Neutral Stance Suggested
The ‘2019 Capital Market Outlook’ from GLC Asset Management Group Ltd. (GLC) recommends that a neutral stance with a defensive bias is most appropriate for today’s investors. “The general theme underpinning our outlook is moderation,” says Brent Joyce, chief investment strategist for GLC. “For market cycles, we believe acceleration is followed by moderation, before eventually giving way to decline. Today’s debate remains about how much global economies and corporate earnings will grow and, importantly, not how much they will shrink.” It says fixed income’s value as a risk mitigation tool has increased and continues to increase the longer the cycle runs. A neutral weighting in fixed income is suggested with a move towards higher credit quality. Fixed income investors could see a one to two per cent total return in 2019 for the Canadian asset class, with an overweight in high-quality investment grade corporate and government bonds. On a risk-adjusted basis, a neutral stance is most appropriate for equities as well as the global economy and corporate earnings growth are shifting from acceleration to moderation. The outlook calls for equity price gains of between eight to 12 per cent in North America and continued exposure to participate in equity market growth without stretching one’s risk tolerance is suggested.
Unified ETF Family Created
RBC Global Asset Management Inc. (RBC GAM) and BlackRock Asset Management Canada Ltd. (BlackRock Canada) have joined forces to create a new unified exchange traded fund (ETF) family, RBC iShares. It will bring together 106 index-based ETFs managed by BlackRock Canada with 44 ETFs managed by RBC GAM, including index, smart beta, and actively managed products. The 150 new funds have a combined $60 billion in assets under management. Offered through full-service advisors, discount brokerages, and robo-advisors, the firms will provide unified distribution support and service and that they plan to “jointly develop new and innovative strategies to further expand and refine the solution set.”
Overnight Rate Unchanged
As expected, the Bank of Canada (BoC) kept the overnight rate unchanged at 1.75 per cent and there wasn’t a big surprise in the message, says Randall Malcolm, senior managing director at Sun Life Investment Management. Also unsurprisingly, oil was the main focus in both the statement and MPR. The drop in oil price was the main reason that the bank cut the growth forecast to 1.7 per cent from 2.1 per cent for 2019. Trade conflicts were another major risk that was identified. Overall, the BoC remains constructive with a view of stable economy and inflation, he says. As a result, the BoC still expects to raise rates over time. While the BoC will may pause for now while watching the development of oil prices and the U.S.-China trade negotiation, an April rate hike is possible if the oil price stabilizes around $50 and U.S.-China reaches a trade deal, even if just temporary. However, rate hikes are more likely to come later this year, which will allow the BoC more time to assess the situation.”
Opt-out Rates Triple
For UK employers with fewer than 10 employees, opt-out rates from company retirement plans of between 26 per cent and 30 per cent are triple the rates of larger firms, says a survey by the UK Association of Consulting Actuaries. More than two-thirds of executives at the smaller plans expected modest or substantial decreases in plan participation in 2019, it found.
Workers Want Wellness Help
Workers are looking to their employers for some help in meeting their health and wellness goals, says research from OfficeTeam. It found 63 per cent of professionals surveyed in Canada said a company’s health and wellness offerings influence their decision to work there. Employees place the greatest weight on ergonomic workplace evaluations and equipment (30 per cent) and fitness facilities or programs (25 per cent). Fortunately, these are the resources most commonly offered by organizations (36 per cent each). Twenty-nine per cent of companies don’t have any health and wellness options. Professionals ages 18 to 34 (74 per cent) most often said health and wellness offerings impact their decision to work at an organization, compared to those ages 35 to 54 (60 per cent) and 55 and older (50 per cent).
UAE Investment Rule Details Coming
Lawmakers in the UAE are set to announce more details on the changes to investment rules including which sectors will allow 100 per cent foreign ownership of onshore businesses. The amendments to article 10 of the UAE Commercial Companies Law were issued in October 2018. The central change is that 100 per cent foreign ownership will be allowed for onshore businesses in selected sectors. It has been suggested that technology, aerospace, renewable energy, and artificial intelligence will be among the chosen markets.
Sustainalytics Acquires GES
Sustainalytics has acquired GES International, a global provider of engagement, screening and fiduciary voting services to institutional investors. With the two firms uniting, pension funds and asset managers now have access to a full suite of pre- and post-investment products and services. The acquisition combines Sustainalytics’ environment, social, and governance (ESG) research and ratings with GES’ engagement and screening services.
