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Vision care through a new lens
Group benefit plans have been turning a blind eye to vision care for too long. And as my tired eyeballs toggle between two screens and my phone beeps with another alert, I reach for my reading glasses and come to a staggeringly obvious conclusion: that’s ridiculous.
According to a report from the Future Skills Centre and the Conference Board of Canada, nine out of 10 jobs were projected to require digital skills and interaction with computer screens by 2025. Well, here we are. Add in a person’s average phone usage, and that’s some serious screen time and eye strain.
Of course, for many, vision deterioration is part of the aging process, but, according to Fighting Blindness Canada, about 1.2 million Canadians are experiencing vision loss and another eight million are at risk. The annual cost of vision loss in Canada is estimated at $32.9 billion. Age-related macular degeneration, cataracts, diabetic retinopathy, and glaucoma are among the major contributors.
The impact of this to plan members is invariably a reduced quality of life – both at home and at work. In short, most people would really appreciate better vision care coverage.
As the average employee now spends their working life looking at a computer screen, a cursory subsidy for new glasses simply doesn’t cut it
The demand is there – but as Denise Balch and Radiyyah Karodia explain on pages 14–15, there is a disconnect between the coverage offered by advisors and what plan sponsors and members want. As the authors point out, “Vision care … is one of the best investments in early detection a plan sponsor can make,” and as a “vital part of overall health,” it’s time it was treated with the importance it deserves.
We are at an inflection point for eye care in this country. Coupled with new legislation designed to make it a priority at national level, the onus is now on the private benefits sector to step up and work together to better serve plan members.
As the average employee now spends their working life looking at a computer screen, a cursory subsidy for new glasses simply doesn’t cut it. The world has changed and improved coverage is needed for regular checks and the early diagnosis of eye disease so that person can remain productive and happy in their job.
The cost of ignoring this issue can’t be waved away. Poor coverage and a lack of early detection could ultimately drive up costs, increase disability leave, and even lead to premature retirement. Failure to update vision care benefits now would be shortsighted.
James Burton, managing editor
EDITORIAL
Managing Editor James Burton
Senior Editor David Kitai
Journalist
Josh Welsh
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SALES & MARKETING
Vice President, Global Sales (Wealth) Abhiram Prabhu
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CORPORATE
President Tim Duce
Director, People and Culture
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Terry Szames
COO George Walmsley
CEO Mike Shipley
EDITORIAL ADVISORY BOARD
Celine Chiovitti, OMERS
Katie McNulty, CAAT Pension Plan
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Robert Weston, Pharos Platform
Kevin Minas, Mawer Investment Management
Mark Newton, Newton HR Law
Jim Helik, James Helik Consulting Tim Clarke, tc Health Consulting
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WORKPLACE FRIENDSHIPS AND RETENTION
Most companies and job seekers agree friendships boost retention, morale, and mental health, though generational differences and professional boundaries remain key factors.
CANADIANS SAY THEY NEED $850K FOR FINANCIAL INDEPENDENCE
Canadians aim for nearly $850k in financial independence but remain cautious due to market volatility and performance uncertainty.
94% of companies see benefits in workplace friendships
85% believe friendships improve retention
MONEY REMAINS TOP STRESSOR
Financial stress continues to dominate Canadians’ lives, with money outranking health, relationships, and work as primary concerns.
78% of job seekers say friendships increase likelihood of staying
77% say forming friendships is easy at work
Source: Employment Professionals and The Harris Poll, 2025
More than seven out of 10 Canadians expect to work in retirement as rising costs and inflation push many to adjust strategies and seek financial advice.
Over 70% expect to work during retirement
Home-country bias
Multi-asset investors in Canada, especially those managing asset-liability exercises, enjoy differentiated payoffs compared to global peers
THE LONG-TERM history of Canadian equities typically surprises investors. While they are not grabbing the same headlines as Japanese equities did during the 60s, 70s, and 80s, or equalling the last two decades of dominant outperformance we’ve seen from US equities, Canadian equities have long been a compelling market that has generated strong investment outcomes.
A common pushback we hear among institutional investors, both Canadian and global, allocating abroad is that the domestic opportunity set is too concentrated, particularly among financial, material, and energy names: combined, they represent about 60 percent of the MSCI Canada Index. By comparison, the same sectors make up roughly 25 percent of the MSCI ACWI.
There are certainly fewer companies
“During periods of inflationary stress, we find Canadian equities have demonstrated unique risk-and-return characteristics relative to global developed-market peers”
Bruno Weinberg Crocco, Fidelity Investments
in the Canadian market, naturally leading to greater concentration. However, “the Canadian stock market is largely comprised of high-quality businesses with increasingly diversified global revenue streams,” says Bruno Weinberg Crocco, global asset allocation team member at Fidelity Investments. When we conduct a look-through credit analysis of the companies in the Canadian
index using a Bloomberg composite credit rating, the resulting aggregate index rating is A+.1 This is consistent with what we see in the US, which many regard as one of the highest-quality markets today.
Sector composition is one of the compelling properties we believe supports the investment thesis for a modest homecountry bias in Canadians’ portfolios. The
Sponsored by
CANADIAN EQUITIES ARE A TOP-PERFORMING MARKET
Canadian market offers exposure to sectors that have seen declining weights globally, while offering less exposure to other sectors that have experienced commensurate increases, such as information technology. The investment result is that during periods of inflationary stress, we find Canadian equities have demonstrated unique riskand-return characteristics relative to global developed-market peers.
The long-term study of global history helps to inform our expectations of investment returns.
‘IT’S TIME TO MODERNIZE’ VISION CARE
The Canadian Association
of
Optometrists
president explains
how early eye-disease detection can lead to an improved quality of life
IN TODAY’S increasingly screen-centric workplaces, could outdated vision care benefits be doing more harm than good? Dr. Martin Spiro, president of the Canadian Association of Optometrists (CAO), doesn’t mince words when explaining how modernizing vision benefits can improve quality of life for plan members.
“The current state of vision care plans is really based on an older model of eye care, which is currently not the actual reality,” he says. What once sufficed, a basic eye exam every two years and a modest allowance for glasses, is no longer eugh. “The modern-day optometric exam is much more advanced.”
Spiro is working to accelerate that shift. “A big part of my role is education and advocacy,” he explains. “We help plan sponsors understand how comprehensive vision care can directly impact productivity, employee well-being, and even reduce absenteeism.”
His own days are split between running a clinic and advancing national priorities for the CAO. “That could mean anything from strategic planning with our board, collaborating with provincial associations, or working on government submissions,” he says, noting that staying active in the clinic has been key.
“It grounds everything. When I advocate for policy changes or speak with government officials or insurers, it’s from experience.”
‘normal’ vision is, and early detection is key to their development,” he says.
Indeed, early detection is key as today’s comprehensive eye exams often detect systemic diseases like diabetes, high blood pressure, and even early signs of neurodegenerative conditions, issues often visible in the back of the eye.
“All of these diseases can cause irreversible vision loss and visual impairment. With early detection and management, this could be prevented”
And experience has taught him plenty. “It’s made me incredibly present,” he says. “Vision is so fundamental. When someone regains clarity or we catch something that saves their sight, it’s a powerful reminder of how impactful our work is.”
Yet he acknowledges there’s still a long way to go, particularly around the misconception that many still think optometry is just about writing prescriptions for glasses or contact lenses. “People often think of eye exams as something you do when your vision is blurry,” he says. “But in reality, optometrists play a critical role in preventive care.”
He also disagrees with the assumption that children only need exams when they complain. “Kids don’t always know what
“When you go for a comprehensive eye exam, a lot is being uncovered – not only the visual system, but we’re also looking at the health of the eyes, to determine both the ocular health and the overall systemic health,” he says.
The level of insight comes from advanced tools like wide-field retinal imaging and OCT scans, technologies that remain uncovered by many plans.
Spiro asserts that outdated plans are limiting early detection, and the
PROFILE
Name: Martin Spiro
Company: Canadian Association of Optometrists
Title: President and optometrist
Age: 38
Years in the industry: 11
Education: Université de Montréal
What motivates you to get up every day?: What we do can to prevent life-altering outcomes. The work feels meaningful.
How do you define success?: Success means creating lasting impact. It’s about leaving the profession stronger, helping people live healthier lives, and building relationships along the way.
Most recent read: ThinkAgain by Adam Grant
What’s your ultimate goal?: To drive meaningful progress in how Canadians access and value eye care
INDUSTRY ICON
consequences extend far beyond blurred vision. “As we get a little bit older, the incidence of eye diseases tends to go up as well,” says Spiro, pointing to some of the main diseases like glaucoma, macular degeneration, and diabetic retinopathy. He asserts these diseases can develop asymptomatically and may be too late to treat if they are not discovered early.
“All of these diseases can cause irreversible vision loss and visual impairment. The good news is that with early detection and early management, much of this loss could be prevented,” adds Spiro. “But once that nerve is damaged, you
to treat the root cause. However, procedures like LipiFlow, which treat the root cause of the disease, can run into thousands and are often excluded from benefit plans.
These may include therapies to “stimulate the glands which produce those lipids or “prescribing anti-inflammatory eye drops that reduce the inflammation,” notes Spiro. Such advancements are enabling more targeted and effective treatment for longterm relief.
“These new technologies are great because they really get to that root cause,” he says. But the lack of coverage for these technologies ultimately leaves plan members to pay out of
“We’re still using plans from the 80s and 90s. The needs have changed. It’s time for vision care plans to modernize as well”
can’t go back. When we look at the back of the eyes, we make sure that our patients are able to have good quality vision and healthy eyes for life.”
Particularly in today’s digital environment, the modern professional often works with multiple digital devices, from smartphones and laptops to external monitors, which places considerable strain on the eyes.
“We’re seeing an increase in incidence of dry eye disease, which does have an impact on productivity, not only just kind of quality of life but also the ability to be productive and concentrate on work,” Spiro explains. “The standard professional is probably using four or five different screens now.”
Spiro says that while artificial tears are helpful for occasional dryness, chronic dry eye is often “multi-modal … it’s there because of a whole host of things.”
Optometrists today are equipped with new technologies that go beyond temporary relief
pocket or skip care altogether.
“One exam every two years is not adequate enough to follow the disease and manage it,” he says. “The current benefits don’t really reflect the needs of these patients to make sure that their eyes stay healthy for their life.”
He notes that some tailoring of benefits might make more sense than blanket increases. “I think it could be targeted benefits,” he explains, referencing the idea of adjusting allowances based on specific prescriptions or treatments. That could help contain premiums while addressing real patient needs.
Looking ahead, Spiro sees vision care becoming more integrated with broader healthcare reforms. “We’re already collaborating more and more with other practitioners,” he says. He describes cases where optometrists detect signs of a possible stroke, leading to emergency referrals, or working closely with endocrinologists for diabetic patients.
TOP DISEASES IN VISION CARE
AMD
» Age-related macular degeneration (AMD) affects approximately 2.5 million Canadians
» AMD is the leading cause of vision loss in people over the age of 55 and the second-leading cause of vision loss in Canada, after cataracts
» 80% of Canadians with vision loss resulting from AMD reported that it affected their ability to do at least one daily activity
Diabetic retinopathy
» An estimated 1,037,000 Canadians are living with diabetic retinopathy
» 25.6% of adults with diabetes over the age of 60 have not seen an eyecare provider in the last year
Myopia
» In 2050, it is predicted that 50% of the population will have myopia
» Myopia increases the risk of serious eye problems, which can lead to irreversible vision loss
» 1 in 3 people with high myopia are at risk of developing low vision in both eyes
Source: CAO, CNIB
Spiro offers a challenge for plan sponsors.
“It’s time to modernize; it’s time for eye care to get into the 21st century,” he says. “We’re still using plans that are from the 80s and 90s, in terms of vision care. The needs of the populations have changed, and it’s time for vision care plans to modernize as well.”
All eyes on the future
Benefits providers explain why current benefits are failing plan members – and why plan sponsors should step up
WHEN IT comes to vision care, the benefits landscape in Canada is seemingly stuck in the past. Several vision care experts and benefits providers assert that insurance plans still treat vision benefits like a simple subsidy for eyeglasses or contact lenses, rather than a proactive tool to protect eyesight and reduce long-term health costs.
“Vision care benefits in the insurance industry are pretty outdated across the
board,” says Paula Grossman, health benefits consultant at Medavie Blue Cross. She explains that most plans haven’t evolved to reflect how crucial eye health is to overall wellness and workplace productivity. “Often, vision benefits are perceived as a prepaid benefit plan for glasses, rather than what it could be, which is comprehensive coverage aimed at preserving vision, diagnosing eye disease early, and addressing impair -
ments or preventing disabilities at an early age,” she says.
