officer Saskatchewan Healthcare Employees’ Pension Plan (SHEPP)

Chelsea Kittleson Executive Director Municipal Pension Plan

Chris Weitzel Senior Managing Director, Fixed Income & Foreign Exchange BCI

Christina Iacoucci Managing Partner, Head of Canada and Canadian Chief Investment Officer BentallGreenOak

Doug Woloshyn New President and CEO Alberta Pension Services Corporation

Graham Young Chair, Benefits Alliance Board; Director, Employee Benefits, Capcorp; Director, Ottawa Executive Association

Greg Heise Partner

George & Bell Consulting

Ibrahim Toor Director of Pension Grand River Hospital

Jamal Siddiqui AVP Trust Finance Operations & Compliance, CWB Trust Services; Chair, Canadian Pension & Benefits Institute (CPBI) Pacific; Co-Chair of Pacific Education Programs, CWB Trust Services

James Ash Chief Investment Officer and Treasurer CIBC Pension Plan (Canadian Imperial Bank of Commerce)

Joanna Walewski

Lead Specialist, Benefits and Pension AltaGas

Karen McKeown Director, Board Operations and Board Secretary BC Pension Corporation

Kim Connor Vice President, Partnerships Dialogue Health Technologies

HOT LIST 2024

Laura Brownell Trustee University Pension Plan, Ontario

Lauren Bloom Head of Canada

T. Rowe Price

Lorianne Weston Manager, Pension Hub

Global Risk Institute in Financial Services

Matthew Chow Chief Mental Health Officer TELUS Health

Marie-Chantal Côté

Senior Vice President, Group Benefits Sun Life Canada

Pierre Caron President Conseil Phialex

Rana Ghorayeb

Senior Vice President and Head of Real Estate Caisse de dépôt et placement du Québec

Roger Beauchemin

President and Chief Executive Officer

Addenda Capital

DANIEL SIMUNAC

Co-Chief Executive Officer

Stonebridge Financial

Ryan Johnston Corporate Account Executive Manulife Financial

Sean Hewitt President Vestcor

Tami Dove Director, Member Experience CSS Pension Plan (Co-operative Superannuation Society)

Todd Saulnier Principal, Mercer Canada and President, Association of Canadian Pension Management BOD (ACPM) Mercer Canada

Tola Oduntan Manager, Member and Stakeholder Relations Plannera Pensions & Benefits

Tracy Young-McLean Vice President Human Resources and Corporate Services Rise Air

William (Bill) Butt Director CI Financial

Yafa Sakkejha Chief Executive Officer Beneplan

Phone: 416 364 3001

Email: Info@Stonebridge.ca

Website: Stonebridge.ca

Daniel Simunac has nearly 25 years of private debt portfolio management experience across North America, leading teams at Canadian, US and European financial institutions, including Sun Life Financial, TD Bank, Allied Irish Bank and Raymond James Bank.

Prior to Stonebridge, Simunac served as head of two new banks entering Canada, building each into top 25 commercial lenders in the country by assets. To date in his career, he has underwritten $15 billion of loans across infrastructure, renewable energy, healthcare, real estate and corporate sectors.

Simunac has chaired the Association for Corporate Growth’s (ACG) annual private equity conference, Queen’s University’s “Institutional Real Estate Investment Conference” and created and served as inaugural chair of the “Lender Committee” for the Real Property Association of Canada (Realpac). He also created and teaches Realpac’s “Lending in Commercial Real Estate” course, now in its 11th year.

Simunac served on the board of West Park Hospital between 2010-2019 and chairs its annual “Tournament of Stars NBA Celebrity Charity”. He is a recipient of the “Lifetime Achievement Award” from ACG Canada, the “Distinguished Service Award” from the Raymond James Charitable Foundation, and has been named “Executive of the Year” by the Canadian-Croatian Chamber of Commerce.

GINO STIRPE

Vice President, Sales and Operations VUMI Canada

Phone: 416 436 2268

Email: gstirpe@vumigroup.com Website: vumicanada.com

SHANNON ROHAN Chief Strategy Officer

Shareholder Association for Research and Education (SHARE)

Gino Stirpe discovered his passion for health insurance after a transformative personal healthcare experience. With 35 years in the industry and over a decade focused on healthcare, he has become a recognized leader and expert in international private medical insurance.

As vice president of VUMI Canada, Stirpe successfully introduced IPMI to the Canadian market. Within a year, VUMI has emerged as the nation’s leading provider, thanks to its strategic acquisition of Royal & Sun Alliance’s PPI Tri Access portfolio and the company’s rapid growth.

Despite challenges – such as building market awareness of this new insurance model – Stirpe has been undeterred. He achieved the prestigious CHS-certified Health Insurance Specialist designation and continues to drive industry disruption. Under his leadership, VUMI Canada has expanded healthcare options for Canadians, offering seamless access to world-class doctors and hospitals through its Prestige VIP healthcare insurance plan.

“Our VIP products are designed to meet the unique needs of individuals, families, and employees without the limitations of the national healthcare system,” he says. “We’ve raised the bar in delivering unparalleled healthcare experiences for our clients, and we’re proud to be setting the standard in the industry.”

Phone: 604 695 2026

Email: srohan@share.ca Website: share.ca

Shannon Rohan always aspired to work in a sector where she could create meaningful change, and it was by “following the power” that she landed in capital markets. “From there, it was a journey of chance and opportunities,” she says of the professional path that led to her current role as chief strategy officer at the Shareholder Association for Research and Education (SHARE).

Over the course of nearly two decades at SHARE, Rohan has played a central role in expanding the responsible investment movement in Canada – a trend mirrored in SHARE’s growth during her tenure, from just seven employees in 2006 to nearly 40 today – and overseeing the expansion of the organization’s client network.

Reflecting on the long-term impact of her work and SHARE’s, Rohan expects more pension funds to lend their weight to the global effort to achieve net-zero emissions by 2050. As she looks to the future, Rohan says her work will increasingly be about helping pension funds and other institutional investors recognize the connection between creating a more sustainable, inclusive economy and their ability to deliver long-term value to beneficiaries.

“Helping investors recognize that connectivity is a major motivator for me and for SHARE. And I think the folks we work with also recognize that connectivity more and more,” she says.

Farmland as a portfolio enhancer

This

less-known asset class

offers a range of promising characteristics that can help pension funds navigate a challenging macro environment

CANADIAN FARMLAND is an embryonic asset class, and many investors are unfamiliar with its core characteristics. As the manager of the Veripath Farmland Fund, I have seen firsthand how useful this asset can be to investors.

To start, it cannot be overemphasised that farmland is not a real estate investment. Farmland is a unique, non-depleting commodity capital asset that discounts the production of an infinite series of crops with highly inelastic demand and low stock-to-flow and is completely consumed with no recycling.

The best way, therefore, to discuss farmland as a portfolio addition is to summarize how its unique features lead to a core of useful behaviours, particularly for long-duration investors like pension plans.

Firstly, farmland is a diversifier with low long- and short-term correlation to public equities and bonds. Simply put, it diversifies when you need it most during public market events. For example, because of its limited correlation to bonds and nominal interest rates, prices were unaffected during COVID and during the recent ratehiking cycle.

Farmland also dampens volatility while providing market-like returns. Over the 60-year period from 1954 to 2021 farmland had approximately the same IRR as

the S&P, but with ~50 percent less volatility. It has also shown strong upside and downside capture ratios.

Using the 30-year period from 1992 to 2022, Canadian farmland has provided strong positive returns in both S&P down and up markets (upside capture = 39.1, downside capture = -44.1). Farmland outper-

folio construction tools, was a safe haven at the modest allocation level of four percent.

Canadian farmland has a strong and non-linear correlation to inflation. During the 1970s’ inflation episode, farmland in western Canada appreciated over 400 percent nominal and over 200 percent real, providing protection from the real

By 2050 emerging markets will have an extra two billion people to feed, and billions more middle-class consumers. This will require global crop production to double, assuming current dietary behaviours are maintained

forms many other conventional and alternative asset classes in both this defensive and upside performance versus public equities.

It also can be categorized as a “safe haven” in the strict meaning of the term in that it enhances the geometric mean return of a portfolio. Based on Veripath’s modelling using a 100 percent S&P portfolio at the 95 percent confidence level, Canadian farmland, weighted pursuant to Veripath’s port-

loses experienced in stocks, bonds, and commercial real estate.

On the flipside, farmland can also protect against recessions. Simply stated, during recessions consumers tend not to change food consumption patterns which makes farmland highly resistant to recessionary forces.

There is also a value opportunity in Canadian farmland now. Canada has funda-

mental land mispricing that can be captured by an experienced manager. This is because Canada has low penetration of irrigated land but with large acreage suitable for irrigation by surface water. Canada also has low productivity-adjusted land prices.

By 2050 emerging markets will have an extra two billion people to feed, and billions more middle-class consumers.

This will require global crop production to double, assuming current dietary behaviours are maintained. Farmland in

an export-oriented country like Canada is a way to capture this growth, but expressed in a politically safer jurisdiction.

This asset class also captures the global demand for water. One tonne of wheat requires 1,000 tonnes of water. Exporting wheat is therefore an efficient proxy for exporting water. Canada, in effect, is exporting its water surplus when it exports crops to markets like India, China, and the Middle East, which have structural water shortages. Water is not an investable asset class, while Canadian farmland is.

Leverage in the Canadian farmland sector at <30 percent LTV is low (land/collateral based) compared to many other parts of the economy. We believe low aggregate sector leverage contributes to farmland’s low volatility and lack of cross correlation. That allows managers to use modest leverage but still provide competitive returns.

The 15-year return profile of the Canadian farmland benchmark (excluding rents, which average three to six percent pa) was nine percent IRR and, perhaps more importantly, featured impressive risk moments, with SD of 3.2 percent, skew of 1.3, and kurtosis of 0.3.

