Item - 2021.IB13.3

The Toronto Investment Board authorized the Chair or Vice-Chair of the Toronto Investment Board to sign the necessary documentation to appoint StonePine Asset Management as sub-advisor to the Fiera Global Equity Fund as requested by Fiera Capital Corporation.

This report provides the Toronto Investment Board with an update with regards to activities involving the investment managers and related parties.  It includes changes to the investment manager mandates, contracts, and funding along with other related items.

The first item involves the Fiera Global Equity Fund which the Board contracted and funded in February 2020.  Fiera Capital Corporation (Fiera) announced that it has agreed to establish a sub-advisory partnership with StonePine Asset Management (StonePine) who will now manage this fund. StonePine was created by portfolio manager Nadim Rizk and his global equities team who are currently managing the fund under the Fiera banner.  The same people and strategies will continue to be used to manage the Fiera Global Equity Fund and this is viewed as more of an administrative change.  Further details about this matter can be found in the "Flash Report" by the investment consultant (Aon) contained in Attachment 1 of this report.

The Board's contract with Fiera ultimately remains the same. Written consent is required to appoint StonePine as the sub-advisor. Staff recommend that the Board provide consent to Fiera to appoint StonePine as the sub-advisor to the Fiera Global Equity Fund.

Secondly, since the last meeting of the Board, Sinking Fund contributions of $192.8 million were transferred to fixed income investment managers for the purposes of rebalancing. An update of the current funding status of Long-Term Fund and Sinking Fund is also provided in Attachment 2 to this report.

Finally, the City's auditors (KPMG LLP) found no exceptions to note from the Investment Policy compliance audit procedures conducted for the year ended December 31, 2020.