This short-sightedness has consequences for both plan members and employers, leading to poor vision and affecting workplace safety, absenteeism, and presenteeism, all of which are costing employers more than they may realize.
“Expanding vision care coverage can serve as a competitive advantage in attracting and retaining top talent, as vision benefits are highly valued by employees, second only to dental coverage,” emphasizes Grossman.
“Plan sponsors have a very difficult task, and that is that they want to provide a very comprehensive plan that gives all their members access to the care that they need. But the challenge is they don’t have an infinite budget to do so, and there is such a diverse set of needs across a membership,” says Sunil Hirjee, vice president of group sales and partner experience of Ontario, Western, and Atlantic Canada at Beneva.
Both agree that plan sponsors are falling behind, particularly when it comes to people with complex or chronic vision conditions such as dry eye disease, which has surged in recent years due to increased screen time.
“Canadians’ eye health is under increased strain due to the combined effects of aging and prolonged screen time,” emphasizes Grossman. “And the cost of eye exams has been rising significantly as optometrists are investing in a lot of new technology.”
Additionally, most people don’t interpret dry eye disease as an eye disease, Grossman emphasizes, noting that the average person might dismiss it as a minor annoyance, rather than the productivity-sapping condition it is. “They don’t necessarily understand how debilitating that could be.”
Despite its impact, treatment options such as LipiFlow or follow-up diagnostics remain out-of-pocket expenses for most employees. Hirjee explains prescription lenses, glasses, and, in some cases, laser surgery are typically covered under benefit plans because they fall within the scope of
VISION
eligible medical expenses as defined by the Canada Revenue Agency.
However, products like eye drops, even if used for conditions like screenrelated dry eye, are excluded from coverage since they don’t qualify as health expenses under the Income Tax Act. That said, Hirjee points out that employers do have options, but they may need to use taxable spending accounts.
Insurers now offer flexibility through healthcare and personal spending accounts, though that still places the onus on employers to take action.
“Even if items aren’t covered under a traditional health benefit or vision care benefit, I would say the avenues exist nowadays for plan sponsors to use spending
“Current best practices in vision care include the use of advanced technologies, and those are often built into the comprehensive eye exams,” Grossman says. She adds that people over 40 may require multiple follow-up appointments to monitor conditions, but these costs aren’t often reimbursed under standard plans.
Grossman points to the Canadian Institute for Health Information (CIHI)’s 2016 national health expenditure trends, which found approximately 74 percent of private vision care expenses were paid out of pocket, compared to 37 percent for prescription drugs and 44 percent for dental services.
Dr. Martin Spiro, president at the Canadian Association of Optometrists, also asserts that many eye diseases can advance without notice-
“It’s important to invest in prevention, because if left unmanaged, advanced stages of eye disease can negatively impact benefit budgets”
Paula Grossman, Medavie Blue Cross
accounts to augment the coverage that might exist and to provide flexibility to address diverse needs,” adds Hirjee.
Grossman believes many group plans are still too rigid as most stick to a flat rate, usually $200 to $250 every 24 months, which doesn’t account for the wide variation in patient needs.
“If someone just needs reading glasses, that’s covered ... but if you have the need for high refractive lenses or multifocal lenses, you’re going to have a significant out-ofpocket cost.”
There’s also a troubling mismatch between the cost of advanced care and the coverage limits. Optometrists are investing heavily in new technologies to catch diseases early, but these costs are bundled into increasingly expensive eye exams that remain under-reimbursed.
able symptoms, making regular follow-up exams critical, especially for those at risk or already diagnosed. Without consistent monitoring, patients may not realize anything is wrong until irreversible vision damage has occurred. Early detection significantly increases the chances of preserving long-term vision and maintaining independence.
“If you’re regularly getting monitored, the ability to maintain good vision over the long term goes way up. And if something’s not being detected, then there could be a risk of vision loss, which could really impact someone’s ability to work or be independent in life,” he says.
However, there are some signs of progress. Grossman highlights that Medavie Blue Cross has recently updated its offerings to better reflect modern clinical practices. These include separate coverage for follow-up exams, higher
HEALTHY EYES LEAD TO HEALTHY LIVES
70% of Canadians have Extended Health Coverage
42% of Canadians reported seeing an eye doctor in the past 12 months
57% of Canadians aged 45–85 saw an eye care provider in the last year
75% of all vision loss and blindness is preventable or treatable with early intervention
21% of Canadians reported they want improved coverage for vision care, the second-highest service after dental care (22%)
Source: CAO
maximums for multifocal lenses, and even benefits for visual training therapy, especially in cases like concussion recovery and vertigo.
She also notes the growing need for coverage around intraocular lens implants, procedures that were once confined to cataract patients but are now increasingly sought after by individuals who’ve undergone laser eye surgery. “We’re seeing more and more requests for people who have had laser eye surgery asking for the lens implant coverage as well,” she notes.
Still, both Grossman and Hirjee point to a consistent challenge: vision care isn’t seen as urgent. “It’s not a hot topic,” Grossman says. “Employees have access to some coverage, and it’s so few people who have that greater need, and they don’t necessarily make a lot of noise.”
Hirjee echoes that view. “From our perspective, there are a lot of other categories of health coverage where that demand is being seen quite frequently,” he says. “What has slightly changed are augmentation options, but they’re not direct vision benefits.”
And yet, the cost of ignoring the issue could be mounting. Grossman says inadequate vision
SENIORS’ VISION NEEDS MORE CARE
1 in 4 Canadians develop irreversible vision loss by age 75
1 in 9 Canadians develop irreversible vision loss by age 65
Compared to people of the same age without vision problems, people with vision loss:
have 4 times as many hip fractures are admitted to nursing homes 3 years earlier experience 3 times the incidence of depression experience twice the number of falls have double the mortality rate
“Avenues exist nowadays for plan sponsors to use spending accounts to augment the coverage”
Sunil Hirjee, Beneva
care coverage has the potential to drive up drug claims, increase disability leave, and even lead to premature retirement.
“We believe it’s important to invest in prevention, because if left unmanaged, advanced stages of eye disease can negatively impact benefit budgets,” she says.
So what should plan sponsors do? Both say the first step is simple – listen to plan members. Hirjee believes that today’s workplace environments tend to be quite supportive, with employers showing a strong interest in meeting employee needs. Consequently, plan members are speaking up more than ever about the types of benefits they want, including better access to vision care.
“If they’re starting to hear this, dive in at a more detailed level... Are there opportunities for us to provide specific additional needs?” he says.
Grossman agrees that a deeper review is necessary: “Spend some time with your account associate ... maybe you don’t need to change everything, but are there things you could enhance that would make your plan more current and more appealing to more of your employees?”
She stops short of calling for a complete overhaul but makes clear that today’s needs and tomorrow’s costs won’t be met by yesterday’s benefits.
“Vision care is one of the top health benefits... Just give it a little attention,” she says.
Source: CAO
Fixing the coverage gap in vision
Denise Balch and Radiyyah Karodia write about the challenges in vision benefits and how plan sponsors can increase coverage
VISION CARE has changed but group benefits haven’t. Ninety percent of vision loss can be prevented, but most group plans don’t provide sufficient coverage for modern diagnostic tools and imaging services. Fixing the coverage gap and allowing for recall exams for patients who need monitoring or additional diagnostics is a simple solution. It lowers the risk of vision loss without breaking benefits budgets.
The ability of optometrists to diagnose or detect serious diseases early makes
vision care one of the most cost-effective early-detection tools available in the healthcare system. When caught early, these issues, along with other eye diseases, can be managed proactively, improving health outcomes and reducing long-term costs associated with delayed treatment and complications, including vision loss.
Challenge and opportunity
For insurers, advisors, and plan sponsors, vision care presents both a challenge and an
opportunity. Often vision care benefits aren’t perceived as a good investment, or a highreturn benefit, but this is a mistake. Vision is not a cosmetic benefit just because some frames can be costly. Vision care, which entails the detection of refractive errors, the diagnosis of eye disease, and the detection of other serious health issues, is one of the best investments in early detection a plan sponsor can make, and plan members appreciate it. Vision care is a vital part of overall health, and it’s time it was treated as such.
Bill C-284
The recent passage of Bill C-284, an Act to establish a national strategy for eye care, marks a pivotal moment for vision health in Canada. After years of inaction and underinvestment, this legislation signals a longoverdue shift toward prioritizing eye care on the national health agenda.
The Act outlines the development of a national strategy that addresses four key areas:
• Identifies the needs of healthcare professionals and other experts regarding training and guidance on preventing and treating eye diseases, as well as vision rehabilitation
• Promotes research and improves data collection on the prevention and treatment of eye diseases and vision rehabilitation
• Encourages information and knowledge sharing between federal and provincial governments about eye
disease prevention, treatment, and vision rehabilitation
• Ensures that the health minister can quickly review applications and submissions related to devices and drugs intended for eye diseases, such as macular degeneration, cataracts, glaucoma, and diabetic retinopathy, in accordance with the Food and Drugs Act
While the Act focuses on public health policy, it also provides insights into a unique opportunity for insurers, advisors, and plan sponsors to do better. The national momentum the Act will create will raise public awareness of the importance of vision health. The private sector should respond by updating vision care benefits. A strong, forward-looking private benefits sector can – and should –complement public health policy.
modern eye care, three critical changes are needed immediately:
1. Increase the comprehensive exam allowance to reflect the true cost of exams that include necessary diagnostic testing and imaging
2. Ensure coverage for modern diagnostic testing and imaging is incorporated into contract language, whether within the comprehensive exam or as a stand-alone allowance
3. Allow recall exams for individuals at risk of eye disease, ensuring access to timely follow-up care.
These changes are not about adding unnecessary extras. They’re the basics that should be included in every private plan, both group and individual, to support the
“Vision care, which entails the diagnosis of eye disease and other serious health issues, is one of the best investments a plan sponsor can make”
Demand already exists
Demand for better coverage already exists. According to the Canadian Association of Optometrists national vision care survey in 2024, plan sponsors and advisors want more comprehensive, meaningful coverage. While insurers are generally supportive, there has been very little change in the options that are available to plan sponsors. This results in a disconnect between the coverage offered, what is in the best interests of plan members, what plan sponsors are open to, and what advisors want to offer their clients.
What should be changed?
To meet the evolving needs of plan members and reflect the realities of
health and long-term well-being of plan members. Payers have an opportunity – and a responsibility – to deliver benefits that reflect the eye health needs of Canadians. Now is the time to align vision care benefits with clinical practices and evolving public policy. Insurers should and must work with advisors and plan sponsors to do better to support the health of working Canadians and their families.
Denise Balch has been a benefits professional since the early 1980s and is the president of her own firm, Connex Health, and a consultant to the Canadian Association of Optometrists. Radiyyah Karodia has a master’s in global health and is currently working as a researcher in health policy and healthcare consulting with Connex Health.
ALTERNATIVES
Why Bitcoin might belong in pensions
Founder and managing partner at Stillmark believes Bitcoin has ‘met the high bar’ to be considered a viable asset in pension funds
IS BITCOIN finally worth including in pension portfolios?
Alyse Killeen certainly thinks so. She argues that Bitcoin has reached the level of maturity necessary to be considered a viable asset for pension funds and institutional portfolios. She draws a clear distinction between Bitcoin and the broader crypto market.
“Crypto and Bitcoin are two separate forms of innovation, and we believe that Bitcoin has uniquely met the high bar that’s required to be in a pension portfolio,” she says.
crypto space, now has the consistency and security required by pension boards.
“Bitcoin uniquely has never been hacked. Bitcoin’s monetary policy has been consistent. Someone can buy Bitcoin or allocate capital to Bitcoin and then walk away for a decade and find that their capital is there, managed by the same rules of the system,” she says.
She also notes growing adoption at the corporate level, acknowledging the more than 70 publicly traded companies,
“The tools are there … to participate in Bitcoin without compromising the standards … for treasury or portfolio management”
Alyse Killeen, Stillmark
Killeen, founder and managing partner of Stillmark, the first Bitcoin-focused venture capital firm, has been in the crypto and Bitcoin ecosystem since 2013. She sees institutional engagement today as a reflection of the asset’s evolution. Additionally, she believes that Bitcoin, unlike the broader
excluding MicroStrategy, that now hold over 140,000 BTC on their balance sheets. She attributes this trend to Bitcoin’s “truly decentralized” governance model.
