IMCO joins Canadian Coalition for Good Governance
January 1, 2018 – Participation includes alignment with leading pension funds and asset managers to promote good governance and efficiency in Canadian capital markets.
TORONTO (January 1, 2018) – The Investment Management Corporation of Ontario (IMCO) has announced that it has become a member of the Canadian Coalition for Good Governance (CCGG). As a leading corporate governance organization, CCGG represents the interests of institutional investors, including pension funds, mutual funds and asset managers. By joining CCGG, IMCO is supporting direct engagement with Canadian public companies and the public policy submissions, guidance and research produced by the organization.
“Strong corporate governance is a fundamental part of our values and investment beliefs,” said Bert Clark, President and CEO of IMCO. “We are proud to be a CCGG member and look forward to working with our peers to act as role models and promote the highest standards of governance within Canada.”
Participation involves working with companies and policy makers to ensure that Canadian public companies are adopting governance practices and a regulatory framework that meet or exceed global best practices. Together with other leading pension funds and asset managers, IMCO will be helping to improve the regulatory environment to best align the interests of boards with those of their shareholders, and to promote the efficiency of Canadian capital markets.
IMCO (Investment Management Corporation of Ontario) manages approximately CAD$60 billion on behalf of its clients. IMCO's mandate is to provide broader public-sector clients with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns. For more information, visit www.imcoinvest.com.
For further information:
Vice President, Corporate Communications
Tel: (416) 607-7811
IMCO Enters Co-investment for New York’s One Worldwide Plaza
December 28, 2017 – Transaction aligns with investment strategy, expands IMCO’s real estate portfolio.
TORONTO (December 28, 2017) – The Investment Management Corporation of Ontario (IMCO) has announced that it will assume an interest in One Worldwide Plaza, an iconic Class A office building located in Midtown Manhattan.
SL Green Realty Corp. (NYSE: SLG) and private investment manager, RXR Realty recently acquired a combined 49% interest in the property from New York REIT (NYSE: NYRT). This transaction valued the asset at US$1.7 billion. IMCO was invited to co-invest in the property through its existing relationship with RXR Realty.
“This is an attractive opportunity for IMCO to participate in a strong performing asset alongside experienced managers,” said Jill Pepall, EVP & Chief Investment Officer of IMCO. “Investing in real estate provides strong cash-flow generation and stable returns, which is well-aligned with our objective of meeting the long-term financial obligations of our clients.”
One Worldwide Plaza, consists of a 49-story, 1.8 million-square-foot Class A office tower, a 252,000 square-foot retail building with a parking garage, and a large open-air plaza. The property is part of a mixed-use development that encompasses an entire block between 49th and 50th streets and between 8th and 9th avenues. The building maintains high-quality office tenants including WebMD and CBS Broadcasting. The complex is 100% leased.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2017, the Company held interests in 119 Manhattan buildings totaling 47.4 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.9 million square feet of buildings. In addition, the Company held ownership interests in 29 suburban buildings totaling 4.6 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.
RXR Realty LLC ("RXR") is a vertically integrated private real estate operating company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR's core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State area. The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $15.7 billion as of June 30, 2017, comprising approximately 22.1 million square feet of commercial operating properties and approximately 5,200 multi-family and for sale units under active development in the New York Metropolitan area.
For further information:
Vice President, Corporate Communications
Tel: (416) 607-7811
CEO Charts Course for the Future in Recent Bloomberg Interview
December 11, 2017 - Bert Clark sat down with Bloomberg’ Editorial Board to discuss IMCO’s model, mandate and how it’s creating value for Ontario’s public funds.
IMCO CEO recognized for Infrastructure Leadership
November 3, 2017 - CCPPP Names Bert Clark 2017 Champion Award Recipient.
TORONTO (November 3, 2017) – The Canadian Council for Public-Private Partnerships (CCPPP) is pleased to announce that Bert Clark, President and CEO, Investment Management Corporation of Ontario is the recipient of the Council's 2017 Champion Award.
The Champion Award is presented to individuals who have made an outstanding contribution to public-private partnerships in Canada. Recent recipients include the late James Flaherty, former Minister of Finance, John Beck, founder and President and CEO of Aecon Group Inc., Sarah Clark, President and CEO at Fraser River Pile and Dredge (GP) Inc. and former President and CEO of Partnerships British Columbia, and the 2016 recipient, Paul Dunstan, retired President and CEO of Plenary Canada.
