July 18, 2025, Columbus, OH – BroadStreet Partners (“BroadStreet” or the “Company”) today announced the successful closing of a strategic investment by an investor group led by Ethos Capital (“Ethos”), British Columbia Investment Management Corporation (“BCI”), and White Mountains Insurance Group, Ltd. (“White Mountains”), marking a significant milestone in the Company’s growth trajectory. Accounts advised by T. Rowe Price Investment Management, Inc. also participated. Ontario Teachers’ Pension Plan (“Ontario Teachers’”) will retain a significant co-control stake and continue its partnership with the Ethos-led investor group.

BroadStreet is a leading middle-market insurance brokerage providing commercial and personal property & casualty and employee benefits solutions. The Company partners with leading independent insurance agencies, known as Core Agency Partners, and supports them with M&A capabilities, capital solutions, and a comprehensive suite of resources and tools designed to accelerate organic growth. BroadStreet’s distinctive co-ownership model, commitment to innovation, and continued investment in digital transformation position its Core Agency Partners for sustained success and long-term growth.

Ardea Partners served as lead financial advisor to Ontario Teachers’ and BroadStreet, and RBC Capital Markets and BMO Capital Markets served as co-advisors. Latham & Watkins LLP and Torys LLP served as legal counsel to Ontario Teachers’ and BroadStreet. Kirkland & Ellis LLP served as legal counsel to Ethos Capital. Debevoise & Plimpton LLP served as legal counsel to BCI. Cravath, Swaine & Moore LLP served as legal counsel to White Mountains.

BCI is pleased to announce the appointment of Wendy Strugnell to BCI’s Board of Directors by the B.C. Minister of Finance, effective June 23, 2025. Her current term is scheduled to end on December 31, 2028.

Wendy is currently Head of People and Culture & Chief Human Resources Officer at WorkSafeBC and brings more than 20 years of human resources leadership experience across public and private sectors. Previously, she served as Vice-President, People and Organizational Development at the Fraser Health Authority.

“We are pleased to welcome Wendy to the BCI Board,” said Peter Milburn, Chair of BCI’s Board of Directors. “With more than two decades of human resources leadership experience, Wendy will strengthen our governance and oversight as we support BCI’s ambitions to attract diverse talent and build an innovative culture that delivers long-term value for our clients.”

“I am excited to join BCI’s Board of Directors,” said Wendy Strugnell. “For 25 years, BCI has been a trusted partner to clients and helped secure the financial futures of thousands of people. As BCI embarks on its next chapter, I look forward to working with my colleagues on the Board to ensure BCI continues to grow and protect the long-term value of our clients’ portfolios.”

Gayle Gorrill completes term

About the BCI Board of Directors

PUBLISHED: January 2025

2025 marks the 25 year anniversary of British Columbia Investment Management Corporation (BCI) – a milestone underscoring its continued commitment to creating long-term value for British Columbians.

With $295 billion in gross assets under management, BCI is one of Canada’s largest institutional investors. One in 10 British Columbia households benefited from its work last year, and the organization’s ecosystem contributed $24.4 billion to the province’s GDP – roughly 5.9 per cent of the total economy.

“We often talk about numbers, but behind those numbers are people – retirees, families, communities,” says Ramy Rayes, Executive Vice President of Investment Strategy & Risk. “At BCI, our goal is not just strong performance – it’s delivering long-term value that’s meaningful to the people of British Columbia.”

Despite challenging market conditions, BCI delivered a 10 per cent return for its largest pension clients in fiscal 2025. The result reflects the strength of its diversified, long-term strategy. Today, just over half of BCI’s portfolio is in private assets such as infrastructure & renewable resources, private equity and real estate – investments that offer resilience and stability. At the same time, 85 per cent of assets are managed internally by investment professionals primarily based in Victoria and Vancouver.

“Bringing investment decisions in-house allows us to act quickly, manage costs effectively and ensure our clients’ priorities are front and centre,” Rayes says. “It’s a key reason why our returns have remained strong despite volatile market conditions.”

One of the year’s most meaningful milestones was BCI’s selection by The Four Pillars Society to manage $2 billion of the settlement fund representing 325 First Nations across Canada.

