IMCO launches as Canada’s new C$60bn asset manager

The chairman and chief executive of Investment Management Corporation of Ontario have backgrounds in infrastructure.

The Investment Management Corporation of Ontario launched today as asset manager for two Canadian institutional investors holding a combined C$60 billion ($47.97 billion; €41.21 billion) of assets under management.

IMCO’s creation as an investment manager for the Workplace Safety Insurance Board and the Ontario Pension Board was announced last year to improve the management of public sector investment funds and to provide investment management and advisory services to participating organisations, according to a statement.

The amount of assets IMCO now manages immediately ranks it among Canada’s largest pension managers. Other comparable organisations include the C$135.6 billion PSP Investments, the C$90 billion Alberta Investment Management Corporation and the C$85.2 billion Ontario Municipal Employees’ Retirement System.

Some founding board members and senior leadership at IMCO come from infrastructure backgrounds, including the investment manager’s chairman, David Leith, who is a director at the Ontario Infrastructure and Lands Corporation.

IMCO’s inaugural chief executive, Bert Clark, most recently served as chief executive of Infrastructure Ontario, a government-owned agency that procures project financing for public infrastructure and real estate projects. He has also previously worked as the head of Scotiabank’s North American infrastructure finance practice.

“We look forward to working with our initial two clients and future clients in the coming years to provide them with value-added investment services,” Clark said.