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08 Speciality drugs No longer fringe in private drug plans
50 Private growth equity The $5 trillion investment opportunity 52 Bitcoin, Trump, and DB Are Bitcoin and Trump positive for DB plans? 54 Defined benefit resilience A look inside MPP’s DB plan
Highlighting honourees who are reshaping the industry
There is nothing new in the rejection of evidence-based medicine. The first uses of smallpox inoculation in 18th-century Europe were declared immediately more dangerous than the illness. Some even claimed that disease was divine punishment, and these treatments were against the will of God.
Adoption of this life-saving technique, the precursor to modern vaccination, was given a boost when Tsarina Catherine the Great of Russia inoculated herself and her son. One of the great rulers of the age used her own example to support life-saving medicine.
The rulers of our age seem more willing to stoke fear and indulge disinformation than to set a life-saving example. We have seen the president of the United States repeat the long-disproven claim that links the measles, mumps, and rubella vaccine with autism. He has further linked the use of acetaminophen in pregnancy to autism, calling into question one of the few proven safe painkillers for pregnant people.
Canada now faces our worst measles outbreak in generations, with around 4,000
The rulers of our age seem more willing to stoke fear and indulge disinformation than to set a life-saving example
confirmed infections. While our leaders have refrained from anti-evidence rhetoric, social media has amplified those voices that reject evidence in favour of anecdote and present unchecked inaccuracies as fact.
When the loudest voices in the world turn against medicine, they do untold damage, further eroding individuals’ trust in the scientific method and evidencebased treatment.
Every stakeholder in public health now must work to undo that damage and rebuild trust. Plan sponsors are well positioned to do that work. The 2025 edition of the Edelman Trust Barometer reveals that 75 percent of employees still trust their employers to do what is right. According to that same measure, businesses remain more trusted globally than NGOs, government, or the media.
By speaking up in small ways, offering resources and proof, hearing employees’ concerns, and addressing them from a place of both empathy and evidence, plan sponsors can help to rebuild trust. Much of the anti-evidence sentiment of our age has seen people choose to trust a relationship with a person above an institution. Plan sponsors have a trusted relationship with their members, and in a time when the rejection of evidence has become almost fashionable, the power of individual conversations built on trust cannot be overstated.
David Kitai, senior editor
EDITORIAL
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Joyce Hum, Neuberger Berman
Anthony Spagnolo, Baillie Gifford
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Survey shows most Canadians see their job security fading, with many adjusting job searches and pay expectations amid recession worries.
Nearly
Source: Express Employment Professionals – Harris Poll survey, 2025
Global
Most Canadians with disabilities, especially women, face workplace barriers. In 2022, women in Canada (43%) were more likely than men (39%) to have severe or very severe disabilities.
New national report reveals nearly half of Canadian women are experiencing heightened anxiety, with younger women and mothers facing unmet mental health needs.
47% of women report increased anxiety due to current political and economic pressures
Young women (16–24) report higher anxiety (18%) than young men (14%)
Parental women are more likely to seek mental health support (17%) than men (13%)
Over 50% of Canadian women feel unprepared for menopause, and nearly 60% are unaware that symptoms like anxiety, depression, and memory issues are linked to this transition
9% of women who identify as 2SLGBTQI+ and 8% of racialized women report needing mental health support but not accessing it
In 2024, the majority of Canadian employees had workplace medical or dental benefits, but access varied
Retention costs are climbing, and group benefits are becoming the frontline tool for keeping employees engaged across generations
THE IMPACT of losing a strong employee does not stop at the cost of posting a job or running interviews. Those are the surfacelevel expenses. The deeper costs are harder to measure: the business slowdown when expertise walks out the door, the morale hit to teams left behind, and the loss of continuity. Retention, in most cases, is the smarter investment.
As Sylvia Tran, AVP of Eastern Sales at Co-operators, puts it, “Your employees are your first customers. If they don’t feel valued and connected to your company, it’s likely that your actual customers will sense that too. This truth is forcing employers to take a more thoughtful approach to employee benefits, ensuring they support and uplift their team.”
Employers today are working with a multi-generational workforce, often with conflicting priorities. Companies must confront the important challenge of attracting Generation Z (Gen Z), who bring fresh perspectives, while also supporting millennials as they manage the demands of family life.
It is also crucial to address the needs of Generation X and baby boomers to ensure their continued involvement and facilitate knowledge transfer to the next generation. Achieving this balance requires understanding, compassion, and a commitment to fostering an inclusive workplace where everyone feels valued.
Gen Z has grown up in a digital world and navigated through economic chal -
lenges, which has shaped their needs and preferences at work. Understanding that their well-being plays a crucial role in their overall happiness, they deeply value mental health support, flexibility, and a sense of belonging.
Millennials often juggle personal and professional demands, seeking family-planning support and meaningful career development. Generation X and baby boomers prioritize family benefits and work-life balance while also valuing recognition for their loyalty as they consider phased retirement.
Employers are under pressure to offer programs that support all these needs at once. By recognizing and addressing these unique priorities, employers can foster a more inclusive and empathetic workplace that benefits everyone.
Flexibility and communication are essential
A recent Express Employment Professionals survey found that Canadian employers are losing roughly $29,000 each year to turnover, and nearly one in five face losses exceeding $100,000. Burnout, lack of flexibility, and better offers elsewhere are the main drivers.
Tran argues that flexible benefit design is the most effective solution. By regularly surveying employees and genuinely responding to their feedback, employers can create programs that resonate with their workforce. This approach makes the benefits plan more attractive and harder to leave.
“Conducting a survey every three to four years is necessary because the workforce is always changing and their needs
are evolving,” she says. The act of listening matters, but so does follow-through. If employees say they want wellness allowances, family- planning support, or even something as simple as a gym membership, the employer needs to respond.
“If your benefits plan is comprehensive and truly meets your employees’ needs, it makes it more challenging for valued employees to leave, as they would have to find a similar plan with their next employer,” she explains.
However, even the best benefits plan falls short without effective communication. Younger employees may prefer digital
see clear evidence of care and support from their employers.
Insurance carriers play a key role as partners to employers. Co-operators, for example, offers not only coverage but resources like employer surveys, employee training, communication support, and consultations with experts in areas like disability and drug coverage. They also host educational events to keep advisors and clients aligned with industry trends.
Retention hinges not just on benefits but on recognition. Tran’s career shows the power
“Conducting a survey every three to four years is necessary because the workforce is always changing and their needs are evolving. The act of listening matters, but so does follow-through”
Sylvia Tran, Co-operators
self-service, while older workers may value paper materials or in-person presentations. A mix of methods ensures everyone understands their benefits.
Many people assume that only large organizations can attract talent through generous benefits. Tran disagrees with this notion. With thoughtful design and effective communication, even companies with modest budgets can create programs that resonate with employees.
By taking the time to explain the rationale behind their benefits plan, they can create a deeper connection with employees and ensure that the plan truly resonates with them. What matters is that employees
of being seen: she moved from underwriting to sales to leadership because mentors identified her potential and invested in her growth.
As a leader, Tran has developed programs that nurture new talent, empower valued employees with meaningful career growth, and inspire the next generation of leaders in our workforce.
The Account Executive Development Program identifies individuals who possess the necessary soft skills for success in group benefits sales and provides them with training in technical areas such as underwriting and claims. Meanwhile, the AE Leadership Program offers experienced account executives the opportunity to take on leadership responsibilities by coaching their peers before transitioning into management roles.
Sponsored by
This approach reflects a wider principle: investing in people is itself a form of retention. When organizations create pathways for growth, they reduce the risk of losing talent to competitors.
Tran also highlights the broader role of talent development. She frames the issue around three questions employees ask, often subconsciously: Do I have the autonomy and freedom to make choices in my work? Am I genuinely challenged by the complexities of my role and experiencing growth in my professional journey? Is there a clear connection between the effort I invest and the rewards I receive?
“If any of these questions elicit a ‘no’ response, it is likely that employees will feel disconnected and disengaged, which may lead them to seek other job opportunities,” Tran emphasizes. “Everyone deserves to find purpose in their work. When you look at the hours of a nine-to-five job, you want to make the bulk of your day meaningful. Benefits can help address these concerns, especially when paired with genuine opportunities to grow and contribute to something bigger than oneself.”
Looking ahead, these demographicdriven trends are only set to intensify. As Generation Alpha begins to enter the workforce in the coming decade, and as remote and hybrid work models become further established, organizations will need to remain agile. Continuous refinement of benefits strategies is required to meet the expectations of a workforce that is more digitally native, diverse, and values-driven than ever before.
Think of retention as a shared table where four generations sit side by side with distinct expectations and priorities. Employers who show flexibility in meeting those needs, communicate benefits without jargon, and provide clear paths for growth will not only keep talent at the table but also build a culture where everyone feels they belong.
Despite the high costs, specialty drugs are no longer fringe within private Canadian drug plans,
writes Gary Walters
THE COST of prescription drugs has become one of the biggest drivers of employee benefit plans, accounting for 30 percent or more of the total expenses in employee benefit plans in Canada. As benefit costs continue to rise and workplace health needs grow more complex, employers are under increased pressure to balance affordability with sufficient coverage for their employees. While employers are familiar with the steady costs of traditional medications, specialty medications are reshaping the landscape.
High-cost prescription drugs are often used to treat specific, complex, and chronic conditions, targeting conditions like autoimmune disease, cancer, multiple sclerosis, cystic fibrosis, rheumatoid arthritis, and obesity management, and requiring special handling, storage, administration, and monitoring. Yet, while specialty drugs can have a significant impact on the quality and longevity of life, they come at a huge price to employers and their overall benefit plan package.
When employee benefits were first conceived, drug plans mainly covered high-frequency, low-cost medications like antibiotics and blood pressure prescriptions, but starting in the 1990s, they were forced to adapt to low-frequency, high-cost medicines for chronic diseases like cancer or conditions like multiple sclerosis.
Now, the industry is encountering a “middle ground” where there is growing demand for common, yet relatively highcost and high-frequency medication. Unfortunately, an increase in the use of a drug does not lead to a reduction in its price, as there are no economies of scale. As volumes go up, the total cost goes up proportionately, which in turn directly impacts premiums.
Specialty drugs are no longer fringe within private Canadian drug plans. According to data from the Canadian Institute for Health Information (CIHI), public drug spending climbed to $18.4 billion in 2023, a 6.7 percent rise over 2022. Medications costing over $10,000 per year make up nearly one-third (32.8 percent) of total plan spending, despite being used by only a small percentage of claimants. Between 2018 and 2023, private plan drug costs surged 14.1 percent year over year, propelled largely by the “drug-mix effect,” which increased the use of higher-cost drugs.
Ozempic (semaglutide) is an example of this. The drug has become a brand name for diabetes treatment and is extensively used for weight loss in North America, Europe, and Asia. Beyond its popularity and buzz, the numbers speak volumes. Ozempic drove a $662 million public-sector spend in 2023 (up from $434 million in 2022) and
accounted for 6.6 percent of total eligible drug spend under employer plans. As claim costs rise, premiums must follow. Medium-sized plans (100–999 claimants) already have the highest average annual cost per claimant (around $909 to $931 in 2023), compared to large plans (approximately $807) or small ones. Unlike large corporations, mid-sized companies lack the extensive workforce to absorb significant financial setbacks. Although stop-loss insurance or substantial pooling can mitigate risks, these solutions invariably add costs to a medium-sized plan, which already contends with elevated risk exposure.
“Specialty drug costs will only continue to rise as medical technology and innovation accelerate. Every few years, new therapies enter the market with higher price tags and broader patient demand”
Specialty drugs like gene therapies can cost half a million to a million dollars each, creating potential breakthroughs but massive financial burdens. Even when they are effective, the ROI is long-term, not immediate.
Moreover, the benefits of these drugs and therapies often accrue to the public system, rather than directly to the employer.
For employees, the barriers are high: financial (out-of-pocket costs), adminis -
trative (prior authorizations or coverage restrictions), or eligibility related (off-label vs. approved use). Even when a drug exists, access is not guaranteed, which can lead to lower productivity, absenteeism, and retention issues. While specialty drugs can be a big-ticket expense, they can have a substantial impact on employee wellness and retention that employers must consider.
Gone are the days of employee benefit plans just covering inexpensive, everyday prescriptions. The landscape has shifted to an era where life-changing drugs come with price tags that can destabilize entire budgets. The challenge for employers today is finding a way to balance innovation and access with sustainability, supporting employees’ health without breaking the system.
Specialty drug costs will only continue to rise as medical technology and innovation accelerate. Every few years, new therapies enter the market with higher price tags and broader patient demand. To keep pace, employers must remain agile and flexible, adapting their benefit plans to manage costs while still supporting the health and wellbeing of their employees.
Employers can use plan maximums, stop-loss pooling, and utilization management to protect many claimants without high costs while containing the costs associated with the few claimants with specialty drug needs, but potentially leaving them without affordable access to the medications they need. In the long run, collaborating with insurers and even the government to share the financial burdens of specialty drugs could go a long way.
With a front-row seat to Canada’s disability landscape, Canada Life unpacks what rising mental health claims mean for employers
FEW ORGANIZATIONS in Canada have a broader or more detailed perspective on employee well-being than Canada Life. Data from thousands of employers, across sectors, reflect a wide range of claims and long-term trends. Together, these point to a clear shift in employee needs.
In recent years, a consistent rise in mental health-related claims highlights a timely opportunity for employers to reassess their approach.
This year, Canada Life published The Cost of Inaction: Why Businesses Must Prioritize Mental Health in Disability Management , a report designed not just to surface the trend but to help employers respond to it. Backed by years of claims data and on-the-ground experience, the report identifies clear strategies.
By focusing on early intervention, targeted support, and plan design, employers can take meaningful steps to support employee well-being earlier, before disability occurs, strengthening both workforce resilience and organizational health.
“We wanted to create something that gave leaders the context and tools to act, not just react,” says Laura Pratt, national director of organizational health at Canada Life. “These aren’t one-off cases. They’re signals of broader patterns that need to be addressed systemically.”
From physical to psychological: a shift in claims and complexity
For years, physical injuries and chronic illnesses dominated workplace disability claims. But now, mental health conditions, such as depression, anxiety, and adjustment disorders, are the leading cause of long-term disability in Canada Life’s claims data – up to 37 percent in 2024 from 29 percent in 2014.1
and more difficulty ensuring a sustainable return to work.
At a wider scale, the figures are equally troubling: 500,000 Canadians miss work every week due to mental health issues, costing businesses an estimated $16.6 billion annually.1 This doesn’t include the impact of presenteeism, where employees remain at work but are unable to perform at full
“If employees are mentally healthy, they’re more likely to be motivated, engaged, and productive. That contributes directly to the quality of work and reduces attrition costs”
Christine Hildebrand, Canada Life
That increase would be notable on its own, but mental health claims also tend to last longer and require more nuanced support, both for the employee and the employer managing the case.
The report highlights that while mental health accounts for 30 percent of disability claims, it drives 70 percent of total disability-related costs.1 The complexity of these claims means more time away from work, more strain on internal teams,
capacity. One estimate places the cost of absenteeism and presenteeism at roughly $645 million annually.1
The report also reveals a worrying trend around relapse: among employees who return to work following a mental healthrelated absence, many remain vulnerable. Without proper follow-up support, the likelihood of reoccurrence and repeated disability leave rises significantly.
“If employees are mentally healthy, they’re more likely to be motivated, engaged, and productive,” says Christine Hildebrand, vice president of health and ability strategy at Canada Life. “That contributes directly to the quality of work and reduces attrition costs.”
A better return: why prevention needs a place in strategy
The traditional model of disability management has often focused on the endpoint of handling claims once they occur. But Canada Life’s report makes the case for a broader view: one that prioritizes prevention, early intervention, and culture change.
Yet many employers are not fully prepared. While awareness of mental health in the workplace is growing, only one in three Canadian employers currently has a mental health strategy in place.1 And among those that do, few are measuring its effectiveness – creating a significant gap between intention and impact.
A strong strategy isn’t just about support: it’s a smart investment that can help drive productivity, reduce absenteeism, and improve retention.
Employers are also feeling the pressure from rising costs. According to polling cited in the report, 40 percent of businesses say it’s harder to offer health benefits postpandemic, with cost management (51 percent), drug prices (32 percent), inflation (31 percent), and increased benefits usage (30 percent) among their top concerns.
This is where the role of the benefits provider becomes critical. Choosing a provider that offers flexible, customizable plans allows organizations to meet evolving employee needs without compromising plan sustainability.
Workplace programs that take mental health seriously – not just through benefits but in how leadership engages with employees – are seeing measurable returns. According to the report, companies with mental health strategies in place experienced a $1.62 return for every dollar spent, increasing to $2.18 after three years.1
That return is not just financial – it’s cultural. Several strategies that employers can implement include:
• employee assistance programs and access to mental health services
• virtual health care to alleviate access challenges and wait times
• wellness and prevention benefits − e.g., nutritionists or reimbursement for gym memberships
• group savings plans and financial education
• leadership training programs to build skills that contribute to a psychologically safe workplace
Sponsored by
Mental health literacy is a foundational step. Defining common terms, normalizing discussions, and equipping employees with a clearer vocabulary can help demystify what’s often still seen as taboo.
Leadership development also plays a pivotal role. Managers are often the first to spot behavioural changes, but many aren’t trained to respond in constructive, timely ways. Offering leaders the tools to have informed, compassionate conversations can make the difference between a situation that’s addressed early and one that escalates into a claim.
“Mental health doesn’t belong in a silo,” says Pratt. “It needs to be part of how we think about performance, leadership, and success.”
“A successful return to work ... means equipping employees to recognize early signs of struggle, and training leaders to guide them to the right supports”
Laura Pratt, Canada Life
• a well-structured disability management strategy to support employees in recovery and facilitate a successful return to work.
Each of these factors plays a role in creating what Pratt calls a “sustainable return-to-work environment.”
The core argument remains: it’s not just that mental health issues are rising; it’s that ignoring them is no longer viable. Inaction doesn’t save money – it defers costs and compounds risk.
