Matt Toledo of Chief Investment Officer reports Ontario Teachers’ Pension Appoints Intelligence Strategy Head:

The board of the Ontario Teachers’ Pension Plan announced last week the appointment of Feifei Wu to the newly established role of senior managing director of investment technology and applied intelligence.

Wu will lead the pension fund’s artificial intelligence strategy to strengthen governance and accelerate the adoption of the technology while partnering with investment leaders to ensure AI enables key business outcomes, according to the OTPP’s announcement. Wu will report to OTPP Chief Technology Officer Terry Hickey.

“I am pleased to welcome Feifei to Ontario Teachers’ in this important role at a pivotal time in our technology journey,” Hickey said in a statement. “She brings a strong combination of technical expertise and proven leadership across global financial institutions. Her experience building high-performing technology teams and her forward-looking approach to applied intelligence will help accelerate innovation, deepen investment insights, and deliver long-term value for our members.”

Wu joins from Macquarie Asset Management, where she was global head of engineering. Her previous roles include divisional chief information officer at Edward Jones and global chief information officer at Brown Brothers Harriman. She also served as an adjunct professor at New York University.

Wu earned a master of science degree and a Ph.D. in computer science with a focus on artificial intelligence from Rutgers University; a master of engineering degree in computer engineering from Zhejiang University in China; and a bachelor of engineering degree in computer engineering from Northeastern University, also in China.

OTPP manages C$279.4 billion ($204.29) billion in assets for 346,000 beneficiaries who are working and retired educators from the province of Ontario.

Last week, Ontario Teachers’ announced the appointment of Feifei Wu as Senior Managing Director, Investment Technology & Applied Intelligence:

TORONTO, May 4th, 2026 – Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) today announced the appointment of Feifei Wu as Senior Managing Director, Investment Technology & Applied Intelligence, effective immediately.  In this newly established role, Ms. Wu will partner closely with investment leaders to ensure technology enables key business outcomes, while leading Ontario Teachers’ AI strategy to strengthen governance, accelerate adoption, and unlock new opportunities. She will report to Chief Technology Officer Terry Hickey.

Ms. Wu has over 25 years of global experience at leading investment and wealth management firms, with deep expertise in technology, artificial intelligence, machine learning, and cloud transformation.

“I am pleased to welcome Feifei to Ontario Teachers’ in this important role at a pivotal time in our technology journey,” said Mr. Hickey. “She brings a strong combination of technical expertise and proven leadership across global financial institutions. Her experience building high-performing technology teams and her forward-looking approach to applied intelligence will help accelerate innovation, deepen investment insights, and deliver long-term value for our members.”

Ms. Wu joins Ontario Teachers’ from Macquarie Group in New York, where she most recently served as Managing Director, Global Head of Engineering of Macquarie Asset Management. Previously, she held senior leadership roles including General Partner, Digital & Technology at Edward Jones, Global Chief Information Officer at Brown Brothers Harriman, and Managing Director at RBC Capital Markets and BNY.

She has an MS and PhD in Computer Science (with a focus on artificial intelligence and machine learning) from Rutgers University, in addition to an ME in Computer Engineering from Zhejiang University and a BE in Computer Engineering from Northeastern University in China.

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

 So what is this all about and why is it a big deal?

Two reasons. If OTPP and other large pension funds want to better understand the risks and opportunities of AI, they need experts who can help them better understand the AI landscape to figure this out.

The second reason, and it's equally important, OTPP wants to improve its total portfolio approach and AI will be help them standardize data, improve decision-making and be better prepared to pounce on market opportunities across the spectrum.

In short, Ms. Wu will be working with investment heads to understand their approach and needs and see how she can leverage AI at an organizational level to produce better outcomes over the long run. 

For OTPP to go ahead and attract Ms. Wu to their organization, it means they are getting serious about AI on a much deeper level.

In fact, on LinkedIn yesterday, PSP Investments' former CIO  and founder of Brave Foresight, Eduard van Gelderen, posted this:

Matt Toledo ( https://www.ai-cio.com/ ) reported: 'Ontario Teachers’ Pension Appoints Intelligence Strategy Head. Feifei Wu will serve in the newly established role of senior managing director for investment technology and applied intelligence.

