International Centre for Pension Management Names 2 New Board Members

Canadian nonprofit the International Centre for Pension Management has named Poul Winslow and APG Asset Management’s Matilde Segarra to its board of directors

Segarra is currently CEO and president of APG US, and Winslow is a former managing director and head of thematic investing and external portfolio management at CPP Investments. He was also CIO of Swedish Andra AP-fonden.

“Matilde and Poul are a great complement to the rest of the ICPM Board, each adding unique perspectives and experience that are already proving valuable to driving ICPM’s mission,” ICPM Board Chair Sudhir Rajkumar said in a release.

After a previous stint at APG, Segarra rejoined the firm in February 2022 as CEO of APG US, overseeing investment activities and operations and serving as chair of the APG US executive board, the crisis management team, the change initiative board and the private equity co-investment committee. She also serves as co-lead of APG Asset Management’s global people and culture strategy and is a board sponsor of the APG US women’s forum.

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Prior to rejoining APG, Segarra was chief risk officer of Asia-Pacific for Fidelity International, responsible for implementing and overseeing the firm’s global risk management framework for all risk types. She also coordinated the build-out of Fidelity’s Global Risk monitoring and oversight framework for sustainable investing and corporate sustainability. While at Fidelity, she also served on the board of Fidelity’s Korean and Taiwanese business entities and as the manager in charge of risk management in Hong Kong.

Segarra relocated to the U.S. in 2015 to join APG US and was promoted to chief finance and risk officer for the US in 2018.

Winslow retired from CPP Investments in May 2022 as senior managing director and global head of capital markets and factor investing after more than three decades working with multi-asset class and alternative investments. He joined CPP in 2009 as managing director and head of thematic investing and external portfolio management.

Prior to joining CPP Investments, Winslow was CIO of Swedish fund Andra AP-fonden, also known as AP2, and also held senior leadership roles at Nordea Investment Management in Denmark, Sweden and the U.S. Poul also served as a trustee of the Standards Board for Alternative Investments.

ICPM also named Julie Mallory of Ontario Power Generation as a new member of its research committee. Mallory is the managing director for portfolio strategy and investment risk at OPG and is part of its fund management team.

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Tags: APG Asset Management, board of directors, ICPM, International Centre for Pension Management, Julie Mallory, Matilde Segarra, Ontario Power Generation, Poul Winslow

U.S. state pension plans’ aggregate funded ratio increased to 78.2% at the end of the second quarter from 76.3% at the end of the first quarter and 73.6% at the end of 2022, according to financial services firm Wilshire. The ratio is also up from 75.4% at the same time last year.

The quarterly change in funding was the result of a 3.4% rise in asset value, which was partially offset by a 0.8% increase in liability value.

“The aggregate funded status increased for a third consecutive quarter, with an asset value increase of over 13% during this period,” said Wilshire’s managing director, Ned McGuire. “The strong performance of the FT Wilshire 5000 contributed significantly to the increase in asset value, marking its strongest performance in the first six months of a calendar year since 2019.”

The firm attributed the funding improvement to the “robust total portfolio return, nearly reaching double digits, primarily driven by the performance of public equities.”

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Global equities led the performance with returns of 6.53% over the 12 months ending June 30, as measured by the MSCI ACWI Index, with U.S. equity returns up 19.03%, as measured by the FT Wilshire 5000 index.

Wilshire’s figures represent an estimate of the combined assets and liabilities of state pension plans included in its 2023 state funding study. The funded ratio is based on liabilities, service cost, benefit payments and contributions, in line with the funding study.

The assumed asset allocation for the study is 31% in U.S. equities, as measured by the FT Wilshire 5000 Index; 23% in core fixed income, measured by the Bloomberg Barclays U.S. Aggregate index; 15% in real assets, measured by the Wilshire U.S. Real Estate Securities Index; 14% in non-U.S. equities, measured by the MSCI AC World ex U.S. index; 13% in private equity, measured by the smoothing average of the trailing three months of the FT Wilshire 5000 Index; and 4% in high-yield bonds, measured by the Bloomberg Barclays U.S. Corporate High Yield Index.