Strong Deal-making Surpasses 2017
The strong deal making seen in 2017 continued in 2018 and has even surpassed it to become the most active year the industry has ever recorded, says Preqin. A total of 5,106 private equity-backed buyout deals were announced through the year, an all-time record, building from the previous record of 4,829 seen in 2017. The total value of these deals also rose to reach $456 billion. This is close to the $460 billion seen in 2015 and may surpass it given that Preqin expects these figures to rise by up to five per cent as more information becomes available.
Field Joins Mercer
Carole Field is Calgary, AB, wealth business leader for Mercer Canada. She will focus on identifying and executing improvements to pension and other HR programs. Previously, she held senior level roles with a large Canadian employer, where she led the pension and benefit program as well as the overall HR strategy.
Forum Registration Opens
Registration is now open to CPBI members for ‘FORUM 2019 ‒ Embracing Innovation.’ Over 20 sessions will focus on benefits, pension, and investment topics. The opening reception will celebrate CPBI’s 50th anniversary. It takes place June 17 to 19 in Vancouver, BC. For information, visit FORUM Registration
Working Age Women Expect To Struggle
Statistics from HSBC’s ‘Future of Retirement Men V Women’ show 44 per cent of working age women worry that they will struggle to pay for food and other basic necessities during retirement, compared to 37 per cent of men. As well, it found 51 per cent of working age women either don’t know how much they are saving for their retirement or haven’t started saving at all, compared to 38 per cent of working age men. For women of working age, concerns about their financial future are heavily linked to long-term health fears. Almost half (48 per cent) worry they will not have enough income to pay for basic living needs if they or their partner had to retire early due to ill health (compared to 40 per cent of men). If the worst happened and their partner passed away, 42 per cent of working age women worry they would find it hard to cope financially (compared to just 30 per cent of men). This fear is borne out in reality; women already in retirement are indeed more likely than men to expect to rely on their spouse’s income or pension (43 per cent versus 39 per cent) and financial support from their children (16 per cent versus six per cent).
System Reduces Risk Rating Complexity For Alternatives
AIMA and CAIA have proposed a new system to help reduce the complexity of current methods of risk ratings at investment dealer firms. The associations have published guidelines on these methods in response to new regulations and consistent feedback from AIMA member firms that retail risk ratings unfairly rate alternative products automatically as high risk. The final amendments to regulation NI 81-102 will make alternative investment funds available to retail investors. This has the potential to expand the market for alternative investment products that were previously only available to accredited investors. Consequently, some early predictions anticipate the Canadian alternative mutual fund market could grow to C$20 billion in the next five years. Existing risk rating methods often result in all alternative funds being rated as high risk in the retail channel. This limits the number of investors who can access these products and dealer firms often overlay additional risk rating policies on standards outlined by the Canadian Securities Commission (CSA). To facilitate risk-reducing portfolio construction and to give retail investors access to available alternative investment products, the associations recommend that additional risk rating systems at the investment dealer be re-assessed for all alternative fund strategies, including the new alternative mutual funds, to reflect their true risk. As well, any risk rating scale at the investment dealer should include five categories of risk (rather than only three) consistent with prospectus risk ratings. Fund categories should also be separated for alternative fund strategies and alternative mutual funds. They should then also be expanded to include sub-categories so that products can be evaluated adequately and individually against their peers.
Real Estate Faces Questions
Although real estate fundamentals in Canada are solid, there are many pressing questions for investors, says Bentall Kennedy’s ‘2019 Perspective Report on the Canadian Commercial Real Estate Market.’ These questions look at how much further this economic expansion can run, whether real estate values peaked or is there a new pricing paradigm for institutional quality real estate, and how to invest prudently at this stage of the cycle. It says investor sentiment remains strong supported by solid real estate fundamentals and healthy job growth, but downside economic risks are building. Business optimism and consumer confidence remain high, near historic levels, which bode well for real estate demand. However, cyclical headwinds are adding to negative sentiment in retail and supply constraints and steady logistics demand for industrial lands will continue to exert upward pressure on rents, especially for urban infill locations. Meanwhile, institutional investors are clamouring for increased exposure to the sector. Healthy operating fundamentals and strong investor demand for real estate should help support valuations in the face of higher interest rates. Future returns will become harder to come by as valuations have inched higher. But supply-side constraints and steady tenant demand will limit the downside risk of space market dislocation. Still investors will need to exercise patience and prudence when navigating this maturing cycle, it says.
