The Investment Management Corp. of Ontario (IMCO) is officially in business, managing assets of its first two clients, reports Benefits Canada.
The corporation was established in 2016 and its initial clients are the Ontario Pension Board and the Workplace Safety & Insurance Board. They have combined assets of about $60 billion. The IMCO is modelled on organizations such as the Alberta Investment Management Corp. and the British Columbia Investment Management Corp.
“This is an exciting day for the group of people who have been working hard over an extended period of time to make IMCO a reality. The board is confident that IMCO will have a major impact on public fund management in Ontario,” David Leith, chair of the board of directors, is quoted saying.
The corporation says “the funds of Crown corporations, agencies, boards, commissions, universities and municipalities may also join. Headquartered in Toronto, it operates as a member-based non-share capital corporation and is independent of the government,” reports Benefits Canada.
More: Assets will continued to be owned by the funds, IMCO will manage them.

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