Item - 2025.IB11.6

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 investment manager staffing and management changes, funding and other related items.

There will be a executive level staff change at Fiera Capital. Jean Michel, Executive Director, President, and CIO of Fiera Public Markets, will be leaving the firm. There should be no material impact to the individual investment teams or their strategies. Further details can be found in Attachment 1 of this report.

City staff continue to re-balance the Sinking Funds as necessary to maintain the target asset mix. A summary of the transfers completed after February 28, 2025, is outlined in this report.

An update of the current funding status of Long-Term Fund (LTF) and Sinking Fund (SF) as at April 30, 2025, is provided in Attachment 2 of this report.