BlackRock Expects Steady Rates
BlackRock Inc. expects the Bank of Canada to hit the brakes on policy tightening in 2019. It says the central bank will probably hold rates steady until at least next year as Canadian growth cools and lower oil prices work their way through the economy, weighing on the inflation outlook. Investors have slashed expectations for hikes following a dovish December policy meeting and amid a broad reassessment of the prospect of central-bank tightening as global growth shows signs of slowing. Since mid-2017, the BOC has put through five rate hikes.
Hub Acquires TRG
Hub International Limited has acquired the assets of TRG Group Benefits and Pensions Inc. Headquartered in Vancouver, BC, TRG is an employee benefits advisory firm with more than 400 years of combined advisory experience in the employee benefits industry. The firm customizes employee benefits, pension, and retirement plans for businesses and not-for-profit organizations, helping them navigate through the complexities of today’s benefit programs and develop progressive, sustainable group benefits.
Increase In Infrastructure Deals Expected
In 2018, 2,454 infrastructure deals were made worth a total $322 billion, says Preqin. It expects 2018’s figures to rise by up to five per cent as more information becomes available. The year represents a slowing in activity from 2017, which saw 3,165 deals made for a total of $387 billion. Renewable energy increasingly accounts for the bulk of infrastructure investments, going from making up 45 per cent of deals completed in 2016 to accounting for 57 per cent of infrastructure deals in 2018.
Williams Has Expanded Role
Tim Williams is director, national accounts, at Teladoc Health. Most recently, was with Best Doctors where he held several positions including, most recently, director of business development for central and eastern Canada. Teladoc Health is the parent company of Best Doctors so he has a new, expanded role.
Certificate In Pension Law Offered
The ‘Osgoode Certificate in Pension Law’ equips participants with what they need to navigate this often complex and liability-laden area effectively. It can be attended in-person or online through Osgoode Professional Development. It takes place February 13, 20, and 27 and March 6, 20, and 27 in Toronto, ON. For information, visit Pension Law
ETF Liquidity Focus Of Report
While ETF liquidity is generally perceived as more robust than the underlying equity and bond sectors, concerns have been raised related to whether this perceived liquidity could wither under pressure in response to crisis conditions including heavy selling and collapsing values in underlying investments, says the Investment Industry Association of Canada (IIAC). These concerns have intensified as more ETF structures and providers have entered the marketplace in the last few years. “Regulators in Canada and in global markets closely monitor trends in the ETF markets as part of their ongoing systemic oversight of financial markets,” says Ian Russell, president and CEO of the association. “This study concludes the rapidly growing ETF marketplace is robust, liquid, and well diversified.” While ETFs have not been tested in a protracted bear market, there has been no evidence of issues in recent market downturns. Despite this positive outlook, there are steps that ETF providers can take to help ensure liquidity continues to be a non-issue. They need to keep current on changes in regulations, tax, and accounting rules and provide this information to investors and adjust their suite of offerings to take into account effects of these changes. They also need to be willing to retire products and strategies that underperform and, in their place, develop new products.
Economic Growth Slowing
Economic growth is not bad, but it is clearly slowing and this has caught the attention of the markets, says Eric Lascelles, chief economist at RBC Global Asset Management. Providing a ‘Global Outlook’ at the CPBI Ontario ‘’Pension Investment Forecast,’ he said the U.S. continues to lead the global economy, but its advantages are shrinking. This is due in part to the U.S. President Donald Trump economic effect starting to diminish and the negative effect as his financial stimulus comes off because much of it was temporary. The top macro risk continues to be protectionism, shrunk a little bit partly because the North American trade situation was resolved. However, protectionism doesn’t do as much damage as people think. It won’t lead to a recession, he said.
Exposure To Equities Reduced
Global institutional investors concerned that the economic cycle is turning are mitigating risk by planning to reduce exposure to equities and turning more to fixed income and private markets, says BlackRock’s ‘2019 Global Rebalancing Survey.’ It shows that 51 per cent plan to decrease allocations to equities in 2019, up significantly from the 35 per cent that planned those reductions for 2018 and the 29 per cent that planned them for 2017 in prior BlackRock surveys. Those plans are particularly pronounced in the U.S. and Canada, where 68 per cent of surveyed clients plan to reduce equity allocations in 2019, compared to 27 per cent of clients in continental Europe. Among clients globally, 38 per cent of survey respondents plan to increase allocations to fixed income this year, up from 29 per cent in 2018. Within fixed income, the survey also reflected the increasing focus on private credit, with 56 per cent of respondents saying they plan to increase their allocations. It shows the possibility of the cycle turning is the top macro risk affecting asset allocation and rebalancing.
