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Who We Are

BCI is an active in-house asset manager, investing globally on behalf of British Columbia’s public sector. Our $199.6 billion of managed assets are invested across a range of asset classes – fixed income; public and private equity; infrastructure and renewable resources; and real estate and commercial mortgages. Returns generated from these programs support our clients to pay pensions to retirees, manage the financial sustainability of insurance funds, as well as provide financing for government programs, including those focused on arts and culture, sports development, training, and skills development – all within British Columbia. Underpinned by our long-term vision, business plan, culture, and values, our diverse team of professionals are all striving towards one goal: partnering with clients to secure financial futures in a changing world.

Highlights

2020-2021

generated
16.5
%
annual return1

on behalf of British Columbia’s public sector pension plans2

Added Value
$
10.2
billion

over the 10-year period to British Columbia’s public sector pension plans2 (annualized return of 9.0% against a combined benchmark of 7.9%)

Added
$
28.3
billion

in assets under management (AUM), increasing total AUM to $199.6 billion

COMPLETED
1st direct infrastructure investment in India

partnered with global investors to acquire a telecom tower company

Transitioned more than
$
3.0
billion

to active internally managed public equities

Reached
$
1.4
billion

in cumulative historical participation in sustainable bonds, compared to $439.0 million in fiscal 2020

Launched our
diversity and inclusion strategy

to strengthen diversity and foster an inclusive culture

Named one of
BC’s Top
Employers

and one of Canada’s Top
100 Employers for the second
consecutive year.

see footnotes

Message from Our Chair

“We, like other organizations, have learned a number of lessons from the pandemic. For one, it confirmed the vital importance of BCI’s years-long transformation into an active, in-house manager, and the value of preparedness. In addition, it verified that a long-term view is essential in our business. Guided by the new business plan, the board and executive management team will work to make BCI an even more resilient, diverse, and nimble corporation.”

Peter Milburn, Chairman of the board

Message from Our CEO/CIO

“Reflecting on another extraordinary year, I am proud that we overcame the pressures caused by the COVID-19 pandemic. This year demonstrated the success of BCI’s transformation, the strength of the portfolio – our clients entered the pandemic fully funded, and remain so – and the skill and commitment of the team. I am grateful for the board’s guidance on key initiatives that will make BCI even stronger and I express my deep appreciation to all BCI employees – what you did this year, in tense circumstances, was exceptional! To our clients, I thank you for your trust in BCI – it is something we take very seriously.”

Gordon J. Fyfe, Chief executive officer/
Chief Investment officer

Our Clients

While we could not have predicted the catalyst for the events of the past year, our clients portfolios entered the pandemic defensively positioned and ready to weather market volatility. As we emerge, we can see that this long-term thinking helped protect our clients’ capital in a time of significant volatility, and we are proud to say that our clients remain fully funded.

True to our client-centric culture, this year allowed us to demonstrate the depths of our commitment, by ensuring our clients’ needs were addressed holistically by our teams.

Our Investments

Over the past six years, we have been preparing for a downturn – not specifically for a pandemic, but for any market disruption. Our efforts were rewarded not only through the protection of client capital during the year’s volatility, but also through our ability to continue to source new investments, manage liquidity, and continue delivering returns.

Through our direct investments, we had a line of sight into how companies were adapting their operations and strategy in response to the pandemic – some of which performed essential services.

Our Teams

Our people are our greatest asset, and never was this clearer than during the past year.

Collectively, we were prepared; what we could not know was exactly what we were preparing for. But it soon became clear that our robust business continuity planning would benefit us. With systems, processes, and technology prepared in advance, our teams quickly pivoted to working remotely. And we were right behind them, prioritizing their health, safety, and wellness throughout the pandemic.

At a Glance

Over the past six years, BCI transformed to continue meeting our clients’ long-term return requirements. We partnered with clients to diversify their asset mixes and sources of returns decreased our reliance on expensive asset managers, and moved away from a primarily passive investment approach.

TOTAL NET ASSETS UNDER MANAGEMENT ($ BILLION)

For the year ended March 31, 2021

ASSETS MANAGED IN-HOUSE (%)

For the periods ended March 31

With a shifting investment environment, we adapted our strategies and approach to counteract the low interest-rate environment that would make earning the required investment returns more challenging. We have transformed from a “manager of managers” – primarily using passive investment strategies and overseeing the work of third-party investors – into an active, in-house asset manager making direct investment decisions to support our clients’ objectives.

Our pension clients have long-term obligations and multi-year return results are the best measure of performance. The annualized pension returns are reflective of our six largest pension plan clients – Municipal Pension Plan, Public Service Pension Plan, Teachers’ Pension Plan, College Pension Plan, BC Hydro Pension Plan, and WorkSafeBC Pension Plan.

ANNUALIZED PENSION RETURNS (%)

For the periods ended March 31, 2021

see footnotes

CUMULATIVE VALUE 1 BY BCI ($ BILLION)

For the periods ended March 31, 2021

see footnotes

Our active, in-house asset management approach and sophisticated strategies aim to deliver the returns our clients require over the long term. Cumulatively, across these five time periods, we have continued to add value for our clients.

GLOBAL ALLOCATION OF ASSETS UNDER MANAGEMENT

As of March 31, 2021

Our assets under management are invested around the world, from Canada to the Czech Republic, which is one of the ways we diversify our clients’ portfolios, allowing them to capitalize on opportunities across global markets.

see footnotes

ASSETS UNDER MANAGEMENT1

For the year ended March 31, 2021

Our industry-aligned strategies and products across asset classes allow clients to capitalize on opportunities within the global markets and meet their actuarial return.

Fixed Income
$71.2 billion

Public Equities
$66.6 billion

Real Estate
$28.5 billion

Private Equity
$20.7 billion

Infrastructure & Renewable Resources
$20.0 billion

Mortgages2
$7.0 billion

see footnotes

Executive
Management Team