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Canadian public pension funds are massive and “intriguing” (and Michael Bloomberg is a fan)

Canadian public pension funds are massive and “intriguing” (and Michael Bloomberg is a fan)
New York City Mayor Michael Bloombery likes Canadian public pension funds (Image: Center for American Progress)

Canadian public pension funds are suddenly cool—The Economist reports that four of the 40 largest public pension funds are Canadian, and they share an “intriguing” investment approach. Funds like the CPP Investment Board and Ontario Teachers’ Pension Plan sidestep hefty fees from external fund managers, running their portfolios internally at a tenth of the cost. They also emphasize buy-outs, infrastructure and property over publicly traded stocks and bonds. Those tactics have even jaded New Yorkers taking note—New York City mayor (and really, really rich guy) Michael Bloomberg is an admirer of the Canadian funds, while Wall Street firms “consider them rivals.” Read the entire story [The Economist] »

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