In 2017, OPB transferred the investment management responsibility for the PSPP’s assets to Investment Management Corporation of Ontario (IMCO).
As an independent statutory corporation, IMCO provides investment management and advisory services to various Ontario broader public sector entities and funds to improve the overall risk-adjusted returns of its participants through the pooling of assets owned by them. Managing over $70 billion in assets, IMCO is one of the largest institutional investment managers in Canada.
IMCO invests OPB's assets in accordance with an Investment Management Agreement that reflects OPB's investment philosophies and beliefs and investment policies. OPB does not assume any liabilities of other IMCO members. IMCO is a not-for-profit entity and operates on a cost-recovery basis only. As one of the founding clients of IMCO, OPB has the right to designate two individuals for nomination to IMCO’s Board.
As our sole investment manager, IMCO invests the Plan assets in accordance with OPB’s overarching investment policies, including our Statement of Investment Policies and Procedures (SIP&P), and our Strategic Asset Allocation (SAA).
Driving progress in collaboration with our investment manager, IMCO
As one of IMCO’s key clients, we have developed a strong relationship; we are pleased with the progress IMCO is making as it continues to grow and mature.
IMCO must comply with our SIP&P, which includes the SAA. The SAA targets are developed with the goal of meeting the Plan’s long-term funding objectives while effectively managing investment risk through diversification across several asset classes.
As part of our relationship, OPB has an ongoing program to monitor IMCO’s investment performance and assess how well IMCO is meeting its responsibilities and obligations to OPB. IMCO regularly reports on investment performance and risk management to OPB. The monitoring program helps to assure OPB management and Board members that IMCO is prudently managing Plan assets and investment risk on behalf of OPB and its members, in accordance with all relevant investment strategies and policies.
By working closely with IMCO, OPB will continue to meet its primary objective to effectively and efficiently manage the Plan so that we can deliver pension benefits as promised and the Plan remains affordable for our members and employers over the long term.
Read more about IMCO at imcoinvest.com(opens in a new tab) .