Caisse net assets grow to $159 billion despite challenging markets

Canadian Press Canada’s largest pension fund manager, the Caisse de dépôt et placement du Québec, reports its net assets grew to $159 billion at end of 2011 from $151.7 billion at end of 2010 despite market challenges. The Montreal-based money manager said the average return on depositor funds was four per cent. Keywords PensionsCompanies Caisse de dépôt et placement du Québec Related news Budget 2021 revives tax issues from 2019 Federal budget fails to support needed pension reform, retiree group says Share this article and your comments with peers on social media Canadian plan sponsors post positive quarter despite bond slump “Since 2009, we have worked on improving our ability to face turbulent markets. We have simplified our investment strategies, reduced our leverage and developed new tools, thereby enhancing our efficiency and agility,” president and CEO Michael Sabia said in a statement. “In 2011, these efforts served us well. Despite difficult conditions, we were able to adjust our asset allocation to protect our depositors’ capital and notably grow our assets.” Net investment income was $5.7 billion, plus $1.5 billion in net deposits. The Caisse noted that since December 2008 — during the recession — its net assets have grown by $38.9 billion and that for the years 2009, 2010 and 2011 its annualized return was 9.1%. Caisse has existed since 1965 and its mandate is to grow the funds of its clients, mainly Quebec-based public and private pension funds and insurance plans. Seven pension funds and insurance plans represent more than 95.5% of the Caisse’s depositors. Facebook LinkedIn Twitter read more

Global accounts show sector in a strong position in March 2020

first_imgGlobal accounts show sector in a strong position in March 2020 The 2020 global accounts of private registered providers, published today (25 March 2020) by the Regulator of Social Housing shows that, before the pandemic the sector delivered a strong year of investment in new and existing social housing properties through to the end of March 2020.This was funded by a combination of using their own cash flow, raising debt from banks and institutional investors and support through capital grant from government.The main findings for 2020 are:The sector invested £13.7bn in new supply – a 13% increase on the previous year and the highest since we began collecting this data.This was driven by spend on new social housing properties for rent which increased from £7.7bn in 2019 to £10.2bn in 2020.Expenditure on repairs and maintenance of existing social stock was £5.7bn – up from £5.4bn in 2019.The balance sheet value of its property related assets now stand at £174.4bn.Drawn debt increased by £6.2bn in the year to £83.1bn.The sector raised £10.4bn of new facilities from banks and capital markets in the year. In addition to this, providers received £1.7bn of new grant funds.The underlying surplus (excluding movements in fair value) decreased for the second year in a row, falling by £0.3bn to £2.7bn.The period to March 2020 was the fourth and final year of 1% rent reductions on general needs social housing properties and the third year of rent reductions on most supported housing properties. Costs continued to rise, including health and safety compliance costs, and the operating margin from social housing lettings decreased from 34% in 2017 to 28% in 2020.In addition to their accounts, providers submitted financial forecasts containing 30-year projections of financial statements and details of development plans. A summary of the first five years of these forecasts, covering the period from April 2020 to March 2025, is included as an annex to this year’s global accounts.As expected, the 2020 financial forecasts show clear changes compared to 2019 forecasts. The sector overall forecasts continued lower operating margins and a marked increase in spending on maintenance and major repairs. This results in forecast future reliance on debt to fund new development and investment in existing stock.Fiona MacGregor, Chief Executive at RSH, said:This year’s global accounts show that the social housing sector was in a strong position in March 2020 with increased investment in new and existing homes and having raised more than £10bn in debt finance.Since then, events have been dominated by the response to the coronavirus pandemic and the long-term economic outlook is uncertain. The sector has responded well to the immediate challenges of the pandemic, but it is more important than ever that providers’ boards actively manage the risks they face, both financial and investment pressures, and the quality of the services they provide to tenants, whilst helping address the shortage of affordable housing in the country. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:affordable housing, cash, coronavirus, covid-19, finance, future, Government, health and safety, housing, Investment, pandemic, property, quality, rent, Safety, spending, UK, UK Governmentlast_img read more