“The rules cannot be changed, which prevents the sort of fraud that mature institutional players worry about when
they’re looking into new allocations,” she says.
As for whether the recent Bybit hack could cause hesitation among institutional investors, she explains the incident, which involved Ethereum, was enabled by the complexity of Ethereum’s user experience (UX) for hardware signers along with suboptimal operational security practices executed by Bybit.
It was ultimately a sophisticated social engineering attack that exploited operational security gaps where hackers compromised a developer machine linked to Safe, a multisig wallet provider, gaining access to its AWS environment and injecting malicious JavaScript into its user interface. This code manipulated transaction displays, tricking users into approving transfers to attacker-controlled wallets.
Contrastingly, Bitcoin deliberately avoids that level of complexity, she notes.
“Bitcoin has purposely been designed and maintained to keep things simple, so that the surface area for attack is reduced,” explains Killeen. “As you add complexity to software, the surface area for attack becomes broader and the software becomes more vulnerable.”
However, she emphasizes that Bitcoin’s developers prioritize system security above all else, with the second priority being the design space.
Killeen’s remarks come as Bitcoin has seen overwhelming support with US Donald Trump’s administration, who recently signed an executive order to establish a Strategic Bitcoin Reserve, with further plans to position the US as “a leader among nations in government digital asset strategy.”
She highlights three key developments that have lowered barriers to institutional adoption in the past year: the drop in reputational risk, the evolution of accounting rules, and the development of tools that allow Bitcoin to be integrated into traditional portfolio management.
“The tools are there for professional managers and corporations to participate in Bitcoin without compromising the stan-
Price history of Bitcoin
dards that they have for treasury or portfolio management,” Killeen says.
While she acknowledges that crypto fraud has been a major obstacle, she says institutional investors are increasingly drawing the line between Bitcoin and the rest of the market. She points to the strong uptake of Bitcoin ETFs compared to Ethereum ETFs as an example.
“The market’s incredible reception of the Bitcoin spot ETF, and then lesser participation in the Ethereum spot ETF, created curiosity that allowed folks to begin to differentiate between Bitcoin and crypto,” she says.
That divergence has shaped investor behaviour. While institutions continue to shy away from broader crypto assets, Killeen says they’re showing increasing interest in Bitcoinbased infrastructure and tools.
“We’re seeing significant interest in exposure to funds that invest in startups and toward potential acquisitions from the private market by companies, including financial institutions, that want to adopt Bitcoin technology for the sake of efficiency in their own operations,” she says.
Consequently, could pension fund allocations to Bitcoin increase beyond the typical
HOW MANY BITCOINS ARE LEFT FOR MINING?
Bitcoin’s hard cap of 21 million ensures scarcity, driving long-term value appreciation
As of October 2024, approximately 94.5% of all Bitcoins had already been mined
The 2024 halving reduced block rewards to 3.125 BTC, slowing new Bitcoin issuance further
An estimated 3–4 million bitcoins are lost, reducing the available supply
1 to 5 percent range? Killeen underscores allocation will grow contingent on two things.
“One is managers having a greater understanding of Bitcoin, and two is activity in the private market. The Bitcoin ecosystem provides the tools for pensions and other institutions to be able to engage with their exposure,” she says.
She sees Bitcoin’s design choices, such as its avoidance of native tokens and emphasis on equity-based startups, as critical components to the ecosystem’s durability.
“Bitcoin companies were able to grow because there was no token. It was only an equity-based company really serving their clients or customers,” she explains.
For Killeen, that’s one of the reasons Bitcoin companies are outpacing crypto startups, because KPIs can allow investors “to adjust in the way they would with any other startup to find product-market fit,” she says.
While not all Bitcoin products might be a fit for pension portfolios, some, such as derivatives and yield tools, are becoming increasingly relevant to corporate treasuries looking to deploy idle capital outside of traditional banking hours.
“The opportunities for institutions in the Bitcoin ecosystem are really twofold,” she says. “The asset has matured, and Bitcoin infrastructure allows for things like access to bank-style financial tools during nonbanking hours, which reduces limitations on institutions.”
ALTERNATIVES
Are Japanese hotels a prime real estate opportunity?
‘We’re seeing, and have seen, strong operating metrics in hotel operators in Japan,’ says managing partner at Hazelview Investments
WHILE JAPAN’S real estate market has historically been synonymous with stagnation, there’s one asset that’s been driving growth for institutional investors: Japanese hotels.
As Hazelview noted in their most recent 2025 Global Public Real Estate Outlook Report, Japanese hotels are one of the firm’s best investment ideas in 2025, and the momentum is expected to continue.
Darren Murray acknowledges that tourism and currency value is really at the core of the story here, as the Japanese government has set a target of 60 million foreign tourists by 2030. There’s also a push to stimulate domestic travel. He sees this as more than political posturing because the yen’s weakness has made Japan a budgetfriendly destination for Western tourists.
Indeed, tourist numbers bear that out as Murray underscores that arrivals are now up roughly 16 percent over 2019 levels, with strong demand from the US, EU, and Taiwan.
“We haven’t seen a rebound in Chinese tourists,” says Murray, managing partner at Hazelview Investments, client portfolio management. “They were the biggest cohort of tourists to Japan pre-COVID.”
He acknowledges that cohort is still about 25–30 percent below peak, largely due to “political uncertainties” between Japan and China and a slower post-COVID economic recovery in China, but this is steadily improving.
“Chinese authorities were very restrictive around international travel, and I think there’s definitely a hangover,” he adds.
Diverse hotel options
Beyond tourism, he sees strong fundamentals in the hotel sector itself. Unlike traditional real estate leases, “lease structures for hotels are a bit different,” allowing for faster adjustments to demand and pricing, Murray explains. Coupled with a decade-long undersupply of hotel construction, this has created a tight market environment.
“We’re seeing, and have seen, strong operating metrics in hotel operators in Japan,” he emphasizes.
He cautions, however, that a global downturn could quickly ripple through the sector.
“If there is a global economic slowdown where we see a recession, maybe in North America, with less money in people’s pockets, less people willing to take vacations, then that’s going to impact tourism, which will, as a result, impact the hotels,” says Murray.
Additionally, inflation, while still modest by Western standards, has become more persistent.
“If we were to continue to see inflation pressures in Japan, the Bank of Japan would have to continue increasing their policy rate,” he says, noting that the current rate sits at just 0.5 percent.
Rising rates could tighten margins for hotel operators and push the yen higher, making Japan less affordable for foreign tourists.
When asked about Airbnb’s role in the ecosystem, Murray says he doesn’t view Airbnb as a viable investment channel in Japan.
THE JAPANESE REIT MARKET
With a market capitalization of around 15.4 trillion yen in December 2023, Japan boasts one of the largest REIT markets in the world.
Japan’s REIT market was established in 2001 after reforms in Japan’s investment trust system.
In 2023, around 58 Japanese REITs were listed in Japan. They held close to 4.7 thousand properties.
Japan’s private real estate fund market, which is primarily aimed at institutional investors, was estimated at 35 trillion yen in 2023.
“We can’t invest in Airbnbs; we’re investing in publicly traded real estate investment trusts,” he says, emphasizing that REITs provide the exposure in the hospitality sector. And since most Airbnbs are run by private owners and face tight regulatory controls in Japan, their role in the broader tourism economy is limited.
“There are pretty stringent regulations in Japan in terms of operating Airbnb, so I think that probably does hinder their proportion of the Japanese tourism side of things,” he adds.
Instead, Murray sees strength in the diversity of hotel offerings in the country. From high-end luxury to capsule hotels and hostels, Japan has a wide range of hotel types catering to all needs.
“You have quite a lot of options at your disposal that are hotel operated that you can trust from a cleanliness perspective,” he says.
Ultimately, he believes the hotel sector in Japan is certainly worth a hard look for those interested in adding to their alternatives portfolio.
“It’s a sector in a region that we are positive on,” he said, “but again, it’s part of a globally diversified portfolio that we feel quite comfortable with from a risk-return perspective.”
Japan’s historical turning point
Murray reflected on Japan’s asset bubble of the late 1980s as a period marked by a dramatic rise in equity and real estate values, which he traces back to a series of global and domestic monetary events.
One key turning point, Murray believes, was the 1985 Plaza Accord, which was aimed at devaluing the US dollar. While it succeeded,
“You have quite a lot of options at your disposal that are hotel operated that you can trust from a cleanliness perspective”
Darren Murray, Hazelview
the flip side was a stronger yen that put “more recessionary pressures in Japan.” To counter that, Japan slashed interest rates and rolled out aggressive stimulus.
“Some people blame that Plaza Accord for the consequence of the bubble,” says Murray. “Some say it wasn’t necessarily linked, and it was more nuanced around policy with the Japanese government and the Japanese central bank, but there’s no doubt that it was a contributing impact to that bubble.”
As asset prices soared and firms increasingly used cheap credit to leverage up, the bubble burst in the early 1990s when the Bank of Japan raised rates, causing the Nikkei to plummet over 50 percent, and GDP fell considerably in Japan as a result.
The collapse ushered in a long period of economic malaise, marked by deflation, risk aversion, and a shrinking labour force, also known as Japan’s “lost decade.” Despite the central bank in Japan introducing zero interest rates, quantitative easing, and even ETF purchases, Murray says these efforts had little lasting impact – at least until more recently, particularly as the Nikkei 225 surpassed its previous peak record in 1989 last February.
While Murray agrees that the scars of Japan’s deflationary decades linger across parts of the real estate market, he notes that hotels are bucking the broader trend.
“The emergence of Japan hotels is a really neat way to play the recovery or the boost in Japanese tourism that we’ve seen over the past maybe two and a half years,” he says.
Source: Statista
ALTERNATIVES
Can AI help investors forecast real estate trends?
Pension funds need better data on rental trends. Could AI be the solution?
TWO INDUSTRY experts have taken on the mantle of exploring how artificial intelligence and machine learning could predict rent prices in Canada.
Aaron Pittman and Erkan Yonder believe the implications for pension funds investing in real estate are significant. The steady rise in rents ensures reliable cash flow, making rental real estate a strong long-term asset.
But as it currently stands, institutional investors are at this alone, Pittman underscores.
With pension funds already holding vast real estate portfolios, AI-driven rent forecasting could help refine their investment strategies, especially as Pittman sees a major shift in the way rent prices are behaving.
“Even as we increase the number of completions, rents are still projected to go up. That’s a complete disconnect from classic economics,” he says, emphasizing the assumption has always been that adding supply should temper price increases.
“We’re so far behind the curve in Canada, demand has outstripped supply to such a degree … rents will continue to increase”
Aaron Pittman, Equiton
“The genesis of turning the tide here, I think, comes from the government, but for investors in the private sector and on the development side, we know that they’re not going to do it,” says Pittman, senior vice president, head of Canadian institutional investments at Equiton. “We need more stock in the country, and we need better permitting turns to get shovels in the ground.”
“We need institutional investment because there’s not enough capital,” he adds. “The government is not going to pile enough capital into the system to solve the problem, so we need the large institutions to get on board.”
“We’re so far behind the curve in Canada, demand has outstripped supply to such a degree that even as we put on additional stock, the rents will continue to increase,” he adds.
Pittman emphasizes a need “for approximately 1500 cranes in Toronto just to level the rents. And we know that’s an impractical number.”
He also points to low vacancy rates in the country. The extremely low vacancy rates, sometimes measured in hours rather than days or weeks, indicate a very tight market with limited room for clearing.
“We’re seeing vacancies at around 1 percent in a lot of the major centres in Canada. In a healthy, functioning rental or even real estate environment, there’s a clearing process that slows the velocity through the system. Right now, we’ve just completely thrown that out the window,” he says.
Yonder agrees, highlighting the structural issues in Canada’s housing supply. The associate professor of real estate and finance at the John Molson School of Business at Concordia University points out that while immigration policies have been aggressive, there’s been no corresponding supply-side policy to match.
“If we bring in people, I don’t think there’s a problem … but if you have an immigration policy, then you should build up more shelters for people,” he says. “If you don’t have enough space, that creates a mismatch between demand and supply, which drives the prices and rents upwards.”
This is where AI’s role comes in. Predicting rent prices with traditional models often falls short due to the complexity of the market. AI, however, is proving to be a more effective tool. With real estate deeply ingrained in Canadian investment culture, AI is quickly becoming a crucial tool for institutional investors.
And while pension funds have historically relied on traditional valuation models, Yonder believes the ability of AI to process vast datasets could give institutional investors an edge.
“AI gives some kind of complexity that you don’t understand, but it gives you a better prediction than conventional models,” he says, noting prediction accuracy improves by 20 to 30 percent on average.
