Canada Pension Plan board notches small returns in turbulent market

Fri Aug 9, 2013 9:12am EDT
 
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TORONTO Aug 9 (Reuters) - The Canada Pension Plan Investment Board, one of the world's biggest pension funds, on Friday reported gross investment returns of just 1.1 percent in its fiscal first quarter amid rising interest rates and bumpy equity markets.

CPPIB, which manages Canada's national pension fund and is a major global dealmaker, said it ended the quarter with net assets of C$188.9 billion, compared with C$183.3 billion at the end of the previous quarter.

"Overall we would characterize the quarter as relatively turbulent compared to recent reporting periods. Interest rates rose significantly as bond markets fell, while volatility increased across major equity markets producing mixed returns," CPPIB Chief Executive Mark Wiseman said in a statement.