How Bay Street star Ben Cheng became an OSC target
Ben Cheng was once among an elite group of Bay Street portfolio managers who could legitimately claim star status.
As a money manager who capitalized on the boom in income trusts – before Ottawa's infamous crackdown on them in 2006 – he had a hot track record and a strong personal brand. Mr. Cheng's name helped attract billions in assets from investors – with an ego to match, say some observers. Story
Willis: Trudeau's courtship of pension plan CEOs on the rocks
Prime Minister Justin Trudeau's first date with the country's pension plan CEOs went well. He snagged the hardest-to-book tables in town last November, at Toronto's swanky Shangri-La hotel, and said all the right things in pitching money managers on a $35-billion commitment to the planned infrastructure bank.
Short of sending flowers the next morning, Mr. Trudeau hit all his marks. Leaders of the largest funds, who collectively call the shots on more than $1-trillion, all committed to getting serious. Sadly, the once-promising courtship between politician and pension plans is breaking down. Their differences may be irreconcilable. Story
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CIBC to move 15,000 staff to new downtown Toronto headquarters
Canada's fifth-largest bank is moving its headquarters south, anchoring two new towers that promise to redraw Toronto's skyline and extend the Bay Street financial corridor.
Canadian Imperial Bank of Commerce will be the lead tenant in a forthcoming development, known today as Bay Park Centre, to begin construction this spring. The connected towers will rise 49 floors each at 81 and 141 Bay Street, facing Union Station and the Air Canada Centre and straddling the train tracks that traverse the downtown core. Story
Sprott selling mutual fund arm to executives for $46-million
Money manager Sprott Inc. is going back to its roots as an investor in gold, silver and mining plays by selling its $3-billion mutual fund arm to its executives for $46-million.
Toronto-based Sprott, founded in 2000 by veteran gold bug Eric Sprott, announced Monday that it is vending a stable of 38 funds to a team led by John Wilson and James Fox, the CEO and president, respectively of mutual fund unit Sprott Asset Management. The decision to sell comes after several years of poor performance from Sprott stock and recent offers for the business from rival money managers in a consolidating industry. Story
Concert Real Estate moves to contend with commercial property crescendo
A new division of Concert Real Estate Corp. has made its first acquisition as the company hunts for growth in a frenetic commercial real estate market.
After nearly 30 years of developing properties – with roots building rental housing in British Columbia – Vancouver-based Concert recently opened its doors to new investors, looking beyond its 19 pension-plan owners for capital. The company's resulting commercial real estate fund is now making its first investment: a warehouse and distribution facility in Brampton, Ont., purchased for $158.3-million at auction. Story