During his tenure as President and CEO of Infrastructure Ontario, Bert led the transformation of Infrastructure Ontario (IO) into a mature, professional and respected organization. In so doing, he is credited with establishing IO as a world leader in the AFP/PPP industry.
He established the norm for project transparency and client engagement, and introduced standardization of documentation and processes that helped reinforce credibility, consistency and competition. He championed the development of new criteria for AFP projects, including local knowledge, ethical bidding practices, and financial structures against which many other P3 agencies benchmark themselves.
“Bert is a worthy Champion, whose work at Infrastructure Ontario helped establish it internationally as a premier procurement agency placing the Canadian P3 model squarely on the map as best-in-class globally. I look forward to congratulating you in person at the 25th Annual CCPPP Conference in Toronto,” says Mark Romoff, CCPPP President
As President and CEO, Investment Management Corporation of Ontario and the former President and CEO of Infrastructure Ontario, Bert has distinguished himself as a successful business leader with a strong commitment to public service. The Awards Panel acknowledged Bert's commitment to “build communities that are central to the quality of life in Ontario
The Champion Award will be presented at lunch on November 7th at the 25th Annual CCPPP Conference at the Sheraton Centre Hotel in downtown Toronto.
Public Markets Head Appointed to Toronto Investment Board
October 15, 2017 - Tanya Lai will sit on advisory board through 2019.
TORONTO (October 15, 2017) - Tanya Lai, Managing Director, Public Markets at Investment Management Corporation of Ontario (IMCO), has been appointed to the Toronto Investment Board. Her term will run until October 2019.
The Toronto Investment Board was established by the City of Toronto in early 2017 to control and manage the City’s investments of funds on the City’s behalf. The Board is also responsible for adopting and following an Investment Plan that implements the City’s Investment Policy.
At IMCO, Tanya is responsible for public market assets with a focus on strategy research and implementation, portfolio construction, manager selection and management across equities and fixed income asset classes.
Tanya received her B. Comm (Honours) from University of Toronto and MBA from University of Toronto’s Rotman School of Management. She is a CFA Charterholder (member of the Toronto CFA Society).
For further information:
Vice President, Corporate Communications
National Pension Hub to Develop Insights into Challenges Facing Canada’s Pension Industry
October 4, 2017 – IMCO becomes inaugural member of Canadian research centre.
TORONTO (October 4, 2017) – The Global Risk Institute in Financial Services (GRI) today announced the creation of a National Pension Hub (NPH) that will serve as a Canadian centre for pension knowledge and research. The purpose of the NPH is to provide pension and income security research that, among other things, will lead to innovative solutions to pension design, governance and investment challenges.
To date, more than a dozen organizations have joined the NPH, including major pension plans, accounting firms, consultancies and public corporations, as well as a number of individual opinion leaders in the field of pensions. Additional members are being recruited, including governments and companies associated with pension plans. The NPH will be administered by the GRI.
"The diversity of our membership in the National Pension Hub is one of our key strengths," said Barbara Zvan, Chair of the NPH, and Chief Risk & Strategy Officer at Ontario Teachers' Pension Plan. "It will help us produce innovative ideas and research that reflect a wide range of interests and perspectives."
The pension industry has been grappling with a number of evolving challenges over the past decade including an aging population with a longer life expectancy, finite resources to invest in, more complex regulations, greater market volatility, and the need to generate strong returns in a slower growth economy. The NPH will provide a pipeline of objective research on pensions and income security that will help pension plan providers, investment managers, policy makers, and government administrators address these and other challenges.
In particular, the NPH will be an incubator for outcome-based research that addresses three primary objectives:
"We plan to build a deep reservoir of pension knowledge and research that will inform pension industry stakeholders, encourage debate on pension policy, and lead to consensus on critical issues," said Richard Nesbitt, CEO of GRI. "At GRI, we've developed a proven model of how to create value from research by working with academic and industry leaders. We want to apply this model of thought leadership to the pension industry."
The NPH's first meeting will take place at the beginning of November, at which time it will set its initial research topics and projects. Most projects will have a two-year time horizon with interim reports delivered after the first year.
The member organizations of the NPH at its launch date are: AIMCo, BCIMC, CDPQ, CPPIB, CN Rail, Deloitte University, IMCO, KPMG, McKinsey, Mercer, OMERS, OTPP, PSP, PwC and the GRI. Individual members who are pension experts include Hugh Mackenzie and Bob Baldwin.
