OMERS has worst loss since 2008 on bad COVID bets
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Ontario Municipal Employees Retirement System, one of Canadaâs largest pension funds, posted its worst result since the global financial crisis after suffering big losses in its private equity and real estate holdings.
The pension fund, known as OMERS, lost 2.7 per cent on its investments last year, pushing assets to $105 billion (US$84 billion). Itâs the worst result since 2008, when it lost 15.3 per cent.
âWe have been hit very hard by COVID and weâre not making excuses, but the fact is most of our difficulties this year were directly related to COVID,â Blake Hutcheson, who became chief executive officer on June 1, said in an interview.
OMERS records worst loss since 2008 on bad COVID-19 bets
Bloomberg
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OMERS CEO Blake Hutcheson said the fund s 2.7% loss was directly related to the coronvirus pandemic.
Ontario Municipal Employees Retirement System, Toronto, one of Canada s largest pension funds, posted its worst result since the global financial crisis after suffering big losses in its private equity and real estate holdings.
The pension fund, known as OMERS, lost 2.7% on its investments last year, pushing assets to C$105 billion ($84 billion). It s the worst result since 2008, when it lost 15.3%. We have been hit very hard by COVID and we re not making excuses, but the fact is most of our difficulties this year were directly related to COVID, Blake Hutcheson, who became chief executive officer on June 1, said in an interview.