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Canada’s Largest Pension Fund No Longer Mulling Crypto Investment: Reuters
CPP Investment has nearly $400 billion in assets under management.
Having managed to sidestep the crypto investments that burned two other major Canadian pension funds, CPP Investment (CPPI) said it is no longer pursuing opportunities in that sector, reports Reuters.
Though declining to comment on the specific reasons, Reuters said CPPI pointed to comments made earlier this year by CEO John Graham: “You want to really think about what the underlying intrinsic value is of some of these assets and build your portfolio accordingly … So I'd say crypto is something we continue to look at and try to understand, but we just haven't really invested in it."
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Thus the plan, which manages C$529 billion (US$388 billion) for nearly 20 million Canadians, managed to avoid the losses suffered by peers Ontario Teachers’ (C$250 billion AUM), which had to fully write off its $95 million investment in crypto exchange FTX, and Caisse de Depot et Placement du Quebec (C$300 billion AUM), which fully wrote down its $150 million investment in crypto lender Celsius Network.
CPPI hasn’t returned a CoinDesk request for comment.
Xinyi Luo
Xinyi Luo, a financial reporter with a background in broadcast journalism, joined CoinDesk Layer 2's team as a features and opinion intern in June 2022. She is a graduate of Missouri School of Journalism. You can connect with her on Twitter @luo_trista. She does not currently hold any cryptocurrencies.
