TORONTO, March 10, 2021 /CNW/ – CAAT Pension Plan is pleased to announce the appointment of Asif Haque as Chief Investment Officer effective May 1, 2021.
Asif joined CAAT in 2010 and holds the position of Managing Director of Public Markets, a role where he has led the team responsible for the Plan’s $11 billion public markets portfolio. Through a combination of effective external manager selection and strategic internal structuring decisions, Asif’s team has outperformed market benchmarks over the long-term.
Outside of work, Asif is proud to serve on the board of the Pension Investment Association of Canada (PIAC) and on the investment committees of the United Church of Canada Pension Plan and Nunavut Tunngavik, an organization supporting programs for Inuit in Nunavut.
Previous to CAAT, Asif held leadership roles at the Public Sector Pension Investment Board (PSP) and State Street Canada.
“We’re excited to have Asif take over leading our investment team at this critical juncture,” said Derek Dobson, CAAT Chief Executive Officer and Plan Manager. “Asif has the strategic vision, skills and experience we need to support the continued growth of the Plan, which is targeted to exceed $30 billion in assets by 2027.”
Asif will report directly to Derek Dobson and lead a growing team of investment professionals. Asif succeeds Julie Cays, Chief Investment Officer, who previously announced her plans to retire at the end of April 2021 and was named CIO of the year for 2020 by the Canadian Investment Review.
“I want to thank Julie for her countless contributions to CAAT and congratulate Asif on his new role,” continued Derek. “Julie has been an exemplary leader for CAAT, with influence far beyond Investments. We have full confidence Asif will be the same, helping advance our mission to expand defined benefit coverage to more workers across Canada.”
About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers two defined benefit pension designs, DBplus and DBprime. CAAT’s award-winning DBplus offering is leading to an extraordinary pace of growth for the Plan. Originally established for the 24 Ontario colleges, the CAAT Plan now proudly serves more than 100 participating employers from the for-profit, nonprofit and broader public sectors from across Canada, and is open for continued growth in membership where it’s mutually beneficial. The CAAT Plan is respected for its pension and investment management expertise and focus on benefit security. To learn more visit www.caatpension.ca.
SOURCE CAAT Pension Plan
For further information: John Cappelletti, [email protected], Mobile: 416-720-7853
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