There is also a large, liquid market. The market capitalization of Canadian farmland is more than $750 billion (~1/3 of TSX) with more than $20 billion pa of turnover (~1/2 of Canadian CRE market). Farmland is one asset that truly deserves the label “liquid alternative.”

I hope this was a useful introduction to the asset class and provides an overview of the many reasons why you may want to consider farmland for inclusion in your long-term asset mix.

Canadian infrastructure needs private capital

Three ways private capital can help revitalize Canadian infrastructure

CANADIAN INFRASTRUCTURE isn’t working. Governments have long declined to invest in maintaining and building new infrastructure, climate change is exacerbating the wear and tear on our existing infrastructure, and broken government finances coupled with the high-interest-rate environment are only making matters worse. How bad is it?

Toronto was completely flooded this past summer. In Ontario, the deteriorating water run-off has put cities at risk, and it is estimated that nearly $5 billion1 is needed to fix it. Renovations to Toronto’s Union Station are 10 years behind schedule and other transportation projects have taken longer to complete than it took to build the ancient

Egyptian pyramids (!). These delays have only worsened traffic and commute times, with Toronto ranked the third most-congested city in North America.

With decades worth of underinvestment across water treatment and management, grid resiliency and transportation, plus a population that has expanded approximately

14 percent in the last decade,2 the question is whether we can develop the infrastructure needed to support Canada’s expanding economic and social needs.

The truth is that governments alone don’t have the capital to solve these crises, so we as a society need to look elsewhere to plug the gap. The good news? There’s a role for everyone to play, and private markets can help. Private capital can help revitalize Canada’s essential infrastructure while also benefiting investors. There is light at the end of the tunnel.

Three ways private capital can help Historically, private capital has successfully funded infrastructure projects, accelerated

economic and social well-being. More P3s are needed to address our growing infrastructure needs.

2. The recently launched Canada Infrastructure Bank (CIB), established by the federal government, is a great example of governments finding creative ways to partner with private capital to accelerate infrastructure project completion. CIB partners with private capital to “invest in revenue-generating infrastructure which benefits Canadians.” To date, CIB has been involved in over 70 infrastructure partnerships with nearly $13 billion deployed,3 addressing green infrastructure,

With global private infrastructure assets growing over the last 24 years from about $5 billion in 1999 to $1.3 trillion in 2023, private capital has demonstrated its ability to address market needs

project timelines, and delivered attractive returns to investors across the globe. While much of our infrastructure has historically been funded by government, privately funded infrastructure investments can succeed in Canada, too. Here are three ways where collaboration with private capital can get our infrastructure back on track:

1. Public-private partnerships (P3s) can use private sector capital and project management capabilities to deliver public infrastructure assets on behalf of governments to meet society’s needs. Successful P3s, including British Columbia’s Sea to Sky Highway Improvement Project or the nearly completed Gordie Howe International Bridge, have boosted our

clean power, public transit, trade and transportation, and broadband. Expanding these partnerships can help improve our infrastructure too.

3. Additionally, there is a huge need and opportunity for private capital to finance, build, and operate economic infrastructure within the private sector. Industries such as renewable energy and digital infrastructure require billions of dollars of investment to build out Canada’s power grid and communications networks of tomorrow, the majority of which will come from private capital. Ensuring the government creates the right incentives and a supportive regulatory framework to attract such

investment will be critical. For example, Canada recently announced the Clean Economy Investment Tax Credits program to encourage investment in renewable energy. Private capital can be deployed to fund and develop the infrastructure needs identified in this policy.

With global private infrastructure assets growing over the last 24 years from about $5 billion in 1999 to $1.3 trillion in 2023,4 private capital has demonstrated its ability to address market needs. And with hundreds of billions of dollars of investable capital available, private markets can play a big role in Canada’s infrastructure revival.

Moving Canada forward

Canada now has an opportunity to leverage private capital to improve the crumbling roads, flooded streets, and delayed infrastructure solutions that current levels of funding have not been able to get under control or complete on time. Private investors can contribute to the country’s infrastructure success and potentially benefit from positive investment outcomes as well. By working together, private capital, federal, provincial, and municipal governments and quasi-governmental organizations can revitalize Canada’s infrastructure – hopefully in less time than it took to build the pyramids.

Source: 1.ConstructConnect,https://canada.constructconnect.com/dcn/news/ projects/2024/03/huge-construction-projects-pipeline-outlined-for-ontario 2.WorldBank,https://data.worldbank.org/indicator/SP.POP. TOTL?end=2023&locations=CA&start=2013&view=chart 3.CanadaInfrastructureBankasofJune30,2024,https://cib-bic.ca/ 4.HamiltonLanedataviaCobalt,BloombergasofDecember31,2023,https://www. hamiltonlane.com/en-us/insight/real-assets-2024/infrastructure

Taylor McManus is a principal based in Hamilton Lane’s Toronto office, where he is responsible for originating, evaluating, and executing direct, secondary, and primary fund investment opportunities.

The leading players in global equities

Canada underperforms as AI and the US take top spot for global equities, but the fundamental tenet of diversification remains key

WHEN IT comes to the global equity landscape, “The US has been the place to be,” says Bimal Patel, senior fund manager for Canada Life Asset Management in the UK office. Canada has underperformed, which can be largely attributed to the composition of the Canadian benchmark, which is heavily skewed toward value sectors such as financials, energy, industrials, and materials.

“Financials is about 35 percent of the overall market. It’s quite significant, whereas technology, for example, it’s only about 10 percent,” Patel explains, pointing out that the Canadian and UK markets are strikingly similar. The US market, in contrast, has been buoyed by the dominance of its technology sector, which has driven much of the global market’s performance in recent years. “It’s very roughly 30 percent tech and maybe 13 percent financials, instead of [Canada’s] 30 or 35 percent financials.”

However, Patel suggests that this regime may be shifting, placing a lot of focus on AI. “I suppose there is a possible broadening out of the US market, not the global market. If US tech stops going up exponentially, as it has been doing, that will help other regions’ financials,” he says.

In many ways, it’s a US versus ex-US kind of environment, Patel believes, because

investors are experimenting with different regions and different countries for different purposes. “If you want tech, by and large, you’ll probably end up in the US. If you want luxury goods, you’ll probably end up in France.”

Ultimately, Patel says, it’s about understanding which sectors and factors investors want exposure to. “Having a global remit allows us to do that so that we can control exposure, let’s say to the US and to the tech sector,” added Patel.

Head of global long-term unconstrained at Martin Currie, an independent investment manager within Franklin Templeton, Zehrid Osmani also emphasizes the dominance of US equities, which have been largely driven

“Diversification is key. The asset class that performs best in one decade will not perform best the next”

Peter Muldowney, Connor, Clark & Lunn Financial Group

by the strength of major technology companies, many of which are beneficiaries of the AI boom.

“We’ve only had two of the ‘Magnificent Seven’ – Nvidia and Microsoft – in our global strategies,” Osmani noted. Nvidia has seen significant gains, up 156 percent in the last year, driven by its leadership in GPUs, a critical component in AI’s need for

fast computing. However, Osmani cautions that much of the AI hype could be “frothy,” as many AI-exposed stocks have not seen corresponding upgrades in sales or earnings projections, despite their price increases.

“The importance here is to be exposed to companies that are visibly capturing the opportunity by monetizing or are best positioned to monetize,” Osmani stated. He also points out that Microsoft, another key player in the tech space, is well-positioned to capitalize on AI across three areas: its stake in OpenAI, its cloud infrastructure, and enterprise software like Copilot, which is expected to play a significant role in monetizing AI capabilities.

Osmani expresses confidence that “the market still underestimates the potential size and speed at which this AI market will materialize,” particularly as corporations ramp up investments to stay competitive.

Corporate earnings in the US and for large parts of the market have also been really strong. Justin Flowerday, managing director and head of public equities at TD Asset Management Inc., believes there has been “incredible” earnings growth and earnings resilience. “If you were to think about what’s been driving the market higher, when you decompose that return between earnings growth and multiple expansion, it’s been roughly 80 percent earnings growth and 20 percent multiple expansion,” he explains. “We’re at a point now where, with the economy slowing, there obviously is a little bit of skepticism

MONEY MANAGERS REPORT

around whether earnings [will] continue to grow at that pace.”

Flowerday believes that different parts of the market will grow at different rates, while others will continue to grow at double-digit earnings rates. “Some parts of the market might be a little more sensitive to a slowdown in consumer spending and potentially some corporate spending,” he added. “Their earnings might suffer a little bit which [will be crucial] to finding those areas where you do have solid earnings growth through a weak economic period.”

“Fixed income, to no surprise, was the least volatile, followed by US equities, then Canadian equities, and then emerging markets was the most volatile. It doesn’t matter which decade you look at. From a risk profile, that’s consistent,” he added. “That’s why it’s really important [that], whenever folks are looking at changing their asset mix, they appreciate that the risk profile is probably right – and while the return is still a bit of an unknown, by being diversified, you have the best chance of getting the right result.”

Despite the challenges around global equi-

“If US tech stops going up exponentially, as it has been doing, that that will help other regions’ financials”

Bimal Patel, Canada Life Asset Management

While sometimes diversification is succeeded by being global, says Peter Muldowney, senior vice president and head of institutional and multi-asset strategy at Connor, Clark & Lunn Financial Group, when it comes to investment returns, “There are no guarantees.”

“That’s why my view in any situation is [that] diversification is key. If you know the solutions are there, even small, mid-size, can do it. But the experience is the asset class that performs best in one decade will inevitably not be the one that performs best the next decade.”

Muldowney points to research he conducted as an example. “When I looked at calendar year decades for the various asset classes, all in Canadian dollar terms, whether it was Canadian, emerging markets, core fixed income, US equities, [or] international equities, one consistency is the relative risk profile that stays as-is,” he explains.

ties, Osmani believes companies can capitalize on the three seismic thematic opportunities that Martin Currie foresees in the market: energy transition, aging population, and artificial intelligence.

