Annual investment returns for the Public Service, Teachers’ and Judges’ plans were 9.1 percent, 9.07 percent and 9.09 percent, respectively. The returns for the different client pension funds come about through the different proportions of investment assets held by each fund.
Sinclair said that the overall returns for each pension fund continued to surpass their investment policy benchmarks after considering the corporation’s low operating expenses.
“Investment management costs were only 0.12 percent of assets under management, and the returns in excess of benchmarks after covering these costs added 0.68 percent or approximately $67 million in investment earnings to the total assets of the pension funds,” said Sinclair. “It is particularly pleasing to have produced returns that exceed the benchmark targets in a period where economic uncertainty and sovereign debt concerns persisted.”
Sinclair said the corporation’s investment strategy remained well positioned by continuing to take advantage of the relatively slow economic rebound that has occurred since the financial market crisis in 2008-09 while protecting against interim periods of increased volatility and market declines.
The New Brunswick Investment Management Corporation was formed to operate at arm’s length to the government as a Crown corporation. Its team of more than 40 New Brunswick-based investment professionals provides innovative, cost-effective investment management solutions that have met the requirements of more than 51,000 pension plan members since 1996.
Further information about the corporation and a copy of the more detailed fiscal 2012-13 annual report, available this summer, are online. [http://www.nbimc.com]
John A. Sinclair, president and chief executive officer, New Brunswick Investment Management Corporation, 506-444-5800.