Teachers said the writedown will have only a “limited impact” because it’s less than 0.05 per cent of the $242.5 billion pension fund. “However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” the fund said in a statement Thursday.
The Toronto-based pension manager put US$75 million into FTX’s international and U.S. divisions in October 2021 through its venture capital arm, and invested US$20 million more in FTX.US in January. Ontario Teachers said it worked closely with advisers and FTX to understand commercial, regulatory, tax, financial and technical aspects of the business. The fund had a 0.4 per cent stake in FTX International and 0.5 per cent of FTX.US when Bankman-Fried’s empire collapsed last week and filed for Chapter 11.
“Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” Teachers said. “We fully support the efforts of regulators and others to review the risks and causes of failure for this business.” It’s the second time in three months that a major Canadian pension manager has been forced to write off a crypto investment it only recently made. In August, the Caisse de Depot et Placement du Quebec marked its $150 million stake in Celsius Network LLC to zero after the cryptocurrency lender failed.
Can you imagine being the asset manager that advised the Ontario Teachers Pension Plan to invest in this fraud. NOT. A. SCINTILLA. OF. DUE. DILIGENCE!
Don’t worry about teachers and related Unions, they know exactly where they stand, that’s why they are trying to get a 11% raise per year over the next 3 years to cover the losses and get everyone else to pay for it!
OTPPinfo did not conduct any Due Diligence?
Are Ontario teachers aware of this ? Knowing how their retirement funds being managed?
Yeah, but oil & gas investments are so.... ewwwwwwww. sarcastic
Where was the fiduciary responsibility? For real?
who made the decision to purchase in the first place - then fire them/they
lol 😂
Those who decided to invest in this mockery without any due diligence required should be written off and never be allowed to manage money in their remaining earthly life.
Crazy. In my experience 'fiduciaries ' like this are too reluctant to take even a reasonable amount of risk. This is not only negligent but wildly stupid
Pure insanity
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Source: CryptoAmb - 🏆 22. / 68 Read more »