One of the less visible, though highly significant, challenges to progress is communication. Emotional expression is shaped by culture, upbringing, and generational experience. Without a shared language, even well-meaning conversations about mental health can break down.
By analyzing long-term shifts and not just short-term data points, Canada Life’s report highlights how organizations can build disability strategies that are grounded in insight and designed for resilience. Understanding these patterns is key to creating healthier workplaces that support people and performance over the long term.
To explore the full report and practical recommendations, visit: The Cost of Inaction: Why Businesses Must P rioritize Mental Health in D isability Management.
1 Canada Life. Thecostofinaction:Whybusinessesmustprioritizemental health in disability management . https://www.canadalife.com/content/ dam/canadalife/documents/resources/thought-leadership/thoughtleadership-report-en.pdf
ACPM’s Korinne Collins urges industry leaders to embrace the pension sector’s necessary change – and do it sooner rather than later
WHEN KORINNE Collins stepped into the role of CEO at the Association of Canadian Pension Management (ACPM) just over a year ago, she was no stranger to complex situations. A veteran of PwC, IBM, CIBC, and the credit union sector, Collins arrived with a track record in financial services and association leadership. Even with that pedigree, she admits the pension world brought a level of intricacy she hadn’t fully anticipated.
But that learning curve didn’t slow her down. It’s instead informed a refreshingly pragmatic outlook. She believes Canada’s retirement system needs modernization, better regulatory coordination, and more effective communication. Not just between plan sponsors and regulators but with members and stakeholders at large.
“Ultimately, I do think there’s a real sense of purpose here,” she says. “You’re doing work that impacts Canadians’ retirement income. That’s something that’s not hard to get up out of bed for every day. Knowing you’re doing something that really impacts your average Canadian that you don’t even know is very rewarding. That’s one of the things that brought me here.”
Collins says the Canadian pension sector is entering a period of necessary change,
driven in part by signals from policymakers who are pushing for “pension modernization.” That evolution, she notes, could take many forms − from adopting better technology to streamlining how pension plans communicate with members.
While digital communication is a key part of that shift, it hasn’t been universally
based communication carries its own risks, including lost or stolen mail. She argues it’s time to “myth bust” the assumptions holding back progress for pensioners.
While Collins came from a 60-person association that managed multiple advocacy functions, she says ACPM is leaner but, in her view, no less potent. One of the early
“There’s a real sense of purpose here. You’re doing work that impacts Canadians’ retirement income. That’s something that’s not hard to get up out of bed for every day”
embraced as there’s been resistance from policymakers to move away from traditional methods like paper statements, but Collins challenges the notion that seniors aren’t ready for digital tools.
“We’ve seen that seniors are more digitally capable than many assume. During COVID, they were FaceTiming family every day. The real opportunity is to meet them with secure, user-friendly tools, not hold on to outdated assumptions,” she says, adding that paper-
realizations she had after stepping into her role was just how sprawling the Canadian pension landscape is.
“I had no idea how many [pension plans] there were,” she reflects. “I still can’t believe it − there’s roughly 14,000 of all different sizes. When you have 14,000 plans and you are asked to respond to a certain piece of potential policy, are you speaking on a segment of your member population or truly at large?”
Name: Korinne Collins
Company: Association of Canadian Pension Management (ACPM)
Title: CEO
Age: In her 50s
Years in the industry: 15
Hometown: London, Ontario
Education: Western University; Political science degree
Most recent read or memorable read: The Covenant of Water by Abraham Verghese
How do you define success?: Being asked to share an opinion; it’s the feeling of acknowledgement that’s really rewarding. What do you want to achieve before you retire?: To ensure a healthy retirement and to see ACPM grow.
The resulting challenge for Collins is to ensure the organization is in tune with their members while giving them ample opportunity to participate.
Consequently, a main focus for ACPM has been on managing pace. The organization has a clear seven-year plan, but the temptation for Collins is to try to execute everything at once or in the near term. For her, the key is to build steadily and avoid overwhelming the team or the industry.
Another complexity stems from being heavily volunteer driven. With so many possible initiatives, not everything can be accomplished immediately.
“We can’t do everything at once, but we are deliberately raising the bar by increasing
sessions from two to three and introduced a women’s networking session aimed at fostering collaboration among the nearly 50 percent of attendees who are women.
But with shifting demographics and a rapidly evolving workforce, Collins knows that staying relevant won’t mean doing more of the same. She’s acutely aware of the disconnect many younger Canadians feel when it comes to retirement, unsure if they’ll ever reach it and doubtful about the systems that promise to support them. That uncertainty, she says, is one of the industry’s most urgent communication challenges.
Part of the solution, in her view, lies in how and when financial education
“We keep talking about education and financial literacy, but you must get that education to people at their time of need”
our relevance in the sector and expanding ACPM’s profile with policymakers and plan sponsors,” Collins says.
That’s why her response has been to prioritize engagement, both with ACPM’s existing member base and with the plans that still operate outside of it. It’s a strategy driven by the understanding that if the organization is going to speak as a unified voice on pension issues, it needs to truly reflect the breadth of the sector and provide actionable insights that plan sponsors can use and implement in their own workforce.
The organization is also repositioning itself as “a convener.” Collins believes ACPM can play a pivotal role in fostering sector-wide collaboration. One example is this year’s national conference, which featured an expanded workshop track increasing the number of concurrent
is delivered. “We keep talking about education and financial literacy − [they’re] incredibly important − but you must get that education to people at their time of need,” she says.
She’s also mindful of how retirement is marketed as most new plan members “just don’t see themselves there. They can’t picture themselves as retirees.”
She believes the industry shouldn’t rely on generic retirement messaging and instead should start using real, relatable stories − like her son calling her for help to sign a pension form − to make long-term planning feel tangible, particularly for those just starting out.
Collins ultimately sees ACPM’s future as one rooted in strategic growth − both in voice and in impact. Pointing to a seven-year plan already in motion, she says the focus is
» Founded: 1976 – five decades of national impact, celebrating 50th year in 2026
» Headquarters: Toronto, Ontario
» Volunteers: 140+ leaders contributing to committees and councils
» Publications: The Observer reaches 5,000+ readers nationwide
» Events: Annual National Conference (440 delegates in 2025 – the largest ever)
» Education: 1,500+ participants in ACPM’s Retirement Savings Course since launch
» Advocacy: Dozens of federal and provincial submissions each year, shaping retirement policy
Source: ACPM
on expanding the organization’s relevance, sharpening its advocacy, and becoming more intentional about who ACPM speaks for on specific issues.
“It’s about growth and relevance. Growth in the voice, essentially, for the sector,” she said, underscoring that this means being bold when needed, inclusive where appropriate, and highly specific when a policy or regulation affects only certain types of plans.
One key priority is expanding ACPM’s membership base. This is necessary to ensure the organization can speak credibly and comprehensively for the sector, and it will deepen ACPM’s value proposition by positioning the organization as a central hub for content, insight, and partnerships across the pension ecosystem.
“There are many pension plan sponsors that are not part of ACPM, and I really would like them to be. We want more opportunities to be a convener of the system. ACPM has been here 50 years. Let’s do 50 more,” she says.
Canada’s
INFLATION, turnover costs, and rising employee expectations are redefining how the best companies to work for in the benefits, pensions, and institutional investment space retain their top people.
BPM’s Top Employers 2025 are a collection of exemplary firms meeting those challenges with an average employee satisfaction score of 81 percent, well above the 75 percent recognition threshold. Top takeaways from this year’s winners scoring (1 = not important and 5 = very important):
1. Compensation and benefits
• Overall compensation satisfaction is
strong among leaders, with scores generally above 4.0 for most top organizations. Notably, Alberta Retired Teachers’ Association (ARTA), WISE Trust, and The Benefits Trust lead here.
• Healthcare and retirement benefits are standout strengths, especially for WISE Trust (4.69, 4.92) and ARTA (4.62, 4.00). This highlights the importance of robust benefits packages in driving employee satisfaction.
• Bonus/incentive programs and loyalty leave/sabbatical structures show more variability as some organizations lag,
“Our values are centred around a family atmosphere”
Daniel
Mulloy, Alberta Retired Teachers’ Association
suggesting these are areas for potential improvement even among top performers.
2. Career development and advancement
• High scores in fair performance evaluation and professional development (e.g., ARTA: 4.49, 4.68; WISE Trust: 4.46, 4.77) indicate that transparent evaluation processes and investment in employee growth are key differentiators.
• Career advancement opportunities ratings reinforce the value of clear pathways for progression.
3. Workplace culture and environment
• Workplace culture and worklife balance are consistently strong across top organizations, with scores often above 4.0. The Benefits Trust and WISE Trust excel, indicating that a positive, flexible culture is a hallmark of high satisfaction.
• Flexible work options are particularly valued, with WISE Trust achieving a perfect 5.00, underlining the competitive advantage of flexible arrangements.
4. Wellness, inclusion, and recognition
• Health and wellness programs and family-friendly benefits are well-rated, though there is some variability. Leaders set the bar high, suggesting that comprehensive wellness and family support are increasingly expected.
• Diversity and inclusion and employee recognition are strong differentiators for top organizations, with scores above 4.0 for most leaders.
5. Engagement, communication, security
• Inspiration, feeling valued, and open communication are highly rated, especially at WISE Trust and ARTA, highlighting the importance of transparent leadership and employee appreciation.
• Job security and safe work environments are consistently high, with most top organizations scoring above 4.4, reflecting a foundational expectation among employees.
Robert Half permanent placement services director, Cal Jungwirth, reinforced these findings. “Candidates and employees want organizations that treat people with respect and offer opportunities that aren’t
one-size-fits-all,” he says. “Everyone is looking for something slightly different, and companies that can cater to individuals build a stronger reputation and retain their staff the longest.”
Celebrating leadership in the benefits, pensions, and institutional investment space
The ability to recruit and retain talent hinges on how well organizations align their offerings with employee priorities. This is a market where competition is constant and workplace expectations continue to evolving.
BPM ’s third annual Top Employers report identifies the organizations nationwide that are meeting those challenges. This year’s winners deliver across the full spectrum of employee experience, including flexibility and holistic benefits, career growth and transparent evaluation processes, inclusive cultures and open communication, and job security and safe work environments.
To be considered, employers first described their workplace programs and policies. Then, employees from these organizations took an anonymous survey evaluating them over 21 criteria.
Measuring market challenges against Top Employers’ success
Retention and turnover pressures intensify
The Canadian labour market continues to contend with attrition that drains budgets and erodes momentum.
A June 2025 Express Employment Professionals - Harris Poll found that 28 percent of hiring managers expect turnover to rise this year, with the average annual cost pegged at $29,234 per business. For 17 percent of employers, the number exceeds $100,000, most often in large organizations with 500 or more staff.
The drivers are familiar but pressing.
Despite these challenges, hiring remains a top priority, with 83 percent of hiring managers saying they plan to hire in 2025, in line with last year. Notably, 38 percent of those planning to hire say they need to replace employees lost to turnover.
To find and recognize the best employers in the benefits and pensions industry, Benefits and Pensions Monitor first invited organizations to participate by filling out an employer form, which asked companies to explain their various offerings and practices.
Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development, and commitment to diversity and inclusion.
To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75 percent or greater average satisfaction rating from employees were named Top Employers for 2025.
Source: Randstad, Workmonitor Digital Handout 2025
“We’ve built a culture where people know they matter, where growth is real, and where no one gets left behind”
Laura Salvatore, Centurion Asset Management
Robert Half’s July 2025 research shows that 26 percent of professionals plan to change jobs in the second half of the year, while 40 percent are open to new offers. Better benefits now edge out higher pay as the leading motivator.
BPM’s data shows that the Top Employers are bucking the wider market’s volatility. With an overall satisfaction average of 81 percent and top performers scoring 4.14 on “feeling valued,” these organizations are building environments where employees are more inclined to stay. Willingness to leave for a better work arrangement fit sits at 43 percent, but 79 percent of employees – well ahead of the industry norm – are not actively looking for a new role.
Even so, the share of employees considering a move has climbed from 7.7 percent in 2023 to 12 percent in 2025, underscoring the need for continued focus on retention drivers such as flexible work, recognition, and alignment between role and personal priorities.
The rising cost of medical benefits is reshaping how companies plan and deliver coverage. Two-thirds of Canadian employers cite this as a major concern for 2025, according to HUB International’s Outlook Executive Survey.
Canada now ranks third highest among OECD countries for pharmaceutical prices, with biologics and specialty drugs pushing costs higher. Twenty-two percent of Canadians say they skip doses or fail to fill prescriptions
because of cost, and 10 percent have landed in the emergency room as a result.
Analytics and personalization are emerging as key strategies. HUB’s survey shows 74 percent of employers view analytics as highly important to benefit design. Predictive analytics, in particular, allow HR teams to anticipate needs rather than react to problems.
BPM’s Top Employers are already aligning benefits with employee priorities. Medical coverage satisfaction averaged 4.22 across winners, reinforcing the link between meeting top-ranked needs and retaining talent.
While personalization of benefits can be a tight rope for organizations to walk, Jungwirth says, offering even two or three choices goes a long way versus just one standard package.
He adds that leading employers aren’t guessing at what people want, they’re asking and responding.
“The best employers listen to their teams and then, to the best of their ability, cater their packages,” he explains. “Flexibility comes up again and again, whether it’s hybrid
“Our people are encouraged to shape their career journey with support at every step, making this a workplace where their potential is nurtured and their ambitions can flourish”
Robin Mahadeva, CAAT Pension Plan
7.2 million, according to Statistics Canada. Defined benefit plans remain the majority, covering 68.1 percent of members. Women now hold 56 percent of DB memberships, reflecting steady participation gains in Ontario, Quebec, and British Columbia. Retirement benefits, along with health, are among the top five total rewards for employees, according to Conference Board of Canada research.
arrangements or other forms of work-life balance, and employers that keep offering it are standing out. On the benefits side, additional mental health support, extended health coverage, and expanded parental leave are going a long way in attracting and keeping talent.”
Similarly, the Conference Board of Canada’s human capital team stresses that customizability and/or personalization of offerings is vital for top employers.
“Employees have unique needs that may be currently underserved by traditional benefit offerings,” says director Alana Painter. “Moving away from a one-size-fits-all approach allows employers to better meet employee needs.”
Associate director Liz Marcil adds, “Also, affordability is a concern we are hearing from organizations about rapidly increasing costs of benefits.”
The board’s research and discussions with organizations indicate a growing interest in customizing benefits to better meet employee needs while controlling costs. It also suggests that, to achieve this, organizations should assess the gap between current offerings and employee preferences and collaborate with providers to identify cost-effective solutions that close those gaps.
The number of Canadians in registered pension plans grew 4.2 percent in 2023 to more than
The Top Employers in BPM’s survey often outperform on retirement readiness measures. Those scoring 4.4 or higher in retirement planning satisfation tend to see strong engagement, suggesting a closer alignment between benefit design and lifecycle priorities than is typical in the wider market.
The most compelling finding in Randstad’s March 2025 Employer Brand Research is the growing expectation gap around salary and benefits, coupled with the rising importance of work-life balance and career growth.
What’s more, for the first time in its 22-year history, Randstad’s Workmonitor report found that work-life balance has overtaken pay as the top motivator for Canadian employees. A sense of belonging is also critical, with 86 percent saying it improves performance and well-being.
The 2025 Hays Salary Guide found that nearly 85 percent of organizations reported increasing difficulty attracting new talent.
Other employee findings include:
• 48 percent feel that their current roles offer no opportunities for career progression.
• 43 percent want to leave their jobs because of a lack of career progression.
• 39 percent believe that not everyone gets fair access to growth opportunities within their organization.
• 37 percent feel that pay processes are neither transparent nor fair.
• 55 percent report their organization takes none of the three main steps for pay transparency.
• 44 percent did not receive a salary increase in 2024.
BPM’s data shows that the Top Employers are meeting these rising expectations headon. Professional development scores average 4.21 and career advancement opportunities 3.92, signalling stronger internal mobility than the broader market, where nearly half of employees see no path forward.
Hybrid work is standard among the winners, aligning with the national preference for flexible arrangements and helping counter the 43 percent who would otherwise leave over a poor work fit. These results suggest that leading employers are avoiding the pitfalls flagged by Randstad and Hays, and they are actively building value propositions that keep their people engaged and off the job market.
Well-being gaps remain a significant test for employers. The Mercer Marsh Benefits May 2025 report found that only 59 percent of Canadian employees feel their benefits meet their needs, with mental health screenings still limited despite nearly half expressing concern about mental or emotional decline.
Personalization is a differentiator: 78 percent of employees with customizable benefits believe their employer cares about their health, compared with just 29 percent without that
option. More benefits also translate into higher engagement, with 76 percent of employees receiving 10 or more employer-sponsored benefits saying they are thriving in their role.
Retirement readiness is another area where targeted benefits have a measurable impact. Flexible savings options can bring forward the average retirement age from 69 to 67, especially for lower-income employees, while 79 percent of workers say they would welcome employer help in planning for health needs in retirement. Financial stress remains widespread, with nearly half of employees worried about covering monthly expenses, affording retirement, or buying a home.
BPM’s Top Employers are closing many of these gaps. Health and wellness satisfaction averages 4.1 among winners, and many have aligned benefits with employee priorities, from mental health and family-friendly policies to long-term financial security. Jungwirth notes that, interestingly, Robert Half research shows that workers across the generational divide are looking for the same things.
How BPM’s Top Employers stack up against employee expectations
BPM’s 2023–2025 data points to a familiar pattern at the top, but the small trends reveal where employee sentiment is evolving:
• Vacation leave has increased every year, climbing from 4.70 in 2023 to 4.84 in 2025.
• Flexible work options made their biggest jump between 2023 and 2024, then stayed in the upper tier.
• Personal/carer’s leave saw the steepest single-year rise in 2025, reflecting a more pronounced focus on balancing work with personal demands.
• Other benefits in the top 10 have barely moved, posting consistently high scores that show how much employees still value the basics.
These patterns set the stage for a closer look at where the best companies to work for in the benefits, pensions, and institutional investment space are meeting expectations and where gaps could be opening.