He also acknowledges that predicting rent 10 years into the future is “a difficult task,” but AI helps to capture long-term patterns.
These patterns point to one key message Yonder and Pittman have found in their research. Unless drastic policy shifts occur, rents will continue to rise. Yet, the research suggests that a two-bedroom apartment in Vancouver could hit $7,750, while in Montreal it could exceed $4,000.
“If we do things in the same way that we’re doing, we are heading to a very critical level when it comes to affordability,” says Yonder.
So, how can pension funds avoid getting to this critical level? Yonder and Pittman assert pension funds need to invest more in data analytics. Yonder points to the example of using immigration data.
helpful with our real estate decision making. It’s all about making meaning out of the data.”
By investing more in data and building teams to effectively utilize data and AI models, pension funds can make more
“AI is already here so we should find ways to incorporate AI and data science into our real estate decision-making”
Erkan Yonder, Concordia University
“We know that immigration impacts the real estate prices and rents in Canada. Then the question becomes, how we can make immigration data useful for our real estate investment decision-making process, and that’s the key thing,” he says. “You can use AI to create an AI-driven immigration factor that could be
sophisticated, long-term investment decisions in the real estate market, underscores Yonder, particularly as real estate is less liquid.
“The transactions in real estate occur much less frequently than the stock market,” says Yonder. “It’s difficult to value real estate as opposed to stocks because it’s less effi-
Creating conditions for success
AI’S GROWTH IN REAL ESTATE
Top 3: AI and generative AI among top 3 technologies expected to have the biggest impact on real estate
US$630M: Investment into AIpowered PropTech in 2023
1.9M sq. m.: Real estate footprint of AI companies by end of 2023 (US)
cient. If it’s less efficient, data can help much better than other markets.”
“AI is already here so we should find ways to incorporate AI and data science into our real estate decision-making,” says Yonder.
At Connor, Clark & Lunn Financial Group, we understand the challenges you face when it comes to meeting your needs and objectives in different market environments. Alternative investments attract significant capital flows from investors due to the range of return and diversification benefits. The introduction of investment vehicles and solutions of varying sizes means that all investors, big or small, can take advantage of the benefits that alternative investments offer.
As one of the largest privately owned asset management firms in Canada with roots dating back four decades, we are grateful to our clients who trust our affiliate teams to collectively manage over $142 billion in assets.
ADDENDA CAPITAL INC.
Contact: Janick Boudreau, CFA, Executive Vicepresident, Business Development and Client Partnerships
Alternative AUM for Canadian institutional investors: $4,252.2M
Manager style: Commercial mortgages:
Conservative internal underwriting and servicing; Hedge fund: Absolute return Ownership structure: Principals, 3%; Third party (Co-operators Financial Services Limited), 97 Alternative investment professionals: 21
Established: 1985
Minimum investment: Pooled, $5M; Separate, $20M
BGO (BENTALLGREENOAK)
Contact: Yvonne Davidson, Principal, Capital Raising & IR
Address: One York, Toronto, ON, M5J 0B6
PH: 347-268-1757
Email: yvonne.davidson@bgo.com Web: bgo.com
Alternatives management provided to: Canadian pension plans, 107; Canadian foundations, 15; Canadian endowments, 14
Total Canadian alternatives clients: 168
Alternatives asset classes: Direct real estate, $119,237M
Alternative AUM for Canadian institutional investors: $14,785M
Manager style: Active management
Ownership structure: Principals, 36%; Publicly held, 51%; Third party, 13
Third-party owners: Tetragon, a minority owner, is a publicly traded European investment firm with an asset management platform and was a founding shareholder in GreenOak. Tetragon has no role or formal vote in BGO’s investment process or decisions. Further, Tetragon and BGO do not share any operations, infrastructure, or other resources. Tetragon does not have an approval right on BGO’s business plan or budget, or in the investment decisions BGO makes on behalf of its investment vehicles. Alternative investment professionals: 583 Established: 1911
Alternative AUM for Canadian institutional investors: $11,034.5M
Manager style: Top-down macroeconomic fundamental process, integrating quantitative inputs with qualitative research
Ownership structure: Third party, 100%. CIBC Asset Management Inc. is a wholly owned subsidiary of the Canadian Imperial Bank of Commerce (CIBC), a widely held, publicly traded company.
Alternative investment professionals: 50
Established: 1972
Minimum investment: Pooled, $10M; Separate, $25M
CONNOR, CLARK & LUNN FINANCIAL GROUP LTD.
Contact: Brent Wilkins, Head of Institutional Sales (Canada)
Address: 1400-130 King Street West, Toronto, ON, M5X 1C8
PH: 416-862-2020
Fax: 416-363-2089
Email: bwilkins@cclgroup.com
Web: cclgroup.com
Alternatives management provided to: Canadian pension plans, 91; Canadian foundations, 40; Canadian endowments, 3
Total Canadian alternatives clients: 279
Alternatives asset classes: Direct real estate, $6,030.40M; Private debt, $484.20M; Long/short equities, $5,865.78M; Infrastructure, $2,746.37M; Private equity, $340.32M; Multi-asset/GTAA, $1,877.90M
Alternative AUM for Canadian institutional investors: $17,344.97M
closed-end real estate strategy), long/short strategy; Growth: Private debt
Ownership structure: Principals, 100%
Alternative investment professionals: 213
Established: 1982
Minimum investment: Pooled, varies: $5M to $10M; Separate, varies: $10M to $300M
Note:
Includes one client in the Crestpoint Real Estate Strategy that represents 130 aggregate employee accounts and one client from the Crestpoint Mortgage Strategy that represents 155 aggregate employee accounts from CC&L Financial Group.
Includes one client that represents aggregate employee investments. Aggregates over 160 employee accounts, representing between $5 to $10 million of total assets invested in the CC&L Infrastructure Strategy.
CONNOR, CLARK & LUNN INFRASTRUCTURE
Contact: Brent Wilkins, Head of Institutional Sales (Canada)
Address: 1400-130 King Street West, Toronto, ON, M5X 1C8
PH: 416-862-2020
Fax: 416-363-2089
Email: bwilkins@cclgroup.com
Web: cclinfrastructure.com
Alternatives management provided to: Canadian pension plans, 23; Canadian foundations, 25; Canadian endowments, 2
Total Canadian alternatives clients: 75 Alternatives asset classes: Infrastructure, $2,746.37M
Alternative AUM for Canadian institutional investors: $2,746.37M
Manager style: Core/grow-to-core/core plus Ownership structure: Principals, 100%
Alternative investment professionals: 44
Established: 2005
Minimum investment: Pooled, $5M; Separate: Infrastructure does not currently offer separately managed accounts; however, they periodically have co-investment opportunities in specific infrastructure investments of varying sizes.
Note:
Includes one client that represents aggregate employee investments. Aggregates over 160 employee accounts, representing between $5
and $10 million of total assets invested in the CC&L Infrastructure Strategy
CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD.
Contact: Brent Wilkins, Head of Institutional Sales (Canada)
Address: 1400-130 King Street West, Toronto, ON, M5X 1C8
PH: 416-862-2020
Fax: 416-363-2089
Email: bwilkins@cclgroup.com
Web: cclinvest.com
Alternatives management provided to: Canadian pension plans, 12; Canadian foundations, 1; Canadian endowments, 1
Total Canadian alternatives clients: 40 Alternatives asset classes: Long/short equities, $5,530.40M; Multi-asset/GTAA, $1,877.90M
Alternative AUM for Canadian institutional investors: $7,408.30M
Manager style: Active (market neutral, long/ short, portable alpha strategies); core, growth, value
Ownership structure: Principals, 100%
Alternative investment professionals: 99
Established: 1982
Minimum investment: Pooled, $10M; Separate, varies: $15M to $300M
CRESCERO NATURAL CAPITAL INC.
Contact: Oliver Wolf, Business Development Associate
Address: 80 Keil Drive South, Unit #3, Chatham, ON, N7M 3H1
PH: 519-352-8413
Email: oliver.wolf@crescero.com
Web: crescero.com
Total Canadian alternatives clients: 100 Alternatives asset classes: Farmland, $120M Alternative AUM for Canadian institutional investors: $60M
Manager style: Active Ownership structure: Principals, 100%
Alternative investment professionals: 1
Established: 2012
Minimum investment: Separate, $100,000
CRESTPOINT REAL ESTATE INVESTMENTS
LTD.
Contact: Brent Wilkins, Head of Institutional Sales (Canada)
Address: 1400-130 King Street West, Toronto, ON, M5X 1C8
PH: 416-862-2020
Fax: 416-363-2089
Email: bwilkins@cclgroup.com
Web: crestpoint.ca
Alternatives management provided to: Canadian pension plans, 56; Canadian foundations, 14
Total Canadian alternatives clients: 150 Alternatives asset classes: Direct real estate, $6,030.40M
Alternative AUM for Canadian institutional investors: $6,030.40M
Manager style: Core plus real estate, commercial mortgages, opportunistic closed-end real estate strategy
Ownership structure: Principals, 100%
Alternative investment professionals: 48
Established: 2011
Minimum investment: Pooled, $5M
Note: Includes one client in the Crestpoint Real Estate Strategy that represents 130 aggregate employee accounts and one client from the Crestpoint Mortgage Strategy that represents 155 aggregate employee accounts from CC&L Financial Group
DESJARDINS GLOBAL ASSET MANAGEMENT
Contact: Natalie Bisaillon, Vice President & Chief of Partnership & Institutional Client Relations
Canadian pension plans, 11; Canadian endowments, 8
Total Canadian alternatives clients: 11
Alternatives asset classes: Direct real estate, $3,554.61M; Long/short equities, $670.89M; Infrastructure, $5,726.41M; Multi-asset / GTAA, $1,700.00M
Manager style: Long-term investments; fundamental research; quantitative tools Ownership structure: Third party, 100%. Desjardins Global Asset Management is part of the Desjardins Movement, a financial services co-operative that belongs to its members. Alternative investment professionals: 35
Established: 1998
Minimum investment: Pooled, $5M; Separate, $50M
EQUITON PARTNERS INC.
Contact: Aaron Pittman, SVP, Head of Canadian Institutional Investments
Address: 333 Bay Street, Suite 1800, Toronto, ON, M5H 2R2
PH: 416-758-8700 x119
Email: apittman@equiton.com
Web: equiton.com/institutional-investors
Alternatives asset classes: Direct real estate
Alternative AUM for Canadian institutional investors: $1,500M
Manager style: Value add Ownership structure: Principals, 100%
Established: 2015
Minimum investment: Pooled, $5M
FIDELITY CANADA INSTITUTIONAL
Contact: institutional.fidelity.ca
Address: 483 Bay St., Toronto, ON, M5G 2N7
PH: 416-217-7773
Web: institutional.fidelity.ca
Alternatives management provided to: Canadian pension plans; Canadian foundations Alternatives asset classes: Direct real estate; Private debt; Long/short equities; Indirect real estate; Private equity; Advantage Bitcoin ETF/ETF Fund and Advantage Ether ETF/ETF Fund Manager style: The investment management
style varies depending on the strategy Ownership structure: Principals, 100%
Alternative investment professionals: 107 Established: 1987
FIERA CAPITAL CORPORATION
Contact: Sarah Aves, Co-head of Canadian Institutional Clients
Address: 1981 McGill College Avenue, Suite 1500, Montreal, QC, H3A 0H5
PH: 514-954-6468
Fax: 514-954-9692
Email: saves@fieracapital.com
Web: fieracapital.com
Alternatives management provided to: Canadian pension plans, 81; Canadian foundations, 88; Canadian endowments, 100
Total Canadian alternatives clients: 2,536
Alternatives asset classes: Direct real estate, $5,185.38M; Private debt, $4,411.49M; Infrastructure, $1,752.65M; Private equity, $941.13M; Agriculture and timberland, $1,586.58M
Alternative AUM for Canadian institutional investors: $9,188.14M
Manager style: Active
Alternative investment professionals: 125 Established: 2003
Minimum investment: Pooled, $5M; Separate, $20M
FRANKLIN TEMPLETON
Contact: Dennis Tew, Head of Sales, Canada Address: 200 King Street West, Suite 1400, Toronto, ON, M5H 3T4
PH: 416-957-6023
Email: dennis.tew@franklintempleton.ca
Web: franklintempleton.ca
Alternatives management provided to: Canadian pension plans, 40; Canadian foundations, 7; Canadian endowments, 4
Total Canadian alternatives clients: 63
Alternatives asset classes: Direct real estate, $3.5B; Private debt, $780M; Private equity, $1.4B; Hedge funds, $248M; Real assets, $6M
Alternative AUM for Canadian institutional investors: $5.9B
Manager style: Various investment styles across 10 distinct alternatives investment manager teams
Minimum investment: Pooled, varies by strategy; Separate, varies by strategy
GUARDIAN CAPITAL LP
Contact: Robin Lacey, Head of Institutional Asset Management
Address: 199 Bay Street, Suite 2700, Toronto, ON, M5L 1E8
PH: 416-947-4082
Fax: 416-364-9634
Email: rlacey@guardiancapital.com
Web: guardiancapital.com
Alternatives management provided to: Canadian foundations, 1
Total Canadian alternatives clients: 3
Alternatives asset classes: Other, $181.49M
Alternative AUM for Canadian institutional investors: $181.34M
Manager style: Seeks to achieve its investment objectives by primarily investing in or selling short securities of issuers located primarily within North America. The strategy will be driven by ongoing credit research and macroeconomic analysis performed by the Manager. Composition will vary depending on market conditions and various phases of the economic and credit cycle. Principally holds investment grade and non-investment grade bonds, broadly diversified by issuer and industry, but may also invest in other securities including, but not limited to, floating rate bank loans, convertible bonds, equities, warrants, real estate investment trusts, and exchange traded funds (ETFs). The strategy may also invest in credit, interest rate and index swaps or employ income-generating option strategies. May engage in strategies relating to special situations such as reorganizations, restructurings, distressed situations, mergers, or acquisitions as well as the use of leverage in order to hedge or enhance returns.