“This marks a momentous milestone in the stewardship of these settlement funds and the management of Indigenous capital in Canada,” says Cliff Fregin, Executive Director of the Four Pillars Society. “Through this unprecedented partnership, we have entrusted BCI as an investment manager to help grow and safeguard our collective assets, ensuring that we can continue to empower Indigenous communities to preserve what matters most.”

This represents BCI’s first Indigenous client – and its first with beneficiaries extending beyond British Columbia.

“We are deeply honoured to be awarded this significant investment mandate,” says Gordon J. Fyfe, CEO/CIO of BCI. “We look forward to building a strong partnership with The Four Pillars Society, working together to achieve their goals.”

As BCI reflects on 25 years of service, it remains focused on the future: resilient, responsible and ready to deliver on behalf of its clients, communities and province for generations to come.

Republished with permission. Read the original article on Surrey-Now Leader.

How this Maple 8 investor is taking charge of employee wellbeing

By Josh Welsh
PUBLISHED: July 4, 2025

HR executive at BCI explains what led them to be a leading winner of Dialogue’s “Healthiest Workplace Award”

One of Canada’s Maple 8 pension fund investors is being recognized among plan sponsors and HR leaders for their adoption of a healthy, supportive workplace.

With over $250 billion in assets under management and a global staff of 800-plus, British Columbia Investment Management Corporation (BCI) might be best known for its performance in the capital markets and as a Canadian pension fund investor. Now, they’re adding Dialogue’s “Healthiest Workplace Award” to their list of accomplishments.

Norine Hale describes their employee value proposition and “performance with purpose” as what’s setting them apart.

“Most of our employees feel they do meaningful work,” acknowledged Hale, executive vice president of human resources at BCI. “You’re not managing private wealth funds. You’re providing futures for public sector pensioners. We’ve always prided ourselves on pushing boundaries and trying to adopt a philosophy of continuous improvement in our organization as well as striving for world class – that applies to how we care for our people too.”

Hale emphasized that Dialogue’s recognition of BCI reflects the organization’s focus on employee wellbeing and benefit innovation, particularly when recruiting talent across its global offices. To remain competitive and address local healthcare gaps, Hale explained that BCI rolled out virtual health services through Dialogue in Canada, providing both medical and mental health support.

To accommodate diverse needs, BCI embedded flexibility into its benefits design. Hale noted the company has added a scaled healthcare spending account where a single employee receives $3,000 annually, couples get $3,500, and families receive $4,000.

Hale explained employees also receive a wellness allowance covering not only fitness programs and equipment but also home office equipment. Employee feedback and active listening has played a vital role in shaping these offerings and BCI tracks sentiments closely through regular engagement surveys, explained Hale.

BCI supplements that personal support with regular educational sessions, like lunch-and-learns, and one-on-one meetings, particularly in its smaller global offices like New York and London.

Beyond presentations, BCI hosts wellness fairs that bring in professionals like nutritionists, physiotherapists, and massage therapists to engage directly with staff. Employees also have access to an extensive digital resource hub via the company’s intranet, noted Hale.

“We’re trying to take some of that stress off because we understand that the more you support your employees, the more they’re going to be able to focus on their work with peace of mind,” emphasized Hale. “We’re always looking at the data to see what’s working and what’s not, then tweaking around the edges,” she said.

Hale highlighted that BCI places significant focus on both its benefits and compensation structure, designing them to reinforce alignment between employee performance and client expectations.

“We also have quite a generous incentive pay program tied to the investment performance of our clients,” she said, emphasizing that staff are directly motivated to contribute to strong client results because their own compensation is affected.

Candidates are made aware of the firm’s approach to compensation and support early in the hiring process, Hale explained, adding these discussions start well before orientation, although benefits are formally covered from day one.

She added that BCI strives to deliver equivalent support across its global offices. While replicating the local BC pension structure outside Canada isn’t possible, “we’ve designed comprehensive benefits packages specifically for the US and the UK,” she noted, including comparable vacation and healthcare spending allowances.

