Item - 2025.IB10.4

The Toronto Investment Board:

1. Received this report for information.

Randy LeClair, 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.

Further to the confidential information provided at the Board's last meeting with respect to the changes at CBRE Global Alpha Fund, Aon has provided a Flash Report from the Townsend Group (which is part of the Aon group of companies).  The report is a summary of recent personnel changes at CBRE Investment Management with Townsend continuing to recommend the CBRE real estate funds as a "buy".  This includes the CBRE Global Alpha Fund which has been contracted by the Board.  Further details are listed in Attachment 1.

Global equity partner Pier 21 Asset Management had a significant event occur with the passing of their founder David M. Star.  A Business Continuity Plan had been developed and details can be found in Attachment 2.  It is important to note that Pier 21 represents the investment management firm C WorldWide (CWW) in Canada and that the funds invested by the Board continue to be held and managed by CWW.  City staff have met with the new president and CEO of Pier 21 and expect no changes to service going forward.

City staff continue to re-balance the Sinking Fund and transfer funds for debt repayment at maturity. In addition, funding for CBRE, a manager in the Real Assets category was completed. A summary of the transfers completed after October 31, 2024, are outlined in this report.

An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at January 31, 2025, is provided in Attachment 3 of this report.