Opportunities Exist For Innovative Managers
As the asset management industry enters the maturity phase, there are still opportunities for those who are aggressive and innovative, says Davis Walmsley, managing director of Greenwich Associates. Speaking on ‘Competing and Winning’ at the CPBI Ontario ‘’Pension Investment Forecast,’ he said despite gloom and doom forecasts, he expects asset managers to be okay. In fact, they can have an impact in areas like technology, demographics, sociology, and ecology where they can help solve challenges facing the world today. The industry has changed with big shifts in asset allocation. Just 25 years ago, 75 per cent of assets were invested domestically. Now, allocations to Canadian equities and bonds are a third of portfolios with more money allocated to alternatives and real estate. But this is logical and with Canada accounting for just 2.7 per cent global GDP, he sees this as a logical place for this to land.
Fitch Rates ESG Factors
Fitch Ratings has introduced a scoring system to show how environmental, social, and corporate governance (ESG) factors affect the agency’s individual credit rating decisions. Its ESG ‘relevance’ scores will “transparently and consistently display both the relevance and materiality of ESG elements to the rating decision,” it says. It claims the move fills a market gap by publicly disclosing how an ESG factor directly affected a company’s current credit rating. The scores – on a scale of 1-5 – were to be introduced across all asset classes. A score of ‘1’ or ‘2’ indicates no impact on the credit rating because a given issue or topic was considered irrelevant either to a sector or to the entity with the sector. A ‘4’ score indicates that an ESG risk was beginning to affect the discussion about a credit rating, while a ‘5’ score was for “the very rare cases where a rating action was specifically driven by an ESG factor.”
ESG Part Of Fiduciary Duty
Investors now look at ESG (environment, social, and governance) considerations as part of their fiduciary duty, says Terra Klinck, of Brown Mills Klinck Presioso. In a session on ‘Pension Investment Fiduciary Issues ‒ A 2019 Perspective’ at the CPBI Ontario ‘Pension Investment Forecast,’ she said a recent RBC survey shows three-quarters of plan sponsors use ESG and 54 per cent of respondents view incorporating it as part of fiduciary duty, double the response of 2017. This is likely due to the fact there is far greater analysis than there was several years ago. Sponsors can approach it in several ways. The first approach is integration making it a component of investment process. Negative screens is another approach and, for example, U.S. investors are wrestling with how to deal with legal cannabis in Canada. Sponsors are also using positive screens such as thematic investing. However, in this approach they need to make sure the decisions are made in the best interests of plan members. This investments have to meet the member best interest investment test, she said.
Waning Confidence Hurts U.S.
Waning confidence among U.S. institutional investors pulled down a global index of investor risk-taking, despite more positive sentiment in Europe and Asia, says State Street’s ‘Global Investor Confidence Index.’ It showed an overall decrease of 2.8 points in December to 79.7. Any reading below 100 suggests the extent to which investors are taking less risk. European investor confidence ‒ although still below 100 ‒ showed an increase of 2.1 points to 90.4, while sentiment among Asian institutions was firmly in ‘risk-on’ mode, with an 8.7-point jump taking the Asian regional index to 110.6.
ESG ETFs Gather Inflows
Environmental, social, and governance (ESG) ETFs and ETPs listed globally gathered net inflows of US$856 million during November, says ETFGI, a research and consultancy firm covering trends in the global ETF/ETP ecosystem. Total assets invested in ESG ETFs and ETPs increased by 6.64 per cent from US$21.77 billion at the end of October to US$23.22 billion. Year-to-date, ESG ETFs/ETPs assets have increased 33.8 per cent compared to 4.6 per cent for all ETFs/ETPs listed globally.
