Osler advised OPB on the outsourcing of its investment management to a new statutory investment management entity known as IMCO, which was created by the Government of Ontario in July 2016. The outsourcing involved the negotiation of comprehensive investment management and governance/support agreements among OPB, IMCO and the Workplace Safety and Insurance Board (WSIB). OPB is one of IMCO’s founding members and was involved from the earliest stages of development and implementation of IMCO along with the Ontario Government and WSIB.
IMCO officially commenced operations on July 24, 2017, with approximately $60 billion in combined pension and institutional assets of OPB and WSIB under management, and will offer investment management and advisory services to Ontario’s broader public sector.
OPB administers Ontario's Public Service Pension Plan, a defined benefit pension plan serving approximately 42,000 active members and their employers, as well as more than 43,000 retired and former members.
Osler Hoskin & Harcourt LLP acted for OPB with a team consisting of Paul Litner, Anna Zalewski (Pensions & Benefits), Jack Silverson (Tax), John Groenewegen, John Black, Andrew MacDougall, Lori Stein (Corporate), Shelley Obal (Research), Simon Hodgett (Technology), and Jason Hanson (Employment & Labour).