Item - 2023.IB5.3

The Toronto Investment Board received the report (November 23, 2023) from the Director, Capital Markets, for information.

This report provides the Toronto Investment Board ("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 earlier this year regarding the Fiera Capital Corporation ("Fiera") decision to close the Fiera Global Equity Common Contractual Fund ("Fiera CCF"), 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 ("Fiera CCF") while the next course of action is decided.  The review of the various options is near completion with a focus on a single option now being considered.

City staff are also reviewing a transfer between the Short-Term Fund (managed internally) and the Long-Term Fund (managed by the Board).  While details have yet to be finalized, a plan to distribute the cash is outlined in this report.

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