Item - 2024.IB9.5

The Toronto Investment Board:  

1. Directed that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains information that involves the security of property belonging to the City and the Toronto 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 investment managers and related parties. It includes changes to the investment manager mandates, contracts, and funding along with other related items.

Previously reported Fiera Capital Corporation (Fiera) has officially closed the Fiera Global Equity Common Contractual Fund (Fiera CCF), and all the City of Toronto fund assets have been transferred in-kind to a new Canadian pooled fund structure called the Fiera Global Equity Focused Pooled Fund (Fiera GEF). Capital Markets staff were notified by Fiera on September 11, 2024 that the trade was completed and settled.

The CBRE Global Alpha Fund changed its portfolio manager in September 2024. The current portfolio manager, Elizabeth Troni, transitioned to manage the CBRE US Core Partners Fund, leading to the appointment of Lucy Fletcher as the new portfolio manager for the CBRE Global Alpha Fund. The new portfolio manager brings extensive global experience and a strong track record in portfolio management to the fund. Further details can be found in Confidential Attachment 1 of this report.

City staff continued to transfer funds from the Short-Term Fund (funds internally managed) to the Long-Term Fund (funds managed by the Board). The fourth and final transfer of $500 million was completed in October 2024 for the purposes of re-allocating short-term focused investments to a longer-term investment horizon. A summary of the transfer is outlined in this report.

An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at October 31, 2024 is provided in Attachment 2 of this report.