Panel Looks At Real Estate
A panel of Emily Hanna, partner, investments, at Crown Realty Partners; Steven Marino, senior vice-president, portfolio management, at GWL Realty Advisors; and Michael Turner, executive vice-president and global head, real estate, at OMERS and president of Oxford Properties Group; will discuss the results and state of the industry at the ‘2019 REALPAC/MSCI Canada Real Estate Investment Forum (Toronto).’ Simon Fairchild, MSCI’s executive director, will kick off the forum with the presentation of the 2018 results of the ‘REALPAC/IPD Canada Quarterly Property Index.’ It takes place February 1 in Toronto, ON. For information, visit Toronto RealPac
Plan Financial Health Declines
The solvency positions of Canadian defined benefit pension plans reached all-time highs during 2018, but falling bond yields and equity market volatility in the fourth quarter saw their financial health decline on both a yearly and quarterly basis, says Aon’s ‘Median Solvency Ratio’ survey. “The sour mood that gripped financial markets in late 2018 finally caught up with Canadian pension plans,” says Calum Mackenzie, partner and head of investment, Canada, for Aon. “In the fourth quarter of 2018, Canadian bond yields fell while equity returns were negative as well, a double whammy for pension plan financial health. We don’t expect the volatility to end in 2019, but pension plans’ financial positions remain strong after the longest bull run in history. There were few places to hide in a brutal end to 2018, but those investors that were well diversified did manage to better protect their portfolios.” He says now is not the time to be passive with pension plan financial management as trade concerns, economic growth, and geo-political tensions could continue to take their toll on the markets in 2019. Investors that have not yet diversified should look for opportunities by selling into market strength and avoid making rash moves.”
Corporates Facing Toughest Challenges
Amid rising debt levels, governments and non-financial corporates are likely to face the toughest challenges as the global economy weakens and credit conditions deteriorate, says a Fitch Ratings report. It says that credit risks are rising in a variety of sectors, with global debt at near-record levels and credit conditions facing a cyclical downturn. Yet conditions are much different from what they were during the global financial crisis of 2008-09. “Since 2007,” the report says, “aggregate financial sector and household debt as a percentage of GDP globally has remained roughly steady. In contrast, governments and non-financial corporates have seen their debt rise significantly, up 27 percentage points (pp) and 16 pp, respectively.” As a result, the report says, governments and non-financials will likely have a tougher time navigating an economic slowdown.
CPPIB Launches Information Campaign
The CPP Investment Board has introduced its first national information campaign designed to help engage, educate, and prepare Canadians about their financial future. ‘Investing Today for Your Tomorrow’ helps demystify a number of misconceptions about the Canada Pension Plan (CPP) and provides information and context to the many questions Canadians have. For more information, see the article ‘CPPIB Launches Information Campaign’ at the Benefits and Pensions Monitor website.
U.S. Threatens Higher Tariffs
Talk of global trade wars was a key theme over 2018 as U.S. President Donald Trump embarked on a confrontational approach to correct the U.S. current account deficit, says Insight Investment’s ‘Thoughts for 2019.’ The U.S. has historically had one of the lowest tariff regimes in the world and the president believes other countries need to lower their tariffs. Until they do, he has pledged to raise U.S. tariffs. Higher trade barriers mean greater inflationary pressure, it says, and a reduction in global trade has the potential to reduce global growth. The latter could lead to a reversal of monetary policy and lower yields. There is also a risk that trade quotas are also drawn into the debate, with some countries restricting the absolute volume of a particular good that can be imported or exported. If the focus of the U.S. administration shifts to include quotas, more countries could be drawn into the conflict. The political consensus in the U.S. also appears to have now shifted – meaning that protectionist policies may be here to stay.
Verily Provided With Capital
Investors including the Ontario Teachers’ Pension Plan and other global investment management firms have provided Verily, an Alphabet company, with $1 billion in capital. The money will be used to advance its plans on business strategies that are additive and complementary to its current life sciences portfolio. It will support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities, and potential acquisitions. Verily is a life sciences research and engineering organization focused on improving healthcare outcomes by applying the latest scientific and technological advances to significant problems in health and biology.
Pension Benefits Examined
‘Pension Benefits 101’ will be the focus of a CPBI Pacific Continuing Education Session. Greg Petretta, an associate at Mercer, will guide a discussion of the retirement environment in Canada, how pension plans work in general, the differences between defined benefit and defined contribution plans, and the roles of the regulators. It takes place February 14 in Vancouver, BC. For information, visit Pension Benefits 101
RI Excuses Proving To Be Dated
For many years, investors have eschewed responsible investing (RI), using the excuses that responsible investing is ‘too subjective’ or ‘could hurt performance.’ Both of these excuses are proving to be dated concepts, says Suzann E. Pennington, chief investment officer at Foresters Asset Management. In its ‘Foresights from Foresters Asset Management,’ she says in fact, there is a growing body of evidence that thoughtfully incorporating ESG (environmental, social, and governance) considerations into security selection actually benefits long-term risk-adjusted returns. “And while we recognize that there are many different opinions on what constitutes ‘responsible,’ we believe that there are some basic good corporate ‘behaviours’ that most investors can agree upon,” she says. A company who consistently exhibits poor environmental practices, relative to others in the same industry, likely is not on top of their operations, is recklessly disregarding their community, or has inadequate corporate policies or governance. “Quite frankly, the end result is the same. Not only are they likely to hurt the community and people around them, but from an investment perspective, they may face lawsuits, fines, and/or increased regulation. You can then see how investment performance and ‘doing the right thing’ are well-aligned over the long term,” she says.