Within energy transition are three themes, he explains. Green and alternative energy and energy-efficient infrastructure are the first two, as countries focus on decarbonization, while the third is electric transportation. “Electric transportation is not just EV, it’s also highspeed railways, and there’s a lot of spending around those in some countries.”

On the subject of the aging population, Osmani points to the fact that, ultimately, an aging population consumes more healthcare infrastructure. As he says, “There’s a need for more,” noting the various themes, like therapies, genomics, or diseases.

The third big seismic shift, according to Osmani, is AI, for which he explains the four

VANGUARD’S TOP 10 INVESTMENTS

5. Martin Marietta Materials Inc.

Source: Vanguard Investments Canada

sub-themes Martin Currie favours. The first is the Metaverse and quantum computing. Second are robotics and automation, “and the fact that AI can accelerate the trend toward more” in those areas. The third sub-theme is cloud infrastructure, he highlights, as “every cloud provider is racing to upgrade their client infrastructure to make it AI-ready. As a result, cybersecurity, as an extension, is an important thing.”

The fourth sub-theme, according to Osmani, is geopolitical and technological fragmentation related to AI; he points to China-US tensions around Taiwan, in addition to the US imposing restrictions on leading-edge technology from China. Despite the semiconductor space creating fragmentation and “creating the potential for these economies of scale, we think companies like ASML can benefit from that fragmentation,” he said.

ADDENDA CAPITAL INC.

Contact: Janick Boudreau, CFA

Executive Vice-President, Business Development & Client Partnerships

Address: 800 René-Lévesque Blvd. W., Ste. 2800 Montréal, QC, H3B 1X9

PH: 514-908-1989

Fax: 514-287-7200

Email: j.boudreau@addendacapital.com

Website: addendacapital.com

Ownership structure: Third Party, 100% (Co-operators Financial Services Limited is the firm’s principal shareholder and owns 96.70%; Addenda Capital employees own 3.30%)

Investment professionals: 76

Established: 1985

Minimum investment (CDN $M): Pooled, $5M; separate, $20M Manager style: Size bias – large cap; style bias

– core

Management style: Active; fixed income; bond –duration, credit, yield curve

Additional style bias: Growth, GARP, value Services provided to DC pension plan clients: Investment management

Investment AUM for Canadian clients (CDN $M):

DB pension, $ $5,255.5; DC pension, $1,771.9; foundation & not-for-profit: $1,491.9; private, $2,982.5; total, $34,733.2; others, $23,231.4 (insurance, other institutional, third-party mutual funds)

Canadian plan sponsors for which you provide DB pension asset management: 36 Canadian fixed-income specialist assets (CDN $M): Pooled, $310.1; segregated, $2,381.8; total, $2,691.9

Other asset classes (CDN $M): $2,563.6 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $5,120.9; passive, $134.6; total, $5,255.5

Canadian plan sponsors for which you provide DC pension plan asset management: 21 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $962.8; other, $809.1; total, $1,771.9

Total pension assets (DB & DC) managed for Canadian clients: $7,027.4

AGINVEST FARMLAND PROPERTIES

CANADA INC.

Contact: Oliver Wolf

Business Development Associate

Address: 80 Keil Drive South, Unit 3

Chatham, ON, N7M 3H1

PH: 519-352-8413

Email: oliver.wolf@aginvestcanada.com

Website: aginvestcanada.com

Investment professionals: 1

Established: 2012

Minimum investment (CDN $M): Pooled, $0.15, separate, $0.15

Manager style: Style bias – value

Management style: Active; other – farmland asset management

Investment AUM for Canadian clients (CDN $M): Private, $120; total, $120

ALLIANCEBERNSTEIN L.P.

Contact: Steven Arts

VP Institutional Advisor

Address: 200 Bay St. North Tower floor 12 Toronto, ON, M5J 2J2

PH: 647-375-2805

Email: steven.arts@alliancebernstein.com

Website: alliancebernstein.com/americas/en/ institutions/home.html

Ownership structure: Principals, 14%; publicly held, 25%; third party, 61% (Equitable Holdings, Inc.)

Investment professionals: 244

Established: 1971

Minimum investment (CDN $M): Pooled, $10; separate, $25

Manager style: Size bias – large cap; style bias – value

Management style: Active; fixed income Services provided to DC pension plan clients: Target date funds; risk-based funds; active & passive funds; multi-asset funds; ESG funds; customized solutions

Investment AUM for Canadian clients (CDN $M): DB pension, $5,189; DC pension, $613; foundation & not-for-profit, $275; private, $92; total, $11,247; others, $5,078

Canadian plan sponsors for which you provide DB pension asset management: 28 Canadian fixed-income specialist assets (CDN $M): Pooled, $410; segregated, $1,991; total, $2,401

US equity specialist assets (CDN $M): Segregated, $358; total, $358

Global equity specialist assets for global mandates (CDN $M): Pooled, $864; segregated, $558; total, $1,422

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $7; total, $7

Other asset classes (CDN $M): Non-Canadian fixed income, $103; real estate, $47; hedge funds, $852

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $5,023; passive, $166; total, $5,189

Canadian plan sponsors for which you provide DC pension plan asset management: 2 DC pension plan AUM for Canadian plan

sponsors (CDN $M): DC pension, $613; total, $613

Total pension assets (DB & DC) managed for Canadian clients: $5,802

AMUNDI CANADA

Contact: Tanya Bishop, Senior VP

Address: 2000 McGill College Avenue Montreal, QC, H3A 3H3

Email: tanya.bishop@amundi.com

Website: amundi.ca

Ownership structure: Principals, 68.93%; publicly held, 29.2%; third party, 1.88% (employees and treasure shares)

Investment professionals: 100+

Established: 1960

Minimum investment (CDN $M): Pooled, $5; separate, $20

Investment AUM for Canadian clients (CDN $M): DB pension, $6,595.14; DC pension, $372.9; foundation & not-for-profit, $15.8; private, $12.3; retail mutual funds (direct), $4,115.97 (retail distributors); total, $11,112.11; others, $853.2 (government-related + insurance general fund)

Canadian plan sponsors for which you provide DB pension asset management: 20 Canadian fixed-income specialist assets (CDN $M): Segregated, $74.01; total, $74.01

Global equity specialist assets for global mandates (CDN $M): Pooled, $811.62; segregated, $4,382.71; total, $5,194.33

Other asset classes (CDN $M): Non-Canadian fixed income, $1,226; real estate: $357.9; highyield bonds, $81.9; currency overlay, $4,261.2; other, $769.9

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $824.1; passive, $5,771.03; total, $6,595.14

Canadian plan sponsors for which you provide DC pension plan asset management: 4

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $372.9; total, $372.9

Total pension assets (DB & DC) managed for Canadian clients: $6,968.06

BGO

Contact: Yvonne Davidson

Principal, Capital Raising & Investor Relations Address: 1 York Street (Suite 1100)

Toronto, ON M5J 0B6

PH: 647-335-4096

Email: yvonne.davidson@bgo.com

Website: bgo.com/

Ownership structure: Principals, 36%; publicly held, 51%; third party, 13% (Tetragon Financial Group, a legacy partner of GreenOak)

Investment professionals: 74 in Canada; 270 globally

Established: 1911

Minimum investment (CDN $M): Pooled, $1, separate, $10

Manager style: Style bias – core Management style: Active Services provided to DC pension plan clients: Real estate investment management services

Investment AUM for Canadian clients (CDN $M): DB pension, $6,421; DC pension, $203; foundation & not-for-profit, $1,101; private, $31; total, $28,422; others – insurance company, $20,176; fund of funds, $490 Canadian plan sponsors for which you provide DB pension asset management: 78 Other asset classes (CDN $M): Real estate, $6,421

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $6,421 total, $6,421 Canadian plan sponsors for which you provide DC pension plan asset management: 2

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $203; total, $203

Total pension assets (DB & DC) managed for Canadian clients: $6,624

BEUTEL, GOODMAN & COMPANY LTD.

Contact: Tim Hylton

Senior Vice President, Client Service & Business Development

Address: 2000-20 Eglinton Ave. West Toronto, ON, M4R 1K8

PH: 416-485-1010

Fax: 416-485-1799

Email: thylton@beutelgoodman.com Website: beutelgoodman.com

Ownership structure: Principals, 51%; third party, 49% (Affiliated Managers Group, Inc.)

Investment professionals: 24

Established: 1967

Minimum investment (CDN $M): Pooled, $10; separate, $25

Manager style: Size bias – all cap; style bias – value

Management style: Active; fixed income; bond – duration Services provided to DC pension plan clients: Investment management

Investment AUM for Canadian clients (CDN $M): DB pension, $12,192; DC pension, $13,802; foundation & not-for-profit, $1,567; private, $2,717; retail mutual funds (direct), $2,258; total, $43,800; others, $11,265

Canadian plan sponsors for which you provide DB pension asset management: 54

Balanced account assets (CDN $M): Pooled, $345, segregated, $1,100, total, $1,445

Canadian equity specialist assets (CDN $M): Pooled, $988; segregated, $2647; total, $3,635 Canadian fixed-income specialist assets (CDN $M): Pooled, $1267; segregated, $3,808; total, $5,076

US equity specialist assets (CDN $M): Pooled, $155; segregated, $511; total, $667

Global equity specialist assets for global mandates (CDN $M): Pooled, $818; total, $818

Other asset classes (CDN $M): $551

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $12,192; total, $12,192

Canadian plan sponsors for which you provide DC pension plan asset management: 12 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $13,802

Total pension assets (DB & DC) managed for Canadian clients: $25,994

BURGUNDY ASSET MANAGEMENT LTD.

