TORONTO — For the second time this year a major Canadian public pension is writing down to zero a bet on cryptocurrency as the risky market sours.
“My perception is they have very dramatically increased the risk profile of the portfolio with the passage of time,” he said, noting that in the 1990s funds were much more focused on government bonds.Article content
The pension plan said that while the financial loss from FTX will have limited impact because of its relatively small size, it’s disappointed in the result. “That’s part of the judgment call that the pension fund manager has to make. Am I getting compensated enough?” FTX, valued at US$32 billion in the fundraising round that Ontario Teachers’ participated in last January, filed for bankruptcy on Nov. 11.
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