Ontario Municipal Employees Retirement System, one of Canada’s largest pension funds, posted its worst result since the global financial crisis after suffering big losses in its private equity and real estate holdings.
The pension fund, known as Omers, lost 2.7% on its investments last year, pushing assets to C$105 billion ($84 billion). It’s the worst result since 2008, when it lost 15.3%.
The pension fund fell far short of its 6.9% return benchmark, and also trailed the average 10% increase of Canadian pension plans, as estimated by Bank of New York Mellon Corp.
Author(s): Paula Sambo
Publication Date: 25 February 2021
Publication Site: Bloomberg