Core benefits are a differentiator when satisfaction matches importance
• Vacation leave, rated most important in each year, posts strong satisfaction scores across winners, with leaders such as The Benefits Trust and Fidelity Canada setting the pace in 2025.
• Dental and medical coverage consistently ranked highest for importance and satisfaction, with standouts including ARTA, WISE Trust, and OTIP leading the way.
Flexible work has moved from a preference to a core expectation
• Importance: 4.56 in 2023, climbing to 4.74 in 2025, placing it firmly among the top five priorities.
• Satisfaction: Many winners exceed the average 4.28, with WISE Trust at 5.00 in 2025, followed closely by The Benefits Trust, CAAT Pension Plan, and Fidelity Canada.
• Hybrid remains the most common arrangement in 2025 at 62 percent, with only 6 percent of employees fully officebased. In terms of preferences, 46 percent favour hybrid, 28 percent want to work fully remote, and 21 percent prefer to decide for themselves.
• In 2025, only 43 percent of employees say their employer canvassed them for views on benefits or conditions, down from 52 percent in 2024 and 68 percent in 2023.
• Companies closing this loop are more likely to score above 4.4 in “feeling valued” and “open communication.”
• While 79 percent of 2025 respondents are not actively looking to leave, 43 percent say they would switch jobs if a role offered better work-arrangement fit.
“At Fidelity Canada, investing is at the core of what we do, from empowering our employees to offering unique investment solutions to millions of Canadians”
Diana Godfrey, Fidelity Investments Canada
• Importance ratings for professional development have stayed above 4.0 for three years, yet satisfaction lags in some organizations below 4.0.
Multigenerational needs continue to drive benefit strategy
• The workforce spans from 18 to 60+, with the largest cohorts aged 30–39 (33 percent) and 40–49 (27 percent).
• Leaders in family-friendly benefits (4.0+) and retirement planning (4.4+) score well across the workforce.
• 86 percent in overall employee satisfaction
• 4.68 for dedication to professional development
When CEO Daniel Mulloy joined ARTA as its first non-retired teacher executive director over 15 years ago, the organization faced a crossroads.
“They were on the precipice of making a decision whether they were going to stay small or grow big,” he recalls. “The one thing I wanted to do as we built our organization was make it a place I wanted to go to work –a place that had fun, that had humour, and that prioritized people over product. I think
that’s really unique about us: we’re a family environment with a business mentality.”
For aspiring top employers that want to build a values-driven workplace, Mulloy offers this advice, “Start by being authentic. If you don’t hold true to your values, from the top down, you’re going to lose employees faster than you can imagine.”
And he adds, “I think we’re truly authentic in the work that we do and the people that we are. If you have a little humour and a lot of heart, you’ll make people excited to come to work every day, even on a Monday.”
From the outside, running benefits plans and operating a pharmacy might sound like a world of spreadsheets and prescriptions. Inside, the atmosphere is closer to a collegial staffroom.
In July 2025, an ice cream truck pulled into the parking lot. At Christmas, the office becomes a battleground for decorating contests where bragging rights are on the line. Between formal meetings, it might be a bad joke over lunch, coffee from a pot that’s never empty, or the occasional doughnut making the rounds.
“We take the work seriously, but we take time to stop, laugh, and have some fun,” Mulloy says. That approach, he adds, has kept morale high and staff connected to each other and to the mission.
In the years ahead, he wants to maintain consistency by bewelcoming, light-hearted, and attentive to employees’ mental, physical, and emotional well-being.
Staff development is central, and ARTA supports employees’ education and growth, expecting them to believe in the work as much as they believe in their colleagues. In a competitive labour market, the organ-
ization’s blend of benefits, flexibility, and genuine connection has kept engagement high, an outcome it set out to achieve from the beginning.
• 87 percent in overall employee satisfaction
• 4.61 for safe work environment, the highest score in the survey
Fidelity Canada opened its doors nearly 40 years ago, in 1987. Today, the Top Employer collectively handles over $466 billion in assets under management and administration, serving over two million retail customers, and a range of institutional clients such as private sector employers, pension funds, universities, and more.
Diana Godfrey, senior vice president of HR and corporate affairs, has a unique insight into the company’s growth, not only as head of people and workplace culture, but as an employee herself, having joined the company in 1995.
She says, “Over my 30-year career, Fidelity Canada has been consistently investing in our people and the culture, and I think having both a client and employee-centric approach to work has made a real difference.”
The company’s commitment to employees is multifaceted and holistic. A significant part of that is a constantly improving its benefits framework. From comprehensive health coverage to paid family care leave, Fidelity Canada’s competitive offerings support employees and their families’ well-being, which helps them be engaged and build long-term careers.
“When people feel supported and engaged, they perform exceptional work for each other and our clients,” adds Godfrey. “Improving the employee experience is a real focus for us every day, because it directly improves the client experience, which contributes to business growth over the long term.”
Culture is at the forefront of maintaining an award-winning standing, and as such,
leaders are committed to and encourage open communication, collaborative problem-solving, and a sense of shared ownership in results.
“Our culture of listening differentiates us as a top financial services provider and top employer because we frequently act on feedback to improve our offerings and employee experience,” Godfrey says.
Fidelity’s dedication to employee well-being is reflected in both initiatives and daily practices. Wellness programs include mental health resources, fitness subsidies, and educational sessions covering topics such as financial planning and healthy living.
Professional growth is treated as an investment. Fidelity Canada provides formal training, mentorship, and opportunities for internal career advancement. Success is celebrated by acknowledging team and individual milestones and wins, connecting through social events, and larger company-wide initiatives. Fidelity’s strategy is anchored in three priorities: delighting its clients, improving company operations, and building a great place to work.
Each priority ties back to the employee experience, with the understanding that engaged employees deliver stronger results, with numbers to back it up. Its turnover is well below industry standards, and employee engagement scores improve year after year. Leaders cite flexibility, competitive benefits, and development opportunities as some of the reasons for this success.
“Employee engagement remains a focus, as engaged employees contribute positively to the firm’s performance as both an investment management company and employer,” says Godfrey.
The Benefits Trust
Lead stats:
• 83 percent in overall employee satisfaction
• 4.75 for safe work environment, the highest score in the survey
Employees describe a workplace where approachable leaders are accessible, listen
to concerns, and foster genuine two-way communication. Staff point to regular social events, daily gestures of appreciation, and a friendly, non-clique environment where everyone works as a team.
Flexible work arrangements, including hybrid schedules and time off for appointments, combine with generous benefits, PTO, and RRSP matching to create a healthy worklife balance. Opportunities for learning, professional growth, and community giving further add to the appeal, while a family-friendly atmosphere makes people feel connected and valued.
“We train, empower, and equip our team to exceed our clients’ needs and expectations, and we have fun doing it,” says president Robert Crowder.
Lead stats:
• 82 percent in overall employee satisfaction
• 4.54 for retirement plan
Employees describe CAAT as a purposedriven workplace where the mission of delivering defined benefit pension security to more Canadians gives its work lasting meaning. A respectful culture is reinforced by approachable leaders who communicate openly, welcome feedback, and promote inclusion at every level. As talent development director Robin Mahadeva notes, “Our inclusive and collaborative culture is at the heart of what makes this a place where people want to stay and grow.”
CAAT celebrates differences, encourages innovation and learning, and consistently recognizes contributions of every “CAATster.” Exceptional benefits, a market-leading pension, and generous hybrid and remote options support work-life balance, while wellness programs address mental, physical, and financial well-being.
“Our comprehensive total rewards program supports our employees’ well-being
in all aspects of life – physical, mental, and financial – while flexible work arrangements, paid leave, and additional perks reflect our commitment to work-life balance,” she says.
In addition, CAAT’s philosophy combines: competitive compensation, performance recognition, and clear career pathways Professional development is encouraged through mentorship, leadership programs, tuition assistance, and a variety of skills-based learning opportunities.
Lead stats:
• 90 percent in overall employee satisfaction
• perfect 5.0 for flexible work options
Employees consistently highlight a workplace that invests deeply in their growth, values their input, and supports their wellbeing.
Professional development is a clear priority, with significant resources devoted to skills-building, leadership programs, and opportunities to expand roles.
“When leaders are united around a shared vision, they create a culture of trust, support, and innovation, empowering our team to work together boldly and deliver results”
Shannon Bury, WISE Trust
The WISE Trust fosters engagement through team events, open forums, and inclusive decision-making, while maintaining a fully remote environment supporting flexibility and work-life balance.
Benefits are described as exceptional, with generous health coverage, a defined benefit pension plan, and strong wellness initiatives addressing mental, physical, and financial health. Respondents also offered praise for approachable, respectful leadership; a collaborative culture, and meaningful work aligned with the mission. Direct access to senior leaders, involvement in diverse projects, and recognition of contributions help maintain a sense of connection, even in a remote setting.
“Our people are at the heart of everything we do,” people and culture director Shannon Bury explains. “Delivering secure, sustainable pensions and meaningful education to our Plan members starts with our people, whose expertise, care, and collaborative spirit bring our mission to life.”
Lead stats:
• 80 percent in overall employee satisfaction
• 4.43 for safe work environment
Centurion builds its culture with intention, measuring it weekly and anchoring it in belonging, recognition, and support.
“We’re not interested in creating a workplace where people clock in and out,” explains EVP of human capital Laura Salvatore. “We’re building a community where people feel they’re part of something bigger: where wins are shared, collaboration is natural, and the idea of ‘one team, one dream’ is a daily reality.”
Employees highlight a respectful and transparent culture, where senior leadership values contributions and fosters teamwork. Wellness programs, health initiatives, and everyday comforts, such as free snacks, contribute to a positive and balanced work environment. A focus on client service, manageable workloads, and ongoing growth initiatives reinforces employee satisfaction and organizational success.
Centurion hires selectively, and if someone doesn’t align with its core values of respect, integrity, simplicity, and excellence, leaders don’t force a fit. Learning and career development are embedded in the employee experience: new hires have a six-month mentorship; 230 promotions in the past seven years, 57 percent of whom were women; stretch assignments and job shadowing; Centurion Learning Academy; and People Leaders’ Book Club.
“Our people are our edge,” Salvatore adds. “With 85 percent of our roles being direct-sourced, we’re intentional about who we bring in. We create teams that are diverse, representative, and grounded in mutual respect. It’s not about hiring fast; it’s about hiring right.”
Phone: 416 307 5200
Email: chris.pepper@fidelity.ca
Website: fidelity.ca
CAAT Pension Plan
Phone: 1 866 350 2228
Email: contact@caatpension.ca
Website: caatpension.ca
Ontario Teachers Insurance Plan
Phone: 1 800 267 6847
Email: ogccorporatecommunications@otip.com
Website: otip.com
Phone: 1 800 487 2993
Email: info@thebenefitstrust.com
Website: thebenefitstrust.com
Phone: 1 855 444 2782
Email: info@arta.net
Website: arta.net
Alberta Teachers’ Retirement Fund
Phone: 1 800 661 9582
Email: info@atrf.com
Website: www.atrf.com
Saskatchewan Healthcare Employees’ Pension Plan (SHEPP)
Phone: 306 751 8300
Email: sheppinfo@shepp.ca
Website: shepp.ca
Phone: (905) 467 0221
Email: sbury@wisetrust.ca
Website: wisetrust.ca
Village of New Maryland
TPhone: 1 855 444 2782
Email: info@arta.net Website: arta.net
he organizational mandate of the Alberta Retired Teachers’ Association (ARTA) is to support its members in pursuing engaged and active lifestyles. This is evident in ARTA’s structure, the benefit plans it offers, and the ancillary services it provides.
ARTA is a financially sustainable, non-profit association that puts its members first, which means every premium dollar paid into the ARTA Benefit Plans stays within the plan. This policy keeps rates low and allows ARTA to make plan improvements, ensuring members always get the most out of their coverage. Every part of ARTA’s work reflects its purpose to support vibrant, engaged retirees through member-centred services, wellness, advocacy, and organizational excellence.
“We regularly invite all staff to participate in member engagement events, to get to know the people they serve, and to witness the active and engaged lifestyles their work helps to facilitate,” says Daniel Mulloy, chief executive officer.
At ARTA, every employee receives an education and training allowance. They are encouraged to grow into new responsibilities, and many have advanced within the organization.
“Staff know that if they are willing to do the work, ARTA is an employer that will support their growth,” Mulloy says.
Alberta Teachers’ Retirement Fund (ATRF) has proudly served Alberta teachers since 1939. ATRF is the trustee, administrator, and custodian of teacher pension plans, and oversees pension assets of around $24 billion on behalf of over 85,000 plan members.
ATRF is responsible for delivering pension benefits and providing strategic oversight for the plans’ investments, setting funding policies, and establishing contribution rates to ensure long-term plan sustainability.
ATRF’s services support active teachers, pensioners, and employers. These include providing resources to help members understand their pension options and offering pension planning tools and webinars. ATRF staff are united in their mission to secure the pensions of Alberta’s teachers through diligent stewardship. Anchored by capable leaders and strong corporate values, ATRF’s culture thrives on excellence, dedication, and mutual support.
“We strive to provide a comprehensive total rewards package that caters to the diverse needs of our employees and supports their ongoing professional development,” says CEO Rod Matheson.
ATRF is in the midst of a multi-year modernization effort focused on system stability and organizational efficiency. The work spans nearly every process and is being led by internal experts with deep pension knowledge.
FPhone: 416 307 5200
Email: chris.pepper@fidelity.ca
Website: fidelity.ca
idelity Canada is a leading financial services provider with over $440 billion assets under management and administration as of June 2025. Its mission is to build a better future for the 1.5 million Canadian investors it serves and help them stay ahead of their financial goals.
Fidelity’s reputation as a top employer rests on a long-standing culture that blends performance with support. Engagement scores are among the highest of its peers, and turnover rates remain well below industry averages, which leaders attribute to a deliberate focus on growth, well-being, and flexibility.
“We hire for potential as much as for experience,” says Diana Godfrey, senior vice president, HR and corporate affairs. “By actively investing in our employees and providing them with the tools and opportunities to grow, they’ll build careers instead of résumés.”
Fidelity embodies the values of trust by doing the right thing and putting the client first, and integrity by empowering each other to take initiative and make good decisions.
The organization is focused on three core goals: delighting its clients by helping them build better financial futures, continuously improving how it operates through innovation and technology, and building a great place to work where employees feel valued, trusted, and empowered.
‘Obesity medications are recommended in conjunction with health behaviour change, including physical activity,’ says Beneva’s Frances Lehun
AS CLAIMS and usage of GLP-1 agonist, Ozempic, and similar weight loss medications like Wegovy, continue to rise, it’s only a matter of time before plan members may ask whether they need to work out while on the weight loss medication or whether they can just inject and be done with it.
While GLP-1 injections can support weight loss, health experts argue these medications should be used alongside healthy lifestyle changes, including a nutritious eating plan and regular exercise.
Frances Lehun emphasizes the need to distinguish between Ozempic and Wegovy,
noting that while both drugs contain semaglutide, they’re approved for different uses.
“Ozempic is indicated by Health Canada for treatment of type two diabetes… When we talk about weight management, it’s Wegovy,” says Lehun, pharmacist at Beneva. “I just want people to know the difference with both, because while they’re the same semaglutide, they don’t have the same indication.”
Despite this difference, Lehun makes it clear that physical activity plays a crucial role in treatment plans involving either medication.
She stresses that exercise shouldn’t be viewed as optional but as a necessary compo-
nent of long-term care for both diabetes management and weight loss. With Wegovy, for example, she notes that it’s “indicated as [an] adjunct to a low-calorie diet and increase of physical activity.”
Research on Wegovy found that oncea-week injections can help people manage weight when used alongside a balanced eating plan and increased physical activity.
In fact, clinical trials found that participants lost up to 13.1 kilograms after an eight-week low-calorie diet and treatment plan.
“Obesity medications are recommended in conjunction with health behaviour
change, including medical nutrition therapy and physical activity,” Lehun says, referring to Canada’s updated 2025 obesity treatment guidelines.
Lehun also emphasizes that semaglutide treatments like Wegovy should be seen as part of a broader, long-term strategy focused on changing lifestyle habits and not just one that’s about shedding pounds.
“It should be that members want to exercise to lose weight, and they want that exercise to now be part of their routine,” she says.
Dr. Kelly Anderson agrees. From her perspective, exercise isn’t just recommended but foundational. Obesity Canada guidelines note that “pharmacologic weight management treatments, like Ozempic, can be used as an additive treatment alongside healthy food choices and physical activity,” she said in a statement.
Anderson, medical director at Felix Health and a family physician, stressed that “no matter what your body size is, everyone can benefit from having a regular exercise regimen.” She recommends 30 to 60 minutes of moderate to vigorous aerobic exercise most days, along with strength training.
Lehun acknowledges that reaching a goal weight is often just the beginning. If patients stop the medication without adopting sustained behavioural changes, weight regain is common. However, maintaining healthy habits – especially regular physical activity – can help mitigate that.
“If you change your health habits, and you continue to be active, you might not gain all the weight that you would do if you never changed your habits in the first place,” she says, also underscoring the importance of resistance training, explaining that semaglutide use can lead to both fat loss and muscle loss. Without strength-based exercise, patients risk losing vital muscle mass.
But the reality, both experts agree, is that it’s not always easy. Lehun acknowledges
that gastrointestinal issues are among the most common side effects for people starting on semaglutide treatments.
This is why dosing typically begins at a lower level and is gradually increased, she explains, adding that most people see improvements over time as their bodies adjust to the medication.
Despite initial discomfort, she underscores the importance of staying active, even slightly.
“You should still be doing physical activity … just try to do a little bit more,” she says,
“Obesity and overweight are chronic medical conditions that are highly visible, often leading to judgement, stigma, and bias from society and even sometimes from the medical community,” she said. “As a result, people might be reluctant to seek out care and even resort to less credible, non-evidence-based sources for help.”