Ownership structure: Third party, 100%. Guardian Capital LP is 100% owned by the
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
MANAGERS OF ALTERNATIVE INVESTMENTS DIRECTORY
parent company Guardian Capital Group Limited
Alternative investment professionals: 2
Established: 1962
Minimum investment: Pooled, $1M
GUARDIAN CAPITAL REAL ESTATE
Contact: Frank Bartello, Senior Vice-president
Address: 199 Bay St., Ste. 2700, Toronto, ON, M5L 1E8
PH: 416-947-4017
Email: fbartello@guardiancapital.com
Web: guardiancapital.com
Alternatives management provided to: Canadian pension plans, 2; Canadian foundations, 2
Total Canadian alternatives clients: 35
Alternatives asset classes: Direct real estate, $484M
Alternative AUM for Canadian institutional investors: $484M
Manager style: Focus on the preservation and enhancement of income. One of the key investment principles of the Fund is to acquire assets with rents at or below market and properties with prior inefficiencies. We believe we can effectively grow the income produced by the Fund’s assets over time, offsetting the potential risk of declining property values as a result of increasing cap rates.
Ownership structure: Third party, 100%.
Wholly owned by Guardian Capital Group
Alternative investment professionals: 5
Established: 2013
Minimum investment: Pooled, $1M; Separate, varies by mandate
GWL REALTY ADVISORS
Contact: Steven Marino, Executive Vice President, Portfolio Management
Address: 33 Yonge Street, Toronto, ON, M5E 1G4
PH: 416-507-2878
Fax: 416-361-0028
Email: steven.marino@gwlra.com
Web: gwlrealtyadvisors.com
Alternatives asset classes: Direct real estate, $16.152B
Alternative AUM for Canadian institutional investors: $14.781B
Manager style: Core Canadian investment strategy, predicated upon acquisition, development, and management of highquality, income-generating real estate with the potential for capital appreciation over time. Portfolio construction is shaped by exposure to key economic drivers, enduring locations, and a diversified asset mix of institutional-quality properties, with strong weightings in industrial and multi-family residential.
Ownership structure: Publicly held, 100%
Alternative investment professionals: 775
Established: 1993
Minimum investment: Pooled, $5M
PICTET ASSET MANAGEMENT
Contact: François Forget, Head of Distribution – Canada
Address: 1000 de la Gauchetière West, Suite 3100, Montreal, QC, H3B 4W5
PH: 514-518-8587
Email: fforget@pictet.com
Web: am.pictet
Alternatives management provided to: Canadian pension plans, 1
Total Canadian alternatives clients: 1
Alternatives asset classes: Hedge funds, $1.85M
Alternative AUM for Canadian institutional investors: $1.85M
Manager style: Hedge funds (artificial intelligence (AI), Asian event-driven, distressed & special situations, emerging markets relative value, Europe directional, Europe market-neutral, global directional, global market-neutral, Greater China, multistrategy); private equity (entrepreneur capital, co-investments, environmental co-investments, multi-strategy, thematic); real estate (European value add, European core plus, global multi-manager); and private debt (European private debt)
Ownership structure: Principals, 100%
Alternative investment professionals: 161 Established: 1980 (parent in 1805)
Minimum investment: Pooled, $1M; Separate, $50M
PICTON MAHONEY ASSET MANAGEMENT
Contact: Connor Haslip, Vice President, Institutional Business
Address: 33 Yonge Street, Suite 320, Toronto, ON, M5E 1G4
PH: 416-955-4555
Fax: 416-955-4100
Email: institutional@pictonmahoney.com
Web: pictonmahoney.com
Alternatives management provided to: Canadian pension plans, 1; Canadian foundations, 1
Alternative AUM for Canadian institutional investors: $74,791M
Manager style: SLC fixed income: Actively managed investment-grade public and private fixed income; Crescent: Actively managed belowinvestment-grade public and private credit; InfraRed: Actively managed infrastructure equity across core and value-add strategies
Ownership structure: Third party, 100%.
SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (Sun Life), under which Sun Life Capital Management (U.S.) LLC in the United States and Sun Life Capital Management (Canada) Inc. in Canada operate. BentallGreenOak, Crescent Capital Group LP, and InfraRed Capital Partners are also part of SLC Management. Sun Life Capital Management (U.S.) LLC, Sun Life Capital Management (Canada) and InfraRed Capital Partners are indirect wholly owned subsidiaries of Sun Life Financial Inc. Crescent Capital Group LP is a majority-owned subsidiary of Sun Life Financial Inc. Sun Life Financial Inc. is a publicly traded company listed on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF. Note: BentallGreenOak (BGO) is listed as a separate entry in this directory, which specifies its ownership. Alternative investment professionals: 326+ Established: 2013
Minimum investment: Pooled, varies by fund; Separate, varies
Note:
The asset figures, client counts, and employee counts in this survey include those of SLC Management’s fixed-income operations and our affiliates Crescent Capital Group LP (Crescent ) and InfraRed Capital Partners (InfraRed). The broader SLC Management organization has additional alternative capabilities through our affiliate BGO. The capabilities of BGO are provided as a separate entry in this directory.
STONEBRIDGE FINANCIAL
Contact: Angela Valdes, Vice President
Address: 20 Adelaide St E, Toronto, ON, M5C 2T6
PH: 416-364-3001
Email: avaldes@stonebridge.ca
Web: stonebridge.ca
Alternatives management provided to: Manages and administers capital on behalf of pension plans, labour unions, insurance companies, banks, municipalities, foundations, universities, government entities, as well as for other managers and institutional investors.
Total Canadian alternatives clients: 60 Alternatives asset classes: Specializes in privae debt and credit investments across infrastructure, renewable power, healthcare, real estate (commerical mortgages), and corporate sectors.
Alternative AUM for Canadian institutional investors: $3.4B
Manager style: Active and passive, long and short duration strategies across investmentgrade, core, and core-plus risk profiles
Ownership structure: Originally founded with the support of three of Canada’s largest insurance companies that held a minority interest; 100% independently owned since 2021 Alternative investment professionals: 18
Established: 1998
Minimum investment: Pooled, $3M; Separate, $15M
T. ROWE PRICE
Contact: Lauren Bloom, Head of Canada
Address: 77 King Street West, TD North Tower, Suite 4240, Toronto, ON, M5K 1G8
PH: 647-355-6887
Email: lauren.bloom@troweprice.com
Web: troweprice.com/Canada
Alternatives asset classes: Multi-asset/GTAA, $173.1M; Other, $75,793.1M managed by investment advisory affiliates, including Oak Hill Advisors (OHA)
Alternative AUM for Canadian institutional investors: $370M
Manager style: Macro and absolute return strategies are fundamentally driven, trading long and short across global markets, seeking to provide strong risk-adjusted returns by combining a top-down macro view with bottom-up, idiosyncratic insights from T. Rowe Price’s global research platform through a repeatable investment process.
Ownership structure: Publicly held, 100%. Common stock owned outright by our associates and directors, combined with
outstanding vested stock options and unvested restricted stock awards, total approximately 6% of our outstanding stock and outstanding vested stock options as at December 31, 2024.
Alternative investment professionals: 124
Established: 1937
Minimum investment: Pooled, $5M; Separate, $60M
TD
GLOBAL INVESTMENT SOLUTIONS
Contact: Mark Cestnik, Managing Director
Address: 161 Bay St., Toronto, ON, M5J 2T2 PH: 416-274-1742
Email: mark.cestnik@tdam.com
Web: tdgis.com
Alternatives management provided to: Canadian pension plans, 166; Canadian foundations, 1; Canadian endowments, 33 Total Canadian alternatives clients: 253 Alternatives asset classes: Direct real estate, $21,377.05M; Private debt, $10,760.82M; Infrastructure, $2,918.43M; Other, $136.76M
Alternative AUM for Canadian institutional investors: $35,193.06M
Manager style: Core plus/diversified
Ownership: TD Global Investment Solutions represents TD Asset Management Inc. (TDAM) and Epoch Investment Partners, Inc. (TD Epoch). TDAM and TD Epoch are affiliates and wholly owned subsidiaries of The TorontoDominion Bank
Alternative investment professionals: 79
Established: 1987
Minimum investment: Pooled, $5M; Separate, $500M
2O25 ETF SPOTLIGHT
ETFs are here to stay for pensions
Sixty-seven percent of institutional investors now use ETFs ‘extensively and very frequently,’ notes strategist at Global X
WHILE EXCHANGE-TRADED funds
(ETFs) have long been dismissed in the institutional space as tools for retail investors, that perception has notably flipped dramatically, according to several ETF experts.
Raghav Mehta sees a clear evolution in how ETFs are perceived by the institutional investment community. Once dismissed as tools primarily for retail investors, ETFs
have steadily moved into the mainstream of pension and institutional strategies. He explains that ETFs were initially built with “the end investor, the retail traders and … the mom-and-pop investors in mind,” but over time, they’ve become increasingly appealing to more sophisticated users.
“ETFs are now increasingly being seen and utilized by pension funds, institutional
“ETFs are now increasingly being seen and utilized by pension funds, institutional allocators, and institutional investors as a mainstream solution”
Raghav
Mehta, Global X
allocators, and institutional investors as a mainstream solution, as a core constituent portfolio holding within their institutional strategies for pension funds. What used to be considered the new kid on the block has now become a core component used by institutional investors … not even satellite pieces,” explains Mehta, vice president and ETF strategist at Global X.
He notes that ETFs are increasingly being used by institutional players and pension funds for long-term exposures to equities, fixed income, and even certain commodities, especially for gaining quick, easy, and targeted access to certain sectors and regions.
Meanwhile, Bobby Eng, vice president and head of platform and institutional ETF distribution at Franklin Templeton, agrees to an extent.
“ETFs have been part of the arsenal for institutional investors for decades,” he says. “They’re just another investment tool that they can use … to achieve a certain goal.”
Mehta points to data from a 2024 State Street Global Advisors survey that found 67 percent of institutional investors now use ETFs “extensively and very frequently,” up from just 15–20 percent in the early days. Among those leading this shift? Canadian pension funds.
“Canadian institutions lead that institutional usage of ETFs globally,” he says, noting that they allocate an average of 18.8 percent of their total assets to ETFs, according to a survey from Investment Executive.
And that trend appears to be accelerating as “a net of 37 percent of institutions plan to increase ETFs in their portfolios in the next two years,” he highlights, pointing to data released from the Financial Times
Cost and liquidity are the main factors driving this adoption, as Mehta emphasizes that institutional decision-makers are motivated by efficiency.
“The lowest-costing ETFs are the main driver,” he says.
Consequently, the appeal for institutions is partly structural as ETFs offer immediacy, Eng explains, as using a mutual
2O25 ETF SPOTLIGHT
fund manager can take several weeks, if not months.
“With exchange-traded funds, if they agree that’s the vehicle to use, they could trade it that day,” Eng says.