Contact: Mike Sandrasagra Vice President, Global Head of Consultant Relations

Address: 181 Bay Street, Suite 4510 Toronto, ON, M5J 2T3

PH: 416-869-8980

Fax: 416-869-1700

Email: msandrasagra@burgundyasset.com

Website: burgundyasset.com

Ownership structure: Principals, 100%

Investment professionals: 30

Established: 1990

Minimum investment (CDN $M): Pooled, $5; separate, $10

Manager style: Style bias – value

M anagement style: Active; fixed income –active; bond – credit; market capitalization –small, mid, large, all Services provided to DC pension plan clients: Discretionary investment management services

Investment AUM for Canadian clients (CDN

$M): DB pension, $4,501; DC pension, $899; foundation & not-for-profit, $5,149; private, $13,297; others, $3,316 (corporations, insurance)

Canadian plan sponsors for which you provide DB pension asset management: 57

Balanced account assets (CDN $M): Pooled, $643; segregated, $465; total, $1,108

Canadian equity specialist assets (CDN$M): Pooled, $49; segregated, $101; total, $151

Canadian fixed-income specialist assets (CDN $M): Pooled, $24; total, $24

US equity specialist assets (CDN $M): Pooled, $3; segregated, $1,343; total, $1,346

Global equity specialist assets for global mandates (CDN $M): Pooled, $1,086; segregated, $342; total, $1,428

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $440; total, $440

Other asset classes (CDN $M): EM mandate

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $4,501

Canadian plan sponsors for which you provide DC pension plan asset management: 7

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $899; total, $899

Total pension assets (DB & DC) managed for Canadian clients: $5,400

CANADA LIFE

Contact: Derrick March

Senior Vice-President, Business Development, Workplace Solutions Address: 330 University Avenue Toronto, ON, M5G 1R8

PH: 416-597-1456

Fax: 416-552-3300

Email: institutionalinvestments@canadalife.com Website: canadalife.com

Manager style: Size bias – small cap; style bias – core

Management style: Passive; fixed income; bond – yield curve

Investment AUM for Canadian clients (CDN $M): DB pension, $3,565.87; DC pension, $23,013.11; private, $2,330.23; retail mutual funds (direct), $1,730.80; others – segregated funds, $11,207.78; total, $30,640.01

Canadian plan sponsors for which you provide DB pension asset management: 164 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $3,565.87; total, $3,565.87

Canadian plan sponsors for which you provide DC pension plan asset management: 2,575 DC pension plan AUM for Canadian plan

sponsors (CDN $M): DC pension, $3565.87; group RRSP, $23,013.11; total, $26,578.98

Total pension assets (DB & DC) managed for Canadian clients: $30,144.85

This data represents our directly managed assets. Canada Life uses third-party managers for most of the mandates we offer to pension plan investors. Group RRSP is combined with DPSP.

CAMERON STEPHENS MORTGAGE CAPITAL

Contact: Parker Brown, Sales Manager, Capital Markets

Address: 320 Bay Street, suite 1700 Toronto, ON, M5H 4A6

PH: 705-834-1127

Email: pbrown@cameronstephens.com

Website: cameronstephens.com

Ownership structure: Principals, 100% (Scott Cameron and George Frankfort) Investment professionals: 35

Established: 2004

Minimum investment (CDN $M): Pooled, $0.1; separate, $25 Manager style: Fixed income Management style: Active; other – private mortgage manager Services provided to DC pension plan clients: Pooled mortgage fund available Investment AUM for Canadian clients (CDN $M): Private, $0.8; others – financial institutions, $3,200

Other asset classes (CDN $M): Real estate, $4,000

We manage assets for large financial institutions, such as banks, insurance companies, and credit unions. The balance is held with family offices and HNW individuals.

CANSO

INVESTMENT COUNSEL LTD.

Contact: Jason Davis, Portfolio Manager, Vice President Client Service & Marketing

Address: 550 – 100 York Boulevard Richmond Hill, ON, L4B 1J8

PH: 905-881-8853

Fax: 905-881-1466

Email: clientservice@cansofunds.com

Website: cansofunds.com

Ownership structure: Principals, 100% Investment professionals: 29

Established: 1997

Minimum investment (CDN $M): Pooled, $10; separate, $250

Manager style: Fixed income Management style: Active; bond – credit Services provided to DC pension plan clients: Private debt, long and corporate products and services

Investment AUM for Canadian clients (CDN $M): DB pension, $7,889.3; DC pension, $21.3; foundation & not-for-profit, $401.1; private, $25,611; total, $47,782.7; others, $13,860 (sub-advised/insurance/corporate)

Canadian plan sponsors for which you provide DB pension asset management: 28 Canadian fixed-income specialist assets (CDN $M): Pooled, $211.7; segregated $7,698.9; total, $7,910.6

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $7,889.3; total, $7,889.3

Canadian plan sponsors for which you provide DC pension plan asset management: 2

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $21.3; total, $21.3

Total pension assets (DB & DC) managed for Canadian clients: $7,910.6

mutual funds (direct), $16,385; total, $17,308; others –$3,890 (subadvisory and SMA AUM)

Canadian plan sponsors for which you provide DB pension asset management: Global equity specialist assets for global mandates (CDN $M): Pooled, $112; total, $112 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $112; total, $112

Canadian plan sponsors for which you provide DC pension plan asset management: 6 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $711; total, $711

Total pension assets (DB & DC) managed for Canadian clients: 823

CAPITAL GROUP CANADA

Contact: Kevin Martino Vice-President, Institutional

Address: Brookfield Place, 181 Bay St., Ste. 3100

Toronto, ON, M5J 2T3

PH: 416-815-2128

Fax: 213-486-9223

Email: kevin.martino@capgroup.com

Website: capitalgroup.com/ca Ownership structure: Principals, 100% Investment professionals: 472 Established: 1931

Minimum investment (CDN $M): Pooled, $15; separate, $125 (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; bond – credit Services provided to DC pension plan clients: Provide recordkeeper daily pricing feed, recordkeeper/DC plan sponsor fund data, and commentary for fund data pages (which are produced by the recordkeeper) Investment AUM for Canadian clients (CDN $M): DB pension, $112; DC pension, $711; foundation & not-for-profit, $100; retail

CIBC ASSET MANAGEMENT

Contact: Carlo DiLalla, CFA

Managing Director and Head, Institutional Asset Management

Address: 161 Bay St., Ste. 2230 Toronto, ON, M5J 2S1

PH: 416-980-2768

Email: carlo.dilalla@cibc.com

Website: cibcam-institutional.com

Ownership structure: Third party: 100% (CIBC Asset Management Inc. is a member of the CIBC Group)

Investment professionals: 95

Established: 1972

Minimum investment (CDN $M): Pooled, $10; separate, $25

Manager style: Other: size bias – small, mid, large, all cap; style bias – value, grow Services provided to DC pension plan clients: Investment management

Investment AUM for Canadian clients (CDN $M): DB pension, $25,852.5; DC pension, $1,879.9; foundation & not-for-profit, $1,373.8; private, $3,086.8; retail mutual funds (direct), $132,159.7; others, $60,844.1

C anadian plan sponsors for which you provide DB pension asset management: 43

Balanced account assets (CDN $M): Pooled, $52.3; segregated, $51.6; total, $103.9 Canadian equity specialist assets (CDN $M): Pooled, $6.5; segregated, $154.5; total, $161.0 Canadian fixed-income specialist assets (CDN $M): Pooled, $1,754.5; segregated, $13,172.5; total, $14,926.9

US equity specialist assets (CDN $M): Pooled, $433.5; segregated, $339.5; total, $773.0

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $3.3; total, $3.3

Other asset classes (CDN$M):

Currency Overlay: 8755.9

Other: 1128.4

Pension fund AUM for Canadian plan

sponsors of DB pension plans (CDN $M): Active, $12,445; Passive, $13,407.5; total, $25,852.5

Canadian plan sponsors for which you provide DC pension plan asset management: 5

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $1,879.9; total, $1879.9

Total pension assets (DB & DC) managed for Canadian clients: $27,732.4

CLARION PARTNERS

Contact: Hugh Macdonnell

Managing Director

230 Park Avenue, 12th Floor New York, NY, 10169

PH: 212-883-2500

Email: clarion.partners@clarionpartners.com

Website: clarionpartners.com

Ownership structure: Principals, 18%; third party, 82%

Investment professionals: 211

Established: 1982

Manager style: Style bias – core; active Investment AUM for Canadian clients (CDN $M): DB pension, $4,399; foundation & not-for-profit, $45; total, $4,496; others – fund-of-funds

Canadian plan sponsors for which you provide DB pension asset management: 16 Other asset classes (CDN $M): Real estate, $4,496

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $4,496; total, $4,496

Total pension assets (DB & DC) managed for Canadian clients: $4,496

CONNOR, CLARK & LUNN FINANCIAL GROUP LTD.

Contact: Brent Wilkins

Head of Institutional Sales (Canada)

Address: 1400-130 King St. W., P.O. Box 240 Toronto, ON, M5X 1C8

PH: 416-862-2020

Fax: 416-363-2089

Email: bwilkins@cclgroup.com

Website: cclgroup.com

Ownership structure: Principals, 100%

Investment professionals: 246

Established: 1982

Minimum investment (CDN $M): Pooled, $1; separate, $10

Manager style: Size bias – all cap; style bias – core Management style: Active; fixed income; bond – duration; other – also managed on a growth and value style. Bond management style includes duration, credit and yield curve Services provided to DC pension plan clients: CAP Services – investment management and client service

Investment AUM for Canadian clients (CDN $M): DB pension, $23,344.70; DC pension, $10,569.90; other managers, available; foundation & not-for-profit, $3,512.2; private, $16,515.3; retail mutual funds (direct), $1,100.3; total, $101,219.8; others, $46,177.40

Canadian plan sponsors for which you provide DB pension asset management: 217 Balanced account assets (CDN $M): Pooled, $2,000.8; segregated, $154.9; total, $2,155.7 Canadian equity specialist assets (CDN $M): Pooled, $1,731; segregated, $3,444.3; total, $5,175.30

Canadian fixed-income specialist assets (CDN $M): Pooled, $986.00; segregated, $2,830.5; total, $3,816.5

US equity specialist assets (CDN $M): Pooled – available; segregated – available; total, available

Global equity specialist assets for global mandates (CDN $M): Pooled, $2,007.1; segregated, $520.2; total, $2,527.3

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $172.60; segregated, $639.20; total, $811.80

Other asset classes (CDN $M): Real estate, $3,331.4; infrastructure, $712; high-yield bonds, $14.2; hedge funds, $3,985.80; other, $814.90

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $23,344.70; total, $23,344.70

Canadian plan sponsors for which you provide DC pension plan asset management: 18 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $10,411.9; group RRSP, $158; total, $10,569.90

Total pension assets (DB & DC) managed for Canadian clients: $33,914.60

DESJARDINS GLOBAL ASSET MANAGEMENT

Contact: Natalie Bisaillon

Vice President & Chief of Partnerships &

Institutional Client Relations

Address: 1, Complexe Desjardins, 20th Floor, South Tower

Montreal, QC, H5B 1B2

PH : 514-214-5742

Fax: 514-281-7253

Email: natalie.bisaillon@desjardins.com

Website: desjardins.com/dgam

Ownership structure: 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: 95

Established: 1998

Minimum investment (CDN $M): Pooled, $5; separate, $50

Manager style: Size bias – large cap; style bias – value

Management style: Active; fixed income; bond – duration; other – duration, credit, yield curve

Services provided to DC pension plan clients: Desjardins Global Asset Management is a provider of investment solutions for DC programs, offered primarily on the Desjardins DC platform.

