One of Canada's biggest pension funds with almost $250B in AUM, Ontario Teachers' is writing down its entire $95M investment in bankrupt crypto exchange FTX_Official. Aoyon_A reports
The fund said it invested $75 million in FTX International and its U.S. entity FTX.US in October 2021, and then another $20 million in FTX.US in January of this year,. The investments were made through Teachers’ Venture Growth platform and represented less than 0.05% of the fund's total net assets, the statement added.
"The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position," said Ontario Teachers'."However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.", as of June 30, according to a recent investor presentation.
This isn't the first time a large Canadian pension fund got caught up in the crypto-related contagion. This past August, Caisse de Depot et Placement du Quebec – with more than $300 billion in AUM –
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PSERS approves litigation, seeks ‘emergency’ replacement for consultant blamed in 2020 errorTwo years after pension trustees approved an exaggerated profit report, the Pennsylvania school pension system moves to replace a longtime contractor, and hires lawyers for possible litigation
Read more »
No jail time for ex N.J. pension fund boss who stole $140K in benefitsThe man was sentenced Wednesday, officials announced.
Read more »
'Affirming of all': Teachers union authored pronoun guide for using ‘ze’ and ‘zir’EXCLUSIVE — The nation's largest teachers union offered its members a guide on how to use pronouns in an 'affirming' manner properly and included a guide to using 'ze' and 'zir.'
Read more »
Hannah Blomgren: Utah’s teachers and students are afraid to speak out about racismHannah Blomgren: 'Silence about racism can hardly be considered a neutral stance. We must be able to confront racism head-on as teachers, explicitly and meaningfully with our students in the classroom.'
Read more »
Tech layoffs: San Jose streaming giant Roku plans to cut hundreds of jobsRoku, a San Jose streaming giant, has disclosed plans to jettison hundreds of employees.
Read more »
Verified Twitter Users Are Stuck With Joke Names Like “Spicy Chicken Sandwich” And “Giant Penis”Elon Musk's move to prevent account impersonation has left many users' display names frozen in time.
Read more »