Omers Posts 8.8% Return as It Faces Down Members’ Complaints
- Pension fund saw investments grow after losing ground in 2020
- Union members renew call for independent review of fund
Ontario’s Queen's Park building. Ontario Municipal Employees Retirement System, one of Canada’s largest pension funds, reported mid-year results for the first time in an effort to reassure members who are growing increasingly frustrated with its performance.
Photographer: Roberto Machado Noa/LightRocketOntario Municipal Employees Retirement System, one of Canada’s largest pension funds, reported mid-year results for the first time in an effort to reassure members who are growing increasingly frustrated with its performance.
The pension fund, known as Omers, gained 8.8% on its investments in the six months through June, pushing assets to C$114 billion ($91 billion). That follows a 2.7% loss last year -- its worst since the 2008 global financial crisis -- when the pension fund suffered big pull-backs in its private equity and real estate holdings.