Canadian pensions should put 3% of assets in local firms, Balsillie-backed group says

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsEconomyCanadian pensions should put 3% of assets in local firms, Balsillie-backed group says'We can invest in Canada, grow Canada, and capture the future wealth to help fund retired Canadians'Author of the article:Last updated 28 minutes ago The think-tank, backed by the former head of BlackBerry Ltd., Jim Balsilli, aims to strengthen Canadian economic resilience. Photo by Courtesy/Jim BalsillieCanada’s government should implement a formal mandate for the country’s pension plans to invest three per cent of their assets in high-growth companies at home, according to a think-tank report.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“It should be entirely possible for a sophisticated investment fund to allocate three per cent to Canadian growth assets, and balance the risk through the allocation of the other 97 per cent of assets,” argued the Canadian Shield Institute.The institute aims to strengthen Canadian economic resilience and is backed by Jim Balsillie, the former head of BlackBerry Ltd., who has become an outspoken advocate for the country’s technological sovereignty.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againCollectively, Canadian pension plans oversee trillions in assets, with the so-called Maple Eight being the country’s largest players. The mandate would translate to $70 billion to $90 billion of investments, the institute said.Phased over 10 years, the three per cent would represent roughly $7 billion each year in new demand, which would be large enough to fuel the growth of up-and-coming Canadian firms, without flooding the market with capital, said the institute.The country’s stewards of capital are under mounting pressure to deploy cash at home, particularly as the country fights a trade war with the United States.While Prime Minister Mark Carney hosted international money managers at the inaugural Canada Investment Summit last week, several of the biggest Canadian pension funds announced plans to invest more in the country.The funds have also expressed interest in infrastructure assets such as airports. During the summit last week, Carney’s government announced it would allow private investors to take long-term contracts to run the country’s four largest airports.Still, the institute argued, a close look at the pension funds’ announced investment commitments “reveals strikingly little detail.” It urged the funds to be more transparent, and stop sending contradictory signals about confidence in the Canadian economy.“More powerful than signals would be if the government and the country’s largest pension funds targeted the most economically potent high-growth companies building for the future,” it said. “We can invest in Canada, grow Canada, and capture the future wealth to help fund retired Canadians.”We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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