The numbers suggest these initiatives are paying off. Notably, BCI has been named one of Canada’s Top 100 Employers and Top Family-Friendly Employers for six consecutive years.

This year, they added a new recognition: Canada’s Top Employer for Young People. Hale credited that to their “campus program” and a robust pipeline of co-op placements for students.

When asked what flexibility means for BCI, Hale highlighted its “Work from Anywhere” program that allows staff to log in from anywhere in the world for up to four weeks per year.

“People can travel or visit out-of-town friends and family while still working so they don’t have to use their vacation all at once,” noted Hale.

But she’s also quick to emphasize that these perks mean little if employees don’t know how to use them, underscoring the importance of education of workplace benefits early on and often.

For other HR leaders and plan sponsors seeking direction, Hale urges plan sponsors and HR leaders to view employee benefits as a critical investment rather than a cost.

“To me, it’s money well spent,” she said. “I really believe that if you take care of your employees, they’re going to give back tenfold for that.”

The same goes for training and development, she noted.

“We invest a lot in our people because we want employees to grow with us. We don’t want them to come and get their two or three years of experience and leave,” she added. “Our retention rate is showing that’s working, and I think it’s something to be proud of.”

Republished with permission. Read the original article on Benefits and Pensions Monitor

Victoria (CANADA), July 3, 2025 – British Columbia Investment Management Corporation (BCI) is pleased to announce its participation in the inaugural bond issuances by Stonlasec8 Indigenous Alliance Limited Partnership (Stonlasec8). The capital raised supports 38 First Nations in British Columbia with their equity investment in Enbridge Inc.’s Westcoast System.

The senior and guaranteed bonds will enable the Stonlasec8 consortium to invest approximately C$736 million for a 12.5 per cent equity interest in the Westcoast natural gas pipeline system. This financing will allow the First Nations to reap economic benefit from assets located within their traditional territories. The transaction, facilitated by the Canada Indigenous Loan Guarantee Corporation (CILGC), represents the first major investment to be guaranteed under the Canadian Indigenous Loan Guarantee Program.

“Our investments generate returns that BCI’s pension plan and institutional clients rely on to meet their financial objectives,” said Daniel Garant, Executive Vice President & Global Head, Public Markets. “Through this primary bond market participation, BCI’s investments fund tangible economic benefits for Indigenous Peoples.”

Read more about this investment in the previous announcements issued by Enbridge and Stonlasec8.

BCI has once again earned a perfect score from Global SWF in its 2025 Governance, Sustainability and Resilience (GSR) Scoreboard, positioning us among just nine institutional investors worldwide demonstrating the highest industry standards.  

“For 25 years, strong governance and responsible investing practices have underpinned BCI’s approach – enabling us to deliver for our clients and create enduring value in British Columbia and beyond. Earning this recognition for a second consecutive year reflects our continued commitment to excellence and accountability, and we’re proud to stand alongside a growing list of industry leaders.”

-Gordon J. Fyfe, CEO/CIO  

Assessing GSR best practices and performance

  Established in 2020, the GSR Scoreboard is an annual benchmark that evaluates the public disclosures of the world’s 200 largest sovereign wealth and public pension funds, which together manage a total of US$29.4 trillion across 80 countries. This year, Global SWF highlighted that while overall averages remained flat, governance scores declined for the first time since 2020 as geopolitics and trade tensions took priority and some funds pulled back on transparency – giving BCI’s achievement special significance.  

Building on a quarter century of industry leadership

  As one of Canada’s largest institutional investors managing C$295 billion in assets, our commitment to high standards in governance, sustainability, and resilience is embedded in our investment beliefs. We continue to evolve our approach in line with best practices and look for opportunities to raise the bar across the broader investment landscape. In 2024, BCI also achieved our highest score ever in the Global Pension Transparency Benchmark, which assesses the quality of public disclosures of 75 of the world’s largest pension fund investors across 15 countries, where we ranked fourth for responsible investing and fifth overall.