When I interviewed the C-suite of the larger Canadian pension plans 18 months ago as part of my PhD research, it was clear that an 'AI Northstar' was not in place. Yes, experiments to come to productivity gains were initiated, but there was no clear AI vision. I am delighted that since then some of the funds have taken serious steps to figure out what a system solution (in contrast to a point solution) could look like. Congratulations to Terry Hickey and OTPP's C-suite for taking the lead. 

Indeed, congratulations to Terry Hickey, OTPP's CTO, for taking the lead here.  

There is actually a lot of work ahead; people mistakenly think that because they use AI in their daily activities, it's easy to implement it properly in a pension fund.

Like all other quantitative initiatives, I can tell you that if you do it properly, it will add value but if you don't, it's garbage in, garbage out.

Below, Feifei Wu, former Managing Director & Technology Head at Macquarie Group, shares how modern enterprises are building end-to-end AI architecture to support business-wide use cases (March, 2026).

From trading and research to operations and fund management, the foundation starts with strong data and memory layers enabling not just storage, but reasoning and inference. On top of that sits an orchestration layer, where agents, workflows, and AI applications are built and deployed.

With advancements in cloud platforms, vector search, and agent frameworks, what once took over a year to build can now be done in days or weeks. Integration, APIs, and MLOps capabilities ensure these systems are scalable, monitored, and production-ready.

Key takeaway: Modern AI architecture is about connecting data, models, and workflows, enabling faster, scalable, and enterprise-wide impact.

Smart lady, she obviously knows what she's talking about and will be an invaluable resource at OTPP. 

Monte Stewart of Connect Canada CRE reports Kingsett, UPP Partnering on Canadian Industrial RE Investments:

KingSett Capital and University Pension Plan Ontario are partnering to invest in income-generating industrial real estate assets in major Canadian urban markets, the institutional investors announced.

The partnership will focus on acquiring multi-tenant, light-industrial buildings in supply-constrained markets, with an emphasis on assets where active management can support long-term value creation. The partners said Canada’s industrial sector continues to benefit from evolving supply chains, population growth and limited availability, supporting demand and rental growth in key markets.

The initiative marks the first partnership of its kind for KingSett and expands UPP’s exposure to industrial real estate as the pension plan seeks to diversify its holdings and increase allocations to income-generating assets.

“We are thrilled to partner with KingSett to establish a dedicated Canadian industrial strategy aligned with our goal of building a resilient real estate portfolio focused on value creation over the long term,” said Peter Martin Larsen, senior managing director and head of private markets at UPP.

“This investment is designed to provide exposure to industrial assets, such as warehousing and light manufacturing facilities in close proximity to urban centres, underpinned by strong domestic demand and attractive inflation protection,” said Peter Martin Larsen, senior managing director and head of private markets at UPP.

“Through this partnership, we are selectively deepening our position in a sector supported by strong fundamentals, enhancing our ability to deliver secure, stable pensions for our members. KingSett brings deep expertise across market cycles, a long-standing presence in Canada’s major industrial hubs, and a proven track record of creating value through active asset management.”

KingSett said its industrial real estate transaction volume has exceeded $13 billion over the past 24 years, giving the firm insight into asset performance and trends across the sector.

“We are delighted to begin a long-term strategic partnership with UPP and grateful for their support,” said Rob Kumer, CEO of KingSett Capital.

“The Canadian industrial sector is at an inflection point: Investors, developers and tenants are adjusting to an evolving trade relationship with the U.S., new supply chains, and the need to improve efficiencies to remain competitive in this environment,” said Rob Kumer, Kingsett’s CEO.

“KingSett is well-positioned to leverage our relationships, scale and platform to navigate this environment and build a portfolio of industrial properties designed to deliver sustainable premium risk-weighted returns for UPP.”

Kumer said the partnership complements KingSett’s existing fund strategies and represents “an important milestone” for the company.

“We are introducing a highly customized investment solution that is designed to meet the specific needs and objectives of an institutional investor like UPP,” he said. “We are aiming to expand on this type of program as an important differentiator for our investor-partners and as a driver of growth for KingSett in the years to come.”

Kingsett and UPP have yet to announce announced any acquisitions under the new partnership. 