ETFs are being utilized in more deliberate and multifunctional ways among institutional investors, evolving from short-term tactical instruments into essential components of portfolio construction. Eng explains that while many of the strategies employed by institutions overlap with those used by retail investors and advisors, the applications are becoming more advanced and purposeful.
He emphasizes these two events together mark a shift in how ETFs are viewed in institutional circles.
“I look at those two as a sequence of events in a trend of acknowledgements that these are really powerful tools for institutional investors,” he says.
However, he cautions institutional investors to view ETFs not as replacements but as complementary tools that enhance what they already use, whether that’s bonds, derivatives, SMAs, or pooled strategies.
“The bond ETF really does a fantastic job providing that additional layer of liquidity,” he says. “There’s tremendous value in that.”
“In times of stress, they’re very liquid vehicles to gain exposure to rebalance as opposed to individual securities”
Bobby Eng, Franklin Templeton
Daniel Stanley, managing director, head of institutional sales and service at BMO GAM, highlights two recent developments that have significantly advanced the credibility and adoption of ETFs among institutional investors.
The first key moment came in July 2020, when the Bank of Canada published a report titled, Will ETFs Shape the Future of Bond Dealing? The report identified four core advantages of ETFs for fixed-income markets: improved efficiency in bond distribution, reduced market segmentation, better price discovery, and lower transaction costs on portfolio trades.
The second development, according to Stanley, was this past January, when OSFI (Office of the Superintendent of Financial Institutions) updated the Life Insurance Capital Adequacy Test (LICAT). The change now treats fixed-income ETFs on par with cash bonds in terms of capital charges for life insurer, removing a long-standing disadvantage and significantly levelling the playing field.
Rather than hiring analysts to navigate fragmented or illiquid markets, like frontier regions within emerging markets, funds are opting for ETF-based beta exposure, Mehta notes.
“Instead of chasing alpha by hiring an analyst do that stock picking and stock selection when it’s just not in their wheelhouse, or they find it more expensive to do so, they’re okay with adding beta,” he says.
Liquidity is another major reason institutions turn to ETFs, as Eng notes ETFs often function as a “liquidity sleeve,” making up anywhere from 3 percent to 10 percent of a portfolio. These sleeves are designed to be quickly bought or sold depending on market needs or inflows and outflows, and in some cases are held indefinitely for the express purpose of managing liquidity.
“They could use the proceeds from that ETF in order to deploy assets into a particular name,” he adds.
Both Eng and Mehta also point to the role ETFs play in managing volatility.
ETF ALLOCATIONS INCREASING
ETF assets in US and Canadian pension plans, endowments, and other institutions surged 22% in 2023
Source: ETFs.com
Approximately 67% of institutional investors use ETFs extensively or frequently in their investment strategies
Source: Pensions and Investments, State Street Global Advisors
Canadian institutions lead globally, allocating an average of 18.8% of total assets to ETFs
Source: Investment Executive
A net 37% of institutions plan to increase ETF allocations in the next two years
Source: Financial Times
“These are perfect times that ETFs tend to shine,” Eng says. “In times of volatility, in times of stress … they’re very liquid vehicles in order to gain exposure to rebalance as opposed to individual securities.”
Mehta agrees, noting that ETFs have become vital among institutions for “diversification benefits and liquidity management,” particularly when institutional desks want to balance short positions with cost-efficient long exposure.
He also believes innovation is forcing a broader reconsideration of what credible ETF offerings can look like.
“Active ETFs are gaining a lot of momentum,” he says. “603 active ETFs were launched in 2024. That now accounts for 26 percent of the total ETF inflows.”
Whether it’s rebalancing, accessing private markets, equitizing idle cash, or replicating derivatives exposure more cost-effectively, all agree that ETFs have become part of the institutional toolkit.
“ETFs have been here for a long time and they’re not going anywhere,” Eng says. “They’re really used as a complement.”
BMO GLOBAL ASSET MANAGEMENT
Contact: Daniel Stanley, Managing Director & Head, Institutional Sales & Service
Address: 100 King Street West, Toronto, ON, M5X 1A1
PH: 416-947-3012
Email: daniel.stanley@bmo.com
Web: bmogam.com
Ownership structure: Principals, 100%
Number of investment professionals: 13
Established: 1982* (*BMO GAM was established in 1982, while BMO ETFs were launched in 2009)
Minimum investment for institutions: Negotiable Minimum subsequent investment for institutions: Negotiable
Management style: Active, strategic beta, traditional index
Other management styles: Factor, alternative asset classes, and alternative strategies Canadian institutional funds: Our ETF line-up includes 195 tickers (as of December 31, 2024).
Fund assets: Canadian equities, $29,714,252,791; Fixed income, $35,098,108,932; US equities, $38,715,833,036; Global equities, $14,924,116,779; Multi-asset, $973,196,309; Emerging markets, $1,707,116,539; Other, $4,576,054,408
Total assets managed: $125,708,678,796
Asset flows: Inflows, $15,902,207,493 (netflows) New products planned for 2025: Information relating to funds that are yet to be launched cannot be disclosed. We have recently launched the below ETFs with both unhedged and hedged to CAD (.F) versions. We have also filed the prospectus for three Target Maturity Fixed Income ETFs.
ZXLC |ZXLC.F – BMO SPDR Communication Services Select Sector Index ETF; ZXLY |ZXLY.F –BMO SPDR Consumer Discretionary Select Sector Index ETF; ZXLP |ZXLP.F – BMO SPDR Consumer Staples Select Sector Index ETF; ZXLE |ZXLE.F –BMO SPDR Energy Select Sector Index ETF; ZXLF |ZXLF.F – BMO SPDR Financials Select Sector Index ETF; ZXLV |ZXLV.F – BMO SPDR Health Care Select Sector Index ETF; ZXLI |ZXLI.F – BMO SPDR Industrials Select Sector Index ETF; ZXLB |ZXLB.F –BMO SPDR Materials Select Sector Index ETF; ZXLR |ZXLR.F – BMO SPDR Real Estate Select Sector Index ETF; ZXLK |ZXLK.F – BMO SPDR Technology Select Sector Index ETF; ZXLU |ZXLU.F – BMO SPDR Utilities Select Sector Index ETF
Products launched in 2024: ZIQ - BMO MSCI EAFE High Quality Index ETF CAD ZJUL - BMO US Equity Buffer Hedged to CAD ETF - July CAD ZAPR - BMO US Equity Buffer Hedged to CAD ETF - April CAD ZGLH - BMO Gold Bullion Fund - Hedged to CAD ZGLD - BMO Gold Bullion ETF CAD ZGLD.U - BMO Gold Bullion ETF (USD Units) USD ZJAN - BMO US Equity Buffer Hedged to CAD ETF – January CAD Benchmarks tracked: BMO Global Asset Management tracks a number of benchmarks from the following benchmark index families: FTSE Canada Index, Solactive Index, Bloomberg Index, Standard & Poor’s Index, Dow Jones Index, FTSE Index, MSCI Index, NASDAQ Index.
Transparency rules: For our ETFs, full portfolio holdings are disclosed daily and are publicly available on our website: bmo.com/gam/ca/ advisor/products/etfs#--tabs-1553694970691-. Some of our active mandates, however, will only show Top 10 monthly holdings, as opposed to the entire portfolio.
Management fees: Average MER, 0.24% Note: Local ETF expertise is available across Canada.
Important Information: Commissions, management fees, and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or simplified prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently, and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s simplified prospectus. BMO ETFs trade like stocks, fluctuate in market value, and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
Address: 161 Bay Street, Suite 2230, Toronto, ON, M5J 2S1
PH: 416-980-2768
Email: carlo.dilalla@cibc.com
Web: cibcam-institutional.com
Ownership structure: Third party, 100%, CIBC Asset Management Inc. is a wholly owned subsidiary of the Canadian Imperial Bank of Commerce (CIBC), a widely held, publicly traded company.
Number of investment professionals: 10
Established: 1972
Management style: Active, strategic beta, traditional index
Other management styles: CIBC ETF range offers a diverse range of manager styles, including broad-market index, quantitative and active equity/fixed income, and multi-asset portfolios.
Canadian institutional clients: 1
Canadian institutional funds: CIBC ETFs are exchange traded and are available to a wide range of investors – retail and institutional Fund assets: Canadian equities, $480M; US equities, $752M; Global equities, $108M; Emerging markets equities, $78M; Fixed income, $2,648M; Other, $446M
New products planned for 2025: We are expanding our ETF offerings with 8–10 new products expected to launch in 2025.
Products launched in 2024: 9 new ETFs launched: CIBC 2025 Investment Grade Bond Fund – ETF Series (CTBA); CIBC 2026 Investment Grade Bond Fund – ETF Series (CTBB); CIBC 2027 Investment Grade Bond Fund – ETF Series (CTBC); CIBC 2028 Investment Grade Bond Fund – ETF Series (CTBD); CIBC 2029 Investment Grade Bond Fund – ETF Series (CTBE); CIBC 2030 Investment Grade Bond Fund – ETF Series (CTBF); CIBC 2025 US Investment Grade Bond Fund – ETF Series (CTUC.U); CIBC 2026 US Investment Grade Bond Fund – ETF Series (CTUD.U); CIBC 2027 US Investment Grade Bond Fund – ETF Series (CTUE.U). We plan to build out our ETF line-up into 2025 with additional launches.
CIBC ASSET MANAGEMENT
Contact: Carlo DiLalla, CFA, Managing Director and Head, Institutional Asset Management
Benchmarks tracked: Morningstar® Canada Core Bond Index™, Morningstar® Canada 1–5 Yr Core Bond Index™, Morningstar® Global ex-Canada Core Bond Hedged CAD Index™, Morningstar® Canada Domestic Index™, Morningstar® US Target Market Exposure
Index™, Morningstar® Developed Markets
ex-North America Target Market Exposure Index, Morningstar® Emerging Markets Target Market Exposure Index™, CIBC Atlas Clean Energy Select Index, Morningstar® Developed Markets ex-North America Target Market Exposure Hedged CAD Index™, Morningstar® US Target Market Exposure Hedged CAD Index™ Transparency rules: The ETF dashboard allows investors to access daily price, performance and outstanding shares, historical prices, monthly NAVPS, fund profiles, monthly portfolio details (Top 10 holdings, sector breakdown, country mix), and quarterly commentary.
The disclosure of portfolio holdings to investors within the investment fund marketplace in Canada and in other jurisdictions is governed by regulatory requirements in respect of the disclosure of investment funds’ full and partial portfolio holdings. With the exception of ETF investment management, subsidiaries have policies in place providing guidelines for disclosure to prospective institutional clients, consultants, rating organizations, and analytical service providers.
Canadian domiciled mandate mix by client type: For ETFs that trade on the exchange, we don’t have the same granularity on ownership details as we do for mutual funds.
Worldwide breakdown of firm by each domiciled region: For ETFs that trade on the exchange, we don’t have the same granularity on ownership details as we do for mutual funds. Management fees: Average management fee, 0.25%; average MER, 0.29%. Management fees range from 4bps to 80bps for active ETFs.
DESJARDINS GLOBAL ASSET MANAGEMENT
Contact: Natalie Bisaillon, Vice President & Chief of Partnerships & Institutional Client Relations
Desjardins Global Asset Management is part of the Desjardins Movement, a financial services
cooperative that belongs to its members. Number of ETF investment professionals: 20 Established: 1998
Management style: Active
Canadian institutional clients: 38
Canadian institutional funds: Desjardins
Canadian Universe Bond Index ETF; Desjardins Canadian Short Term Bond Index ETF; Desjardins 1–5 Year Laddered Canadian Government Bond Index ETF; Desjardins Canadian Corporate Bond Index ETF; Desjardins 1–5 Year Laddered Canadian Corporate Bond Index ETF; Desjardins Canadian Preferred Share Index ETF; Desjardins RI Active Canadian Bond – Net-Zero Emissions Pathway ETF; Desjardins Canadian Equity Index ETF; Desjardins American Equity Index ETF; Desjardins International Equity Index ETF; Desjardins RI Canada –Net-Zero Emissions Pathway ETF; Desjardins RI USA – Net-Zero Emissions Pathway ETF; Desjardins RI Developed ex-USA ex-Canada –Net-Zero Emissions Pathway ETF; Desjardins RI Emerging Markets – Net-Zero Emissions Pathway ETF; Desjardins RI Canada Multifactor – Net-Zero Emissions Pathway ETF; Desjardins RI USA Multifactor – Net-Zero Emissions Pathway ETF; Desjardins RI Developed ex-USA ex-Canada Multifactor – Net-Zero Emissions Pathway ETF; Desjardins RI Emerging Markets Multifactor –Net-Zero Emissions Pathway ETF; Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF; Desjardins SocieTerra American Equity ETF; Desjardins Alt Long/Short Equity Market Neutral ETF; Desjardins Alt Long/Short Equity Market Neutral ETF – US$ Hedged; Desjardins Alt Long/ Short Global Equity Markets ETF – CA$ Hedged; Desjardins Alt Long/Short Global Equity Markets ETF – US$ Hedged
Fund assets: Canadian equities, $664M; US equities, $1,652M; Global equities, $1,015M; Emerging markets equities, $146M; Fixed income, $1,048M
Total assets managed: $4,525M
Asset flows: Inflows, $3,215M; outflows, $1,037M
Products launched in 2024: 5
Benchmarks tracked: Solactive Canadian Bond Universe TR Index; Solactive Short-Term Canadian Bond Universe TR Index; Solactive 1–5 Year Laddered Canadian Government Bond TR Index; Solactive 1–5 Year Laddered Canadian Corporate Bond TR Index; Solactive Canadian Rate Reset Preferred Share TR Index; Solactive Canadian Bond Universe Corporate TR Index; Solactive Canada Broad Market Index (CA NTR);
Solactive GBS United States 500 CAD Index (CA NTR); Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR)
Transparency rules: Positions are published on the website. For active ETFs, positions are published with a 30-day lag.
