Item - 2024.IB7.4

The Toronto Investment Board:

1. Authorized, after review by the external legal counsel and tax advisor, the Chair or the Vice Chair of the Investment Board to execute the necessary documentation for the Fiera Capital Common Contractual Fund on behalf of the Investment Board.

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.  Final documentation will be available in the next few weeks and staff are recommending the Board authorize the Chair or Vice Chair execute the necessary documentation once the external review is completed.

City staff continue to transfer funds from the Short-Term Fund (managed internally) and into the Long-Term Fund (managed by the Board) as well as re-balancing of the Sinking Fund. A summary of the transfers 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.