Anderson underscored employers should think about how benefits packages can promote overall health and keep in line with modern weight management recommenda-
“Obesity medications are recommended in conjunction with health behaviour change, including medical nutrition therapy and physical activity”
Frances Lehun, Beneva
adding if symptoms are too disruptive at the outset, she notes that exercise can be ramped up once the side effects diminish.
For those who continue to struggle, switching medications may be necessary.
“What we see is they try another one to see [if] this one will be better for them,” she explains.
Beyond weight control, Lehun points to a broad range of health benefits associated with regular exercise, from improved mental health and sleep to better management of blood pressure, cholesterol, and blood sugar levels.
As for the workplace’s role in supporting these changes, Anderson asserted in her statement that the conversation must shift away from simplistic narratives.
“Avoid defaulting to concepts like “calories in/calories out” that oversimplify the complexity of weight management,” she noted, stressing that weight is impacted by a complex web of hormonal, biological, and genetic factors.
tions, pointing to weight loss treatments under medical supervision, discounted access to a gym, and support coverage for mental health resources.
Meanwhile, Lehun emphasizes simple communication can go a long way. She suggests that communication helps to keep people informed about updated guidelines and available resources.
She argues that supporting physical activity at work shouldn’t be limited to weight loss goals. It’s just as important for managing chronic conditions and improving mental health.
Lehun encourages employers to be proactive and creative, suggesting initiatives like lunch-hour exercise programs, walking challenges or contests, and benefits plans that include gym memberships or subsidized transit.
“You can get really creative,” she says. “It should be part of just a good lifestyle in general.”
In an era of private market growth, experts counter that equities remain core component of portfolios
PUBLIC EQUITIES have weathered a storm of uncertainty over the past year. From trade tariffs and geopolitical tensions to a hyper-focus on AI, institutional investors are rethinking how macro trends factor into their portfolio decisions.
But should pension funds lean into these big-picture themes or tune them out?
For Christine Tan, portfolio manager at Sun Life Global Investments (SLGI), ignoring macro forces is no longer a viable approach.
“We’ve been in very much a honeymoon period of this globalization where there were very limited geopolitical concerns and geopolitical risks,” she says. “2020 reminded us just how globalized the supply chain had become.”
And while private markets have expanded rapidly and many top companies are choosing to stay private for longer to avoid the pressures of public disclosures, Tan believes public markets still offer broader investor access and deeper liquidity. She underscores that public equities will remain a core component of institutional investing.
“Public equities are not going away anytime soon. It’s a very natural extension of the capital structure,” she says. “The liquidity profile of public equities will always be one of the key benefits for pension investors and for global asset allocators.”
Tan emphasizes that macro themes like AI, energy transition, demographics, and inflation are increasingly shaping institutional asset allocation strategies, including for pension funds. These long-term trends offer the potential to reduce portfolio cyclicality and unlock more stable growth opportunities across asset classes.
“The benefit of thinking about these macro themes is there would be multi-year drivers,” she says, pointing to examples like digitization and AI adoption, which are evolving well beyond their early stages.
“We’re going to go from the early stages, where the markets are focused on what we call the picks and shovels … to AI 2.0, which
Source: Nasdaq.com
“The liquidity profile of public equities will always be one of the key benefits for pension investors and for global asset allocators”
is the users of AI,” she explains, noting that businesses applying AI to boost revenues or drive efficiencies are becoming key investment targets.
Other enduring themes include aging demographics − driving interest in healthcare and social infrastructure − and a new era of structural inflation, pushed by tariffs, supply chain duplication, and rising fiscal spending.
“It’s almost this perfect Goldilocks environment, but as we go into a world where there are going to be trade tensions and a duplication of supply chains, there’s going to be, potentially, manufacturing in higher labour cost environments. What is the new level? Is it 2 percent? Is it higher? What does that mean for interest rates? What does that mean for your bond allocation?” she asks.
While Tan acknowledges that long-term thematics are important, she cautions against ignoring short-term market dynamics.
“Don’t get too caught up in the long term of the themes, because there are going to be cyclical components that you want to be invested in,” she says.
Meanwhile, Sadiq Adatia, chief investment officer at BMO Global Asset Management, doesn’t downplay the pressure macro issues have placed on public equities.
“Everything was murky,” he says, referring to the first half of 2025. “A lot of companies weren’t giving you earnings guidance, or they were giving you multiple scenarios and having you kind of pick which scenario is going to play out. It’s been very difficult from that standpoint.”
But as the year progressed, he adds, tariffs were lower than feared and consumer spending remained resilient.
“We expect the markets to continue to go higher by the end of the year,” he says.
Still, Adatia observes that institutional portfolios continue to lean more heavily toward US equities, both because of their growing weight in benchmarks and because of the dominance of technology in global growth.
Adatia argues that pension funds cannot afford to ignore large US tech names, given their influence on both benchmarks and long-term performance.
“If you’re in the US market, you’re going to have big exposure to those big names,” he notes. “Pension plans should want to have that participation. Otherwise, if they don’t, they’re so far behind the benchmark,” he says, adding that AI’s integration across industries makes exposure even more critical.
“Everybody’s heard about ChatGPT, so everybody [is] utilizing a piece of AI in their own stories. Why would you not expect your pension plan to also be invested in some of those themes as well?” he adds.
While trade tensions and tariffs may make some hesitant to buy US assets, Adatia stresses that, over the long term, avoiding the US altogether would be costly because pension funds will “otherwise miss a big part of the return spectrum.”
While allocations may evolve over time, he emphasizes that US equities remain central to meeting return expectations.
Tan explains that Canadian pension funds typically maintain an overweight to domestic equities, not in absolute terms but relative to global benchmarks, noting that 20 to 25 percent of their equities would be in Canada, as compared to Canada’s low single-digit weight in the MSCI All Cap World Index.
However, she doesn’t see funds increasing their Canadian exposure further. Instead,
US equity markets represent 49.1% of the US$126.7 trillion in global equity market cap, or US$62.2 trillion; this is 5.3x the next largest market, China
Source: World Federation of Exchanges, SIFMA estimates
“There is a lot of noise, but there are a lot of things that could still support this market to go higher from here”
Sadiq Adatia, BMO Global Asset Management
she notes, the focus has been on maintaining balance and staying diversified. When domestic markets outperform, institutions are more likely to rebalance back to their strategic weights than chase performance.
Similarly, Adatia stresses that even if markets sometimes get distracted by external noise, equities should ultimately be guided by fundamentals. Though this year has been particularly noisy, making the rally somewhat surprising, he believes investors have largely chosen to focus on longer-term drivers rather than shortterm disruptions.
Tan emphasizes the importance of maintaining a long-term perspective in institutional asset allocation, particularly when navigating macroeconomic themes. While it’s essential to account for structural shifts −
like changes in the inflation or interest rate environment − she cautions against reacting to short-term volatility.
Barring another major crisis like a pandemic or a systemic bank failure, Tan believes we’ve entered a fundamentally different rate regime shaped by long-term inflationary pressures. However, she draws a clear line between structural macro forces and temporary market noise.
“Are we going to have a flare-up of geopolitical tensions here and there? Sure… [A]re we going to make investment decisions and allocation decisions based on that? No,” she says.
For institutional investors like pension funds, whose mandates are guided by longterm liabilities, staying aligned with secular growth drivers and resisting the urge to
overreact to short-term events − like sudden oil price spikes or rate moves − is key.
“You definitely ignore the short-term macro noise,” she adds, citing speculative market fears like “bond vigilantes” or nearterm rate decisions that don’t alter long-term investment fundamentals.
Adatia emphasizes that pension funds benefit from their long-term outlook, but that doesn’t remove the need to actively manage risk. The risk a year ago is quite different from the risk today, he notes, and traditional hedges like bonds haven’t always worked. In 2020 and 2022, for example, bonds sold off alongside equities, showing higher correlations than expected.
Given that backdrop, Adatia sees value in alternative risk management tools like hedging.
“Gold has been a better way to play the protection versus that equity volatility,” he says, adding that commodities and options strategies can also help pension plans smooth out short-term shocks while staying committed to long-term goals.
Even long-horizon investors, he points out, need buffers against bad annual outcomes, since poor performance raises funding questions. That’s why tactical positioning is becoming more important.
“Being tilted toward US growth made a massive difference in your portfolio allocation,” he says, reflecting on the past five years. But with international markets improving and the US dollar showing weakness, pension funds need to adapt.
According to Adatia, confidence has been supported by expectations that inflation will stay contained, earnings will remain steady, and consumers will keep spending.
“That should continue to drive markets higher,” he says, pointing to the flow of capital into equities despite the uncertainty. “There is a lot of noise, but there are a lot of things that could still support this market to go higher from here.”
NOTE: ALL DOLLAR AMOUNTS ARE IN CDN $M.
Contact: Janick Boudreau, CFA
Executive Vice-President, Business Development & Client Partnerships
Address: 800 René-Lévesque Blvd. W., Ste. 2800, Montréal, QC, H3B 1X9
PH: 514-908-1989
Fax: 514-287-7200
Email: j.boudreau@addendacapital.com
Website: www.addendacapital.com
Ownership structure: Principals, 5%; third party, 95% (Co-operators Financial Services Limited is the firm’s principal shareholder and owns 95%.
Addenda Capital employees own 5%)
Investment professionals: 78
Established: 1985
Minimum investment: Pooled, $5M; separate, $20M
Manager style: Size bias – large cap; style bias
– core
Management style: Active; fixed income
Additional style bias: growth, GARP, value; bond –duration, credit, and yield curve Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $4,620.5; DC pension, $1,988.3; foundation & not-for-profit, $1,510.3; private client, $3,487.5; total, $36,235.8; others, $24,629.2 (insurance, other institutional, third-party mutual funds) Canadian plan sponsors (DB): 29 Canadian fixed-income specialist assets: Pooled, $352.7; segregated, $1,595.4; total, $1,948.1 Other asset classes: $2,672.4
Pension fund AUM for Canadian DB plans: Active, $4,611.3; passive, $9.2; total, $4,620.5
Canadian plan sponsors (DC): 23
DC pension plan AUM for Canadian plan sponsors: DC pension, $1,109.9; other, $878.4; total, $1,988.3
Total pension assets (DB & DC) managed for Canadian clients: $6,608.8
Contact: Tanya Bishop
Senior Vice President
Address: 2000 McGill College Avenue, Montreal, QC, H3A 3H3
Email: lois.pinault@amundi.com
Website: https://www.amundi.ca/professional Ownership structure: Principals, 68.67%; publicly held, 28.40%; third party, 2.93% (employees, treasury shares)
Investment professionals: 1,200+
Established: 1950
Minimum investment: Pooled, $5M; separate, $20M
Manager style: Size bias – large cap; all management styles
Investment AUM for Canadian clients: DB pension, $8,035; DC pension, $391; foundation & not-for-profit, $124; private client, $5.6; retail mutual funds (direct), $6,615; total: $15,660.6; others (insurance general fund), $490 Canadian plan sponsors (DB): 20 Global equity specialist assets for global mandates: Pooled, $499; segregated, $1,762; total, $2,261
Other asset classes: Non-Canadian fixed income, $126; real estate, $200; currency overlay, $5,103; emerging markets equity, $345 Pension fund AUM for Canadian DB plans: Active, $6,375; passive, $1,160; total, $8,035 Canadian plan sponsors (DC): 3 DC pension plan AUM for Canadian plan sponsors: DC pension, $391
Total pension assets (DB & DC) managed for Canadian clients: $8,426
BEUTEL, GOODMAN & COMPANY LTD.
Contact: Kimberley Woolverton
Managing Director, Head of Institutional Address: 2000-20 Eglinton Ave W, Toronto, ON, M4R 1K8
PH: 416-485-1010
Fax: 416-485-8516
Email: RFP@beutelgoodman.com
Website: https://www.beutelgoodman.com/ Ownership structure: Principals, 51%; third party, 49% (Affiliated Managers Group)
Investment professionals: 26
Established: 1967
Minimum investment: Pooled, $10M; separate, $25M
Manager style: Size bias – large cap; style bias – value
Management style: Active; fixed income; bond – duration (50% duration/50% credit)
Services to DC pension plan clients: Portfolio management services
Investment AUM for Canadian clients:
DB pension, $8,639; DC pension, $13,833; foundation & not-for-profit, $1,601; private client, $3,874; retail mutual funds (direct), $2,348; total, $43,264; others, $12,969 (corporate, insurance, SMA, subadvised)
Canadian plan sponsors (DB): 46
Balanced account assets: Pooled, $330; segregated, $1,122; total, $1,452
Canadian equity specialist assets: Pooled, $425; segregated, $2,139; total, $2,563
Canadian fixed-income specialist assets: Pooled, $1,359; segregated, $1,162; total, $2,521
US equity specialist assets: Pooled, $187; segregated, $473; total, $660
Global equity specialist assets for global mandates: Pooled, $917; total, $917
Other asset classes: North American equity, segregated, $527
Pension fund AUM for Canadian DB plans: Active, $8,639; total, $8,639
Canadian plan sponsors (DC): 13
DC pension plan AUM for Canadian plan sponsors: DC pension, $13,833; total, $13,833
Total pension assets (DB & DC) managed for Canadian clients: $22,473
Contact: Yvonne Davidson
Principal, Capital Raising & IR
Address: 1 York Street, Suite 1100, Toronto, ON, M5J 0B6
PH: 416-681-3400
Email: yvonne.davidson@bgo.com
Website: https://bgo.com/
Ownership structure: Principals, 36%; publicly held, 51%; third party, 13% (Sun Life Financial Inc. is an indirect majority (51%) owner of BGO; Tetragon, a minority owner, is a publicly traded European investment firm and was a founding shareholder in GreenOak)
Investment professionals: 81 (Canada); 280 (globally)
Established: 1911
Minimum investment: Pooled, $1M
Manager style: Active Services to DC pension plan clients: Access to high-quality real estate investment solutions; professionally managed strategies for diversified portfolios; institutional-grade management, oversight, and reporting
Investment AUM for Canadian clients: DB pension, $7,276; DC pension, $190; foundation & not-for-profit, $1,045; private client, $30; total, $29,208; others, $20,667 (insurance, financial institutions)
Canadian plan sponsors (DB): 85
Other asset classes: Real estate, $29,208 Pension fund AUM for Canadian DB plans: Active, $7,276; total, $7,276 Canadian plan sponsors (DC): 2 DC pension plan AUM for Canadian plan sponsors: DC pension, $190; total, $190 Total pension assets (DB & DC) managed for Canadian clients: $7,466
Contact: Mike Sandrasagra Vice President, Global Head of Consultant Relations
Address: 181 Bay St. Suite 4510, Toronto, ON, M5J 2T3
PH: (416) 869-3222
Fax: (416) 869-1700
Email: msandrasagra@burgundyasset.com
Website: burgundyasset.com
Ownership structure: Principals, 100%
Investment professionals: 30
Established: 1990
Minimum investment: Pooled, $5M; separate, $10M
Manager style: Value
Management style: Active; fixed income; bond – credit; quality-value investment style; distinct
strategies by market cap
Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $4,247; DC pension, $112; foundation & not-for-profit, $2,444; private client, $14,200; total, $21,095; others (corporation, sub-advisory, union/multi-employer, healthcare, insurance)
Canadian plan sponsors (DB): 57
Balanced account assets: Pooled, $737; segregated, $512; total, $1,250
Canadian equity specialist assets: Pooled, $138; total, $138
Canadian fixed-income specialist assets: Pooled, $6; total, $6
US equity specialist assets: Pooled, $4; segregated, $1,470; total, $1,473
Global equity specialist assets for global mandates: Pooled, $892; Total, $892
Global equity specialist assets for EAFE mandates: Pooled, $454; total, $454
Other asset classes: $33
Pension fund AUM for Canadian DB plans: Active, $4,247; total, $4,247
Canadian plan sponsors (DC): 7
DC pension plan AUM for Canadian plan sponsors: DC pension, $112; total, $112
Total pension assets (DB & DC) managed for Canadian clients: $4,359
Note: On June 19, 2025, Burgundy announced it will formally join BMO Financial Group (BMO). Burgundy will operate as an independent line of business within BMO, maintaining the investment philosophy, people, and principles that have defined the firm’s approach since its inception. The transaction is expected to close in November 2025.
Contact: Jason Davis
Portfolio Manager, Vice President Client Service & Marketing
Address: 550-100 York Boulevard, Richmond
Hill, ON, L4B 1J8
PH: 905-881-8853
Fax: 905-881-1466
Email: clientservice@cansofunds.com
Website: www.cansofunds.com
Ownership structure: Principals, 100% Investment professionals: 30
Established: 1997
Minimum investment: Pooled, $10M; separate, $250M
Manager style: Credit analysis/bottom-up fundamental security selection
Services to DC pension plan clients: Portfolio management
Investment AUM for Canadian clients: DB pension, $7,831.49; DC pension, $36.82; foundation & not-for-profit, $371.26; private client, $137.94; total, $60.43B
Canadian plan sponsors (DB): 23 segregated mandates
Canadian fixed-income specialist assets: Segregated, $25,795.02; pooled, $34,631.03; total, 60.43B
Canadian plan sponsors (DC): 1 segregated mandate
DC pension plan AUM for Canadian plan sponsors: DC pension, $36.82; total, $36.82
Total pension assets (DB & DC) managed for Canadian clients: $7,868.30
Note: The above pension information is on a segregated portfolio basis. As at June 30, 2025, the firm AUM is $60.43 B.