Canadian domiciled mandate mix by client type: Property and casualty and life and health insurance companies; pension funds; foundations; trust companies; investment funds; private companies; public sector entities
Worldwide breakdown of firm by each domiciled region: All institutional clients are Canadian domiciled
Asset distribution by relationship size for Canadian domiciled clients: Fixed income, $73.2B; Equities, $36.3B; Real estate, $3.6B; Infrastructure, $5.7B
Management fees: Average management fee, 0.22%; average MER, 0.25%
FRANKLIN TEMPLETON
Contact: Bobby Eng, Head of Institutional ETFs Canada
Address: 200 King Street West, Suite 1400, Toronto, ON, M5H 3T4
Number of ETF investment professionals: 20 Established: 1940
Management style: Active, strategic beta, traditional index
New products planned for 2025: Franklin U.S. Mid Cap Multifactor Index ETF (FMID) –launched in January
Products launched in 2024: Franklin Canadian Low Volatility High Dividend Index ETF (FLVC); Franklin U.S. Low Volatility High Dividend Index ETF (FLVU); Franklin International Low Volatility High Dividend Index ETF (FLVI); Franklin Canadian Government Bond Fund – ETF Series (FGOV); Franklin Conservative Income ETF
Portfolio – ETF Series (CNV); Franklin Core ETF
Portfolio – ETF Series (CBL); Franklin Growth ETF
Portfolio – ETF Series (GRO); Franklin All-Equity
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
ETF Portfolio – ETF Series (EQY) Benchmarks tracked: FTSE Canada All Cap Domestic Index; S&P/TSX Composite Index; FTSE U.S. Index; Russell 1000® Index; Russell 3000 Index; FTSE Japan Index; Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index; Solactive GBS Emerging Markets Large & Mid Cap CAD Index; MSCI World Index-NR; Russell 1000 Growth Index; MSCI EAFE Index; MSCI ACWI ex-REITs Index; MSCI EAFE IMI Index; S&P 500 Total Return Index; FTSE Canada 0–1 Year Universe Overall Bond Index; FTSE Canada Short Term Overall Bond Index; FTSE Canada Universe Bond Index; Bloomberg Barclays Global Aggregate (100% Hedged into CAD) Index; Bloomberg U.S. Aggregate Index (Hedged to CAD); FTSE Canada All Corporate Bond Index; FTSE Canada All Government Bond Index; S&P Global Infrastructure Index; Russell Mid Cap Index Transparency rules: Passive, smart beta, non-feeder active are fully transparent. Feeder of mutual fund ETFs – non-transparent Management fees: Average management fees: 28bps
GLOBAL X INVESTMENTS CANADA INC.
Contact: Raghav Mehta, CFA Vice President, ETF Strategist
Address: 55 University Ave., Suite 800, Toronto, ON, M5E 1S2
PH: 416-640-2936
Email: raghav.mehta@globalx.ca
Web: globalx.ca
Ownership structure: Global X Investments
Canada Inc. is a wholly owned subsidiary of Mirae Asset Global Investments Co., Ltd. and is a corporation existing under the laws of Canada. Global X is the manager, investment manager and trustee of the Global X Funds.
Number of ETF investment professionals: 11
Established: 2005
Management style: Active, traditional index Fund assets: Canadian equities, $9,032,971,892; US equities, $8,177,093,589; Global equities, $2,344,766,468; Emerging markets equities, $130,934,960; Fixed income, $6,392,689,210; Commodities, $185,708,897; Multi-asset, $215,352,198
Total assets managed: $38,681,881,495
Asset flows: Net flow, $4,387,570,795
New products planned for 2025: Information relating to funds yet to be launched cannot be disclosed. Recently launched: Global X Artificial Intelligence Infrastructure Index ETF (MTRX), February 2025
Products launched in 2024: USSX – Global X S&P 500 Index ETF; QQQX – Global X Nasdaq100 Index ETF; NRGY – Global X Equal Weight Canadian Oil & Gas Index ETF; UCSH.U – Global X USD High Interest Savings ETF; CNDX – Global X S&P/TSX 60 Index ETF; RING – Global X Equal Weight Canadian Telecommunications Index ETF; EAFX – Global X MSCI EAFE Index ETF; GLDX – Global X Gold Producers Index ETF; PAYS – Global X Short-Term Government Bond Premium Yield ETF; EMMX – Global X MSCI Emerging Markets Index ETF; RSSX – Global X Russell 2000 Index ETF; EACC – Global X MSCI EAFE Covered Call ETF; EMCC – Global X MSCI
Emerging Markets Covered Call ETF/Toronto; USSL – Global X Enhanced S&P 500 Index ETF; EQCC – Global X All-Equity Asset Allocation Covered Call ETF; RSCC – Global X Russell 2000 Covered Call ETF/Canada; PAYM – Global X Mid-Term Government Bond Premium Yield ETF; TTTX – Global X Innovative Bluechip Top 10 Index ETF; MART – Global X Equal Weight Canadian Groceries & Staples Index ETF; SAFE – Global X Equal Weight Canadian Insurance Index ETF; AIGO – Global X Artificial Intelligence & Technology Index ETF; PAYL – Global X LongTerm Government Bond Premium Yield ETF; EMCL – Global X Enhanced MSCI Emerging Markets Covered Call ETF; EACL – Global X Enhanced MSCI EAFE Covered Call ETF; EAFL –Global X Enhanced MSCI EAFE Index ETF; EMML – Global X Enhanced MSCI Emerging Markets Index ETF; QQQL – Global X Enhanced Nasdaq100 Index ETF Management fees: Management fees vary by ETF; MERs vary by ETF
Target-date fund suitability 2.0
As the TDF market continues to evolve, so too must the approaches taken by plan sponsors, writes Fergus
Meldrum
SINCE THEIR inception, target-date funds (TDFs) have had a substantial impact on the Canadian defined-contribution (DC) market. Over the past 15 years, TDFs have proven to be highly effective, addressing investment challenges for numerous plan members. Today, based on our block of business, over 80 percent of new contributions flow into TDFs, and, according to Sun Life’s benchmark report, Design for Savings 2023 , more than 68 percent of plans are now using a TDF as their default – and this number continues to rise each year. The shift away from traditional default investment options such as money market funds,
guaranteed interest accounts, and balanced funds has enabled plan members to benefit from strong market performance, increased diversification, and risk mitigation as they approach retirement.
Regulatory changes and new challenges
Last year, however, the Canadian Association of Pension Supervisory Authorities (CAPSA) modernized Guideline 3 for Capital Accumulation Plans (CAP Guidelines), providing plan sponsors with an updated framework for improved governance and oversight. Section 6 of the guideline
advises sponsors to regularly review investment options, while Section 2 emphasizes considerations for selecting default investments, including the CAP’s purpose, member outcomes, risk level, fees, demographics, and member behaviours.
The rapid growth and market dominance of TDFs combined with these updated guidelines from CAPSA and an evolving DC market highlight the increasing necessity for plan sponsors to implement enhanced oversight processes. This poses a challenge for most plan sponsors: how do they incorporate these factors into their investment decision-making process?
Before looking at the investment selection process, it’s important to understand the evolution of the TDF market. When TDFs were introduced in Canada in the early 2000s, glide path theory was in its early stages, performance history was limited, and funds were built with more of a home-country investment bias. Plan sponsors initially chose TDFs based primarily on investment management fees, recommendations from recordkeepers, or the manager’s investment style.
Notably, as the DC market has evolved, several TDFs have undergone substantial changes, including adjustments to underlying investment components, increased US and international exposure, the introduction of alternative investments, and revisions to fixed-income strategies. These modifications have led managers to alter glide paths significantly. Additionally, several new TDF providers have recently entered the Canadian market, expanding choices available to plan sponsors.
Building an effective governance framework
Developing a selection and monitoring process for TDFs can be challenging. Collaborating with an experienced advisor who understands the TDF landscape is essential. For example, in the US, advisors have relied on the Department of Labour’s 2013 document DOL TDF Tips for ERISA Fiduciaries to help guide them. Fortunately, many of these recommended practices are highly applicable to Canadian plan sponsors aiming to implement TDF governance.
This includes methods of establishing a structured process for comparing and selecting TDFs, regularly reviewing selected TDFs, and understanding the underlying investments and monitoring any changes. It also entails reviewing the fund’s fees and inquiring about custom or non-proprietary target date, since many
Several TDFs have undergone substantial changes, including adjustments to underlying investment components, increased US and international exposure, the introduction of alternative investments, and revisions to fixed-income strategies
of the vendors offer their own suites. It’s also important to develop an effective communication strategy as well as document the process.
Looking forward
As we move into a new era, with updated guidelines from CAPSA and an evolving DC market, plan sponsors must place greater emphasis on aligning the investment decisions to the purpose of the CAP plan, especially when selecting the default investment.
Understanding the plan sponsor’s goals can allow the advisor to gain valuable insight into their appetite for risk, fees, and desired performance. Leveraging planspecific metrics such as contribution rates, member account balances, and plan demo-
graphics while understanding how plan design can impact plan member saving rates are some emerging global best practices that can further enhance suitability. As the TDF market continues to evolve, so too must the approaches taken by plan sponsors. By embracing rigorous oversight and informed decision-making, sponsors can ensure they select optimal investment options aligned with their employees’ longterm financial goals.
Fergus Meldrum is vice president of investment strategies at NFP, an Aon company. He brings 20 years of group retirement experience to NFP. He has worked with some of North America’s largest retirement plans.
Women leaders face chronic barriers, too
Dr.
Liz Scott
and
Tamara
Keenan underscore the need to include gender-inclusive health benefits and policies in the workplace amid a rise in chronic illnesses
OVER THE last few decades, the landscapes of consumer markets across the globe have been enhanced because of entrepreneurial women in business leadership roles. Success stories of powerful women CEOs and all-women boards disrupting the status quo in Goliath industries are now seen as the norm.
Reliable data showing the rise of women’s leadership in the workplace is abundant. A key indicator has been the slow but sustained narrowing of the wage gap in Canada. But an often-missed detail is the consideration of chronic illnesses that may affect working-age women and how setbacks relating to them can have career growth-hampering effects. Conditions like autoimmune diseases, diabetes, fibromyalgia, and mental health disorders disproportionately affect working-age women. Women file more disability claims than men, often for conditions like lupus, migraines, or mental health disorders. Some of these claims, particularly for “invisible illnesses,” are often scrutinized without appropriate treatment plans.
Ways in which chronic illness affects working women
Financial and emotional: Out-ofpocket costs for treatments, medica-
tions, and specialist visits strain budgets and deplete savings. Women also see earnings erosion during these illnesses either through “absenteeism,” which describes loss of workdays leading to income loss, or “presenteeism,” being physically at work yet unproductive, due to illness.
Stigma around taking time off: Needing to take time off work can have far-reaching implications beyond the individual’s ability to earn, particularly for conditions tied to reproductive health (e.g., infertility, menopause). Rigid workplace structures prioritizing full-time, uninterrupted availability disadvantage women who need flexibility for medical care and recovery. Barriers also exist at the organizational level, including negative attitudes toward employees with chronic conditions. On the employee level, these could manifest as a reluctance to collaborate with employers in dealing with work-related barriers.