Last week, UPP announced it and KingSett Capital have formed a strategic partnership to invest in Canadian industrial real estate:

New partnership focused on the acquisition and active management of light industrial assets in Canada’s major urban markets.

KingSett Capital (“KingSett”) and University Pension Plan Ontario (“UPP”) today announced a strategic partnership to invest in income-generating industrial real estate assets across Canada’s major urban markets. The partnership will focus on acquiring multi-tenant, light industrial buildings in supply-constrained markets, taking a selective approach to assets where active management can enhance long-term value creation.

Canada’s industrial sector continues to benefit from structural tailwinds, including evolving supply chains, population growth, and limited availability. These factors support resilient demand and rental growth across key markets. Industrial assets also play a critical role in enabling efficient distribution and logistics networks across Canada.

This partnership is the first of its kind for KingSett and builds on UPP’s targeted exposure to industrial real estate, further diversifying its portfolio while increasing allocation to income-generating assets. As UPP continues to evolve its real estate portfolio, it remains focused on investments that enhance diversification, manage risk, and deliver durable returns to support the delivery of pensions over the long term.

“We are thrilled to partner with KingSett to establish a dedicated Canadian industrial strategy aligned with our goal of building a resilient real estate portfolio focused on value creation over the long term,” said Peter Martin Larsen, Senior Managing Director, Head of Private Markets at UPP. “This investment is designed to provide exposure to industrial assets, such as warehousing and light manufacturing facilities in close proximity to urban centres, underpinned by strong domestic demand and attractive inflation protection. Through this partnership, we are selectively deepening our position in a sector supported by strong fundamentals, enhancing our ability to deliver secure, stable pensions for our members. KingSett brings deep expertise across market cycles, a long-standing presence in Canada’s major industrial hubs, and a proven track record of creating value through active asset management.”

Over the past 24 years, KingSett’s total transaction volume involving industrial assets exceeds $13 billion. By acquiring and owning individual properties over this period, KingSett has gained direct and specific insight into asset performance and evolving trends in industrial real estate.

“We are delighted to begin a long-term strategic partnership with UPP and grateful for their support,” said Rob Kumer, CEO of KingSett Capital. “The Canadian industrial sector is at an inflection point: Investors, developers and tenants are adjusting to an evolving trade relationship with the US, new supply chains, and the need to improve efficiencies to remain competitive in this environment. KingSett is well positioned to leverage our relationships, scale and platform to navigate this environment and build a portfolio of industrial properties designed to deliver sustainable premium risk-weighted returns for UPP.” 

“This partnership, which complements the balance of our existing fund strategies, marks an important milestone for KingSett. We are introducing a highly customized investment solution that is designed to meet the specific needs and objectives of an institutional investor like UPP. We are aiming to expand on this type of program as an important differentiator for our investor-partners and as a driver of growth for KingSett in the years to come,” added Mr. Kumer.

About UPP 

University Pension Plan Ontario (“UPP”) is a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees. UPP manages $12.8 billion in pension assets as of December 31, 2024 and proudly serves over 46,000 members across six universities and 21 sector organizations. The plan invests to deliver secure, stable pension benefits for members today and for generations to come. For more information, please visit myupp.ca and follow UPP on LinkedIn.

For more information, please contact:

Kelly Conlon
Managing Director, Strategic Communications and External Relations
media@universitypensionplan.ca

About KingSett Capital

KingSett Capital (“KingSett”) is Canada’s leading private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Today, the firm has over 170 employees in Toronto, Montreal and Vancouver. 

This is another great strategic partnership for UPP, partnering up with KingSett Capital, Canada's leading private equity real estate firm, with over $19B AUM, $55B transactions to date and more than $27B loan commitments to date.

UPP and KingSett are establishing a dedicated Canadian industrial strategy to take advantage of favourable trends in this evolving sector.

This partnership builds on UPP’s targeted exposure to industrial real estate, further diversifying its portfolio while increasing allocation to income-generating / inflation-sensitive assets.   

To my surprise, this partnership is the first of its kind for KingSett Capital, and that shows me how smart UPP is to engage in such a partnership with a top real estate firm right in its own backyard.

[Note: Photo above is KingSett CEO Rob Kumer with Jon Love, Executive Chair & Founder, taken from here when Kumer was appointed CEO]. 