Our consistent performance reflects our commitment to:

• Long-term value creation: Focus on long-term, risk-adjusted returns for our clients
• Transparency and accountability: Public disclosure practices that exceed industry standards
• Responsible investing: ESG integration throughout our investment decision-making process

  Read the full Global SWF announcement and see the complete rankings in the 2025 GSR Scoreboard Report.

BCI achieved a 10 per cent annual return, surpassing client expectations and further strengthening pension plan surpluses.

As a long-term investor with carefully managed liquidity, BCI is well-prepared to weather ongoing geopolitical headwinds through our sound, purpose-built strategy.

Fiscal 2025 was characterized by ongoing macroeconomic volatility, including heightened geopolitical risks, increased inflationary pressures, and abrupt trade and tariff policy shifts that roiled markets and strained international relations.

For many of BCI’s seasoned investment professionals, the resulting sudden market shifts were reminiscent of the 2008 Global Financial Crisis and other past bear markets.

This prepared us for the current environment, and we leveraged our bench strength and ample liquidity to capitalize on the opportunities that can arise during turbulent times.

Against this backdrop, our resilient investment strategy, aligned with our clients’ long-term investment needs, provided strong returns, further adding to the actuarial surpluses in client plans. BCI’s gross assets under management reached a new high of $295 billion, with net investment income of $21.9 billion. The combined pension plan returned 10 per cent for fiscal 2025, exceeding the average client actuarial rate of six per cent.

Nearly all asset classes delivered strong results, in both absolute and relative terms. Our Private Debt and Infrastructure & Renewable Resources assets were noteworthy performers. Over the course of the fiscal year, these programs increased their focus on high-growth Asian markets with Private Debt seeking investment opportunities with attractive yields and diversification benefits, while Infrastructure & Renewable Resources made its first direct investment in Japan.

Private Equity and Real Estate Equity underperformed their respective benchmarks. Although Private Equity delivered a robust 13.4 per cent return, it missed its 30.1 per cent benchmark which was driven by strong public equity returns and the Magnificent Seven AI-related companies. BCI’s Real Estate portfolio, managed by QuadReal, also underperformed its 6.8 per cent absolute return benchmark by 8.5 per cent, though it remained impressive compared to Maple 8 peers in these difficult market conditions.

From a longer-term perspective, BCI continues exceeding actuarial discount rates, with client funding ratios ranging from 103 to 133 per cent. However, given the lingering uncertainty around global trade and the investment environment, we may face several tough years ahead. We are closely monitoring developments, actively modelling client portfolios against potential scenarios, and briefing clients on risk-reduction strategies designed to help mitigate geopolitical and trade uncertainty impacts.

Operating on a global scale

 
This year, we released a new three-year business plan, focused on three ambitions: Driving Sustainable Growth, Accelerating Innovation, and Operating on a Global Scale. In pursuit of the latter ambition, we continue to expand our footprint globally. In fiscal 2025, we established a new European Private Equity hub in London, which will strengthen access to deals and help attract talent, while equipping us to operate in closer proximity to our already sizeable holdings in the region. About $11.5 billion of BCI’s $33.6 billion Private Equity portfolio is currently invested in Europe, while more than 50 per cent of our Infrastructure and Renewable Resources assets are outside North America.

In an era of great volatility and restructuring of international trade relations, diversification and adaptability become crucial for long-term portfolio resilience. Beyond our growing New York and London offices, we now maintain a small Mumbai team overseeing investments in India, the Philippines and Middle East, while scouting out ASEAN opportunities.

Innovation and the challenge of change

 
Innovation is a part of our everyday operations. Across the organization, our teams are busy integrating AI into their workflows, transforming the way we work and deliver value. Our investment professionals utilize AI-powered interactive deal rooms, rapidly extract actionable insights from thousands of unstructured documents to strengthen analysis, and conduct technology security reviews with unprecedented speed. We’re also preparing BCI to be post-quantum ready, ensuring our data and systems remain secure.

ESG — Responsible investing

 
As an active asset manager, BCI monitors ESG factors and engages with regulators and companies to promote effective long-term risk management through good corporate governance. Our commitment to ESG remains firm, regardless of shifting political winds or anti-ESG sentiment in some corporate and political realms.