Investment AUM for Canadian clients (CDN $M): DB pension, $11,085; DC pension, $116; foundation & not-for-profit: 268; retail mutual funds (direct), $35,652; total, $10,7924; others, $60,803

Canadian plan sponsors for which you provide DB pension asset management: 2

Balanced account assets (CDN $M): Segregated, $146

Canadian equity specialist assets (CDN $M): Segregated, $3

Canadian fixed-income specialist assets (CDN $M): Segregated, $8,157

US equity specialist assets (CDN $M): Segregated, $46

Other asset classes (CDN $M): Cash, $38, infrastructure, $2,695

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $11,085

Canadian plan sponsors for which you provide DC pension plan asset management: 4

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $116

Total pension assets (DB & DC) managed for Canadian clients: $11,201

EQUITON

Contact: Aaron Pittman

SVP, Head of Canadian Institutional Investments

333 Bay Street, Suite 1800

Toronto, ON, M5H 2R2

PH: 416-758-8700 x119

Email: apittman@equiton.com

Website: equiton.com/institutional-investors/ Ownership structure: 100%

Investment professionals: 10

Established: 2015

Minimum investment (CDN $M): Separate, $5 ERIFT Investment AUM (CDN $M): total, $1.06B

Equiton is a private equity real estate firm with a track record of providing clients with exposure to the investment benefits of the multifamily segment. Portfolios are constructed with a risk-adjusted return profile objective of capital preservation coupled with income and growth potential through, and across, markets and economic cycles.

FIDELITY CANADA INSTITUTIONAL

Contact: Michael Barnett

Executive Vice-president, Institutional Address: 483 Bay St. Toronto, ON, M5G 2N7

PH: 416 307-5200

Email: FidelityCanadaInstitutional@fidelity.ca

Website: institutional.fidelity.ca

Ownership structure: Principals, 100%

I nvestment professionals: Over 1,300 investment professionals across Canada, U.S. and international, providing sub-advisory services to Fidelity Investments Canada.

Established: 1987

Minimum investment (CDN $M): Pooled, $7.5; separate – varies by strategy Manager style: Size bias, style bias

Management style: fixed-income; bond –varies by strategy

Services provided to DC pension plan clients: Investment only

Investment AUM for Canadian clients (CDN $M): DB pension, $14,930.5; DC pension, $25,466.54; other managers, $4,696.24; foundation & not-for-profit, $969.02; retail mutual funds (direct), $195,695.77; total, $247,875.43; others, $61,17.35 (corporate, packaged programs, insurance, intermediated and ETF)

Canadian plan sponsors for which you provide DB pension asset management: 65

Balanced account assets (CDN $M): Pooled, $25.34; segregated, $234.05; total, $259.40

Canadian equity specialist assets (CDN $M): Pooled, $1130.44, segregated, $8,968.22; total, $10,098.67

Canadian fixed-income specialist assets (CDN $M): Pooled, $19,85.02; segregated, $1,113.81; total, $3,098.83

US equity specialist assets (CDN $M): Pooled, $62.67; segregated, $218.43; total, $281.10

Global equity specialist assets for global mandates (CDN $M): Pooled, $313.93; segregated, $213.75; total, $527.68

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $53.82; total, $53.82

Canadian plan sponsors for which you provide DC pension plan asset management: 10

FIERA CAPITAL CORPORATION

Contact: Sarah Aves

Co-Head of Canadian Institutional Clients

Address: 1981 McGill College Avenue, Suite 1500

Montreal, QC, H3A 0H5

PH: 514-954-6468

Fax: 514-954-9692

Email: globaldistributionanalytics@ fieracapital.com

Website: fieracapital.com

Ownership structure: Principals, 21%; publicly held, 79%

Investment professionals: 230

Established: 2003

Minimum investment (CDN $M): Pooled, $5; separate, $20

Manager style: Size bias – large cap; style bias – GARP

Management style: Active; fixed income; other – Fiera Capital manages a diversified public markets fixed-income platform that aims to deliver durable and resilient alpha through investment capabilities ranging from bottom-up credit selection, top-down duration and yield positioning, overlays, US credit and high yield.

Services provided to DC pension plan clients: 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.

• Client experience focused - As an independent asset manager, Fiera Capital

has invested considerable resources to ensure our client experience is among the best in the industry. We have a demonstrated track record of bringing on board new clients and continuing to grow and nurture these relationships. We have a team of client and asset class specialists dedicated to providing timely communication, delivering thought leadership, proactively discussing market opportunities, and keeping clients informed on market developments.

• Solutions focus - We have a robust risk management framework and a demonstrated track record of building and managing portfolios that include traditional and non-traditional asset classes.

• Extensive investment platform: The breadth of Fiera Capital’s investment platform across traditional and alternative strategies lends support to our ability to deliver solutions today, as well as for the future evolution of our clients’ investment programs.

• Value-added services: Fiera Capitals provides clients with access to Multi-Asset Class Solutions (MACS), Tactical Asset Allocation, Sustainable Investments, and thought leadership services and capabilities including:

o Long-term strategic asset allocation optimization based on organizationspecific objectives and constraints.

o Investment policy guidance and development

o Implementation of asset allocation and rebalancing

o ESG polic y guidance and development

o Disbursement (spending) policy and smoothing policy guidance and development

o Aid and support with year-end processes, customized financial reporting with integration into client’s existing financial processes

o Ad-hoc analyses and support

Investment AUM for Canadian clients (CDN $M): DB pension, $22,327.32; DC pension, $8,167.73; other managers, $2,819.08; foundation & not-for-profit, $12,829.09; private, $22,540.47; retail mutual funds (direct), $19,748.54; total, $105,208; others, $16,775.76

FRANKLIN TEMPLETON

Contact: Dennis Tew

Head of Sales, Canada

Address: 200 King St. W, Ste. 1400

Toronto, ON, M5H 3T4

PH: 416-957-6023

Email: dennis.tew@franklintempleton.ca

Website: franklintempleton.ca

Ownership structure: Principals, 36%; publicly held, 64%

Investment professionals: 1,500

Established: 1947

Minimum investment (CDN $M): Pooled, $1; separate, $20–$250 (depending on mandate) Manager style: Active; fixed income Management style: Active; size bias – large cap, mid cap, small cap, all cap; style – value, growth, core, GARP; bond – duration, credit, yield curve

Investment AUM for Canadian clients (CDN $M): DB pension, $7,629; DC pension, $5,790; foundation & not-for-profit, $1,431; private, $1,635; retail mutual funds (direct): $13,422; total, $51,174; others, $21,267

Canadian plan sponsors for which you provide DB pension asset management: 58 Balanced account assets (CDN $M): Pooled, $405; segregated, $591; total, 996

Canadian equity specialist assets in (CDN $M): Pooled, $698; segregated: $378; total, $1,076

Canadian fixed-income specialist assets (CDN $M): Pooled, $149; segregated, $907; total, $1,056

US equity specialist assets (CDN $M): Pooled, $15; segregated $2,856; total, $2,871

Global equity specialist assets for global mandates (CDN $M): Pooled, $41; segregated, $373; $total, 414

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $57; segregated, $55; total, $112

Other asset classes (CDN $M): Cash, $4; private equity, $2,172; non-Canadian fixed income, $3,320; real estate, $415; infrastructure $62; hedge funds, $2; other, $919

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $7,629; total, R7,629

Canadian plan sponsors for which you provide DC pension plan asset management: 11

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $5,790; total, $5,790

Total pension assets (DB & DC) managed for Canadian clients: $13,419

GUARDIAN CAPITAL LP

Contact: Robin Lacey Head of Institutional Asset Management

Address: 199 Bay St., Commerce Court W., Ste. 2700

Toronto, ON, M5L 1E8

PH: 416-947-4082

Fax: 416-364-9634

Email: rlacey@guardiancapital.com

Website: guardiancapital.com

Ownership structure: Third party, 100% (Guardian Capital LP is wholly owned by Guardian Capital Group Limited, a publicly listed company that trades on the Toronto Stock Exchange)

Investment professionals: 55

Established: 1962

Minimum investment (CDN $M): Pooled, $1; separate – varies by mandate

Management style: Yield curve, credit; other, size bias – mid-to-large cap; style bias –growth, GARP, core bond Services provided to DC pension plan clients: Produce comprehensive quarterly client reports, monthly updates, and flash reports; attend client meetings; a dedicated client servicing executive will provide service to clients with educational requirements Investment AUM for Canadian clients (CDN $M): DB pension, $2465.7; DC pension, $224; foundation & not-for-profit, $251.3; private, $121.8; total, $19,944.9; others, $16,882.1 Canadian plan sponsors for which you provide DB pension asset management: 22 Balanced account assets (CDN$M): Pooled, $74.3; segregated, $67.1; total, $141.4

Canadian equity specialist assets (CDN $M): Pooled, $11.5; segregated, $430.3; total, 441.8 Canadian fixed-income specialist assets (CDN $M): Pooled, $6.6; segregated, $635.8; total, $642.3

Global equity specialist assets for global mandates (CDN $M): Pooled, $134.53; segregated, $1,105.7; total, $1,240.3

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $2,465.8; total, $2,465.8

Canadian plan sponsors for which you provide DC pension plan asset management: 2

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $224; total, $224

Total pension assets (DB & DC) managed for Canadian clients: $2,689.8

Toronto, ON, M5X 1E4

PH: 416-913-3907

Fax: 416-913-3901

Email: hmarmer@hillsdaleinv.com

Website: hillsdaleinv.com

Third party –

Hillsdale is an institutional investment boutique aligned with its clients’ best interests.

