The Co-operative Superannuation Society (CSS) Pension Plan recently completed a transition of its Emerging Markets (EM) equity mandate within one of its investment managers, Wellington Management.

After a comprehensive review and Board approval, this new EM equity mandate will continue supporting CSS’ long-term investment strategy.

“This transition gives us a more diversified approach to investing, while reducing concentration risk and significantly lowering investment management fees,” said Derek Bissonnette, Director, Investments and Financial Management at CSS. “We believe this new strategy provides a strong foundation for our emerging markets allocation going forward.”

The transition is expected to reduce investment management fees by approximately $1.7 million annually. These savings will remain within the Fund for the benefit of CSS members.

Emerging market equities are included in the asset mix of both the CSS’ Balanced Fund and Equity Fund. Overall, the CSS Pension Plan is currently valued at $5.01 billion in net assets with over 58,000 Plan members and 287 participating employers.

This initiative demonstrates one of CSS’ four employee values – the Foundation of Accountability. The CSS investment team took ownership, followed through on their commitments, and worked with diligence to strengthen the Fund. This demonstrates CSS’ commitment to its mission of providing competitive, value-added retirement products and services through a democratically controlled organization for the benefit of members.