BCI continues to be a leader in this space, recognized as one of only five among 200 institutional investors to achieve a perfect Governance, Sustainability and Resilience score from Global Sovereign Wealth Fund. In October 2024, we released our first public Stewardship Report, detailing how BCI uses influence and ownership rights to drive responsible performance with our portfolio companies. I’m also proud to report that BCI has already exceeded our 2025 objective of $5 billion in sustainable bond investments, reaching $6 billion.

BCI Welcomes Four Pillars Society as a new client

 
This year, BCI was awarded a $2 billion investment mandate by The Four Pillars Society (TFPS), a not-for-profit organization established following a class-action lawsuit settlement against the Government of Canada. TFPS represents 325 First Nations across Canada, with settlement funds to be invested to support the revitalization of the crucial “Four Pillars” of language, culture, heritage, and well-being. TFPS Executive Director, Cliff Fregin, called the BCI relationship “a milestone in the management of Indigenous capital in Canada” that will “help ensure we can continue to empower Indigenous communities to preserve what matters most.”

We are deeply honoured by this partnership and continue evolving our practices and deepening organizational understanding of Reconciliation. This also marked the second year of BCI’s Indigenous Empowerment Award scholarship program, which provides participants with financial support as well as hands-on asset management experience. We plan to expand the program through partnerships with post- secondary institutions, to eventually welcome Indigenous students from across Canada.

British Columbians’ investment needs remain paramount

 
While BCI continues to grow into a truly global asset manager, the investment needs of our clients and the British Columbians they serve remain the focal point of BCI’s operations and decision-making. Thirty-eight per cent or $112 billion of BCI’s $295 billion gross assets under management are invested in Canada. We would consider further increasing our Canadian investment exposure if the right opportunities involving airports and other infrastructure became available.

25 years of clients first — Investing that matters

 
As 2025 unfolds, BCI celebrates its 25th anniversary. Founded through the Public Sector Pension Plans Act, BCI generates investment returns to help secure financial futures for more than 750,000 pension beneficiaries. A Canadian Centre for Economic Analysis study found that BCI’s ecosystem—encompassing retirement benefits, insurance payments, business operations, and private investments—drives 5.9 per cent of the B.C. economy, supporting over 225,000 jobs and generating $12.2 billion in wages. Today, all B.C. plans are fully funded and in surplus — well administered, well run and well respected.

In closing

 
I would like to acknowledge a tragic occurrence at QuadReal’s Oakridge Park development site in Vancouver, which claimed the life of 41-year-old construction worker Yuridia Flores, a mother of two. This tragedy reminded us that while financial losses may be part of the investment business, human life loss cannot be tolerated. On behalf of everyone at BCI and QuadReal, I extend our condolences to Ms. Flores’ family and loved ones.

Finally, I commend the remarkable professionals throughout this organization whose collective efforts enable us to derive order from a chaotic macroeconomic environment and honour our commitments to clients and partners. Having earlier mentioned the bench strength of our professionals, I wish to reiterate that BCI clearly benefits from our executive leadership team’s stability and experience. In times like these, it’s good to be surrounded by trusted people who have previously navigated difficult and volatile periods.

I would like to thank the Board for its valuable support over the past year, and to recognize Sheila Taylor, who retired after six years of dedicated service as a Board Director and Chair of the Human Resources and Governance Committee.

VICTORIA, BC — June 25, 2025 — British Columbia Investment Management Corporation (BCI) today announced an annual combined pension plan return¹ of 10 per cent for the fiscal year ended March 31, 2025. The combined pension plan return represents the performance of BCI’s six largest pension clients by assets under management (AUM).

Gross AUM² grew to $295 billion with net AUM totalling $251.6 billion. Investment income contributed $21.9 billion net of all fees to AUM growth, demonstrating the strength of BCI’s diversified investment approach.

“Despite the severe market turbulence leading up to our March 31 year-end, we did an excellent job in fiscal 2025 rolling out a resilient, defensive-leaning investment strategy closely aligned with our clients’ long-term investment needs,” said Gordon J. Fyfe, BCI’s Chief Executive Officer and Chief Investment Officer.