UPP manages $12.8 billion in pension assets as of December 31, 2024 so it's the perfect size to engage with partners like KingSett to initiate a strategic partnership of this kind.

Why not just invest in KingSett's funds? The biggest reason is to mitigate fee drag, co-invest alongside KingSett in this partnership, have them operate and add value to assets, and scale up their industrial platform in Canada. 

There are other advantages. Responsible investing is part of UPP's core values and you can bet they will engage with KingSettt on this front. 

From my vantage point, UPP is taking the right approach, identifying best-in-class partners all over the world and partnering up with them to reduce fee drag and scale up their operations in private markets.

You need a dedicated legal, finance and investment staff to perform due diligence and monitor the partnership but the approach allows you to diversify globally and also domestically. 

And for its part, KingSett gets a great institutional partner with steady long-term streams of capital, so they can grow together and form other partnerships in warranted. 

Alright, going to wrap it up there but suffice it to say, I like this deal and trust this will be a long and fruitful partnership for UPP and KingSett. 

Below, Bodhi's Founder and CEO, Ranjan Bhaduri, is joined by Aaron Bennett, Chief Investment Officer of UPP. Alongside discussing fiduciary duty, inflation risk, and responsible investing, Aaron shares stories of how the organization built its culture remotely and constructed the blueprint for a durable portfolio designed to support members for decades to come. Great discussion, listen to Aaron's insights.

Next, in this episode of Real Estate Development Insights, Payam Noursalehi interviews Jeff Thomas, Group Head of Development at KingSett Capital, who explains how the Canadian private equity firm invests in Canadian commercial real estate through development, joint ventures, and lending. 

He describes transitioning from brokerage (co-founding and selling Ashler Urban to Cushman & Wakefield) to development, emphasizing that long-term relationships, trust, transparency, and early delivery of bad news are critical to managing risk across KingSett’s roughly 55 projects with a small internal team. 

Thomas discusses “premium risk-weighted returns” as achieving strong returns relative to managed, less volatile risk. He details Toronto’s 50 Wilson Heights affordable-housing project (about 750 units in phase one, half affordable) on a prepaid ground lease, involving over 50 initial agreements, CMHC financing, and geothermal sustainability, and notes construction is in early structural work. He says Toronto condos are “dead” due to a large gap between resale and new-launch pricing, with development charges and HST seen as key barriers. 

He advises smaller builders to get close to customers and highlights modular/precast delivery at West Square as a path to speed, standardization, and affordability, while wishing policymakers would truly prioritize housing.

Lastly, Dennis Mitchell, CEO and CIO of Starlight Capital, joins BNN Bloomberg to discuss the recent acquisition deal between KingSett and Choice to acquire First Capital. Smart man, he covers a lot here including industrials.

Samantha Subin of CNBC reports Wall Street sees ‘changing of the guard in AI’ as Intel, AMD shares soar while Nvidia lags: 

Since the launch of ChatGPT in late 2022 and the start of the generative AI craze, one name has dominated the infrastructure boom: Nvidia.

While the chipmaker — and the world’s most valuable company — continues to prosper and is expected to show revenue growth of 70% this fiscal year, Wall Street has moved elsewhere, piling into businesses that were hardly visible in the initial years of the artificial intelligence buildout.

This week offered the starkest illustration yet of what Mizuho analyst Jordan Klein said could be a “changing of the guard in AI.” Chipmakers Advanced Micro Devices and Intel notched gains of about 25%, while memory maker Micron jumped more than 37% and fiber-optic cable maker Corning climbed about 18%.

All four of those companies have more than doubled in value this year, with Intel leading the way, up well over 200%. Nvidia, meanwhile, is only slightly ahead of the Nasdaq in 2026, gaining 15% for the year, aided by an 8% rally this week.

In spreading the wealth to a wider swath of hardware companies, investors are clearly betting that the bull market in AI has long legs and that data centers are going to need a wider array of advanced components for years to come. Memory has been the biggest theme of late due to a global shortage that’s driven up prices and turned Micron, a 47-year-old company tucked in a sleepy corner of the semiconductor market, into one of the hottest trades over the past 12 months.

Micron blew past an $800 billion market capitalization for the first time this week, and the stock is now up over 750% in the past year. CEO Sanjay Mehrotra told CNBC in March that key customers are only getting “50% to two-thirds of their requirements” because of supply issues. 