Contact: Mike Tuira
Vice-President, Institutional
Address: Brookfield Place, 181 Bay St., Ste. 3100, Toronto, ON, M5J 2T3
PH: 416-815-2079
Fax: 213-486-9223
Email: mike.tuira@capgroup.com
Website: www.capitalgroup.com/institutions/ca/en
Ownership structure: Principals, 100% Investment professionals: 481
Established: 1931
Minimum investment: Pooled, $15M; separate, $120M
Manager style: Size bias – all cap; style bias – core Management style: Active; fixed income; bond – credit
Services to DC pension plan clients: Recordkeeper daily pricing feed; recordkeeper/DC plan sponsor fund data and commentary for fund data pages
Investment AUM for Canadian clients: DB pension, $214; DC pension, $822; foundation &
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
not-for-profit, $157; retail mutual funds (direct), $17,659; total, $18,852; others, $5,170
Canadian plan sponsors (DB): 3
Global equity specialist assets for global mandates: Pooled, $214; total, $214
Pension fund AUM for Canadian DB plans: Active, $214; total, $214
Canadian plan sponsors (DC): 6
DC pension plan AUM for Canadian plan sponsors: DC pension, $822; total, $822
Total pension assets (DB & DC) managed for Canadian clients: $1,036
Contact: Carlo DiLalla, CFA
Managing Director and Head, Institutional Asset Management
Address: 161 Bay St., Ste. 2230, Toronto, ON, M5J 2S1
PH: 416-980-2768
Email: carlo.dilalla@cibc.com
Website: www.cibcam-institutional.com
Ownership structure: Third party, 100% (CIBC Asset Management Inc. is a member of the CIBC Group)
Investment professionals: 98
Established: 1972
Minimum investment: Pooled, $10M; separate, $25M
Manager style: Size bias – small, mid, large, all cap; style bias – value, grow Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $27,055.5; DC pension, $907.7; foundation & not-for-profit, $911.8; private client, $1,954.3; retail mutual funds (direct), $158,283.9; others, $61,771.7
Canadian plan sponsors (DB): 38
Balanced account assets: Pooled, $17.8; segregated, $73.6; total, $91.4
Canadian equity specialist assets: Pooled, $7.1; segregated, $54.4; total, $61.5
Canadian fixed-income specialist assets: Pooled, $2,555.3; segregated, $13,830.6; total, $16,386 US equity specialist assets: Pooled, $277.3; segregated, $151.4; total, $428.7
Global equity specialist assets for EAFE mandates: Pooled, $8.2; total, $8.2
Other asset classes: Currency overlay, $9,246.9; other, $832.8
Pension fund AUM for Canadian DB plans: Active, $6,656.5; passive, $20,399; total, $27,055.5
Canadian plan sponsors (DC): 3
DC pension plan AUM for Canadian plan sponsors: DC pension, $907.7; total, $907.7
Total pension assets (DB & DC) managed for Canadian clients: $27,963.2
Contact: Jean-Philippe Lemay
Managing Director, Head of Institutional Sales, Global
Address: 1800 McGill College Avenue, Suite 1300, Montreal, QC, H3A 3J6
PH: 514-287-0110
Fax: 514-287-9176
Email: JPLemay@cclgroup.com
Website: www.cclgroup.com
Ownership structure: Principals, 100% Investment professionals: 293
Established: 1982
Minimum investment: Pooled, $1M; separate, $5M Manager style: Size bias – all cap; style bias – core Management style: Active; fixed income; bond – duration; also managed on a growth and value style; bond – duration, credit, and yield curve Services to DC pension plan clients: CAP services – investment management and client service
Investment AUM for Canadian clients: DB pension, $27,374.00; DC pension, $12,904.90; foundation & not-for-profit, $4,632.60; private client, $18,607.10; retail mutual funds (direct), $1,521.30; total, $119,097.00; others, $54,057.10
Canadian plan sponsors (DB): 230
Balanced account assets: Pooled, $2,120.80; segregated, $23.90; total, $2,144.70
Canadian equity specialist assets: Pooled, $2,281.00; segregated, $3,283.50; total, $5,564.50
Canadian fixed-income specialist assets: Pooled, $1,022.00; segregated, $2,918.50; total, $3,940.50
US equity specialist assets: Pooled – available; segregated – available; total – available
Global equity specialist assets for global mandates: Pooled, $3,551.50; segregated, $598.40; total, $4,149.90
Global equity specialist assets for EAFE mandates: Pooled, $171.90; segregated, $742.30; total, $914.20
Other asset classes: Real estate, $3,403; infrastructure, $738; high-yield bonds, $16.50; hedge funds, $5,302; other, $1,200.90
Pension fund AUM for Canadian DB plans: Active, $27,374.00; total, $27,374.00
Canadian plan sponsors (DC): 20 DC pension plan AUM for Canadian plan sponsors: DC pension, $12,754.90; group RRSP, $150; total, $12,904.90
Total pension assets (DB & DC) managed for Canadian clients: $40,278.90
CRESCERO NATURAL CAPITAL INC.
Contact: Oliver Wolf
Business Development Associate Address: 7 Jahanke Street, Chatham, ON, N7M 4T4
PH: 519-352-8413
Email: investors@crescero.com
Website: crescero.com
Ownership structure: Principals, 100% Investment professionals: Not listed
Established: 2012
Minimum investment: $100,000
Manager style: Active
Investment AUM for Canadian clients: Private client, $65; total, $65
DESJARDINS GLOBAL ASSET MANAGEMENT
Contact: Natalie Bisaillon
Managing Director and Chief of Institutional Client Relations
Address: 1 Complexe Desjardins, 20th Floor, South Tower, Montreal, QC, H5B 1B2
PH: 514-214-5742
Fax: 514-281-7253
Email: Natalie.Bisaillon@desjardins.com
Website: www.desjardins.com/dgam
Ownership structure: Third party, 100% (Desjardins Global Asset Management is part of
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
the Desjardins Group, which is a financial services co-operative that belongs to its members)
Investment professionals: 102
Established: 1998
Minimum investment: Pooled, $5M; separate, $50M
Manager style: Size bias – large cap; style bias –value
Management style: Active; fixed income; bond – duration, credit, yield curve; other – LDI, market neutral, TAA overlay, smart beta, multi-factor, ESG, infrastructure
Services to DC pension plan clients: Desjardins Global Asset Management is a provider of investment solutions for DC programs offered primarily on the Desjardins DC platform Investment AUM for Canadian clients: DB pension, $12,411; foundation and not-for-profit, $319; retail mutual funds (direct), $33,010; other, $66,839; total, $112,579
Canadian plan sponsors (DB): 2
Canadian equity specialist assets: Segregated, $1; total, $1
Canadian fixed-income specialist assets: Segregated, $9,383; total, $9,383 US equity specialist assets: Segregated, $2; total, $2
Other asset classes: Infrastructure, $3,025
Pension fund AUM for Canadian DB plans: Active, $12,411; total, $12,411
Canadian plan sponsors (DC): 4 DC pension plan AUM for Canadian plan sponsors: DC pension, $116; total, $116 Total pension assets (DB & DC) managed for Canadian clients: $12,527
Note: Desjardins Financial Security is the provider of DC services for clients and information is unknown about the end client. DGAM is a sub-advisor for Desjardins Financial Security.
DIXON MITCHELL INVESTMENT COUNSEL INC.
Contact: Glen Rattray, CFA
Senior Investment Counsellor
Address: Suite 1680, 1055 West Hastings St., Vancouver, BC, V6E 2E9
PH: 604-669-3136
Fax: 604-684-3104
Email: glen@dixonmitchell.com
Website: www.dixonmitchell.com
Ownership structure: Principals, 100%
Investment professionals: 38
Established: 2000
Minimum investment: Pooled, $1M; separate, $1M
Manager style: Size bias – all cap; style bias –core
Management style: Active; fixed income; bond – yield curve
Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $6.47; foundation & not-for-profit, $91.92; private client, $3,078.40; retail mutual funds (direct), $1,687.56; total, $4,864.5; others, $1,733.45 (institutional clients)
Canadian plan sponsors (DB): 1
Balanced account assets: Segregated, $1,784.74; total, $1,784.74
Canadian equity specialist assets: Pooled, $363.60; segregated, $792.64; total, $1,156.24
Canadian fixed-income specialist assets: Pooled, $651.20; segregated, $741.48; total, $1,392.68
US equity specialist assets: Pooled, $358.37; segregated, $892.78; total, $1,251.15
Global equity specialist assets for global mandates: Pooled, $1.13; total, $1.13
Global equity specialist assets for EAFE: Segregated, $222.99; total, $222.99
Other asset classes: Cash, $199.58; other, $589.29
Pension fund AUM for Canadian DB plans: Active, $6.47; total, $6.47
Canadian plan sponsors (DC): 0
Total pension assets (DB & DC) managed for Canadian clients: $6.47
Note: DM has excluded registered accounts under this survey. Investment AUM for Canadian clients of all registered accounts is included under “Private cAUM”. DM offers mandates to six other investment firms (SMA). The AUM of DM mandates held by SMAs as at June 30, 2025, totalled $477.36.
Contact: Braiden Goodchild
VP, Capital Formation and Strategic Transactions Address: 333 Bay Street, Suite 1800, Toronto, ON, M5H 2R2
PH: 647-285-7085
Email: bgoodchild@equiton.com
Website: https://equiton.com/institutionalinvestors/
Ownership structure: Third party, 100%
Investment professionals: 10
Established: 2015
Minimum investment: Separate, $2M
Investment AUM for Canadian clients: Real estate-value add: $1.5B
Note: Equiton is a private equity real estate firm with a track record of providing clients with exposure to the investment benefits of the multifamily segment. Portfolios are constructed with a risk-adjusted return profile objective of capital preservation coupled with income and growth potential through, and across, markets and economic cycles.
Contact: Michael Barnett
Executive Vice-president, Institutional Address: 483 Bay St., Suite 300, Toronto, ON, M5G 2N7
PH: 416-307-5200
Email: FidelityCanadaInstitutional@fidelity.ca
Website: institutional.fidelity.ca
Ownership structure: Principals, 100%
Investment professionals: Over 1,400 investment professionals across Canada, US, and international, providing sub-advisory services to Fidelity Investments Canada
Established: 1987
Minimum investment: Pooled, $7.5M; separate, varies by strategy
Manager style: Varies by strategy
Management style: Varies by strategy
Services to DC pension plan clients: Investment only
Investment AUM for Canadian clients: DB pension, $15,845.69; DC pension, $29,947.99; pension assets managed for other managers, $5,981.27; foundation & not-for-profit, $934.43; retail mutual funds (direct), $239,488.66; total, $304,026.08; others, $11,828.03 (corporate, packaged programs, insurance, intermediated, and ETF)
Canadian plan sponsors (DB): 67
Balanced account assets: Pooled, $27.30; segregated, $246.12; total, $273.42
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
Canadian equity specialist assets: Pooled, $1,353.36; segregated, $9,291.04; total, $10,644.39
Canadian fixed-income specialist assets: Pooled, $2,041.73; segregated, $1,164.21; total, $3,205.95
US equity specialist assets: Pooled, $65.42; segregated, $227.50; total, $292.91
Global equity specialist assets for global mandates: Pooled, $501.96; segregated, $231.27; total, $733.22
Global equity specialist assets for EAFE mandates: Pooled, $56.19; total, $56.19
Pension fund AUM for Canadian DB plans: Active, $15,845.69; total, $15,845.69 Canadian plan sponsors (DC): 11
Contact: Sarah Aves
Head of Institutional Clients
Address: 1981 McGill College Avenue, Suite 1500, Montreal, QC, H3A 0H5
PH: 514-954-6468
Fax: 514-954-9692
Email: globaldistributionanalytics@fieracapital.com
Website: www.fieracapital.com
Ownership structure: Principals, 20%; publicly held, 80%
Investment professionals: 218 Established: 2003
Minimum investment: Pooled, $5M; separate, $20M Manager style: Size bias – large cap; style bias – GARP
Management style: Active; fixed income; Fiera Capital manages a diversified public markets fixed-income platform that aims to deliver durable and resilient alpha through investment capabilities ranging from bottom-up credit selection, top-down duration, and yield positioning, overlays, US credit, and high yield Services to DC pension plan clients: Fiera Capital has extensive experience developing innovative solutions for DC pension plan clients. We are proud to offer unique expertise in traditional and alternative investment solutions, both in terms of income and capital appreciation, allowing Fiera Capital to distinguish itself and offer its clients solutions that will help them achieve their performance
objectives across all market environments. Investment AUM for Canadian clients: DB pension, $22,347.13; DC pension, $8,849.29; pension assets managed for other managers, $3,129.86; foundation & not-for-profit, $13,722.01; private client, $24,369.07; retail mutual funds (direct), $15,748.29; total, $106,079.28; others, $17,908.89
Contact: Dennis Tew
Head of Sales, Canada
Address: 200 King St. W, Ste. 1400, Toronto, ON, M5H 3T4
PH: 416-957-6023
Email: dennis.tew@franklintempleton.ca
Website: franklintempleton.ca
Ownership structure: Principals, 36%; publicly held, 64%
Investment professionals: 1,500
Established: 1947
Minimum investment: Pooled, $1M; separate, $20–$250M (depending on mandate)
Manager style: Active; passive; smart beta Management style: Active; size bias – large cap, mid cap, small cap, all cap; style bias – value, growth, GARP, core; bond – duration, credit, yield curve
Services to DC pension plan clients: Investment management, OCIO, SIP&P/IPS construction Investment AUM for Canadian clients: DB pension, $9,750; DC pension, $3,784; foundation & not-for-profit, $1,301; private client, $1,389; retail mutual funds (direct), $15,235; total, $56,354; others, $24,895
Canadian plan sponsors (DB): 75
Balanced account assets: Pooled, $512; segregated, $714; total, $1,226
Canadian equity specialist assets: Pooled, $747; segregated, $336; total, $1,083
Canadian fixed-income specialist assets: Pooled, $737; total, $737
US equity specialist assets: Pooled, $17; segregated, $25; total, $42
Global equity specialist assets for global mandates: Pooled, $490; segregated, $286; total, $776
Global equity specialist assets for EAFE mandates: Pooled, $69; segregated, $58; total, $127
Other asset classes: Private equity, $957; non-Canadian fixed income, $3,354; real estate, $3,554; infrastructure, $405; hedge funds, $1; other, $1,272
Pension fund AUM for Canadian DB plans: Active, $9,750
Canadian plan sponsors (DC): 13
DC pension plan AUM for Canadian plan sponsors: DC pension, $3,784; total, $3,784
Total pension assets (DB & DC) managed for Canadian clients: $13,534
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
Email: rlacey@guardiancapital.com
Website: www.guardiancapital.com
Ownership structure: Third party, 100% (Guardian Capital Group Limited)
Investment professionals: 40 (GCLP and all subsidiaries)
Established: 1964
Minimum Investment: Pooled, $1M; separate, varies by mandate
Manager style: Active; fixed income
Management style: Active; bias – mid to large cap; style bias – growth, GARP, core; bond –yield curve, credit, core
Services to DC pension plan clients: Produce comprehensive quarterly client reports, monthly updates, and flash reports; attend client meetings; a dedicated client servicing executive will provide service to clients with educational requirements
Investment AUM for Canadian clients: DB pension, $2,016.8; DC pension, $430.9; foundation & not-for-profit, $458.7; private client, $162.2; total, $22,220.97; others, $19,152.4 (WRAP, sub-advised, corporate, First Nations, insurance, multi-employer)
Canadian plan sponsors (DB): 22
Balanced account assets: Pooled, $91.1; segregated, $81.6; total, $172.7
Canadian equity specialist assets: Pooled, $27.5; segregated, $288.27; total, $315.7
Canadian fixed-income specialist assets:
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
Pooled, $6.8; segregated, $394.3; total, $401.1
Global equity specialist assets for global mandates: Pooled, $137.16; segregated, $990.15; total, $1,127.3
Pension fund AUM for Canadian DB plans: Active, $2,016.82; total, $2,016.82
Canadian plan sponsors (DC): 3
DC pension plan AUM for Canadian plan sponsors: DC pension, $430.9; total, $430.9 Total pension assets (DB & DC) managed for Canadian clients: $2,447.7
Note: Investment professionals are for Guardian Capital LP and subsidiaries GuardCap Asset Management and Galibier Capital Management.
Contact: Harry Marmer
EVP
Address: 100 King Street West, Toronto, ON, M5X 1E4
PH: 416-913-3907
Fax: 416-913-3901
Email: hmarmer@hillsdaleinv.com
Website: www.hillsdaleinv.com
Ownership structure: Hillsdale is an institutional investment boutique aligned with its clients’ best interests
Investment professionals: 42
Established: 1996
Minimum investment: Pooled, $2M; separate, $25M
Manager style: Style bias – core Management style: Active; We specialize in client-driven bespoke investment mandates Services to DC pension plan clients: Hillsdale Investment Management Inc. is an institutional investment boutique with over 29 years of experience serving a select group of sophisticated investors. We align our interests with our clients by investing alongside them. Hillsdale is recognized for designing systematic, bespoke investment strategies across a wide range of objectives, including high alpha, smart beta, customized mandates, and E, S, and G factors. Our reputation for investment and service excellence reflects our relentless commitment to applied research, disciplined implementation, and exceptional client service.
Investment AUM for Canadian clients: DB pension, $1,556; DC pension, $138; pension assets managed for other managers, $1,490; foundation & not-for-profit, $173; private client, $182; total, $7,840; others, $4,300
Canadian plan sponsors (DB): 13
Canadian equity specialist assets: Pooled, $322; segregated, $451; total, $773
US equity specialist assets: Pooled, $68; segregated, $149; total, $217
Pension Fund AUM for Canadian DB plans: Active, $1,556; total, $1,556
Canadian plan sponsors (DC): 1
DC pension plan AUM for Canadian plan sponsors: DC pension, $138; total, $138
Total pension assets (DB & DC) managed for Canadian clients: $1,694
Contact: Dexton Blackstock, CFA
Director, Institutional Business Development
Address: 40 Temperance St., Toronto, ON, 18th Floor, M5H 0B4
PH: 416-363-7417
Email: dexton.blackstock@jflglobal.com
Website: www.jflglobal.com
Ownership structure: Third party, 100% (The Bank of Nova Scotia)
Investment professionals: 27
Established: 1955
Minimum investment: Pooled, $1M; separate, $25M
Manager style: Size bias – large cap; style bias – GARP
Management style: Active; fixed income
Investment AUM for Canadian clients: DB pension, $12,977; DC pension, $5,139; foundation & not-for-profit, $6,398; private client, $5,418; total, $56,054; others, $26,122 (corporate, education, insurance, trust, estates, sub-advised, other)
Canadian plan sponsors (DB): 112
Pension fund AUM for Canadian DB plans: Active, $12,977; total, $12,977
Canadian plan sponsors (DC): 22
DC pension plan AUM for Canadian plan
sponsors: DC pension, $5,139; total, $5,139
Total pension assets (DB & DC) managed for Canadian clients: $18,117
LTD.
