Ontario Teachers’ Pension Plan writes down FTX investment to zero | Globalnews.ca

The Ontario pension fund invested US$75 million in FTX International and its US entity FTX.US in October 2021 followed by an additional US$20 million in FTX.US in January this year.

The investments were made through Teachers’ Venture Growth in a move to gain exposure to an emerging area in the financial technology sector.Ontario Teachers’ says the investment represented less than 0.05 per cent of its total net assets and equated to ownership of 0.4 per cent and 0.5 per cent of FTX International and FTX.US, respectively.

It says the loss will have a limited impact on the plan, given its size relative to its total net assets and strong financial position.John Ray III, who was appointed CEO at FTX last week, has called the situation a “complete failure” of corporate control at the cryptocurrency exchange.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canada's biggest pension fund will sell companies that don't take ESG seriouslyCPPIB chief John Graham says the pension will divest if efforts to commit to net zero fail. Find out why other funds don\u0027t share his view. can we sue the pension funds because of poor judgement in investing. Funny part is most of the ESG funds added (quietly mind you) oil and gas for the returns. It’s okay Danielle Smith will invest in them
Source: fpinvesting - 🏆 43. / 63 Read more »

Canada's biggest pension fund will sell companies that don't take ESG seriouslyCPPIB chief John Graham says the pension will divest if efforts to commit to net zero fail. Find out why other funds don\u0027t share his view. Oh look! 👇 FTX had a higher ESG score than ExxonMobil! What a scam! Then I will short them.
Source: calgaryherald - 🏆 64. / 52 Read more »