Item - 2024.IB6.3

The Toronto Investment Board received the report (March 19, 2024) from the Director, Capital Markets for information.

The Director, Capital Markets gave a verbal update on Investment Manager and Other Updates.

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 in early 2023 regarding the Fiera Capital Corporation ("Fiera") decision to close the Fiera Global Equity Common Contractual Fund ("Fiera CCF"), several options have now been proposed and considered. Currently, a single solution continues to be reviewed by the investment consultant, external legal and tax advisors along with City staff and is near completion.  A recommendation and course of action will follow when the review is complete. Fiera will continue to cover all the fixed costs for Fiera Common Contractual Fund ("Fiera CCF") until the transition to the new solution is completed.

City staff have started the transfers between the Short-Term Fund (managed internally) and the Long-Term Fund (managed by the Board) as well as re-balancing of the Sinking Fund. A summary of the transfers are 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.

Recent organization changes at Addenda Capital and Connor, Clark, and Lunn are provided in Attachment 2 and 3 respectively to this report.