Let’s Talk January 30
Bell ‘Let’s Talk Day 2019’ ‒ the world’s biggest conversation about mental health ‒ is set for January 30. Launched in 2011, it encourages mental health conversation across a wide range of communications platforms which drive Bell’s donations to Canadian mental health programs all year round. Bell donates five cents to Canadian mental health programs for interactions through mobile and long distance phone calls made by Bell wireless and phone customers; text messages sent by Bell wireless customers; tweets and retweets using #BellLetsTalk; views of Facebook.com/BellLetsTalk; video views at Instagram.com/bell_letstalk; and every use of the Bell Let’s Talk filter and every Let’s Talk Day video view at Snapchat. The campaign features 41 ‘Friends of Bell Let’s Talk’ ‒ Canadians from around the country telling their personal stories of living with mental illness.
Post-credit Crisis Era Over
If 2019 marks the start of a new era, a period of uncertainty will usher it in, says Greenwich Associates. It says the post-credit crisis era is over in financial markets. Easy-money policies around the world are coming to an end, interest rates are rising, volatility is returning, and what felt like endless market upswings are no longer assured. Regulatory frameworks and technological innovations put in place since the crisis are, as yet, unproven under fire and some trading desks are now run by people who were still in school when Lehman Brothers failed. It sees a number of market structure trends for 2019 including the first real test of the market structure built since the end of the global credit crisis. As well, with the death in two years of LIBOR in the wake of the rates manipulation scandal, the transition to new benchmarks like SOFR and SONIA will consume legal and operations teams for months to come. The importance of exchanges around the world will continue to grow and the data obsession within financial services will only grow as on the surface has been scratched in terms of ways it can be applied to making money in the markets.
Solvency Position Falls
The solvency position of Canadian defined benefit pension plans fell sharply in the fourth quarter of 2018, more than reversing all gains from the first nine months of the year. The ‘Mercer Pension Health Index’ stood at 102 per cent on December 31, down from 112 per cent on September 28 and 106 per cent the beginning of the year. The median solvency ratio of the pension plans of Mercer clients was at 95 per cent on December 31 down from 102 per cent at September 28 and 97 per cent at the end of 2017. Less than 30 per cent of Canadian pension plans ended the year fully funded, down sharply from the 60 per cent that achieved that level at the end of September. The funded position of pension plans was pummeled in the fourth quarter with weakness in equity markets and a 30 basis point drop in long-term interest rates contributing almost equally to the drubbing.
Selectpath Makes Acquisitions
Selectpath Benefits & Financial Inc. has acquired the outstanding shares of Firm Consulting and Benefits Direct. Based in London, ON, FIRM Consulting was founded in 2001 to design, implement, and manage employee benefits programs. Benefits Direct is a virtual benefits advisory platform service for employers and human resource managers on a scalable no-commission fee basis. Selectpath is an employee benefits, pensions, insurance, wealth management, and human resources consultancy firm in Canada. Managing over $400 million in group insurance premiums and over $330 million in assets under administration, it is a member of the Benefits Alliance Group, a network of independent group benefits advisory firms serving clients coast to coast.
Anderson Joins Humanacare
Managers Speak At Symposium
The CFA Society Toronto’s ‘2019 Annual Equity Symposium’ will bring together some influential portfolio managers who will share insights into their investment process, market outlooks, and top investment ideas Featured this year are Jennifer Radman, vice-president, head of North American equities and senior portfolio manager at Caldwell Investment Management; Jeremy Schaal, managing director and portfolio manager, U.S. and global equities, at Jarislowsky Fraser; John Chisholm, client portfolio manager, global and international equities at Schroders; Sam Shapiro, vice-president, quantitative investment strategies, at Goldman Sachs Asset Management; Sajan Bedi, portfolio manager at Canoe Financial; Sandeep Bhargava, managing director at J.P Morgan Asset Management International Equity Group; and Sebastian P. Bea, head of North America institutional active equity product strategy at BlackRock. It takes place January 22 in Toronto, ON. For information, visit Equity Symposium