The hustle culture: Working long hours without an appropriate balance leads to increased mental health deterioration, irrespective of gender. Career and financial success are socially glorified and well summed up
through the romanticized “hustle culture” idea. Widespread acceptance of these ideals has enabled business leadership to favour employees who rarely or never take time off.
How
organizations lose without their female
employees
Productivity and retention: HR teams and disability managers must understand that employee backgrounds can include chronic illnesses. Creating a more inclusive environment for employees living with invisible disabilities allows their talents to shine while supporting them with stressors existing outside the workplace. Accommodations reduce absenteeism and retain skilled workers. Without inclusive policies, companies stand to lose out on the unique benefits their women workforce brings, like fostering a highly communicative workplace and relationship-oriented team building.
Non-compliance with human rights: Laws that aim to protect workers living with disabilities require organizations to
make reasonable accommodations to facilitate the individual’s ability to work. Failing to embrace this duty to accommodate under the Canadian Human Rights Act could result in inequitable claim practices, leading to non-compliance and inviting litigation. Issues that persist or escalate may bring about financial consequences or potentially damage the employer’s reputation.
Successful ways to include women who face chronic illness
Gender-inclusive health benefits and policies: Inclusive employer-covered benefits play a pivotal role in mitigating the challenges that chronic conditions bring. Proactive measures, such as early intervention through case management, reduce longterm claims costs and improve outcomes for team members returning to work. Accommodations such as hybrid or remote work options can help when periodic symptoms arise. A phased return-to-work program eases the transition for staff after they take medical leave. Clear workplace policies and
Without inclusive policies, companies stand to lose out on the unique benefits their women workforce brings
procedures also help to provide financial and logistical support while staff are off work. Inclusive company policies, robust shortand long-term disability coverage, wellness programs, and health spending accounts are all avenues in which we can mitigate the effects of chronic illnesses that women face.
Benefits providers help alleviate these issues by designing inclusive disability programs. Well-designed plans cover episodic conditions, providing financial resources that help employees plan for and feel comfortable during an unexpected income gap. Benefit policies have room to evolve to better serve this unique subset; expanded coverage for under-addressed issues or offering pension options accommodating career breaks without penalty are
solutions. Policymakers can support a more significant move toward these benefits by advocating for stronger workplace protections and legislative and insurance reforms.
Employers who integrate these needs into their benefits and disability strategies can expect a return on investment through increased retention and reduced absenteeism.
Dr. Liz Scott CEO of Organizational Solutions Inc. (OSI), is a disability management professional, recognized for award-winning cost-reduction results and program design in disability and workers’ compensation management. Tamara Keenan, director of learning and development at Organizational Solutions Inc. (OSI), brings 15+ years of experience in disability management, training, and teaching. She is a licensed paralegal.
Supporting women’s health is a necessity
Enhancing benefits plans to include more women-focused coverage can address women’s health inequality, writes Meghan Vallis from Equitable
WOMEN MAKE up 50.3 percent of the working population, and those aged 45–55 are the fastest-growing working demographic in Canada. It’s time we normalize talking about women’s health topics, particularly the 3 Ms: menstruation, maternity, and menopause. Then, we can begin investing in women’s health.
Women’s health has long been overlooked, with a historical lack of research and understanding leading to a significant gap in understanding their health needs. This matters because a woman’s physiology is a lot different than a man’s.
One example of the negative impact to women is highlighted by the Heart and
Stroke Foundation. Only one-third of cardiovascular trials include women, and, of those third, only 3 percent reported the results by sex. As a result, half of women who experience a heart attack have their symptoms go unrecognized, and women are seven times more likely to be discharged while having a heart event compared to men.
Women also metabolize drugs differently than men. McKinsey Health Institute notes that there are well-known cases where women and men experience differences in the effectiveness of a medicine designed and approved for use. In a review of more than 650 academic papers, analysts found that 64 percent of the interventions put women at a disadvantage, due to lower efficacy or access, or both. For men, it was only 10 percent of interventions.
Another study found that in Canada, women experience 75 percent of all adverse drug reactions and spend 25 percent more time in poor health compared to men. According to the WHO, addressing this would not only improve the health and lives of millions of women but it could also boost the global economy by at least $1 trillion annually by 2040. Do you know what this translates into? A 300 percent return on investment. But less than 1 percent of global funding for healthcare goes to women’s health. In Canada, it’s only 7 percent.
By providing access to essential healthcare and medications, employers can create a more inclusive and supportive work environment
How can employers invest in women’s health?
1 Invest in manager training
Twenty-five percent of Canada’s labour market are women aged 40-plus. But one in two women in Canada say they are unprepared for menopause. Overall workplace support, including formal policies, programs, and communication about the issue, is disappointingly low. The Menopause Foundation of Canada released a groundbreaking study showing the staggering $3.5 billion cost of menopause to the Canadian economy. It has created a playbook for employers to act upon.
2 Improve access to healthcare
One of the most significant barriers to women’s health is an inability to receive continuous care. According to the Canadian Medical Association, more than one in five Canadians doesn’t have a family doctor or nurse practitioner they see regularly. On average, it takes a woman eight visits to receive a prescription for hormone replacement therapy (HRT), and during pregnancy a woman will have 12 or more visits with the doctor. As the primary-care provider of family members, women spend a lot of time sitting in waiting rooms. Adding virtual healthcare to the benefit program can help address this issue.
3 Enhance the benefit plan
Consider how you support women in the drug plan. Ensuring coverage for HRT, birth control, fertility, weight
loss, migraine, and vaccines can make a significant impact.
Consider including pharmacogenomics testing. Pharmacogenomic testing can help determine how compatible a patient’s body may be to a particular drug and helps their physician prescribe the most appropriate medication and dosage. The goal is to ensure the right drug is prescribed to deliver the most positive outcome with the fewest side effects. It’s also very affordable.
Consider offering a higher maximum for physiotherapy to allow for sufficient care post-partum and including pelvic floor therapy.
Consider a spending account or increasing the maximum. Spending accounts allow for the ultimate in personalized healthcare and can easily support how one’s healthcare needs change over time. Even a small amount can make a big impact.
Supporting women’s health through a comprehensive benefits plan is not just a trend; it’s a necessity. By addressing the unique challenges women face and providing access to essential healthcare and medications, employers can create a more inclusive and supportive work environment. It’s time to remove the stigma around discussing women’s health issues and ensure that women receive the care and support they deserve.
Meghan Vallis is the group sales vice president, Western Canada and myFlex benefits. She’s known for transforming employee benefits into what she calls “braggable benefits.”
AI: a force for good in benefits
Benefits consultants Jamil Jamal and Jeffrey Stinchcombe highlight how AI is playing its role in rejuvenating benefits plans
ARTIFICIAL INTELLIGENCE (AI) is reshaping industries worldwide, and the Canadian group benefits industry is no different. Group benefits, which traditionally cover healthcare, dental care, disability insurance, and retirement savings, have been influenced by AI technologies in various ways, from improving claims management and offering personalized benefits offerings to enhancing customer service and detecting fraud.
Enhancing operational efficiency
One of the most prominent impacts of AI in the group benefits sector is improved operational efficiency. AI-powered automation has streamlined administrative processes that were once time-consuming and prone to human error. Claims
AI’s ability to analyze data allows insurers to offer more personalized benefits plans tailored to the unique needs of employees
processing, policy administration, and customer inquiries are increasingly being overseen by intelligent systems.
Manulife, a leading Canadian insurance provider, has implemented AI to expedite claims adjudication. Its AI platform, equipped with natural language processing (NLP) capabilities, can quickly review medical documents, verify eligibility, and approve claims within minutes.
Additionally, AI chatbots like Sun Life’s Ella assist employees in navigating their
benefits plans. Ella uses AI to provide personalized guidance, answer questions about coverage, and remind users about available services, like health screenings or wellness programs.
Personalized benefits offerings
AI’s ability to analyze vast amounts of data allows insurers to offer more personalized benefits plans tailored to the unique needs of individual employees. Tailor-made plans are especially important in today’s workforce,
where employees increasingly value flexibility and relevance in their benefits.
Beneva uses AI algorithms to analyze demographic, behavioural, and historical claims data, resulting in recommended customized benefits packages that align with the specific health risks or preferences of a given workforce.
Personalization can help employers attract and retain top talent. It can also ensure that employees receive benefits that genuinely improve their quality of life.
Revolutionizing wellness and preventive care
AI is also enabling a shift from reactive to proactive care. By leveraging predictive analytics, insurers can identify potential health risks and intervene early, reducing the overall cost of claims and improving employee health outcomes.
AI-driven health platforms like League, a Canadian digital health-benefits provider, use data analytics and machine learning to track employees’ health metrics. The platform provides personalized wellness recommendations and connects users with mental health support, fitness programs, or dietary advice. This helps employees address potential health issues before they become costly claims.
Desjardins Insurance offers discounts to employees who use wearable fitness trackers to maintain healthy habits. AI processes the data from these devices to form insights into employee wellness trends and suggest tailored health initiatives.
Fraud detection and risk management
Fraudulent claims cost insurers billions
of dollars annually. Traditional methods of detection often fail to keep up with sophisticated schemes. AI’s ability to detect patterns and anomalies in large datasets has proven to be a game-changer.
Aviva Canada uses AI-powered tools to analyze claims data and identify suspicious patterns that might indicate fraud, such as repetitive claims for the same service or unusual billing practices by healthcare providers. These systems can flag poten -
AI-powered platforms
mental health support. These tools use NLP to engage users in conversations and offer coping strategies, and can even escalate cases to human therapists.
Ethical considerations
AI also presents challenges and ethical considerations that must be addressed, like data privacy and security. The use of AI relies on vast amounts of personal data, raising questions about how this information is stored,
are making mental health resources more accessible and personalized
tially fraudulent activities for further investigation, saving insurers significant amounts of money and protecting the integrity of the benefits system.
Improving mental health support
Mental health is a growing concern in the Canadian workforce, and AI-powered platforms are making mental health resources more accessible and personalized.
Dialogue, a Canadian virtual healthcare provider, offers AI-driven mental health programs through its Employee Assistance Program (EAP). The platform uses machine learning to assess employees’ mental health needs and recommends appropriate resources like therapy sessions or stress-management workshops.
Additionally, AI chatbots like Woebot and Wysa are also being integrated into benefits programs to provide real-time
shared, and protected. Insurers must ensure compliance with Canada’s privacy laws, such as the Personal Information Protection and Electronic Documents Act (PIPEDA), to maintain trust with their clients.
Another challenge is ensuring transparency in AI decision-making. Employees and employers may question the fairness of AI-driven decisions like claims denials or premium adjustments. Insurers will need to provide clear explanations of how AI algorithms arrive at these decisions to avoid potential disputes.
of experience, bringing a wealth of knowledge to NPI members as the resident subject-matter expert.
Jamil Jamal has been with People Corporation for over 10 years. He’s also a lead instructor for the NPI’s course on best practices of employee benefits. Jeff Stinchcombe has over three decades
“Knowing that my daughters may be affected by this when they’re older, I wanted to have some control over bettering their lives”
4th
time participating in the Walk to Conquer Cancer, 4th year into survivorship
$25k has been raised for cancer research by Muthurajah and her husband over 3 years
FROM PATIENT TO POWERHOUSE ADVOCATOR
1 in 8
Canadian women will develop breast cancer during their lifetime. 1 in 34 will die from it, according to the Public Health Agency of Canada
How Nirupa Muthurajah’s passion for fundraising and advocacy stemmed from a personal health crisis
NIRUPA MUTHURAJAH was diagnosed in 2021 with stage 2B breast cancer. Within days, she was undergoing scans and treatment at Toronto’s Princess Margaret Hospital. The director, equity strategies lead on the Active Public Markets team at University Pension Plan felt out of control and wanted to regain a sense of purpose.
She was inspired by her father’s longtime participation in The Princess Margaret Ride to Conquer Cancer and decided to volunteer for the hospital. For
Muthurajah, fundraising and advocacy was a way to share her experience and support cancer research.
“Knowing that my daughters may be affected by this when they’re older, I wanted to have some control over bettering their lives,” she says.
Muthurajah stays active in cancer fundraising and advocacy by walking annually in The Princess Margaret Walk to Conquer Cancer and sharing her personal story to raise awareness. She asserts even small donations
can make a significant impact, particularly in supporting programs like the survivorship clinic she continues to rely on.
By speaking out, she aims to normalize the conversation around cancer in younger women.
“There’s still information to be gathered from doing an early screening,” she says, pointing to breast density as an example. “That’s really important for understanding whether you’re more susceptible to breast cancer.”
