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The Ontario Municipal Employees Retirement System[3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario. As of December 31, 2022[update], OMERS had C$124 billion of assets under management.[2] OMERS serves over 1,000 participating employers and more than half a million active, deferred and retired employees. OMERS members are employed by municipalities, school boards, transit systems, local electrical distribution companies, police service boards, fire fighting and paramedic services, children's aid societies and associated local agencies, boards and commissions.[4]
 | |
| OMERS | |
| Company type | Statutory corporation[1] |
| Industry | Pension fund |
| Founded | 1962 |
| Headquarters | EY Tower 900-100 Adelaide Street West Toronto, Ontario M5H 0E2 |
Area served | Participating employers and employees in Ontario, Canada |
Key people | Blake Hutcheson (CEO) George Cooke (Board chair, Administration Corporation) Michael Rolland (CEO, Sponsors Corporation) Frank Ramagnano (Board chair, Sponsors Corporation) |
| OMERS funded status on a smoothed basis was 97% in 2023 | |
| Total assets | C$128.6 billion (2023)[2] |
| Owner | The participating employers and employees of the OMERS pension plans |
Number of employees | estimated 1000 |
| Parent | OMERS Administration Corporation Board of Directors |
| Divisions | OMERS Infrastructure OMERS Capital Markets OMERS Private Equity Oxford Properties |
| Website | omers |
In 2010, this fund assumed the pensions of firefighters, police officers, emergency physicians, employees of the Children's Aid Society, school employees other than teachers, public transport employees and Ontario Hydro employees.[5]
Organization
editOMERS is governed by the Ontario Municipal Employee's Retirement Act, 2006, an Ontario law which superseded the older Ontario Municipal Employees Retirement System Act.
Under the 2006 law, OMERS is composed of two statutory corporations.[1] In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.[6]
OMERS is a partner of the World Economic Forum.[7]
Recent and current operations
editIn March 2017, OMERS acquired a stake in Kemble, the UK holding company of Thames Water.[8] The deeply-indebted water business became embroiled in a financial crisis from 2023, and in May 2024, OMERS, then Thames' biggest shareholder, issued a "full writedown" of its 31.7% stake in Kemble, signalling the shares were now worth nothing.[9]
In November 2023, OMERS announced the acquisition of a 5% indirect stake in Maple Leaf Sports & Entertainment (MLSE), the parent company of the Toronto Maple Leafs and the Toronto Raptors, for $400 million. The stake was purchased through a 20% direct investment in Kilmer Sports Inc (KSI), which is owned by MLSE Chairman Larry Tanenbaum. After the transaction, Tanenbaum will continue as chairman, holding an 80% stake in KSI, while OMERS will function purely as a financial investor without involvement in the operational decisions of MLSE or its teams.[10]
See also
editExternal links
editReferences
edit- ^ a b "Omers Administration Corporation" (PDF). cavalluzzo.com. Retrieved 2020-11-13.
- ^ a b "OMERS reports 2022 results" (PDF). OMERS. 2023-02-24. Retrieved 2021-02-24.
- ^ "About OMERS". OMERS. Retrieved 2020-09-17.
- ^ "About OMERS". OMERS. Retrieved 2020-09-17.
- ^ "Page Not Found". www.omers.com. Retrieved 2022-08-05.
{{cite web}}: Cite uses generic title (help) - ^ "Omers Ventures outs €300M European fund — Q&A with Managing Partner Harry Briggs". TechCrunch. 25 March 2019. Retrieved 2020-02-06.
- ^ "OMERS". World Economic Forum. Archived from the original on 2022-11-06. Retrieved 2022-11-06.
- ^ Ambrose, Jillian (14 March 2017). "Macquarie sells off final stake in Thames Water". The Telegraph. Retrieved 15 March 2017.
- ^ Ambrose, Jillian (17 May 2024). "Thames Water's biggest investor cuts value of its stake to zero". Guardian. Retrieved 21 May 2024.
- ^ "Canada's OMERS buys 5% indirect stake in Toronto Raptors-parent MLSE for $400 mln". Reuters. 2023-11-06. Retrieved 2023-11-07.
- Profile of OMERS Corporation. Bloomberg. 14:18, 15 November 2021 (UTC).