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However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
“During this period, many Canadians were concerned that we might be on the wrong track and should invest in bonds or hold cash and try to time the market bottom,” he says. “Our decision to stay the course and buy shares in hundreds of quality Canadian and foreign companies resulted in equity gains.”
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
MacNaughton says the board’s choice to continue to build its equity portfolio during the three year bear market paid off, despite some public worries about the strategy.
“During this period, many Canadians were concerned that we might be on the wrong track and should invest in bonds or hold cash and try to time the market bottom,” he says. “Our decision to stay the course and buy shares in hundreds of quality Canadian and foreign companies resulted in equity gains.”
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
CPP reserve fund assets showed a $10.3 billion investment gain in fiscal 2004 compared with a $1.1 billion loss in 2003. “This swing in our returns illustrates how dramatic short-term volatility can affect returns from year to year,” said CPP Investment Board (CPPIB) president John MacNaughton in a conference call.
MacNaughton says the board’s choice to continue to build its equity portfolio during the three year bear market paid off, despite some public worries about the strategy.
“During this period, many Canadians were concerned that we might be on the wrong track and should invest in bonds or hold cash and try to time the market bottom,” he says. “Our decision to stay the course and buy shares in hundreds of quality Canadian and foreign companies resulted in equity gains.”
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
 |
(May 19, 2004) Canada Pension Plan assets grew 27% to $70.5 billion in the latest fiscal year, thanks mostly to a strong rebound in global equity markets. The CPP portfolio, which includes investment earnings and contributions to the public pension plan, rose nearly $15 billion from the previous year.
CPP reserve fund assets showed a $10.3 billion investment gain in fiscal 2004 compared with a $1.1 billion loss in 2003. “This swing in our returns illustrates how dramatic short-term volatility can affect returns from year to year,” said CPP Investment Board (CPPIB) president John MacNaughton in a conference call.
MacNaughton says the board’s choice to continue to build its equity portfolio during the three year bear market paid off, despite some public worries about the strategy.
“During this period, many Canadians were concerned that we might be on the wrong track and should invest in bonds or hold cash and try to time the market bottom,” he says. “Our decision to stay the course and buy shares in hundreds of quality Canadian and foreign companies resulted in equity gains.”
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
|
(May 19, 2004) Canada Pension Plan assets grew 27% to $70.5 billion in the latest fiscal year, thanks mostly to a strong rebound in global equity markets. The CPP portfolio, which includes investment earnings and contributions to the public pension plan, rose nearly $15 billion from the previous year.
CPP reserve fund assets showed a $10.3 billion investment gain in fiscal 2004 compared with a $1.1 billion loss in 2003. “This swing in our returns illustrates how dramatic short-term volatility can affect returns from year to year,” said CPP Investment Board (CPPIB) president John MacNaughton in a conference call.
MacNaughton says the board’s choice to continue to build its equity portfolio during the three year bear market paid off, despite some public worries about the strategy.
“During this period, many Canadians were concerned that we might be on the wrong track and should invest in bonds or hold cash and try to time the market bottom,” he says. “Our decision to stay the course and buy shares in hundreds of quality Canadian and foreign companies resulted in equity gains.”
The CPP’s fixed income portfolio generated $3.1 billion in the year ending March 31, a slight increase from last year.
The CPP now consists of $32.8 billion in publicly traded stocks, private equities, real estate and infrastructure managed by the CPPIB in Toronto, and $37.7 billion in fixed-income securities and cash administered by the Department of Finance in Ottawa.
However, the fixed income portion of the portfolio is being gradually transferred to the CPPIB. The bond transfer began on May 1, 2004, and will take three years to complete. The transfer of cash will begin in September 2004, and take one year to complete.
In a question and answer session with reporters, MacNaughton welcomed the federal government’s decision earlier this week to re-examine limitations placed on pension fund ownership of business income trusts.
“We were pleased by the announcement,” he said. “Other funds are further along in their income trust program than we are and it warrants some thorough analysis and consideration. There are opportunities there we would like to explore, we’ve always been interested income trusts as a vehicle.”
Related News Stories
The CPPIB president and CEO also announced today that he plans to retire at the end of the current fiscal year. He says he will take an active role in finding a replacement, a process that is expected to take six to nine months.
“There is rarely a right time to step down from a leadership position, but for me fiscal 2005 will be as close to that magic moment as one can reasonably hope for,” MacNaughton said, citing the CPP’s strong investment results, growing portfolio management abilities and “superlative” management team.
MacNaughton — who has been with the CPPIB since it was established five years ago — says he has not decided on his future plans, but quipped he will be eligible for CPP benefits when he turns 60 next year.
Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com
(05/19/04)
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