Contact: Gary Wong
Principal, Portfolio Manager – Institutional Clients
Address: Suite 1500 - 400 Burrard St, Vancouver, BC, V6C 3A6
PH: 604-683-3391
Email: GaryW@leithwheeler.com
Website: www.leithwheeler.com
Ownership structure: Principals, 100%
Investment professionals: 49
Established: 1982
Minimum investment: Pooled, $3M; separate, $10M
Manager style: Size bias – all cap; style bias –value
Management style: Active; fixed income; bond – combination of yield curve, credit, and duration
Services to DC pension plan clients: Portfolio manager, investment fund manager, exempt market dealer
Investment AUM for Canadian clients: DB pension, $8,396.89; DC pension, $4,104.09; foundation & not-for-profit, $2,665.01; private client, $4,549.82; retail mutual funds (direct), $479.09; total, $31,738.30; others, staff, insurance co., other pension plans, trusts, health and welfare plans
Canadian plan sponsors (DB): 52
Balanced account assets: Pooled, $2,985.37; segregated, $2,052.03; total, $5,037.41
Canadian equity specialist assets: Pooled, $837.45; segregated, $1,459.46; total, $2,296.91
Canadian fixed-income specialist assets: Pooled, $144.32; segregated, $206.22; total, $350.54
Global equity specialist assets for global mandates: Pooled, $85.00; segregated, $604.35; total, $689.35
Other asset classes: Infrastructure, $22.69
Pension fund AUM for Canadian DB plans: Active, $8,396.89; total, $8,396.89
Canadian plan sponsors (DC): 18
DC pension plan AUM for Canadian plan sponsors: DC pension, $4,104.09; total, $4,104.09
Total pension assets (DB & DC) managed for Canadian clients: $12,500.99
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
Contact: Neeraj Jain
Institutional Portfolio Manager
Address: 79 Wellington Street West, TD South Tower, Suite 3410, Box 276, Toronto, ON, M5K 1J5
PH: 416-865-3929
Fax: 844-401-3738
Email: njain@mawer.com
Website: www.mawer.com
Ownership structure: Principals, 100%
Investment professionals: 44
Established: 1974
Minimum investment: Pooled, $10M; separate, $50M
Manager style: Size bias – all cap
Management style: Active; fixed income; style bias – quality at the right price; bond – duration, credit, yield curve
Services to DC pension plan clients: Investment management along with periodic written pieces including discussion papers, blog articles, podcasts, and quarterly investment updates
Investment AUM for Canadian clients: DB pension, $8,668.94; DC pension, $8,587.29; foundation & not-for-profit, $4,973.51; private client, $13,413.37; retail mutual funds (direct), $7,770.4; total, $78,606.42; others, $35,192.92 (Includes seed capital, SMA program, and sub-advisory)
Canadian plan sponsors (DB): 98
Balanced account assets: Pooled, $772.59; total, $772.59
Canadian equity specialist assets: Pooled, $350.58; segregated, $586.04; total, $936.62 Canadian fixed-income specialist assets: Pooled, $279.51; total, $279.51
US equity specialist assets: Pooled, $118.28; segregated, $31.29; total, $149.57
Global equity specialist assets for global mandates: Pooled, $3,617.16; segregated, $1,244.54; total, $4,861.7
Global equity specialist assets for EAFE mandates: Pooled, $1,036.1; segregated, $36.08; total, $1,072.18
Other asset classes: Cash, $302.25
Pension fund AUM for Canadian DB plans: Active, $7,946.34; total, $7,946.34 Canadian plan sponsors (DC): 17
DC pension plan AUM for Canadian plan sponsors: DC pension, $8,587.29; total, $8,587.29
Total pension assets (DB & DC) managed for Canadian clients: $17,256.23
LIMITED
Contact: Andrew Kitchen
Senior Managing Director – Institutional Sales
Address: 77 King St. W., 35th Floor, Toronto, ON, M5K 1B7
PH: 647-253-9162
Email: AKitchen@mfs.com
Website: www.mfs.com
Ownership structure: Principals, up to 20%; third party, 80%; Sun Life Financial, Inc. Investment professionals: 325 Established: 1924
Minimum investment: Pool accounts, $0; separate, dependent on the strategy Manager style: Size bias – all cap Management style: Active; fixed income; style bias – value, growth, GARP, core; bond –duration, credit, yield curve
Services to DC pension plan clients: Asset management
Investment AUM for Canadian clients: DB pension, $4,568.9; DC pension, $16,159.3; foundation & not-for-profit, $1,829.8; total, $45,459.5; others, $22,901.5 (other includes insurance, investment & sub-advisory)
Canadian plan sponsors (DB): 33
Balanced account assets: Pooled, $333.3; segregated, $258.6; total, $591.9
Canadian equity specialist assets: Pooled, $140.5; total, $140.5
Canadian fixed-income specialist assets: Pooled, $462.0; segregated, $139.3; total, $601.3
Global equity specialist assets for global mandates: Pooled, $424.8; segregated, $1,850.1; total, $2,274.9
Global equity specialist assets for EAFE mandates: Pooled, $335.2; segregated, $625.1; total, $960.3
Pension fund AUM for Canadian DB plans: Active, $4,568.9; total, $4,568.9
Canadian plan sponsors (DC): 10
DC pension plan AUM for Canadian plan
sponsors: DC pension, $16,159.3; total, $16,159.3 (including Group RSP)
Total pension assets (DB & DC) managed for Canadian clients: $20,728.2
Contact: François Forget
Head of Distribution – Canada
Address: 1000 de la Gauchetière Ouest, Suite 3100, Montreal, QC, H3B 4W5
PH: 514-518-8587
Email: fforget@pictet.com Website: www.am.pictet
Ownership structure: Principals, 100%; Pictet Asset Management is held at 100% by the Pictet Asset Management Holding SA, Geneva. Pictet Asset Management Holding SA is in turn ultimately owned by the seven partners of the Pictet Group
Investment professionals: 407
Established: 1980 (parent company in 1805)
Minimum investment: Pooled, $1.6M; separate, $50M
Manager style: Size bias – all cap; style bias –growth
Management style: Active; fixed income; varies with strategies: size bias – small cap, mid cap, large cap, all cap; style bias – growth, GARP, core; bond – duration, credit
Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $1.8; total, $1.8; others, $70.3 (family office) Canadian plan sponsors (DB): 1
Pension fund AUM for Canadian DB plans: Active, $1.8; total, $1.8
Total pension assets (DB & DC) managed for Canadian clients: $1.8
Note: Pictet Asset Management is a specialist asset manager offering investment solutions and services globally. With an office in Montreal since 1974, we have been managing assets for Canadian institutional clients for 40+ years. We strive to meet our clients’ changing needs with pioneering strategies and excellent client service. A leader in environmental and sustainable strategies, responsibility is central to our way of thinking. As a multi-boutique firm, we offer a range of equity, fixed income, and alternative capabilities.
Contact: Connor Haslip
Vice President, Institutional Business
Address: 320 – 33 Yonge Street, Toronto, ON, M5E 1G4
PH: 866-369-4108
Email: invest@pictoninvestments.com
Website: https://www.pictoninvestments
Ownership structure: Principals, 100% Investment professionals: 49
Established: 2004
Minimum investment: Pooled, $25M; separate, $25M
Manager style: Size bias – all cap; style bias –momentum
Management style: Active; fixed income; alternative investment solutions; equity market neutral (Canadian & global), equity long/short (Canadian, US mid, global), credit long/short, diversified fund of funds, arbitrage Services to DC pension plan clients: Investment management portfolio construction, investment fund management including liquid alternatives Investment AUM for Canadian clients: DB pension, $1,904; retail mutual funds (direct), $9,824; total, $14,997; others, $3,266 (corporate, insurance, and sub-advisory) Canadian plan sponsors (DB): 4 Canadian equity specialist assets: Total, $993 Other asset classes: Hedge funds, $911 Pension fund AUM for Canadian DB plans: Active, $1,904; total, $1,904 Total pension assets (DB & DC) managed for Canadian clients: $1,904
Note: Retail mutual funds (direct) include private client assets.
Contact: Darren Dansereau
Chief Executive Officer
Address: Suite 1008, 222 – 3 Avenue SW, Calgary, AB, T2P 0B4
PH: 403-265-7007
Fax: 403-266-6524
Email: ddansereau@qvinvestors.com
Website: www.qvinvestors.com
Ownership structure: QV is 100% owned by employees across all levels of the firm
Investment professionals: 21
Established: 1996
Minimum investment: Pooled, $0.5M; separate, $10M
Manager style: Style bias – value
Management style: Active; fixed income Services to DC pension plan clients: We provide active, discretionary investment management services
Investment AUM for Canadian clients: DB pension, $735.22; DC pension, $506.22; foundation & not-for-profit, $27.02; private client, $627.50; retail mutual funds (direct), $3,045.15;1 others, $646.37 (insurance and institutional corporate accounts); total, $5,587.48
Canadian plan sponsors (DB): 6
Balanced account assets: (Pension DB) Pooled, $125.17
Canadian equity specialist assets: (Pension DB) Pooled, $270.27; segregated, $339.78; total, $610.05
Pension fund AUM for Canadian DB plans: Active, $735.22; passive, $0.0; total, $735.22
Canadian plan sponsors (DC): 4
DC pension plan AUM for Canadian plan sponsors: DC pension, $506.22
Total pension assets (DB & DC) managed for Canadian clients: $1,241.44
1 Assets we manage on behalf of mutual funds
SETANTA ASSET MANAGEMENT
Contact: Rocco Vessio
Director Business Development, Canada
Address: 190 Simcoe St, Toronto, ON, M5T 2W5
PH: 647-823-4813
Email: rocco.vessio@setanta-asset.com
Website: setanta-asset.com
Ownership structure: Publicly held, 100%
Investment professionals: 17
Established: 1998
Manager style: Size bias – all cap; style bias – value Management style: Active; fixed income
Investment AUM for Canadian clients: DC pension, $2,575; total, $3,123; others (sub-advised)
Balanced account assets: Pooled, $290
Global equity specialist assets for global mandates: Pooled, $1,162
Global equity specialist assets for EAFE mandates: Pooled, $1,613
Other asset classes: Other, $50
Pension fund AUM for Canadian DB plans: Active, $2,575; total, $2,575
DC pension plan AUM for Canadian plan sponsors: DC pension, $2,575
Total pension assets (DB & DC) managed for Canadian clients: $2,575
Contact: Anne Meloche
Head of Institutional Business
Address: 1 York Street, Toronto, ON, M5J 0B6
PH: 1-877-344-1434
Fax: 1-855-329-7544
Email: info@sunlifeglobalinvestments.com
Website: https://www.slgiinstitutional.com/en/ Ownership structure: Publicly held, 100% Investment professionals: 14 Established: 2010
Manager style: All of the above Services to DC pension plan clients: Full suite of funds; communications; education; governance reporting
Investment AUM for Canadian clients: DB pension, $314; DC pension, $23,810; retail mutual funds (direct), $12,705; total, $42,831; others, $6,002
Canadian plan sponsors (DB): 90
Canadian plan sponsors (DC): 6,445
DC pension plan AUM for Canadian plan sponsors: DC pension, $7,920; group RRSP, $12,563; group DPSP, $1,604; other, $1,724; total, $23,810
Total pension assets (DB & DC) managed for Canadian clients: $42,831
Contact: Cormac Mac Lochlainn
Executive Vice President
Address: 20 Adelaide Street East, Suite 1201, Toronto, ON, M5C 2T6
Email: CMaclochlainn@Stonebridge.ca
Website: Stonebridge.ca
Ownership structure: Originally founded with the support of three of Canada’s largest insurance companies (which had a 30% ownership interest), the firm has been 100% independent and management-owned since 2021
Investment professionals: 19
Established: 1998
Minimum investment: Pooled, varies by fund; separate, varies by mandate
Asset classes: Stonebridge focuses on private debt and credit investments lending to infrastructure, renewable power, healthcare, real estate, and corporate sectors
Manager style: Style bias – investment-grade, core, and core-plus
Management style: Private fixed income; passive and active
Overview: Time-tested, future-focused, Stonebridge Financial has a quarter century of private debt solutions for both regulated and other institutional investors. Having cumulatively financed over $8 billion of loans since inception, the firm has a proven track record of providing prudent and well-structured offerings on behalf of its clients.
CAP services: Stonebridge Financial provides discretionary investment management solutions by asset class as well as multi-sector strategies, with both short and long duration, as well as pooled and segregated offerings available
Investment AUM and administration summary: Stonebridge Financial 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. Co-investment opportunities for investors as well as sub-advisory services for other managers also available.
Total investment assets: $3,320
SLC MANAGEMENT
Contact: Veronique Lauzière
Senior Managing Director, Head of Canadian Business Development and Client Relationships
Address: 1 York St., Suite 1100, Toronto, ON, M5J 0B6; 1155 rue Metcalfe, Montréal, QC, H3B 2V9
PH: 514-904-9694
Email: veronique.lauziere@slcmanagement.com
Website: www.slcmanagement.com
Ownership structure: Sun Life Capital Management (Canada) Inc., Sun Life Capital Management (US) LLC, Crescent Capital Group LP, and InfraRed Capital Partners are SLC Management companies that are indirect wholly owned subsidiaries of Sun Life Financial Inc., a publicly traded company listed on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF
Investment professionals: 527
Established: 2013
Minimum investment: Pooled, varies by pooled fund; separate, varies by mandate Manager style: SLC fixed income: actively managed investment-grade public and private fixed income; Crescent: actively managed below-investment-grade public and private credit; InfraRed: actively managed infrastructure equity across core and value-add strategies; Our primary source of value-add within our fixed income teams is credit analysis. We typically do not take active interest rate positions.
Services to DC pension plan clients: We offer investment management services to defined contribution pension plans through Sun Life Assurance Co. of Canada’s Group Retirement Services business unit
Investment AUM for Canadian clients: DB pension, $8,671; DC pension, $2,163; foundation & not-for-profit, $377; private client, $13; retail mutual funds (direct), $2,397; total, $155,557; others, $141,935
Canadian plan sponsors (DB): 90 Canadian fixed-income specialist assets: Pooled, $554; segregated, $3,853; total, $4,407 Other asset classes: Other, $4,264
Pension fund AUM for Canadian DB plans: Active, $8,672; total, $8,672
Canadian plan sponsors (DC): 3 DC pension plan AUM for Canadian plan sponsors: DC pension, $2,163; total, $2,163
Total pension assets (DB & DC) managed for Canadian clients: $10,835
Note: 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 (US) LLC in the United States and Sun Life Capital Management (Canada) Inc. in Canada operate. BentallGreenOak (BGO), Crescent Capital Group LP (Crescent), and InfraRed Capital Partners (InfraRed) are also part of SLC Management. Figures include assets of SLC Management’s collective operations, including
Sun Life Capital Management (Canada Inc.), but excluding BGO as their asset data is submitted separately.
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
Website: troweprice.com/Canada
Ownership structure: Publicly held, 100%; T. Rowe Price Group, Inc. is an independent, publicly traded company with significant employee ownership. Common stock owned outright by our associates and directors, combined with outstanding vested stock options and unvested restricted stock awards, total approximately 5% of our outstanding stock and outstanding vested stock options at December 31, 2024.
Investment professionals: 810
Established: 1937
Minimum investment: Pooled, $5M; separate, $60M
Manager style: Size bias – small, mid, large, all cap; style bias – value, growth, GARP, core Management style: Active; fixed income – active, passive; bond – duration, credit, yield curve Services to DC pension plan clients: Investment management for Canadian clients
Investment AUM for Canadian clients: DB pension: $1,651.3; DC pension: $1,798.9; foundation & not-for-profit: $93.4; total: $15,964; others: $11,986
Canadian plan sponsors (DB): 6
US equity specialist assets: Pooled, $458.0; segregated, $817.1; total, $1,275.1
Global equity specialist assets for global mandates: Pooled, $829.9; segregated, $967.8; total, $1,797.7
Other asset classes: Non-Canadian fixed income, $214.9; other, $51.1
Pension fund AUM for Canadian DB plans: Total, $1,651.3
Canadian plan sponsors (DC): 6
DC pension plan AUM for Canadian plan
sponsors: Total, $1,798.9
Total pension assets (DB & DC) managed for Canadian clients: $3,450.2
Benefits and Pensions Monitor directories can be found at www.benefitsandpensionsmonitor.com
Contact: Mark Cestnik
Managing Director
Address: 161 Bay St., Toronto, ON, M5J 2T2 PH: 416-274-1742
Email: Mark.Cestnik@tdam.com
Website: www.tdgis.com
Ownership structure: Third party, 100%; under the brand name “TD Global Investment Solutions” (“TDGIS”), TDAM offers its products and services to institutional investors. The TDGIS brand represents the institutional asset management businesses of TD Bank Group, globally.
