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Toronto Mayor Says Hydro a ‘Good Investment’ for Reserve Funds

  • City is setting up investment board to oversee reserve funds
  • Independent body would be akin to CPPIB, Mayor Tory Says
John Tory

John Tory

Photographer: Mark Sommerfeld/Bloomberg

Toronto Mayor John Tory said he’s confident a new investment body being set up to manage “billions of dollars" of the city’s reserves would view the Toronto Hydro Corp. utility “a good investment” for Canada’s biggest city.

City Council last week agreed to establish an independent board to manage investments of its reserve funds, thanks to a change in provincial rules allowing municipalities to broaden investments beyond government-backed bonds, treasury bills and bank deposits. The move means the city can form a body like the Canada Pension Plan Investment Board, the nation’s largest pension fund, that would be free of political interference, according to Tory.