The Global Risk Institute is the leading forum for ideas, engagement and building capacity for the management of risks in financial services. We are a non-profit, public and private partnership with 32 government and corporate members from asset management, banking, insurance and pension management. The institute's goal is to develop fresh perspectives on emerging risks, to engage members, and to enhance risk-management skills. Our activities support academics, corporations, policy makers and regulators. We take a global view of the risks facing the financial services industry from our base in Toronto, Canada.
David Moorcroft, Public Affairs Advisor,
Global Risk Institute in Financial Services
Canadian Institutional Investors call for 30% women on boards and executive teams by 2022
September 7, 2017 – IMCO supports push for greater representation of women on boards.
TORONTO (September 7, 2017) – Canada’s largest institutional investors are calling for 30% representation of women on the boards and executive management teams of S&P/TSX composite index companies by 2022.
While more diverse boards lead to stronger results, the pace of change has been slow in Canada. In a sample of issuers, only 12% of board seats were occupied by women, rising to 18% for the 215 largest issuers with over $1 billion in market capitalization, according to a September 2016 review by the Canadian Securities Administrators.
A total of sixteen investors managing a combined $2.1 trillion in net assets, say swifter and more decisive action is needed to bridge the diversity gap. In a joint Investor Statement, they are calling on institutions and business leaders to use their collective voice as public company investors to help drive meaningful progress on gender diversity across the country’s offices and boardrooms. The initiative will be highlighted the morning of Thursday, September 7th when supporting investors come together for a Market Open Ceremony at the Toronto Stock Exchange.
The Investor Statement commits its supporters to playing a proactive role and engaging with investee companies on corporate governance issues. This includes, but is not limited to, the process boards use to identify suitable candidates for board and senior management roles. The investor group has also indicated that voting against members of the board is also an option when diversity expectations fall short.
“We know that greater diversity leads to better governance and business outcomes, and it is in the best interests of investors to press for change for the benefit of their clients, shareholders and the economy,” says Victor Dodig, Chair, 30% Club Canada. “The Investor Statement is an important commitment addressing the significant role investors play in moving the dial on gender balance in the boardroom and in senior management, holding companies accountable for real change.”
Credit Suisse, using their proprietary database of global companies, has found that companies with higher female representation have experienced higher stock market return, higher returns on equity, higher valuations and higher payout ratios. These findings are consistent with earlier research by Catalyst Inc., a global nonprofit dedicated to workplace inclusion.
Catalyst is a proud partner with the 30% Club and the institutional investor community in the launch of this important Investor Statement. "Given the slow pace of change in growing the representation of women at the executive and board levels of Canadian companies, it is imperative that investors take an active role in influencing companies,” says Tanya van Biesen, Executive Director of Catalyst Canada. “The Canadian Investor commitment is a welcome initiative and is consistent with the efforts of other leading investors around the globe.”
IMCO Enters into Co-investment for PC Components Provider
July 26, 2017 – Partners acquire majority share in CORSAIR in transaction valued at $525 Million.
FREMONT, Calif. & NEW YORK– July 26, 2017 - CORSAIR®, a world leader in high-performance PC components, gaming peripherals, and enthusiast memory, announced today that EagleTree Capital (“EagleTree”), formerly Wasserstein Partners, has reached a definitive agreement in partnership with current management to acquire a majority stake in CORSAIR from Francisco Partners and several minority shareholders. As part of the transaction, CORSAIR founder and Chief Executive Officer Andy Paul will maintain a sizable equity stake in the company and continue in his role as CEO. IMCO (Investment Management Corporation of Ontario) and the Honeywell pension are also co-investing alongside EagleTree, which is acting on behalf of its private equity fund EagleTree Partners IV.
Founded in 1994, CORSAIR has grown from a single performance memory product line into a leading global provider of high performance branded computer products, including memory, components, peripherals, and complete systems. The company’s diverse portfolio of premium PC gaming products serves the high-growth PC gamer market, and the products are available through distributors and retailers in over sixty countries worldwide.
“We are excited about the opportunity to partner with EagleTree and leverage the team’s consumer products expertise to further accelerate our progress,” said Andy Paul, Founder and CEO of CORSAIR. “We are very fortunate to have attracted such experienced investment partners. EagleTree’s backing will allow us to continue to focus first and foremost on our loyal and passionate customers and accelerate our investment in innovation and new technology and products to enhance the quality experience that enthusiasts and gamers have come to expect from us.”
