The responsibility for investing the Plan’s assets rests with external investment managers under the direction of the Investment Committee and the Audit Committee of the MTS Board of Directors. The investment managers and the types of assets that they manage are as follows:
- Beutel, Goodman & Company Ltd. (Canadian equities and Canadian bonds)
- BonaVista Asset Management Ltd. (Canadian equities)
- Fiera Capital Corporation (small capitalization Canadian equities)
- GLC Asset Management Group Ltd. (real estate and mortgages)
- Mawer Investment Management Ltd. (International equities)
- MFS Institutional Advisors, Inc. (International equities)
- Phillips, Hager & North Investment Management Ltd. (Canadian long bonds)
- Sprucegrove Investment Management Ltd. (International equities)
- T. Rowe Price Associates, Inc. (U.S. equities)
The Plan’s investment managers were chosen for the following:
- the quality and experience of their investment management teams;
- their investment approach and style;
- their investment performance track record over several market cycles; and
- the level of fees they charge.
Where more than one investment manager directs the investment of a single asset type, such as Canadian equities, the investment managers were chosen for their complementary investment styles.