Investment Manager and Investment Plan Update

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The decision

2020-07-08 · Toronto Investment Board · adopted

As filed

The Toronto Investment Board: 1. Adopted the updated Investment Plan as provided in Attachment 1 to the report (June 24, 2020) from the Director, Capital Markets. 2. Authorized the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to restart the negotiation of agreements with the firm originally selected as an investment manager and identified in Confidential Attachment 1 to the report (June 24, 2020) from the Director, Capital Markets, on terms satisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and authorized the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board.

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3. Authorized the release of the name of the successful firm upon finalizing agreements with the investment manager identified in Confidential Attachment 1 to the report (June 24, 2020) from the Director, Capital Markets and directed that the balance of Confidential Attachment 1 to the report (June 24, 2020) from the Director, Capital Markets remain confidential as it contains information that involves the security of property belonging to the City or one of its agencies or corporations. 4. Delegated authority to authorize the Chief Financial Officer and Treasurer, or designate, to review and approve for payment, invoices received for services provided to the Toronto Investment Board in respect of the investment of the City funds that have been delegated to the Toronto Investment Board, including invoices from the investment managers and investment consulting services, and requested the Chief Financial Officer and Treasurer to provide a report annually to the Toronto Investment Board on such approved invoices, or more frequently as requested.

On the agenda

As the city filed it

This report provides an update on the actions taken by Capital Markets staff with regard to the selection of investment managers since the last meeting of the Toronto Investment Board (the "Board") on December 4, 2019. An updated Investment Plan with the name of a new global equity investment manager (Fiera Capital Corporation) is included for review and adoption. The confidential attachment provides details regarding the negotiations with the global equity investment managers.

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This report also recommends the Board delegate authority to the Chief Financial Officer and Treasurer (or designate) to approve the payment of invoices for services completed for the Board. This will include but not be limited to invoices from the investment managers and investment consultant in accordance with the terms of their respective contracts. The Chief Financial Officer and Treasurer will provide a report annually to the Board on such approved invoices, or more frequently as requested.

Staff recommended

The Director, Capital Markets recommends that: 1. The Toronto Investment Board adopt the updated Investment Plan as provided in Attachment 1 of this report; 2. The Toronto Investment Board authorize the Chief Financial Officer and Treasurer, in consultation with the City Solicitor, to restart the negotiation of agreements with the firm originally selected as an investment manager and identified in Confidential Attachment 1, on terms satisfactory to the City Solicitor and the Chief Financial Officer and Treasurer, and authorize the Chair or Vice-Chair of the Investment Board to execute such agreements on behalf of the Investment Board; 3.

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The Toronto Investment Board authorize the release of name of the successful firm upon finalizing agreements with the investment manager, identified in Confidential Attachment 1 of this report and the Toronto Investment Board direct that the balance of Confidential Attachment 1 to this report remain confidential as it contains information that involves the security of property belonging to the City or one of its agencies or corporations; 4. The Toronto Investment Board delegate authority to authorize the Chief Financial Officer and Treasurer, or her designate, to review and approve for payment, invoices received for services provided to the Board in respect of the investment of the City funds that have been delegated to the Board, including invoices from the investment managers, and investment consulting services, and request the Chief Financial Officer and Treasurer to provide a report annually to the Board on such approved invoices, or more frequently as requested.

On the record

The item as the City filed it