“This is a transformative time in the PC gaming industry. A rapidly growing global gamer population, together with the rise of eSports and streaming, has made PC gaming one of the world’s most dynamic industries,” said George Majoros, Jr., Co-Managing Partner of EagleTree. “CORSAIR is the undisputed leader in PC gaming hardware and has built a strong brand on a foundation of quality, innovation and an unwavering commitment to its passionate fans. We look forward to working with Andy and CORSAIR’s talented management team to maintain the company’s focus on innovative products, to expand into new markets, and to pursue selective transactions.”
“It has been our pleasure to partner with Andy and the team at CORSAIR. They have built an incredible company and are well positioned for continued success,” said Andrew Kowal, Partner at Francisco Partners. “We wish the company and EagleTree all the best in their next chapter of growth.”
Barclays Capital Inc. served as financial advisor and Paul Hastings LLP served as legal advisor to CORSAIR.
Macquarie Capital and BNP Paribas provided financing and acted as financial advisors to EagleTree on the transaction. Jones Day served as legal advisor to EagleTree.
The transaction is expected to close in the next several months, subject to customary closing conditions.
Founded in 1994, CORSAIR supplies high-performance products purchased primarily by PC gaming enthusiasts who build their own PCs or buy pre-assembled customized systems. The company’s award-winning products include DDR3 and DDR4 memory, computer cases, PC cooling products, power supply units, mechanical keyboards, gaming mice, gaming headsets, USB flash drives, solid-state drives and system monitoring and control devices. For more information, visit http://www.corsair.com.
About EagleTree Capital
EagleTree Capital, formerly Wasserstein Partners, is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. EagleTree manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and communications, consumer products, and water and industrial sectors. EagleTree is located in New York. For more information, visit http://www.eagletree.com.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology businesses. Since its launch over 17 years ago, Francisco Partners has raised over $10 billion in capital and invested in nearly 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential. For further information, please visit http://www.franciscopartners.com.
IMCO (Investment Management Corporation of Ontario) manages approximately CAD$60 billion on behalf of its clients. IMCO’s mandate is to provide broader public-sector clients with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns. Through its private equity program, IMCO has over CAD$1 billion in underlying fund investments, co-investments and direct investments. For more information, visit www.imcoinvest.com.
Harry Butler, 510-657-8747 ext. 486
Sard Verbinnen & Co.
Stephanie Pillersdorf/Devin Broda/Columbia Clancy
John Moore, 215-657-4971
Investment Management Corporation of Ontario (IMCO)
Neil Murphy, 416-607-7811
New Ontario Based Asset Manager IMCO begins to Manage $60B of Assets
July 24, 2017 – IMCO will provide public sector clients in Ontario with a full range of investment management services.
TORONTO (July 24, 2017) - Today the Investment Management Corporation of Ontario (IMCO) began to manage the assets of its first two clients, the Workplace Safety Insurance Board (WSIB) and the Ontario Pension Board (OPB). Together the funds under management have a value of approximately $60B and are invested across a broad range of asset classes, including public equities, public debt, private equity, real estate, and infrastructure. This puts IMCO among the group of the largest public-sector asset managers in Canada.
IMCO was established in 2016 and modelled after similar organizations in Canada such as AIMCo and bcIMC. IMCO's mandate is to provide broader public-sector clients in Ontario with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns.
IMCO is a member-based non-share capital corporation. It operates independently of government, consistent with best practice in the public pension fund investment sector. IMCO's Board of Directors is a professional board with expertise in a range of directly relevant areas. IMCO's CEO, Bert Clark who was hired in late 2016 has been working with the WSIB and OPB to build the organization required to assume investment responsibility for the $60B of assets.
"We look forward to working with our initial two clients and future clients in the coming years to provide them with value added investment services," Bert Clark, CEO.
"This is an exciting day for the group of people who have been working hard over an extended period to make IMCO a reality. The Board is confident that IMCO will have a major impact on public fund management in Ontario," David Leith, Chair of the Board of Directors.
IMCO anticipates and looks forward to working with additional broader public-sector clients once the integration of the assets and operations of the first two clients is complete.
IMCO (Investment Management Corporation of Ontario) manages approximately CAD$60 billion on behalf of its clients. IMCO's mandate is to provide broader public-sector clients with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns. Through its private equity program, IMCO has over CAD$1 billion in underlying fund investments, co-investments and direct investments. For more information, visit www.imcoinvest.com.
For further information:
Vice President, Corporate Communications
Tel: (416) 607-7811
Report: Facilitating Pooled Asset Management for Ontario's Public-Sector Institutions
Read the 2012 report.
Investment Management Corporation of Ontario
200 King Street West, Suite 2300
Toronto ON M5H 3T4
Toll Free: 844-383-4626