Investment professionals: 25

Established: 1996

Minimum investment (CDN $M): Pooled, $2; separate, $25

Management style: Style bias – core; active; other – We specialize in client-driven bespoke investment mandates including ESG strategies

Services provided to DC pension plan clients:

Hillsdale is an institutional investment boutique renowned for designing systematic, bespoke investment strategies across diverse objectives, including high alpha, ESG, and smart beta. Hillsdale manages strategies for a select group of sophisticated investors and invests alongside them to ensure alignment. The company is committed to producing the highest-quality investment strategies and delivering exceptional client service. Hillsdale is recognized for its investment and service excellence reflecting our relentless pursuit of research and development and the dedication of its employees.

Investment AUM for Canadian clients (CDN $M): DB pension, $1,304; DC pension, $140; other managers, $666; foundation & not-forprofit, $193; private, $141; total, $3,823; others, $1,379

Canadian plan sponsors for which you provide DB pension asset management: 12 Canadian equity specialist assets (CDN $M): Pooled, $264; segregated, $393; total, $657 US equity specialist assets (CDN $M): Pooled, $67; segregated, $137, total, $204

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $443; total, $443

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $1,304; total, $1,304

Canadian plan sponsors for which you provide DC pension plan asset management: 1

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $140; total, $140

Total pension assets (DB & DC) managed for Canadian clients: $1,444

HILLSDALE INVESTMENT MANAGEMENT INC.

Contact: Harry Marmer, EVP

1 First Canadian Place 100 King Street West, Suite 5900, P.O. Box 477

Hillsdale is an institutional investment boutique renowned for designing systematic, bespoke investment strategies across diverse objectives, including high alpha, ESG, and smart beta. Hillsdale manages strategies for a select group of sophisticated investors and

MONEY MANAGERS DIRECTORY

invests alongside them to ensure alignment. The company is committed to producing the highest-quality investment strategies and delivering exceptional client service. Hillsdale is recognized for its investment and service excellence reflecting our relentless pursuit of research and development and the dedication of its employees.

JARISLOWSKY FRASER LIMITED

Contact: Jeff Horbal, Lead, Consultant

Relations and Senior Institutional Portfolio Manager

Address: 1010 Sherbrooke Street, 20th Floor Montreal, QC, H3A 2R7

PH: 514-842-2727

Email: jhorbal@jflglobal.com

Website: jflglobal.com

Ownership: Wholly owned subsidiary of Scotiabank

Investment professionals: 32

Established: 1955

Minimum investment (CDN $M): Pooled, $1; separate, $25

Manager style: Size bias – large cap; style bias – GARP

Management style: Active

Investment AUM for Canadian clients (CDN $M): DB pension, $12,570.09; DC pension, $5,802.78 foundation & not-for-profit, $6,105.17; total, $51,205.71

Canadian plan sponsors for which you provide DB pension asset management: 117 Total pension assets (DB & DC) managed for Canadian clients: $18,372.87

LEITH WHEELER INVESTMENT COUNSEL

Contact: Catherine Heath

Principal, Portfolio Manager – Institutional Clients

Address: 400 Burrard Street, Suite 1500 Vancouver, BC, V6C 3A6

PH: 604-683-3391

Fax: 604-683-0323

Email: cathyh@leithwheeler.com

Website: leithwheeler.com

Ownership structure: Principals, 100%

Investment professionals: 47

Established: 1982

Minimum investment (CDN $M): Pooled, $3;

separate, $10

Manager style: Size bias – all cap; style bias –value

Management style: Active; fixed income Services provided to DC pension plan clients: We offer a wide range of investment solutions to meet our clients’ diverse needs, including balanced, specialty fixed income, specialty equity and customized liability driven mandates Investment AUM for Canadian clients (CDN $M): DB pension, $7,225.7; DC pension, $3,856.9; other managers, $3,125.1; foundation & not-for-profit, $2,326.5; private, $4,143.1; retail mutual funds (direct), $115.5; total, $26,130.8

Canadian plan sponsors for which you provide DB pension asset management: 46 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $7,225.7; total, $7,225.7

Canadian plan sponsors for which you provide DC pension plan asset management: 22 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $3,856.9; total, $3,856.9

Total pension assets (DB & DC) managed for Canadian clients: $11,082.6

LETKO BROSSEAU

Contact: David Després

Vice President, Investment Services, Partner

Address: 1800 McGill College Avenue, Bureau 2510

Montreal, QC, H3A 3J6

PH: 514-499-1200

Fax: 514-499-0361

Email: david.despres@lba.ca

Website: www.lba.ca

Ownership structure: Principals, 77.4% (founders) and 7.8% (active employees); third party, 14.8% (Group of private individuals not involved in firm operation; includes Thomas Birks, chair of the board)

Investment professionals: 22

Established: 1987

Minimum investment (CDN $M): Pooled, $0.3; separate, $5

Management style (equities): Active; size bias –all cap; style bias – value Management style (fixed income): Active; bond – duration

Investment AUM for Canadian clients (CDN $M): DB pension, $6,660.3; DC pension, $367.9; foundation & not-for-profit, $1,083.8; private, $6,896.7; total, $16,285.4; others – corporates/ governments $1,134.7; other institutional, $142 Canadian plan sponsors for which you provide

DB pension asset management: 78

Balanced account assets (CDN $M): Pooled, $170.4; segregated, $1,369.7; total, $1,540.1

Canadian equity specialist assets (CDN $M): Pooled, $251.8; segregated, $3,625.6; total, $3,877.4

Canadian fixed-income specialist assets (CDN $M): Pooled, $1.5; total, $1.5

Global equity specialist assets for global mandates (CDN $M): Pooled, $385; segregated, $847.9; total, $1,223.9

Other asset classes (CDN $M): Mining equities, $16.9

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $6,660.3; total, $6,660.3

Canadian plan sponsors for which you provide DC pension plan asset management: 4 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $367.9; total, $367.9

Total pension assets (DB & DC) managed for Canadian clients: $7,028.3

LINCLUDEN INVESTMENT MANAGEMENT

Contact: Wayne Wilson

Vice President

Address: 201 City Centre Drive, Suite 201 Mississauga, ON, L5B 2T4

PH: 905-273-3018

Email: wayne.wilson@lincluden.net Website: lincluden.com

Ownership structure: Principals, 40%; third party, 60% (Morguard Corporation) Investment professionals: 7

Established: 1982

Minimum investment (CDN $M): Pooled, $0.15; separate, $0.15

Management style: Size bias – all cap; style bias – value; active; fixed income; bond, duration

MAWER INVESTMENT MANAGEMENT LTD.

Contact: Neeraj Jain

Institutional Portfolio Manager

Address: 79 Wellington Street West TD South Tower, Suite 3410, Box 276 Toronto, ON, M5K 1J5

PH: 416-865-3929

Fax: 844-401-3738

Email: njain@mawer.com

Website: mawer.com

Ownership structure: Principals, 100% Investment professionals: 45

Established: 1974

Minimum investment (CDN $M): Pooled, $10; separate, $50

Management style: Size bias – all cap; active; fixed income; active, style bias – quality at the right price; bond, duration, credit, yield curve Services provided to DC pension plan clients: Investment management services along with periodic written pieces including discussion papers, blog articles, podcasts, and quarterly investment updates

Investment AUM for Canadian clients (CDN $M): DB pension, $12,624.8; DC pension, $8,683.5; foundation & not-for-profit, $5,501.4; private, $12,774.1; retail mutual funds (direct), $8,295.3; total, $85,333.7; others, $37,454.6

Canadian plan sponsors for which you provide DB pension asset management: 111 Balanced account assets (CDN $M): Pooled, $920.8; total, $920.8

Canadian equity specialist assets (CDN $M): Pooled, $751.5; segregated, $1,296.5; total, $2,048

Canadian fixed-income specialist assets (CDN $M): Pooled, $221.5; total, $221.5 US equity specialist assets (CDN $M): Pooled, $172.9; segregated, $38.1; total, $211 Global equity specialist assets for global mandates (CDN $M): Pooled, $4,333.9; segregated, $3,443.6; total, $7,777.5 Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $1,379.9; segregated, $37.4; total, $1,417.3 Other asset classes (CDN $M): Cash, $28.7 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $12,624.8; total, 12,624.8 Canadian plan sponsors for which you provide DC pension plan asset management: 17 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $8,683.5; total, $8,683.5

Total pension assets (DB & DC) managed for Canadian clients: $21,308.3

MFS INVESTMENT MANAGEMENT

CANADA LIMITED

Contact: Christine Girvan

Senior Managing Director – Institutional Sales, Head of Canadian Distribution

Address: 77 King St. W., 35th Floor

Toronto, ON, M5K 1B7

PH: 416-361-7273

Email: cgirvan@mfs.com

Website: mfs.com

Ownership structure: Principals, up to 20%; third party, 80% (Sun Life Financial, Inc.) Investment professionals: 323 Established: 1924

Minimum investment (CDN $M): Separate –dependent on the strategy Management style: Size bias – all cap; active; fixed income; active, style bias – value, growth, GARP, core; bond – duration, credit, yield curve

Services provided to DC pension plan clients: asset management

Investment AUM for Canadian clients (CDN $M): DB pension, $5,142.6; DC pension, $13,864; foundation & not-for-profit: $1,648.8; total, $41,203.5; others, 20,495.3 (includes insurance, investment, subadvisory) Canadian plan sponsors for which you provide DB pension asset management: 34 Balanced account assets (CDN $M): Pooled, $354.2; segregated, $3,776.4; total, $730.6

Canadian equity specialist assets (CDN $M): Pooled, $131.5; total, $131.5

Canadian fixed-income specialist assets (CDN $M): Pooled, $451.7; segregated, $130.7; total, $582.4

Global equity specialist assets for global mandates (CDN $M): Pooled, $914.9; segregated, $1,772.6; total, $2,687.5

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $512.5; segregated, $497.9; total, $1,010.4

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $5,142.6; total, $5,142.6

Canadian plan sponsors for which you provide DC pension plan asset management: 9

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $13,864

Total pension assets (DB & DC) managed for Canadian clients: $19,006.5

All data as of June 30, 2024. Please note for question 20 that Group RSP is included in the DC pension plan total.