The memory market is largely dominated by Micron, along with Korea-based Samsung and SK Hynix, which are also both in the midst of historic rallies.

“That is what happens when a market quickly enters a material shortage condition and pricing surges higher” while expenses “rise only modestly,” Mizuho’s Klein wrote in a note to clients early in the week. “You make a lot of money being overweight historic memory upturns when new capacity cannot be added fast enough. That simple.”

Agents drive ‘tremendous demand’

Beyond memory is insatiable demand for central processing units (CPUs), which underpin everyday computers and smartphones. They had mostly become an afterthought as model developers like OpenAI and Anthropic and cloud giants Google, Microsoft and Amazon were gobbling up Nvidia’s GPUs.

Now CPUs are back in the spotlight as momentum shifts from chatbots to AI agents. Bank of America estimates the data center CPU market could more than double from $27 billion in 2025 to $60 billion in 2030.

AMD’s quarterly results this week underscored the emerging trend, as earnings, revenue and guidance sailed past estimates on strong data center growth. The company has long led the CPU charge, and CEO Lisa Su said on the earnings call that AMD now expects 35% growth over the next three to five years in the server CPU market, up from a forecast of 18% growth that the company provided in November.

“Agents are really driving tremendous demand in the overall AI adoption cycle, and we’re very excited to be in the middle of it,” Su told CNBC’s “Squawk on the Street” on Wednesday, following the company’s earnings report.

Analysts at Goldman Sachs and Bernstein upgraded the stock to buy ratings, citing CPU tailwinds. And JPMorgan Chase analysts said the report “crystallizes the structural inflection underway across both server CPU and [datacenter] accelerator growth trajectories.”

Intel, which for many years towered over AMD in the CPU market before missing out on numerous major transitions, most notably AI, is in the midst of a revival sparked by a major investment from the U.S. government last year.

Intel’s stock had its best month on record in April, more than doubling, and has continued notching massive gains, rising 33% in the early days of May. The shares surged 13% on Tuesday following a Bloomberg report that Apple is in talks with Intel and Samsung to produce the main processors for its U.S. devices. They climbed another 14% on Friday after the Wall Street Journal reported that Intel and Apple have come to an agreement for the chipmaker to manufacture some processors for Apple devices.

Representatives from Intel and Apple declined to comment.

Elsewhere in the new AI stack, some companies are directly benefiting from partnerships with Nvidia.

Glass maker Corning, which celebrated its 175th anniversary this week, signed a massive deal with Nvidia on Wednesday that involves the development of three new U.S. factories dedicated entirely to optical technologies for the chip giant.

The deal gives Nvidia the right to invest up to $3.2 billion in Corning, and is likely a major step in Nvidia’s move away from copper cables and towards fiber-optic cables as it builds out its rack-scale systems. Earlier this year, Corning inked a $6 billion deal with Meta through 2030 to provide fiber-optic cables in the social media company’s AI data centers. 

“We’re going to scale up optical at a scale that, quite frankly, no optical companies have ever enjoyed,” Nvidia CEO Jensen Huang told CNBC’s Jim Cramer on Thursday. He said the economy is going through the “single largest infrastructure buildout in human history.” 

Corning’s recent boom on Wall Street pushed its stock to a record in February, when it finally passed its prior high from the dot-com era in 2000. It’s continued to soar in the months since.

Analysts are seeing plenty of other comparisons to the internet boom of the late 1990s, which preceded an extended market bust.

Jonathan Krinksy, an analyst at BTIG, said in a recent note that the magnitude of the markup in the semiconductor space resembles 1999. He warned of a 25% to 30% correction for the PHLX Semiconductor Index, a significant benchmark for the sector, which is up 66% so far this year.

“We have written ad nauseam about how extreme the move in semis has been — in many cases not seen since the dot-com bubble,” he said. “In some ways, however, this move is actually more extreme.”

Last week, I discussed how stocks knocked it out of the park in April, led by red-hot chip stocks.

This week, semis are melting up again led by Micron, AMD, Intel and Qualcomm:

The melt-up in some chip stocks is staggering, even more so than 1999-2000.

They're way overbought but continue to melt up in a parabolic fashion.