Investment professionals: 323
Established: 1987
Minimum investment: Pooled, $17M; separate, $50M active and $200M passive Manager style: Size bias – large cap, all cap; style – value, growth, GARP, core Management style: Active, passive; fixed income; bond – credit, yield curve; other –minimum variance (low volatility) Services to DC pension plan clients: Investment management
Investment AUM for Canadian clients: DB pension, $137,792.33; DC pension, $20,725.99; other managers, $481.60; foundation & not-forprofit, $7,851.21; private client, $65,943.51; retail mutual funds (direct), $190,374.85; total, $475,747.82; others, $52,578.33
Canadian plan sponsors (DB): 280
Balanced account assets: Pooled, $149.77 Canadian equity specialist assets: Pooled, $2,837.55; segregated, $163.62; total, $3,001.17 Canadian fixed-income specialist assets: Pooled, $20,540.77; segregated, $14,361.02; total, $34,901.79
US equity specialist assets: Pooled, $4,082.00; segregated, $713.45; total, $4,795.45
Global equity specialist assets for global mandates: Pooled, $7,443.36; segregated, $2,168.88; total, $9,612.24
Global equity specialist assets for EAFE mandates: Pooled, $1,121.04; segregated, $11.40; total, $1,132.43
Other asset classes: Cash, $2,540.34; non-Canadian fixed income, $237.31; real estate, $14,360.72; infrastructure, $983.37; currency overlay, $8,805.45; other, $57,272.28 (asset overlay, bond overlay, alt mortgages, other alt, private debt, real return, immunization
Pension fund AUM for Canadian DB plans: Active, $45,220.31; passive, $92,572.02; total, $137,792.33
Canadian plan sponsors (DC): 32
DC pension plan AUM for Canadian plan sponsors: DC pension, $21,207.59; total, $21,207.59 Total pension assets (DB & DC) managed for Canadian clients: $158,999.92
Contact: Jean-Francois Milette
Global Head, Client Solutions
Address: 1800 McGill College Ave., Suite 2000, Montreal, QC, H3A 3J6
PH: 514-397-7370
Email: jfmilette@transcanadacapital.com
Website: transcanadacapital.com
Ownership structure: Third party, 100% (Air Canada) Investment professionals: 44
Established: 2019
Minimum investment: Pooled, $5M
Manager style: Size bias – all cap; style bias – core Management style: Active; fixed income; bond – credit; other, relative value approach in fixed income to expand the opportunity set
Investment AUM for Canadian clients: DB pension, $29,600; foundation & not-for-profit, $84; private client, $64; retail mutual funds (direct), $20; total, $30,416; others, $648 (other managers)
Canadian plan sponsors (DB): 3
Canadian equity specialist assets: Segregated, $326; total, $326
Canadian fixed-income specialist assets: Pooled, $4,128; segregated, $12,850; total, $16,978
Global equity specialist assets for global mandates: Pooled, $1,648; total, $1,648
Other asset classes: Hedge funds, $3,169; other, $8,264
Pension fund AUM for Canadian DB plans: Active, $29,600; total, $29,600
Total pension assets (DB & DC) managed for Canadian clients: $29,600
VAN BERKOM GLOBAL ASSET MANAGEMENT
Contact:
Andy Kong
Head of Global Business Development
Address: 600 de Maisonneuve Blvd Street West, Suite 2510, Montreal, QC, H3A 3J2
PH: 514-985-0909
Fax: 514-985-2430
Email: akong@vanberkomglobal.com
Website: vanberkomglobal.com
Ownership structure: Principals, 100%
Investment professionals: 16
Established: 1991
Minimum investment: Pooled, $1M; separate, $5M
Manager style: Size bias – small cap; style bias – core
Management style: Active; other – quality
Investment AUM for Canadian clients: DB pension: $2,721; DC pension: $155; foundation & not-for-profit: $161; private client: $33; total: $3,070
Canadian plan sponsors (DB): 14
Canadian equity specialist assets: Segregated, $366; pooled, $7; total, $373
US equity specialist assets: Segregated, $4,570; pooled, $2; US Smid, $77; total, $4,649
Global equity specialist assets for global mandates: Pooled, $40; segregated, $42; total, $82
Other asset classes: Other – international, $4 equity
Pension fund AUM for Canadian DB plans: Active, $2,721; total, $2,721
Canadian plan sponsors (DC): 8
DC pension plan AUM for Canadian plan sponsors: Total, $155
Total pension assets (DB & DC) managed for Canadian clients: $3,070
Hot List honourees are igniting strategies that balance growth with governance, resilience with innovation, and short-term
with
AND
MONITOR’s 2025 Hot List honourees exemplify the diverse ways leadership is reshaping Canada’s benefits, pensions, and insitutional investment space. They combine entrepreneurial drive, technical expertise, and people-focused strategies to deliver meaningful change across the sector by:
• Expanding access to alternative investments and guiding organizations through rapid growth with disciplined financial leadership
• Driving digital innovation in group insurance and building benefit strategies that integrate health and financial wellness
• Leading on complex pension mandates while strengthening governance and mentoring the next generation of industry professionals
• Extending their influence beyond client work through board service, policy leadership, and community engagement
BPM invited professionals across Canada to nominate their most exceptional leaders for the third annual Hot List. Nominees needed at least a decade in the industry, and from hundreds of entries, the outstanding individuals who have set the pace over the past year were recognized.
What emerges is a list that reflects continuity and change. Leadership recognition continues to span the C-suite, but the largest share sits just below, where VPs and directors carry much of the execution power. Experience is also more varied than in past years, with the list no longer domin-
ated by a single tenure group. And for the first time, women form the majority of honourees, underscoring the sector’s progress in building pipelines and sponsorship for female leaders.
This year’s Hot List highlights how influence in benefits, pensions, and institutional investment is expanding across roles, career stages, and demographics – a sign that the sector’s future will be driven by a broader base of leadership talent. BPM’s 2023–25 data shows:
• Title seniority: The Hot List is anchored at the VP/director level, where most large-scale programs are executed. C-suite recognition remains steady, while representation from unitlevel leaders declined in 2025.
• Years in the industry: Experience is diversifying. The 21–30-year band no longer dominates, with growth in both 10–20 years and 31–40 years. The list now leans toward mid-career professionals, with few over 40 years in.
• Gender: Representation has flipped. Women rose from one-third of winners in 2023 to a majority in 2025, showing stronger nomination pipelines and sponsorship across the sector.
Pension funding remains volatile Canada’s pension sector posted a stronger quarter in 2025. According to the WTW Pension Index Canada, equities advanced while domestic bonds lagged, discount rates rose by 18 basis points, liabilities fell by 1.3
“Entrepreneurship taught me to be bold and visionary, while discipline has kept me grounded in transparency and accountability”
Helen Hurlbut, Equiton Capital
percent, and the index gained 2.7 percent in the second quarter. This points to a funding picture still highly sensitive to market movements and asset mix.
For BPM’s Hot List honourees, this volatility underscores the value of leaders who can manage funding risk, interpret market shifts, and keep pension plans resilient in unpredictable conditions.
On the benefits side, investment is tied directly to talent. The Mercer Innovative and Emerging Benefits Survey 2024–25 found that nearly all employers cite attraction and retention as the main reason to spend on benefit plans, showing that program design now functions as a frontline tool for hiring and loyalty. The same research shows multiple benefits have crossed into mainstream adoption at or above 50 percent prevalence, with many recording double-digit growth since 2023.
For BPM’s Hot List honourees, this shift highlights the impact of leaders who can design benefits strategies that not only keep pace with adoption trends but also give their organizations an edge in recruiting and retaining top talent.
Employees continue to prize core health features. Mercer’s Health on Demand 2025 report reveals that prescription drug coverage, routine primary-care visits, and preventive cancer screening rank as the most valued benefits.
Meanwhile, financial strain is mounting. Roughly half of employees report high concern about paying monthly bills and their ability to retire, which elevates the importance of financial well-being supports inside total rewards, according to Fidelity’s global retirement research. The findings also highlighted that the biggest gap between demand and availability lies in financial coaching, emergency savings, and loan programs.
For BPM’s Hot List honourees, this context underscores why their leadership is critical – translating employee priorities into programs that strengthen both health access and financial security at a time when demand is rising faster than supply.
Helen Hurlbut –Equiton Capital Chief financial officer
Helen Hurlbut has built her career at the intersection of institutional capital and innovative product design. As CFO and co-founder of Equiton Capital, she brings both strategic discipline and entrepreneurial drive.
Hurlbut and CEO Jason Roque launched the firm in 2015 to make private equity real estate accessible to Canadians. Under her financial leadership, Equiton has grown into an emerging leader in the sector, surpassing $1.5 billion in AUM as of July 2025 (+35 percent YOY), well ahead of projections and through volatile markets.
In June 2025, Benefits and Pensions Monitor invited industry professionals from across the country to nominate their most exceptional leaders for the third annual Hot List.
Nominees had to have been in the industry for at least 10 years. After receiving hundreds of nominations, BPM narrowed the list down to 31 movers and shakers whose contributions have helped shape the benefits, pension, and institutional investment space over the past 12 months.
From innovators at the forefront of change, to leaders who are transforming the way the industry does business, this year’s Hot List represents the best the industry has to offer.
Her expertise in alternative investments supports pension clients seeking real estate and income strategies, while her oversight ensures sustainable growth. Recognized as an Elite Woman in 2024 and now on BPM’s Hot List, Hurlbut is noted for advancing opportunities in retirement portfolios and proving how disciplined leadership can fuel innovation.
BPM asked Hurlbut about Equiton’s rapid growth and the principles that continue to guide her leadership.
BPM: Equiton crossed the $1 billion AUM milestone in just eight years. What leadership decisions or approaches do you think were most critical in reaching that point so quickly, especially given the market volatility along the way?
HH: Equiton has continued to demonstrate resilience. Despite market volatility, we have grown and expanded our team to 250-plus employees. This performance highlights the role of private real estate as a source of stability during periods of market turbulence – providing diversification, consistent returns, and protection against short-term swings.
“It’s by listening and understanding the real needs of our clients that we succeed in creating relevant, impactful solutions”
Éric Trudel, Beneva
Our conservative financial approach, strong governance, and commitment to transparency have helped us become successful. Beyond financial performance, our focus has been on helping address Canada’s housing challenges through strategic developments and operational improvements, while ensuring institutional-grade real estate remains accessible to a broader range of Canadians.
BPM: Your career reflects both entrepreneurship and discipline. What guiding principle or philosophy has carried you
through those transitions and continues to influence your work today?
HH: The guiding principle throughout my career has been to lead with integrity and to focus on creating long-term value for investors, employees, and the communities we serve. I also believe strongly in leading by example, which means mentoring future leaders, championing diversity, and setting a standard of excellence that others can build upon. That combination of vision, discipline, and responsibility continues to shape how I lead Equiton and how I contribute to the broader wealth industry.
Éric Trudel – Beneva Executive vice-president and leader of group insurance
As both executive vice-president and leader of group insurance, Éric Trudel is driving change in the group benefits industry. He oversees strategy, product, and service delivery for the largest mutual insurance company in Canada and one of the country’s most influential insurers, championing digital innovation and integrated wellness solutions that support both health and financial security.
With more than 30 years in insurance, Trudel brings deep experience from senior leadership roles at SSQ Insurance, where he developed a cross-cutting view of operations, strategy, and product management. He is a Fellow of the Canadian Institute of Actuaries and holds a degree in actuarial sciences from Université Laval, complemented by executive studies at Queen’s University.
Winner of the 2024 Benefits Canada’s Workplace Benefits Awards in the industry leadership category, Trudel is recognized for advancing employee experience while positioning Beneva as a forward-thinking partner for advisors, employers, and plan members alike. He also contributes to the community as a board member at Diavie and as the honorary president of the 2025 edition of the Canadian Cancer Society Quebec City Daffodil dinner, raising more than $900,000 for cancer research.
BPM asked Trudel about the forces reshaping group benefits, the lessons learned over three decades in insurance, and the steps the industry must take to stay relevant.
BPM: Beneva has been pushing forward with digital innovation and integrated wellness solutions under your leadership. What changes in employer or employee expectations are driving this transformation, and how is Beneva adapting its strategy to meet them?
ET: From the employee perspective, they are increasingly aware of their physical and mental health challenges. For example,
“In this space, I think it’s incumbent on us to move between universes and act as cross-pollinators for the benefit of the whole industry”
Sean Maxwell, Brown Mills Klinck Prezioso LLP
stress, financial strain, and chronic conditions are on the rise. While many want to take control of their well-being, barriers such as time, cost, and motivation still exist.
Digital innovation and integrated wellness solutions make care more accessible and personalized. Beneva’s strategy uses virtual and holistic services to help employees improve their health at their own pace. With rising mental health needs, Beneva invests in digital platforms that offer quick access to professionals and self-management tools.
Beyond traditional coverage, employees seek personalized support. Beneva responds with services such as telemedicine, pharmacogenomics, and psychological care, reducing costs and improving access. Flexibility and personalization are now expected. Beneva meets this need through customizable plans and wellness accounts, made easy to manage via intuitive digital interfaces.
Navigating the healthcare system remains a challenge for nearly half of members. Beneva’s digital ecosystem simplifies this process by guiding users to the right resources at the right time, improving both their experience and health outcomes.
From the employer perspective, they face growing pressure to stay competitive, boost productivity, and manage rising benefit costs. These challenges are compounded by evolving employee expectations, chronic health issues, and the difficulty of fostering a health-focused culture, especially in hybrid or remote settings.
Attracting and retaining talent is now a strategic imperative. Employees expect more than basic coverage; they seek meaningful, flexible benefits that support their overall well-being and that of their families. Beneva’s tech-enabled plans are designed to meet these diverse needs while strengthening the employer’s value proposition.
Beneva supports employers with analytics and digital reporting tools to monitor usage, identify trends, and guide plan optimization. We also invest in pharmaceutical expertise to stay ahead of drug innovations, better understand their impact, and integrate them thoughtfully into benefit plans.
Mental health remains a strategic priority. Beneva collaborates with experts to deliver scalable, evidence-based solutions, recommends increased coverage, and offers accessible resources to support managers and employees with clarity and confidence.”
BPM: With more than three decades in insurance and leadership roles across strategy, product, and institutional services, how has your perspective on group benefits evolved, and what lessons from earlier in your career still guide your decisions today?
ET: If I had to name the most important lesson I’ve learned in my career, it would be this: even when you think you understand what advisors, plan sponsors, and employees want, you need to ask and truly listen. Listening is not just a leadership skill; it’s a foundation for innovation.
That’s why Beneva has made listening a core part of its strategy. We’ve implemented
Financial wellness
63% Budgeting and other financial wellness education/support solutions
58% Financial coaching/planning
Inclusiveness
66% Fertility medication
Mental health
84% Virtual therapy
83% Traditional EFAP
68% Anti-stigma campaign
63% Accommodations
62% Online assessments
57%/54% Training for managers/ employees
55% iCBT
53% Resiliency/mindfulness training
Physical wellness
69% Telemedicine
63% Smoking cessation
60% Vaccines
59% Ergonomic assessments
52% Fitness subsidies
Well-being
54% Well-being allowance
Other programs
71% Discount programs
61% Company-sponsored volunteer initiatives/paid time off
51% Company-provided food/ beverages
Source:Mercer’sInnovativeandEmergingBenefitsSurvey2024–25
the NPS system to stay closely connected to our members and partners and gather meaningful feedback. We also work continuously to measure and improve the experience of plan sponsors, administrators, and our market partners, including consultants and brokers. This ongoing dialogue allows us to adapt quickly to changing needs and remain aligned with what truly matters.
BPM: As EVP and leader of group insurance at one of Canada’s largest insurers, what do you see as the most important step the industry must take in the next few years to stay relevant and deliver value to plan members?
ET: To stay relevant and deliver real value to plan members, our industry must rethink how we approach health and benefits, because the pressure is mounting. We’re reaching the limits of our current healthcare system, just as demand is accelerating due to an aging population.
In 1965, Canada had eight working-age individuals for every person over 65. By 2030, that ratio will drop to 2:1. The demographic shift is undeniable, and it calls for bold action. We now have the opportunity to build a model that is not only more productive but also smarter and more human. A model where prevention is valued as much as treatment, and where collaboration between all players, including employers, individuals, and the healthcare system, is essential to deliver more seamless, patient-centred care. I’m optimistic that we’re seeing a cultural shift toward shared responsibility in health.
Technology, and especially artificial intelligence, will be a key enabler of this transformation. AI allows us to personalize health support, guide individuals through complex care options, and make services more accessible and affordable. It also helps insurers manage group plans more efficiently, reduce costs, and ease the administrative burden for employers.
At Beneva, we believe our new technological ecosystem positions us well to
embrace this transformation. The years ahead promise to be innovative, collaborative, and full of potential for both employers and employees.
Sean Maxwell –Brown Mills Klinck Prezioso LLP Partner
As one of Western Canada’s leading pension lawyers, with a practice that spans pensions, benefits, and executive compensation, Sean Maxwell has advised on some of the sector’s most complex files. These include a landmark asset and liability transfer for a major public sector plan, governance reviews for quasipublic institutions, and strategic investment transactions for multi-employer plans.
In addition to his client work, Maxwell serves as professional partner at BMKP, responsible for lawyer recruitment and development. He is also deeply engaged with the Association of Canadian Pension Management, where he is vice chair of the national policy committee and a member of both the national conference planning committee and the Alberta regional council.
Source:Mercer’sHealthonDemand2025SurveyReport
Maxwell’s contributions cut across the legal profession. He is the past chair of Clear Water Academy’s board, chair of Lumen Faith and Leadership Canada, and an active fundraiser and volunteer for initiatives supporting cancer research, the arts, and leadership development.
His professional excellence is reflected in repeated recognition, including The Best Lawyers in Canada Lawyer of the Year in Employee Benefits Law (2021, 2023, 2025), Chambers Canada, The Legal 500, and the Canadian Legal Lexpert Directory, all of which list him among the country’s top pension and benefits lawyers.
BPM asked Maxwell about the themes shaping Canada’s pension mandates, the influence of his industry and community leadership, and the skills the next generation of pension lawyers will need.
BPM: You advised on some landmark mandates in the past year, from asset and liability transfers to governance reviews. What themes or challenges do you see emerging across these transactions that signal where Canada’s pension and benefits sector is headed?
SM: A common thread I see across the larger files I worked on last year is the growing policy and regulatory expectations administrators face. One response is to sharpen governance processes and protocols to ensure they’re best in class and meet regulatory standards, often by bringing multiple disciplines together to assess and strengthen them. Another trend is consolidation.
There’s increasing recognition that scale matters in delivering on the pension promise. Larger plans have the infrastructure to access investments that smaller plans can’t, as well as stronger administrative and governance capacity. We’re seeing more expertise concentrated in these larger plans, not just among external advisors but also within inhouse pension and benefit specialists. That trend will continue as smaller employers struggle to keep pace with regulatory demands.”