NEI INVESTMENTS

Contact: Tasos Dimitriou Director, Institutional Sales

Address: 151 Yonge St., Suite 1200 Toronto, ON, H3B 4W5

PH: 416-453-2400 Email: tdimitriou@ neiinvestments.com

Website: neiinvestments.com

Ownership structure: Privately owned 100% (in 2018, NEI merged with Credential Financial Inc., and QTrade Canada Inc., to form Aviso Wealth. Aviso Ownership Structure: Caisse Central Desjardins du Québec, 50%; Credit Union Centrals 50%

Investment professionals: 11

Established: 1986

Minimum investment (CDN $M): 500K Management style: Style bias – all cap; style bias – core; active; fixed income; active; We offer funds across multiple manager styles, core asset classes.

Investment AUM for Canadian clients (CDN $M): 1.55 billion Institutional ; retail mutual funds (direct), $17.9 billion; total, $19.45 billion

Pension fund AUM for Canadian plan sponsors of DB pension plans (in CDN $M): $200 total

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $650 million; foundation & not-for- profit, $700 million;

PICTET ASSET MANAGEMENT

Contact: Francois Forget Head of Distribution – Canada

Address: 1000 de la Gauchetière West, Suite 3100

Montreal, QC, H3B 4W5

PH: 514-518-8587

Email: fforget@pictet.com

Website: am.pictet

Ownership structure: Principals, 100%

(Pictet Asset Management is held at 100% by the Pictet Asset Management Holding SA, Geneva. Pictet Asset Management Holding SA is in turn ultimately owned by the seven partners of the Pictet Group)

Investment professionals: 414

Established: 1980 (parent company, 1805)

Minimum investment (CDN $M): Pooled, $1.6; separate, $50

Management style: Style bias – all cap; style bias – growth; active; fixed income; bond – duration; other – varies with strategies: size bias - small cap, mid cap, large cap, all cap; style bias – growth, GARP, core; bond –duration, credit

Services provided to DC pension plan clients: Investment management, including customized solutions

Investment AUM for Canadian clients (CDN $M): DB pension, $228.8; total, $228.8; others, $58.2 (Family Office), $427.7 (subadvisory)

Canadian plan sponsors for which you provide DB pension asset management: 2

Other asset classes (CDN $M): Non-Canadian fixed income, $227.1; hedge funds: $1.6

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $228.8; total, $228.8

Total pension assets (DB & DC) managed for Canadian clients: $228.8

Pictet Asset Management is a specialist asset manager offering investment solutions and services globally. With an office in Montreal since 1974, we have been managing assets for Canadian institutional clients for 40+ years. We strive to meet our clients’ changing needs with pioneering strategies and excellent client service. A leader in environmental and sustainable strategies, responsibility is central to our way of thinking. As a multi-boutique firm, we offer a range of equity, fixed income and alternative capabilities.

PICTON MAHONEY ASSET MANAGEMENT

Contact: Connor Haslip

Vice President, Institutional Business

Address: 33 Yonge Street, Suite 320 Toronto, ON, M5E 1G4

PH: 416-955-4555

Fax: 416-955-4100

Email: institutional@pictonmahoney.com

Website: pictonmahoney.com

Ownership structure: Principals, 100% Investment professionals: 44 Established: 2004

Minimum investment (CDN $M): Pooled, $10; separate, $25

Manager style: Size bias – all cap; style bias – growth;

Management style: Active; fixed income; bond, credit Services provided to DC pension plan clients: Investment management solutions (liquid alternative funds, mutual funds), portfolio construction

Investment AUM for Canadian clients (CDN $M): DB pension, $1,519; foundation & not-for-profit: 76; retail mutual funds (direct), $5,506; total, $10,699; others – offering memorandum funds, $1,009; subadvisory, $1,460; corporate, $836; insurance, $294 Canadian plan sponsors for which you provide DB pension asset management: 4 Canadian equity specialist assets (CDN $M): Pooled, $442; segregated, $789; total, $1,230 US equity specialist assets (CDN $M): Pooled, $288; total, $288

Other asset classes (CDN $M): Hedge funds, $674

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $1,519; total, $1,519

QV INVESTORS INC.

Contact: Darren Dansereau

Chief Executive Officer

Address: Suite 1008, 222 – 3 Avenue SW Calgary, AB, T2P 0B4

PH: 403-265-7007

Fax: 403-266-6524

Email: ddansereau@qvinvestors.com

Website: www.qvinvestors.com

Ownership structure: Principals: QV is 100% owned by employees across all levels of the firm Investment professionals: 19

Established: 1996

Minimum investment (CDN $M): Pooled, $0.5; Separate, $10

Management style: Value; Active Services provided to DC pension plan clients: We provide active, discretionary investment management services

Investment AUM for Canadian clients (CDN $M): DB pension, $671.96; DC pension, $395.76; foundation & not-for-profit, $24.62; private, $543.38; retail mutual funds (direct), $2,723.56;1 others, $553.24 (insurance and institutional corporate accounts); total, $4,912.52

Canadian plan sponsors for which you provide DB pension asset management: 6

Pension DB balanced account assets (CDN $M): Pooled, $112.79

Pension DB Canadian equity specialist assets (CDN $M): Pooled, $229.01; segregated, $330.16; total, $559.17

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $671.96

Canadian plan sponsors for which you provide DC pension plan asset management: 3 DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $395.76

Total pension assets (DB & DC) managed for Canadian clients (CDN $M): $1,067.72

1Assets we manage on behalf of mutual funds.

SETANTA ASSET MANAGEMENT

Contact: Rocco Vessio

Business Development

Address: 190 Simcoe St Toronto, ON, M5T 2W5

Email: rocco.vessio@setanta-asset.com

Website: setanta-asset.com

Ownership structure: Publicly held, $100 (parent company – Great West Life Co.)

Investment professionals: 19

Established: 1998

Minimum investment (CDN $M): Pooled, $1; separate, $25

Management style: Size bias – all cap; style bias – value; active; fixed income; passive; bond – duration; other – Bottom-up fundamental value investors. The research process aims to understand how each business functions and consider risks pertinent to the business. Securities are chosen by a team of global sector specialists, targeting sensible diversification across industries, geographies and market capitalizations.

Investment AUM for Canadian clients (CDN $M): DB pension, $583.05; DC pension, $36.16; foundation & not-for-profit, $2.07; retail mutual funds (direct), $1,844.32; total, $2,465.6

Global equity specialist assets for global mandates (CDN $M): Pooled, $443.36; total, $443.36

Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $0.13; total, $0.13

Other asset classes (CDN $M): Other, $0.76 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $444.24; total, $ 444.24

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $36.16; total, $36.16

Total pension assets (DB & DC) managed for Canadian clients: $3,486.61

STONEBRIDGE FINANCIAL

Contact: Cormac Mac Lochlainn

Executive Vice President

Address: 20 Adelaide Street East, Suite 1201 Toronto, ON, M5C 2T6

Email: CMaclochlainn@Stonebridge.ca

Web: Stonebridge.ca

Ownership structure: Originally founded with the support of three of Canada’s largest insurance companies (which had a 30% ownership interest), the firm has been 100% independent and management-owned since 2021.

Investment professionals: 17

Established: 1998

Minimum investment (CDN $M): Pooled, varies by fund; separate, varies by mandate

Asset classes: Stonebridge focuses on private debt and credit investments lending to infrastructure, renewable power, healthcare, real estate and corporate sectors.

Style bias: Investment-grade, core and coreplus Management style: Private fixed income; passive and active

Overview: Time-tested, future-focused, Stonebridge Financial has a quarter century of private debt solutions for both regulated and other institutional investors. Having cumulatively financed over $8 billion of loans since inception, the firm has a proven track record of providing prudent and wellstructured offerings on behalf of its clients.

CAP Services: Stonebridge Financial provides discretionary investment management solutions by asset class as well as multi-sector strategies, with both short and long-duration, as well as pooled and segregated offerings available.

Investment AUM and administration

summary: Stonebridge Financial manages and administers capital on behalf of pension plans, labour unions, insurance companies, banks, municipalities, foundations, universities, government entities, as well as for other managers and institutional investors. Co-investment opportunities for investors as well as sub-advisory services for other managers also available.

Total investment assets (CDN $M): $3,127

SLC MANAGEMENT

Contact: Heather Wolfe

Senior Managing Director, Head of Canadian Business Development

Address: 1 York Street Toronto, ON, M5J 0B6

PH: 416-408-7834

Email: heather.wolfe@slcmanagement.com

Website: slcmanagement.com

Ownership structure: Third party, 100% (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 : 169

Established: 2013

Minimum investment (CDN $M) : Pooled, varied by pooled fund; separate, varies by

mandate

Management style: Active; fixed income; bond – 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.

