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Canada pension manager IMCO to expand Asia investments, official says

By Asia Asset Management  
May 6, 2019

Canadian pension manager Investment Management Corporation of Ontario (IMCO) plans to expand investments in Asia as it seeks greater opportunities to diversify its portfolio, according to a company official.

IMCO has invested approximately C$5.8 billion (US$4.3 billion) in Asia over the past three years, or 9.6% of its total assets, its third largest allocation after Canada, at 56%, and the US, 22%.

The Asian investments are in Singapore, Hong Kong, China, India and South Korea, and are mostly in public equity, Neil Murphy, IMCO’s vice president of corporate communications, tells Asia Asset Management.

The company will continue to increase investments in Asia, but “we have not yet established any expansion plans and we have not selected a regional headquarters anywhere in the region”, he says.

“IMCO was established to provide portfolio construction and investment services while enabling our clients to access global investment opportunities, all with a critical focus on risk management,” he adds.

According to a May 2 report published on the website of Singapore’s Business Times newspaper, IMCO is eyeing the city state for its regional headquarters.

IMCO was created through Ontario legislation in 2016 to manage the assets of the province’s public-sector funds, including the Ontario Pension Board and the Workplace Safety and Insurance Board, on a not-for-profit basis.

The company currently has over C$60 billion of total assets under management.