For example, Micron shares are up 38% this week, 84% over the past month and 777% over the past year.

So what? Sandisk shares are up 4,162% over the past year, trouncing every other stock. 

 Gamma hedging and one-day options are undoubtedly fuelling these explosive moves but it's more than this; clearly, CTAs/ large quant funds are running the show, increasing their positions in chip stocks with every new high.  

How much higher can chip stocks fly? Nobody has a clue but Sandisk's 4,000%+ return over this past year after it IPOed sends a chill down the spine of short sellers.

Things are way overheated but this May melt-up can continue. 

Still, semis are due for a pause and pullback so chase them at your own risk here.

Below, the CNBC Investment Committee debate whether AI stocks can carry the market and how you should position your portfolio in this environment.

And Paul Tudor Jones, Tudor Investment Corporation founder and CIO and Robin Hood Foundation founder and board member, joins 'Squawk Box' to discuss the promise and perils of AI, future of AI regulation, state of the AI boom, latest market trends, the Fed's interest rate outlook, NY's wealth tax proposal, and more.

Bill Curry and James Bradsaw of the Globe and Mail report pension funds should invest more in Canada, Senate finance committee chair says:

The federal government should force the investment arms of the Canada Pension Plan and public-sector pensions to invest additional funds in this country rather than launching a sovereign wealth fund, says the Conservative chair of the Senate finance committee.

In an interview with The Globe and Mail Wednesday, Senator Claude Carignan said the model – known as a dual mandate – has worked well in Quebec with the Caisse de dépôt et placement du Québec.

“My position is that I think that the pension funds need to invest more in Canada,” the Quebec-based senator said.

While the federal government has frequently said it wants to help create conditions that encourage such funds to invest more domestically, Mr. Carignan said urging voluntary action hasn’t worked and legislative changes should be considered. 

“We could change their mandate and put a note that they have to invest more in the Canadian economy, like we have with Caisse de dépôt,” he said. “The other pension plans don’t have this objective, but I think that they have to be more involved in our economies.”

Mr. Carignan said a dual mandate would eliminate the need for the $25-billion Canada Strong Fund that Prime Minister Mark Carney announced last month tied to the government’s spring economic update.

The Conservative senator said he was expressing a personal view and acknowledged his comments place him at odds with his own party.

The CPP is jointly managed by Ottawa and the provinces, except Quebec. Changing the CPP investment rules would require the support of Ottawa and at least two-thirds of participating provinces, representing two-thirds of the population of those provinces.

The Public Sector Pension Investment Board (PSP Investments) invest funds for the pension plans of the public service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force.

The CPPIB and PSP Investments have virtually identical mandates to invest assets with a view to achieving maximum rates of returns without undue risk. Neither fund is subject to minimum amounts with respect to domestic investments.

The CPPIB held net assets worth $780.7-billion as of Dec. 31, 2025, while PSP Investments held $299.7-billion as of March 31, 2025.

Under pressure to put more money to work in Canada, the chief executives of Canada’s largest pension funds have argued that the plans have thrived on an independent governance model that keeps them free from political meddling.

Some pension-sector experts have suggested that the dual mandate that governs the Caisse has been a drag on its returns over the past decade. But comparisons with peers are hard to make given the different mix of clients the funds serve.

Provincial law in Quebec requires the Caisse to pursue “optimal returns” for its six million depositors “while contributing to Quebec’s economic development.” The fund now manages $517-billion in assets, and its former CEO, Michael Sabia, is Clerk of the Privy Council in Mr. Carney’s government. Its Quebec investments include infrastructure projects such as Montreal’s REM light-rail line.

Conservative MPs stressed the need for CPP independence in an exchange last month with Canada Pension Plan Investment Board senior managing director Michel Leduc.

During a recent finance committee meeting in the House of Commons, Conservative MP Pat Kelly criticized calls for the CPP to have a domestic investment mandate.

“We hear voices, from time to time, saying things like, ‘Why doesn’t the CPPIB invest in Canada?’ ‘Shouldn’t they invest more in Canada?’ or more chillingly: ‘Should they be compelled to invest more in Canada?’ ” he said, before asking Mr. Leduc to comment on the importance of the fund’s independence.

