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 INSIDE THE CANADA PENSION PLAN`S

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PostSubject: INSIDE THE CANADA PENSION PLAN`S   Fri Nov 10, 2017 10:17 pm

Inside the Canada Pension Plan's $153-billion portfolio




Mark Wiseman, the Executive Vice-President, Investments and incoming CEO of the Canada Pension Plan Investment Board (CPPIB)

Angus Rowe MacPherson/Angus Rowe MacPherson


Doug Steiner
March 26, 2017May 23, 2012





Nobody likes losing every cent they have invested in something. And $288 million is a lot to lose on one investment. Especially when it's money that Canadians are expecting to retire on.
It was early 2011 when André Bourbonnais, the head of the private investing group at Canada Pension Plan Investment Board, got the news that Citibank, EMI Group's secured creditor, had just seized the music publishing company that CPPIB had started buying an interest in back in 2007. But Bourbonnais wasn't at all shocked. CPPIB had already written down the investment.
The $288 million that had gone poof represented $17 from every one of the 17 million Canadians whom Bourbonnais was investing for. But in this game, as in so many others, it's lose some, win some—tomorrow would be another day. Even Bourbonnais's boss, Mark Wiseman, who is executive vice-president, investments at the Board, is philosophical about this sort of setback: "If we don't lose money in investments, we're not taking enough risk."
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And, in fact, $288 million isn't a lot of money in Bourbonnais's job. CPPIB made more than 30 times the EMI loss for its fiscal year ended March 31, and recorded a return of 6.6% on its funds. The place had $153 billion in assets as of Dec. 31 (that number grew to $162 billion as of March 31). And by the time I forget to slip on my Depends 20 years from now, CPPIB should be tracking close to half a trillion dollars under management, according to the actuaries.
We'd better hope they make the target. As countless politicians, think tanks and news stories have warned, Canadians are not saving enough on their own for their retirements. To make things worse, the tradition of company-funded defined-benefit pensions is eroding and, come 2023, Ottawa is going to make us wait longer for the Old Age Security benefit.

It all means the other basic federal payout for retirees—CPP—is under pressure to perform. So then—just where has that deduction on your paycheque been going all these years?
The model for investing that money has gone through a rapid evolution, leaving the sleepy world of government bonds far behind and culminating in something the CPPIB's managers call "risk budgeting." All told, CPPIB has emerged as one adventuresome investor.
It's all run by investment professionals like Wiseman and Bourbonnais, guys who, for some mysterious reason, think it's more rewarding to invest on behalf of the Canadian public than make far more dough on the other side of the Street. As a Bay Street professional myself, I want to know what makes these guys tick.
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CPPIB owes its existence to the bad old days of the early 1990s, when Ottawa was creaking with debt. The CPP obligations that the federal government had on the books amounted to only part of the fiscal shortfall, but it was a wakeup call nonetheless. Previously, the government thought it was enough to simply collect money from Canadians' paycheques and invest it in federal and provincial bonds. It was a safe way to invest money, but also self-serving because it kept the money in Ottawa.
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PostSubject: PAUL EDGAR PHILIPPE MARTIN, CANADIAN POLITIC   Fri Nov 10, 2017 10:19 pm

Paul Edgar Philippe Martin PC, auch bekannt als Paul Martin, Jr., ist ein kanadischer Politiker. Er war der 21. Premierminister des Landes und regierte vom 12. Dezember 2003 bis zum 6. Februar 2006.


Collins Barrow National Cooperative Incorporated is an independent member of Baker Tilly International. Baker Tilly International Limited is an English company. Baker Tilly International provides no professional services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. Collins Barrow National Cooperative Incorporated is not Baker Tilly International’s agent and does not have the authority to bind Baker Tilly International or act on Baker Tilly International’s behalf. None of Baker Tilly International, Collins Barrow National Cooperative Incorporated, nor any of the other member firms of Baker Tilly International has any liability for each other’s acts or omissions. The name Baker Tilly and its associated logo is used under licence from Baker Tilly International Limited.
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