BCI continues to deliver annualized long-term returns that exceed clients’ actuarial discount rates. Over the five-year period, BCI returned 8.9 per cent and 8.6 per cent over 15 years. Since inception, BCI has delivered $9.3 billion in cumulative value add, demonstrating the strength and resilience of its well-diversified investment strategy. BCI repeatedly delivers sustainable value for its clients, regardless of market volatility or economic uncertainty.

“BCI’s long-term performance has enabled our pension clients to remain in surplus positions, with funding ratios ranging from 103 to 133 per cent,” added Fyfe. “As we continue to face market uncertainty, we are actively modelling client portfolios against a range of risk scenarios. In all market conditions, great deals can still be found, and we continue to leverage our strong liquidity position to transact across asset classes globally.”

Strong Performance Across Asset Classes

All asset classes generated positive returns except for Real Estate Equity, which faced continued market headwinds despite modest interest rate cuts. Public Equities, Fixed Income, and Private Equity were the largest contributors to total performance during the fiscal year.

Within Public Equities, absolute return strategies generated strong results during a period when active equity managers faced headwinds. These strategies aim to provide consistent positive returns regardless of market conditions. Since inception in fiscal 2020, they have achieved a 16.1 per cent annualized return.

The Fixed Income portfolio delivered robust returns through active interest rate positioning and strong credit selection. The Corporate Bond Fund grew to $18.5 billion in net AUM, while the Principal Credit Fund expanded to $19.4 billion in net AUM. The Fund broadened its offerings by introducing asset-backed lending (ABL) through three new strategic partnerships, providing enhanced downside protection and attractive risk-adjusted returns. With shorter loan durations and increased flexibility, ABL strengthens portfolio resilience and offers stability and opportunity during periods of market volatility.

BCI Private Equity delivered strong results despite challenging market conditions. The team executed $2.2 billion in new investments and announced significant exits, Hayfin Capital and Ziply Fiber³, two of its five largest assets. It also generated $1.6 billion in proceeds from the completion of two secondary sales.

BCI Infrastructure & Renewable Resources experienced 18 per cent net AUM growth for the calendar year. In fiscal 2025, the group originated and executed $5.1 billion in new investments. The asset class delivered excellent total returns despite turbulent markets and geopolitical stress. Notable transactions included the take-private of BBGI Global Infrastructure S.A. and two key investments which support the energy transition economy, Renewi PLC, a recycling company, and Shepherds Flat wind project, one of the world’s largest windfarms.⁴

BCI’s Real Estate investments demonstrated resilience and strategic positioning in tough market conditions. The Real Estate Debt portfolio delivered a positive return due to strong asset selection and active management. Real Estate Equity produced the lone negative result, due to market-driven valuation adjustments coming from higher interest rates rather than realized losses. Strong portfolio fundamentals and positive income supported overall performance, with stable occupancy rates and rent growth experienced by industrial, alternative, and residential sectors.

An internal rate of return (IRR) methodology is used to calculate returns for infrastructure & renewable resources, private equity, and real estate equity. The assets are valued as at December 31, 2024.

Committed to Responsible Investing

During the fiscal year, BCI continued making strong progress in responsible investing. Highlights for the year included surpassing $6 billion in cumulative sustainable bond participation, exceeding BCI’s 2025 expectation of $5 billion, hosting BCI Private Equity’s inaugural ESG Value Creation Conference, and achieving a 100 per cent score from the Global Sovereign Wealth Fund’s Governance, Sustainability and Resilience Scoreboard.

BCI’s Ecosystem⁵

The effects of BCI’s operations extend far beyond investment returns. In 2024, the organization’s ecosystem contributed $24.4 billion to British Columbia’s provincial GDP, representing 5.9 per cent of the province’s economy. This impacted 1 in 10 British Columbia households and supported the creation of 225,800 jobs provincially and an additional 8,000 jobs nationally, generating $12.2 billion in wages for workers across all age groups.

For more corporate highlights, including BCI’s focus on sustainable growth, innovation, and operating on a global scale, read the 2024-2025 Corporate Annual Report released today.