Mr. Leduc responded by saying that the CPPIB does invest considerably in Canada, which he pegged at more than $115-billion.

“The point about independence is critical on multiple fronts, including our ability to access global markets,” he said. “If we were seen to have different non-commercial objectives – perhaps national-interest objectives – it would make our life a lot more difficult regarding accessing prized assets around the world.”

Mr. Leduc told The Globe Wednesday that the CPPIB is one of the best performing pension funds in the world and Canada should not be adding barriers.

“We have heard many voices about this in recent years and while everyone is entitled to their opinions, that respectfully doesn’t extend to their own facts,” he said.

In April, Ontario Municipal Employees Retirement System was the first major Canadian pension fund to set a target to boost its exposure to Canada. CEO Blake Hutcheson said OMERS plans to add at least $10-billion of new investment in Canada over five years, which would increase the part of its portfolio in Canadian assets to 25 per cent from 18 per cent.

John Fragos, a spokesperson for Finance Minister François-Philippe Champagne, said the OMERS move shows the government’s “carrot” approach is working.

“We don’t need a stick,” he said. 

Alright, let me cover this since it's starting to really irritate me how many articles are coming out stating an opinion that Canada's large pension funds should invest more in Canada, and adopt a dual mandate like La Caisse.

With all due respect to Senator Claude Carignan (featured above), he doesn't know what he's talking about and I suspect I know who put him up to this (two fellas in Montreal).

Canada's large pension funds already invest billions in Canada across public and private assets and if the Carney Liberals start privatizing airports and other assets, they'll invest more.

They don't need or want a dual mandate, they want to have the freedom to invest in the best assets that meet their long-dated liabilities. 

We don't need to transform our pension funds into sovereign wealth funds and we don't need politicians telling our pension funds where to invest.

I have a serious problem with all these articles, people need to remind politicians that pension fund assets don't come from taxes, they come from members who contribute a percentage of their earnings.

The minute politicians insert themselves into the equation, it's game over, our pension funds will not be managed in an optimal sense.

Alright, not going to expand on this topic, if there are opportunities to invest in infrastructure assets in Canada, great, if not, leave our pension funds alone.

Below, Prime Minister Mark Carney has called Canada's pension funds "among the world's largest and most sophisticated investors." How large are they? By the end of 2024, they managed assets totalling nearly two and a half trillion dollars. 

But a lot of that money isn't being invested in Canada. As the government tries to boost the economy through nation-building projects, should Canadian pension funds be investing more right here at home? And what could we do to make that happen? 

TVO today discusses with Matthew Mendelsohn, the CEO of Social Capital Partners; and Keith Ambachtsheer, the co-founder of KPA Advisory Services and director emeritus of the International Centre for Pension Management at the University of Toronto.

The Canadian Press reports senior Quebec pension plan executives paid over $17M in remuneration and compensation:

The six most senior executives at the Caisse de dépôt et placement du Québec received a total of $17.15 million in total remuneration and other compensation payments in 2025.

This information is contained in the annual report of the “Quebecers’ nest egg,” published on Wednesday.

Chairman and CEO Charles Emond was awarded total remuneration of $5.1 million, compared with $4.9 million in 2024, representing an increase of approximately one per cent.

The remuneration and other terms of employment of the president and CEO are determined in accordance with parameters set by the government, following consultation with the board of directors.

The annual base salary of Michael Sabia’s successor was maintained at $550,000 in 2025.

Emond also received annual variable remuneration of $4.5 million, as well as $23,799 in pension plan contributions paid by La Caisse and other benefits totalling $54,906.

In a news release, La Caisse highlights that, “under Mr. Emond’s leadership, La Caisse delivered a return of 9.3 per cent over one year, with a level of risk tailored to depositors’ needs, thereby helping to maintain the excellent financial health of their schemes, even in an environment marked by uncertainty and profound changes.”

It adds that Emond “achieved his ambition of $100 billion in Quebec assets ahead of schedule” and “ensured, through his effective handling of complex situations that arose, the progress of key projects.”

She cites, in particular, the opening of the REM’s Deux-Montagnes branch, the start of planning work for TramCité, and Alto’s selection of the Cadence consortium to build the high-speed rail link between Quebec City and Toronto. 

Earlier today, La Caisse released its 2025 Annual Report: 

La Caisse today presented its Annual Report for the year ended December 31, 2025.