Services provided to DC pension plan clients: We offer investment management services to defined contribution pension plans through Sun Life Assurance Co. of Canada’s Group Retirement Services Business Unit.

3 Information as of June 30, 2024. SLC Management is the brand name under which Sun Life Capital Management (Canada) Inc. operates. Figures include assets of SLC Management’s collective operations, including Sun Life Capital Management (Canada) Inc.

SUN LIFE GLOBAL INVESTMENTS

Contact: Anne Meloche

Head of Institutional Business

Address: 1 York Street Toronto, ON, M5J 0B6

PH: 1-877-344-1434

Fax: 1-855-329-7544

Email: info@sunlifeglobalinvestments.com

Website: slgiinstitutional.com/en/

Ownership structure: Publicly held, 100%

Investment professionals: 13

Established: 2010

Manager style: All manager styles

Services provided to DC pension plan clients: full suite of funds; communications; education; governance reporting Investment AUM for Canadian clients (CDN $M): DC pension, $22,139; retail mutual funds (direct), $11,414; total, $38,821; others: $5,269 Canadian plan sponsors for which you provide DC pension plan asset management: 6,437

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $22,139; other: $16,682; total, $38,821

Total pension assets (DB & DC) managed for Canadian clients: $38,821M

T. ROWE PRICE

Contact: Lauren Bloom

Head of Canada

Address: 77 King Street West, TD North Tower, Suite 4240

Toronto, ON, M5K 1G8

PH: 647-355-6887

Email: lauren.bloom@troweprice.com

Website: troweprice.com

Ownership structure: 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, combined with outstanding vested stock options and unvested restricted stock awards, total nearly 7% of the firm’s outstanding shares and outstanding vested stock options at December 31, 2023.)

Investment professionals: 912

Established: 1937

Minimum investment (CDN $M): Pooled, $5; 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 style – active, passive; bond style – duration, credit, yield curve

Services provided to DC pension plan clients: Investment management only for Canadian clients

Investment AUM for Canadian clients (CDN $M): DB pension, $1,552.8; DC pension, $1,825.7; foundation & not-for-profit, $1,117.9; others, $11,628.2

Canadian plan sponsors for which you provide DB pension asset management: 6 Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $1,552.8

Canadian plan sponsors for which you provide DC pension plan asset management: 6

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $1,825.7; total, $1,825.7

Total investment assets (CDN $M): $16,124.6

TD GLOBAL INVESTMENT SOLUTIONS

Contact: Mark Cestnik

Managing Director

Address: TD Canada Trust Tower, 161Bay St., 30th Floor, Toronto, ON, M5J 2T2 PH: 416-274-1742

Email: mark.cestnik@tdam.com Website: tdgis.com

Ownership structure: 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: 317

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

Established: 1987

Minimum investment (CDN $M): Pooled, $17; separate, $50

Manager style: Size bias – all cap; style bias – core Management style: Passive; fixed income; bond – yield curve; other, size bias – large cap, all cap; style – value, growth, GARP, core (management: active, passive; FI mgmt, active, passive; bond mgmt, credit, yield curve; other: minimum variance [low volatility])

Services provided to DC pension plan clients: Investment management Investment AUM for Canadian clients (CDN $M): DB pension, $136,268.33; DC pension, $18,617.23; other managers, $393.73; foundation & not-for-profit, $7,365.24; private, $58,154.66; retail mutual funds (direct), $167,989.92; total, $388,789.11; others, $43,178.49 (insurance, corporate and other) Canadian plan sponsors for which you provide DB pension asset management: 291 Balanced account assets (CDN $M): Pooled, $109.44; total, $109.44

Canadian equity specialist assets (CDN $M): Pooled, $2,811.06; segregated: $9.21; total, $2,820.27

Canadian fixed-income specialist assets (CDN $M): Pooled, $22,122.27; segregated, $14,067.41; total, $36,189.68

US equity specialist assets (CDN $M): Pooled, $4,486.45; segregated, $171.26; total, $4,657.71

Global equity specialist assets for global mandates (CDN $M): Pooled, $7,057.91; segregated, $1,404.47; total, $8,462.38 Global equity specialist assets for EAFE mandates (CDN $M): Pooled, $1,030.78; segregated, $18.01; total, $1,048.79

Other asset classes (CDN $M): Cash, $2,334.65; non-Canadian fixed income, $ 1.17; real estate, $15,922.88; infrastructure, $897.68; currency overlay, $9,301.09; other, $54,522.60

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $45,611.39; passive, $90,656.95; total, $136,268.34

Canadian plan sponsors for which you provide DC pension plan asset management: 37

DC pension plan AUM for Canadian plan sponsors (CDN $M): DC pension, $19,010.96; total, $19.010.96

Total pension assets (DB & DC) managed for Canadian clients: $155,279.29

Minimum investment for separately managed accounts (CDN $M): Active, $50; passive, $200

TRANS-CANADA CAPITAL

Contact: Jean-Francois Milette

Global Head, Client Solutions

Address: 1800 McGill College Ave., Suite 2000 Montreal, QC, H3A 3J6

PH: 514-397-7370

Email: jfmilette@transcanadacapital.com

Website: transcanadacapital.com

Ownership structure: Third party, 100% (Air Canada)

Investment professionals: 44

Established: 2019

Minimum investment (CDN $M): Pooled, $5

Manager style: Size bias – all cap; style bias – core Management style: Active; fixed income; bond – credit; other, relative value approach in fixed income to expand the opportunity set

Investment AUM for Canadian clients (CDN $M): DB pension, $29,600; other managers, $648; foundation & not-for-profit, $84; private, $64; retail mutual funds (direct), $20; total, $30,416

Canadian plan sponsors for which you provide DB pension asset management: 3 Canadian equity specialist assets (CDN $M): Segregated, $326; total, $326

Canadian fixed-income specialist assets (CDN $M): Pooled, $4,128; segregated, $12,850; total, $16,978

Global equity specialist assets for global mandates (CDN $M): Pooled, $1,648; total, $1,648

Other asset classes (CDN $M): Hedge funds, $3,169; other: $8,264

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $29,600; total, $29,600

Total pension assets (DB & DC) managed for Canadian clients: $29,600

VAN BERKOM GLOBAL ASSET MANAGEMENT CAPITAL

Contact: Andy Kong

Senior Director, Institutional Markets

Address: 600 de Maisonneuve Blvd Street West, Suite 2510 Montreal, QC, H3A 3J2

PH: 514-985-0909

Fax: 514-985-2430

Email: akong@vanberkomglobal.com

Website: vanberkomglobal.com

O wnership structure: Principals, 100%

Investment professionals: 16

Established: 1991

Minimum investment (CDN $M): Pooled, $1; separate, $5

Manager style: Size bias – small cap; style bias – core

Management style: Active; other – quality

Investment AUM for Canadian clients (CDN $M): DB pension, $2,721; DC pension, $155; foundation & not-for-profit, $161; private, $33; total, $3,070

Canadian plan sponsors for which you provide DB pension asset management: 14 Canadian equity specialist assets (CDN$M):

Segregated, $349; total, $349

US equity specialist assets (CDN $M): Segregated, $4,696; total, $4,696

Global equity specialist assets for global mandates (CDN $M): Pooled, $12; segregated, $28; total, $40

O ther asset classes (CDN $M): Other – greater China, $39M equity

Pension fund AUM for Canadian plan sponsors of DB pension plans (CDN $M): Active, $2,721; total, $2,721

Canadian plan sponsors for which you provide DC pension plan asset management: 8

DC pension plan AUM for Canadian plan sponsors (CDN $M): total, $155

Total pension assets (DB & DC) managed for Canadian clients: $3,070

OTHER LIFE

“Experiments have found that being exposed to natural environments improves working memory, cognitive flexibility, and attentional control”

– American Psychological Association

Greenspace

near schools promoted cognitive development in children, according to a University of Chicago study

40 seconds

of viewing green space made students perform better on a dull, draining task, an Australian study found

Nature

is linked to happiness, subjective well-being, and positive affect, a University of Washington study found

PEACE IN THE FOREST

For Guylaine Béliveau, the serenity of nature can balance the demands of a high-level career and constant education

GUYLAINE BÉLIVEAU pushes herself. The national practice leader in compensation consulting at TELUS Health leads in a highly complex area. She also educates herself almost constantly, adding new certifications to her BA and executive MBA.

She is a sought-after panellist, an authority in her field, and someone who admits that her dedication would have her working seven days a week, 12 hours a day if she let it.

Béliveau knows that for her career to be sustainable, she needs to ensure a proper balance. Often, she finds peace by taking a step out into nature. Whether that’s in the forests and hills of Quebec or the Rocky Mountains of Alberta, she uses time in nature to rejuvenate.

“It gives me balance in my life. It lines up with what we believe at TELUS Health, that health and well-being are key to a long, happy, prosperous life,” Béliveau says. “I really enjoy my personal moments of freedom in nature. They help me keep the balance among my professional life, my mental life, and my well-being in general.”

DECEMBER 4, 2024 | ARCADIAN COURT

EMPOWER. ELEVATE. LEAD.

Join the movement to redefine the future of wealth management at the Women in Wealth Management Summit Canada 2024. This is your opportunity to connect with trailblazers, allies, and industry leaders to gain actionable insights and advance your career in an evolving industry.

FEATURED SPEAKERS

MARIA FLORES

President Carte Wealth Management Inc.

ERIK WACHMAN Financial Planning Advisor Assante Financial Management Ltd.

FERA JERAJ

Chief Technology Officer Canaccord Genuity Group Inc.

TAMMY BUSS

Family Business Advisor, Certified Financial Planner

Desjardins Financial Security Independent Network

MELISSA LEONG

Personal Finance Expert, National Media Personality, Best-selling Author

DIANA ODDI

Director of Marketing, Communications and Practice Management Mandeville Private Client