BPM: Alongside your legal practice, you’ve taken on leadership roles in professional bodies and community organizations. How have those experiences influenced the way you approach complex mandates and leadership within BMKP Law?
SM: Technical knowledge is table stakes. Every competitor knows the law and the case precedents. What sets us apart is being trusted advisors. Experiences outside the boardroom help with that. They teach perspective, collaboration with people from different backgrounds, and humility.
You learn quickly that you don’t have all the answers, but you can bring different insights together. My association work, for example, gives me a window into client priorities and successes. I can then share those learnings more broadly, acting as a kind of force multiplier.
BPM: You’re recognized as one of the few pension lawyers in Western
Canada with full-spectrum expertise. What do you see as the most important skills or perspectives the next generation of pension lawyers will need to serve clients effectively?
SM: The real value comes from understanding client objectives as administrators of pension programs. That means asking: what are the pinch points, what keeps you up at night, and how can we help resolve those issues? Sometimes that’s practical legal advice, but sometimes it’s advocacy, helping smooth the way through regulatory roadblocks.
To do that effectively, lawyers need a broad understanding of the industry. You have to be able to put on a regulator’s hat and speak persuasively to different audiences. If your focus is too narrow, you miss opportunities to influence outcomes for your clients. That’s what we emphasize with younger lawyers: build technical expertise, but pair it with a deep understanding of what clients are trying to achieve with their programs. That’s how you grow into the role of a trusted advisor.
1 3 2 4 5
Conclusion: Leadership at the core of Canada’s benefits, pensions, and institutional investment future
• Hot List honourees show how leadership is diversifying across career stages, with mid-career executives now carrying much of the execution weight.
• Women form the majority of honourees for the first time, pointing to stronger pipelines and sponsorship for female leaders.
• Influence is extending past the C-suite, with VPs and directors emerging as the sector’s operational backbone.
• Recognition reflects leaders who combine entrepreneurial drive, technical depth, and people-focused strategies in an environment still shaped by funding volatility and rising employee demands.
Éric Trudel is EVP and lead of group insurance at Beneva, Canada’s largest mutual insurance company. He has over 30 years of industry experience and has led transformative initiatives, expanding Beneva’s group insurance practice well beyond Quebec and positioning it as a national leader.
A Fellow of the Canadian Institute of Actuaries and a graduate in actuarial science from Université Laval, Trudel also completed his executive education at Queen’s University’s Smith School of Business. His career spans a range of functions from underwriting and actuarial to sales, product strategy, and marketing, equipping him with a 360° vision of the industry.
Trudel manages a team of 1,500 professionals at Beneva, championing innovation and digital modernization. Under his direction, the firm was among the first insurers in Canada to offer employee assistance program, telemedicine, and digital CBT programs.
Trudel is deeply involved in industry leadership, having played a role in creating the EP3 Standard and the adoption of AI-driven fraud prevention. Widely respected as a thought leader, he frequently speaks at industry conferences across Canada and internationally, helping shape the future of group insurance.
É
ric Trudel
Executive Vice-President and Leader of Group Insurance Beneva
Phone: 1 855 747 7750 x 27672
Email: eric.trudel@beneva.ca Website: beneva.ca
Helen Hurlbut
Chief Financial Officer
Equiton Capital
Phone: 1 905 635 1381
Email: nwitkowski@equiton.com Website: equiton.com
Sean Maxwell
Partner
BMKP Law
Phone: 403 585 4559
Email: sean.maxwell@bmkplaw.com
Website: bmkplaw.com/who-we-are/sean-maxwell.html
Eric Laberge
President Medavie Blue Cross
Phone: (514) 286-7642
Email: eric.laberge@medavie.croixbleue.ca
Website: medaviebc.ca/en/
Simone Reitzes
Managing Director Medicus Pension Plan
Email: simone.reitzes@medicuspensionplan.com Website: medicuspensionplan.com/en/home/leadership-team.html
Mike Meligrigoris
Vice President, Institutional
T. Rowe Price
Phone: 514 653 6593
Email: mike.meligrigoris@troweprice.com Website: troweprice.com/Canada
Alecia Henderson
SVP Benefit Services
NFP Canada
Andrea Hansen
President and Benefits Advisor
Sutton Benefits & Pension
Bill Zolis
Senior Employee Benefits Consultant
Penmore Benefits
Chris Sanderson
Vice President, Operations
Maximus Rose Living Benefits
Doug Woloshyn
President and CEO
Alberta Pensions Services
Duncan Burrill
Managing Director and CEO
CBC Pension Plan
Fiona Tam Assistant Vice President, Strategy, Data & Analytics, Group Retirement Services Sun Life Canada
Gordon Hart President and Chief Executive Officer Selectpath
Graham Young Director, Employee Benefits CAPCORP Financial
Ibrahim Toor Director, Pensions Waterloo Regional Health Network
Janine Guenther President Bellvest
Jason Vary President Actuarial Solutions
Jennifer Katzsch Regional Vice President, Western Canada Desjardins
Jimmy Carbonneau National Director, Group Retirement AGA Benefit Solutions
Jonathan Flegg Managing Director, Head of Canada Pinnacle Investment Management
Korinne Collins Chief Executive Officer Association of Canadian Pension Management
Krista Tartaglia Partner BDO Canada
Marc-André Vinson Senior Consultant and Director SAI Actuarial Services
Mitch Frazer Medavie Blue Cross Mintz LLP
Rob Green President and Chief Executive Officer Green Benefits Group
Sarah Sissons Secretary of the Board, Fredericton, NB Partner; Atlantic Region Lead, Retirement Benefit Solutions, TELUS Health, TELUS Health Corporate Canada
Satwik Misra Director, Consultant Relations and Business Initiatives Sun Life Global Investments
Stéphanie Mariamo Vice President of Institutional Business Development, Defined Contribution Fidelity Canada Institutional
Winston Woo Executive Director, Tax and Pensions J2 Group
Yafa Sakkejha Chief Executive Officer Beneplan
Baillie Gifford’s Brian Kelly explains why private growth equity is having its time in the spotlight
growth companies are natural monopolies with sizable growth opportunities and deep competitive advantages. Many are growing 30−60 percent annually, and some are among the 50 largest companies in the world.
This is symptomatic of the seismic shift that has occurred in the evolving landscape of growth investing. Traditionally, companies with a more than $500 million market value would go public, allowing many types of investors to participate in their journey to hundred-billion-dollar valuations.
Today, this growth journey has become largely inaccessible to public market investors as companies are opting to stay private for longer.
This paradigm shift has created a vast and growing market of exceptional private companies, now numbering more than 1,500 valued at over $1 billion, with a combined market value exceeding $5 trillion. Enter a new asset class − private growth equity.
So far, private growth equity has been largely overlooked by investors in favour of traditional buyout or venture capital investing. This has led to the neglect of an asset class that has outperformed all others since 2010.
Why is this? Investors often miss the possibility that exponential growth can continue long after companies grow larger and less risky. Generally, the human brain underestimates the power of exponential growth. If you could fold a piece of paper 42 times, it would be thick enough to reach the moon. Private companies growing revenue consistently by 30 percent per year can deliver the same wonder.
Another criticism is that, with such big companies, private growth must be a bubble. But this idea misses the breadth of opportunities.
The upper limit in company size is 10 times higher today than it was 20 years ago. Future leaders could be even larger.
Staying private for longer means private companies can carefully select shareholders who have both a time horizon to support their future growth and experience of owning companies while they scale.
Having aligned shareholders allows management to make bolder, longer-term investments in their businesses. For example,
“Today, many growth-stage companies are embarking on a final funding round to achieve the scale that brings profitability”
On the one hand, certain companies are large. But the investment paradigm shift reflects the size evolution of public companies over the last 20 years.
In 2004, the largest company in the world, General Electric, had a market value of $380 billion. At the end of 2024, the largest company in the world, Apple, had a market value of $3.5 trillion, and 10 companies were valued at over $1 trillion.
they can more easily forego short-term revenue to focus on something bigger, like SpaceX loading rockets with their own Starlink satellites instead of offering launch capacity to paying customers.
By the time a startup becomes a private growth company, it has overcome three big hurdles that lead to startup failure:
product market fit, having the right team, and nearing profitability. Studying loss rates back to 1987 shows that only one in three companies in the private growth category returned less than the initial investment. For earlier venture capital, it rises to two in three companies.
Private growth companies have also demonstrated their ability to endure the intense market challenges of COVID in 2020, followed by the rate-hiking cycle of 2022, emerging leaner and more strategic.
No company demonstrates this better than Stripe, which has grown revenues six times since 2019 and 50 percent since 2022, despite 1,000 layoffs in 2022 and a 50 percent cut in valuation, helping the company become profitable in late 2024.
The focus on profitability marks a dramatic shift from 2020 to 2022, when companies had no clear timescale to achieve profit. Today, many growthstage companies are embarking on a final funding round to achieve the scale that brings profitability. Once companies reach this milestone, their risk of failure falls substantially while the doors to IPO begin to open.
The prospects are exciting. Take SpaceX, for example − a private company valued at over $350 billion that can connect anyone in the world to the internet through its 7,000 Starlink satellites, with hundreds of billions of dollars of revenue potential.
Or the $62 billion Databricks becoming the cloud data solution of choice in an AI-enabled world. Or ByteDance, owner of TikTok, valued at $300−400 billion despite generating similar revenue to Meta and growing faster.
Each of these companies could approach a $1 trillion market valuation – and generate exponential returns for investors.
Investing in these companies requires a long-term time horizon. But it should be a worthwhile opportunity.
A government that covets the assets of institutions is not positive for DB plans, writes Jim Helik
IF YOU are like me, you probably hope that you can get through the rest of 2025 without seeing the words “Bitcoin” or “Trump” anymore. But stick with me, loyal readers, as this will be worth it.
It is worthwhile to remember the roots of Bitcoin and all cryptocurrencies. I attended a meeting in what I think was a community centre in Toronto over a decade ago, where people were talking about this new currency. The “crypto” part of cryptocurrency came from “cryptography,” and the people interested in this field were passionate about their field. They spoke about the blockchain and what it could bring to people around the world at least as often as they spoke of the new currency using it … called Bitcoin.
At the time, there were no real crypto exchanges. If you wanted to trade some Bitcoin, you had to enter the blockchain directly, which was not easy. When these early crypto adopters spoke of governments, it was all about sharing this newfound wealth with them. Countries around the world that were destitute could hit the “reset” button and start fresh by using this new currency. And countries like Canada and the United States could prosper as well. All a government would have to do was buy a few Bitcoin. The currency would rise in value so much over time that it would wipe out the national
debt. It was easy, and everyone and every nation could win.
Flash forward to 2025 and a crypto conference in Toronto attracting over 20,000 people. Nobody was into helping people anymore. There was very little talk of the blockchain, as the new crypto exchanges could handle all that technical stuff. It was all about making money, which, as a card-carrying capitalist, I support.
And the enthusiasts at this conference wanted governments to be fully involved, but for a totally different reason. They wanted governments and institutional investors
“With the world’s 300 largest funds coming in at US$25 trillion, somebody someday will notice the “wealth” of US pension plans”
to buy − and buy big. This buying would add needed legitimacy to the field, and if governments and institutions opened their wallets and started buying Bitcoin and other newer cryptos, it would benefit everyone who held any crypto by increasing demand. The expression at the conference was “to the moon,” which has now just been shortened to “moon,” which I assume is what you say when you meet another crypto enthusiast.
Trump is “all in” on crypto (“all in” is a poker term that is also used today by the crypto crowd). But Trump is also all in on having a hand in seemingly every organization in the US and every part of the economy. If your organization wants favourable legislation to start, or unfavourable legislation to stop, you have to give up a piece of the action. Intel did so, and there will likely be more examples by the time you read this.
Whether this is good or bad is another topic, but it is very real. I will let Rand Paul, the libertarian US senator and an early crypto enthusiast, have a word.
“If socialism is government owning the means of production, wouldn’t the government owning part of Intel be a step toward socialism?”
So, let’s tie this mess together and look at large DB plans. The result isn’t good.
The attention of the US administration has been on large companies (e.g., Intel, Apple) and large piles of money. Trump has spoken of having a national stockpile of crypto and has also spoken positively about starting a sovereign wealth fund.
Pension plans are not on the radar. Yes, there has been tinkering around the edges.
DC plans can now offer cryptocurrencies. And the US treasury secretary, commenting on the plan to “give” children $1,000, said that this was their own pension plan … which is just wrong.
But with the world’s 300 largest funds coming in at US$25 trillion, somebody someday will notice the “wealth” of US pension plans. And this will be attractive to a government that equates the wealth of the country with the wealth that the government holds.
Nobody has said anything yet. Maybe nobody will. And maybe the concessions that may be wrung out will be minor, such as having to invest more domestically. (I’m old enough to remember when Canadian funds had rules limiting foreign equity holdings.)
Canada is not the US. Nothing is inevitable. Maybe being large will not make you a target − or be seen by a growing part of the population as evil in and of itself.
But having a government that covets the assets of institutions is not positive if you run a DB plan. And it is the trend of the moment.
This is one trend that I hope won’t spread.
was a columnist for Benefits andPensionsMonitorfor a quarter of a century. He teaches at Yorkville University, where he sits on the Senate and is cross appointed to the Toronto Film School, where he teaches
THE STRENGTH and stability of defined benefit (DB) pension plans provide enduring security and confidence – even in times of short-term volatility.
Amid geopolitical tensions, economic headwinds, and evolving regulatory demands, the Municipal Pension Plan (MPP) of British Columbia – Canada’s seventh-largest pension plan, with an investment portfolio of $86.9 billion – stands out as one of the most resilient and well-governed DB plans in the country.
MPP serves more than 470,000 active, inactive, and retired members, representing local government, social services, healthcare, policing, firefighting, and non-teaching education staff.
The plan operates under a joint trusteeship model, governed by a Joint Trust Agreement between the Government of British Columbia, the Union of BC Municipalities, and the Municipal Employees’ Pension Committee. Together, the plan partners appoint a 32-member Municipal Pension Board of Trustees, including both primary and alternate trustees, responsible for managing the plan and its fund.
This shared governance model ensures the plan partners share responsibility for governance as well as the risks and rewards of plan sponsorship.
Plan changes are implemented in accordance with fiduciary duty, actuarial funding policy, and contribution constraints for members and employers. This disciplined approach helps maintain member trust and reinforces long-term plan security.
Defined benefit plans like MPP provide members with certainty in an increasingly volatile economic environment.
For more than 85 years, MPP has provided pension income determined by a defined formula – based on salary and years of service – rather than market performance. This predictability helps members
plan their retirement with confidence. The plan also manages risk collectively through professional fund management and by pooling investment and longevity risk.
In 2021, the board introduced key plan design changes, including removing the link between contributions and benefits, and
Complementing the 2021 plan design changes, the board also made a proactive decision to establish the rate stabilization account (RSA), using part of the 2015 valuation surplus to help limit future contribution rate increases.
The Municipal Pension Board of Trustees takes a long-term view, guided by a clear
“For more than 85 years, MPP has provided pension income determined by a defined formula, based on salary and years of service rather than market performance”
the Canada Pension Plan (CPP). Previously, members contributed and accrued benefits at different rates above and below the year’s maximum pensionable earnings (YMPE). Now, contributions and accrual rates are uniform across income levels, improving equity and transparency.
strategic principle: What should we do today to ensure pension security tomorrow?
This future-facing approach is reflected in:
• plan design changes that reinforce long-term stability,
• actuarial valuations conducted at least every three years to ensure sustainable funding, and
• an inflation adjustment account that helps retirees maintain purchasing power through cost-of-living increases.
This combination of strong governance, sustainable funding, and long-term strategy has allowed the plan to successfully navigate global downturns, from the 2008 financial crisis and through the COVID-19 pandemic, without ever compromising member benefits.
MPP’s $86.9 billion in assets – managed by British Columbia Investment Management Corporation (BCI), the plan’s investment agent – provides the scale for high-quality investment opportunities and cost-efficient management through lower-than-average management fees.
Approximately 75 percent of pension funding is generated through investment returns. MPP’s diversified, long-term investment strategy is designed to mitigate volatility and position the plan to capture long-term growth opportunities.
BCI pools pension contributions and invests in public and private companies, real estate, and infrastructure assets across Canada and internationally. These investments generate stable, long-term returns that support consistent retirement income for members across British Columbia.
In addition to investment strategy, MPP prioritizes communication that builds member confidence, increases pension literacy, and inspires action. As part of its strategic goals, the board is committed to:
• telling the story of responsible investment,
• producing communications that improve understanding and participation, and
• persuasively articulating the value of the plan.
These efforts ensure members are not only informed but empowered. One in 10 BC residents of working age is a member of MPP. Members can look forward to a lifetime-guaranteed retirement income.
With its responsible investment strategy, robust governance, and focus on member value, MPP demonstrates the enduring strength of a well-managed defined benefit plan.
For Boulianne, running home from the office has become a routine way to decompress and unlock new ideas for clients.
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Boulianne
WHEN FRANCIS Boulianne transitioned from team sports to distance running, the drive wasn’t ambition. It was practicality.
“I was always an active person … but starting a full-time consulting career made it harder to commit to structured sports like hockey,” says Boulianne, principal at Normandin Beaudry.
“Running was an easy choice from a time and schedule management perspective.”
Five years into his running journey, Boulianne signed up for his first marathon
− and he hasn’t looked back since. He runs at least one a year now and works with a virtual coach to build a plan together.
For Boulianne, flexibility is key. Being in consulting offers room to train, particularly as running helps him break through client roadblocks.
“I’ll be struggling with a solution … and just putting on my shoes and going out by the lake … sometimes an idea will come,” he says.
He notes that the aim of his most memorable race wasn’t winning but bonding.
“When my partner ran her first marathon, it was a switch from [running] being a personal objective to being a common one. We ran together, but I was pacing her. It was different.”
While he enjoys Toronto’s waterfront, he still favours Quebec City because of its mix of city and nature.
“There’s a lot of hills,” he said. “Running where I grew up, it’s extra sentimental.”
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