Item - 2023.IB4.3

Tracking Status

This item was considered by Toronto Investment Board on September 29, 2023 and was adopted without amendment.

IB4.3 - Investment Manager and Other Updates

Decision Type:: ACTION

Status:: Adopted

Wards:: All

Board Decision

The Toronto Investment Board received the report (September 7, 2023) from the Director, Capital Markets, Office of the Chief Financial Officer and Treasurer for information.

Origin

(September 7, 2023) Report from the Director, Capital Markets, Office of the Chief Financial Officer and Treasurer

Summary

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

Further to the announcement at the last Board meeting regarding the Fiera Capital Corporation decision to close the Fiera Global Equity Common Contractual Fund, several options have been proposed. An evaluation of these options by the investment consultant, external legal counsel, tax advisors, and City staff is currently underway. After a meeting with Fiera, it was agreed that Fiera will cover all the fixed costs for Fiera Common Contractual Fund while the next course of action is decided.

An update of the current funding status of Long-Term Fund and Sinking Fund is provided in Attachment 1 to this report for the Board's review.

Background Information

(September 7, 2023) Report from the Director, Capital Markets, Office of the Chief Financial Officer and Treasurer on Investment Manager and Other Updates
https://www.toronto.ca/legdocs/mmis/2023/ib/bgrd/backgroundfile-239216.pdf
Attachment 1 - Current Funding Status of the Long Term Fund and the Sinking Fund
https://www.toronto.ca/legdocs/mmis/2023/ib/bgrd/backgroundfile-239217.pdf

Motions

1 - Motion to Adopt Item moved by Terry Carr (Carried)