In addition to the financial results published on February 25, La Caisse presents an overview of its activities over the last year. The report includes:

• A presentation of La Caisse’s 48 depositors and their respective net assets as at December 31, 2025
• A detailed analysis of the overall return and different asset classes
• A risk management report
• An overview of La Caisse’s presence in Québec, where its assets reached the historic milestone of $100 billion, one year ahead of schedule, including highlights of La Caisse’s key achievements in supporting company growth and implementing structuring projects that contribute to economic development
• A section on governance, including reports from the Board of Directors and its committees covering audit, governance and ethics, investment and risk management, human resources management and compensation, as well as compliance activities
• The Sustainable Development Report, highlighting the new climate strategy adopted in 2025, which aims to accelerate the decarbonization of the real economy
• The financial report and consolidated financial statements
• The Report on Global Investment Performance Standards (GIPS) Compliance

The Annual Report Additional Information for the year ended December 31, 2025, was also published today.

But instead of focusing on that, Quebec's media is in an uproar that Charles Emond's total compensation reached $5.1 million and senior executive compensation surpassed $17 million:

Basically, all the articles are questioning why so much compensation was doled out when La Caisse underperformed its benchmark in 2025.

Alright, let me give you my quick thoughts here.

Whenever you look at compensation, look at 5-year returns rather than one-year because that's what it's primarily based on.

From table 21 on page 44 of the annual report:

As you can see, La Caisse underperformed its benchmark last year (9.3% vs 10.9%), mostly owing to the underperformance in private equity. 

I covered the results already in late February with the Head of Liquid Markets, Vincent Delisle (see my comment here).

Notice on the table above, over the last 5 years, La Caisse delivered an annualized return of 6.5% vs 6.2% for its benchmark.

And that's what primarily determines compensation.

Over a 10-year period, La Caisse delivered 7.2% annualized vs 6.9% for their benchmark.

The report on compensation starts on page 80 of the annual report and it goes into detail how they benchmark compensation relative to peers and determine it. 

Below, you can see the table outlining executive compensation on page 89:

I have no issue with the compensation that was doled out to Charles Emond and other senior executives (and that includes the $2.2 million severance doled out to Marc Cormier, former SVP, Fixed Income).

Again, look at asset class performance over the last 5 years and see how they get compensated relative to peers.

By the way, despite having the best performance among Maple Eight funds last year, Charles Emond and company received less total compensation than their peers in Toronto.

I'm not going to get into details here, you will have to wait this fall for the 2026 Pension Pulse Compensation Report, but suffice it to say that all the senior execs at Canada's Maple Eight received millions in compensation despite underperforming their benchmark last calendar and fiscal year. 

I've said it before, these people are paid extremely well and they all know it.

It's a great gig if you can land a senior exec job at one of Canada's large pension funds (politics plays a big role in landing these jobs).

Of course, they all have to deliver on long-term targets and in La Caisse's case, its dual mandate adds more challenges to the mix.

Moreover, Charles Emond is constantly in the spotlight; he has to appear in media to explain their activities and that adds extra pressure.

Don't get me wrong, he gets paid $5M total compensation to do this job, I'm not crying for him, I'm just stating that being the CEO of La Caisse isn't as glamorous or fun as you think.

Charles Emond and his senior execs are doing an outstanding job, not perfect, but they're delivering on key targets, including responsible investing.

Yes, they're all being paid extremely well, but that's the industry and it's a whole other discussion on whether or not Canada's senior pension fund managers are all getting paid way too much (according to my friends, their returns are "a joke" relative to the S&P 500 and "they're all overpaid").

Alright, let me wrap it up there, I'm bummed out the Habs lost to the Sabres in Game 1 but this series will be tougher than their first one Sabres have an excellent team).

Below, Canadians are demanding answers, but is the Bank of Canada listening? In this Public Accounts Committee hearing, officials are grilled over a court challenge to disclose senior executive compensation. While other central banks are open, why is Canada resisting? Watch as the committee pushes for transparency on taxpayer-funded salaries and the "personal information" defense. 

I personally find it ridiculous that the annual report of the Bank of Canada and all Canadian Crown corps don't have detailed compensation tables just like our pension funds disclose every year.