The Fiera CRS Fund
The Fiera CRS Balanced Ethical ESG Fund is a collaborative initiative of Religious Institutes from across Canada for the benefit of Religious Institutes.
Purpose of the Fund
- Assist Religious Institutes with the oversight of their portfolios
- Offer the services of a large reputable investment manager – Fiera Capital – which serves approximately 100 religious groups
- Give increased attention to ethical considerations
- Offer competitive management fees and in many cases, reduce the fees currently incurred by Religious Institutes
- Leave every Religious Institute with the ownership of its investment portfolio
- Offer CRS a sound financial base that will sustain it over the long-term
- Attract experienced religious and professional lay advisors
The assets of the Fund are being invested per the investment policy approved by the board of CRS and within the following minimum and maximum proportions:
|Min/Max %||Target %|
|Cash & short-term instruments||0-25||0|
|Multi-Strategy – Note (1)||0-15||10|
|Diversified Lending – Note (2)||0-7||5|
|Traditional Capital Appreciation|
Note (1): Multi-Strategy investments include corporate and convertible bonds, preferred shares, real estate investment trusts, private loans, real estate, infrastructure, mortgages and closed-end funds.
Note (2): Diversified lending includes residential and commercial construction through limited partnerships with various partners specializing in lending solutions, limited partnerships that offer private loans to companies and other types of loans.
Each participating Religious Institute holds its own proportionate share of the pooled fund and receives quarterly reports describing the status of their holdings including the results and the performance of their investment. As of the end of the fiscal year of CRS, eight Religious Institutes had transferred the total or a part of their investment portfolio to the Fiera CRS Balanced Ethical ESG Fund. The investment by Religious Institutes in the Fiera CRS Balanced Ethical ESG Fund totaled $125 million as at October 31, 2017.
The CRS Board of Directors appoints members to serve on an Investment Committee to manage this Fund and to work with Fiera Capital. The current members are:
Peter Munro, Chair of the CRS Investment Committee
- Retired Executive Vice-President and Chief Investment Officer of Great West Life, London Life and Canada Life
- Chair of two asset management company boards in Ireland and Member of one asset management company board in England
- Member, Banking and Investment Committee, Archdiocese of Winnipeg
- Member, Investment Committee, Manitoba Civil Service Superannuation Fund
- Member, Investment Committee, The Winnipeg Foundation
- Holds a Master’s degree in Finance and is a certified Professional Director
- Director, Special Projects and Business Development (January 2016-present) at Industrial Alliance Insurance and Financial Services Inc.
- Industrial Alliance Investment Management Inc. (2009-2016) as Director, Investment Risk Monitoring and Chief Compliance Officer
- Industrial Alliance Insurance and Financial Services Inc. (2005-2009) as Director, Group Savings and Retirement
- BLC-Edmond de Rothschild Asset Management (1998 to 2005) as Portfolio Manager
- Holds a Bachelor of Science and a Master of Business Administration (MBA)
- Professional Experience:
- Executive Director of Catholic Religious Self-Insured Retention Program (2011 – Current)
- Pres. and CEO of Mondial Assistance (2007- 2011)
- Pres. and CEO of The Citadel Gen. Assurance Company (2000- 2007)
- COO and Director of Commercial Union Assurance Company of Canada (1997- 1999)
- General Manager and Director of Ecclesiastical Insurance Office PLC (1984-1997)
Suzanne Côté, MBA
- Member of the Pension Committee, Norton Rose Fulbright Canada (2017 – present)
- Member of the Employee Pension Plan Committee of the Ville de Sainte-Anne-des-Plaines (2016-present)
- Member of the Investment Committee of the Province Marie-Reine-du-Monde religious order (2012-2017)
- Member of the Investment Committee of the Public Curator of Quebec (2014 -2016)
- Prior to her retirement, worked at Pyramis Global Advisors (Canada) ULC; State Street Global Advisors; Montrusco & Associates Inc.; Loewen Ondaatje McCutcheon Inc.; National Westminster Bank; Merrill Lynch Canada; and Royal Bank of Canada.
Jocelyne Marquis, CIM, ASC
- Advisor to the Sisters of the Good Shepherd in Québec.
- Professional Experience with:
- Investissement Québec, Montreal, (2012-2015) as Senior Director, Business Partner Relations
- Marquis Expertises inc., (2005-2012), as Founder and President.
- BLC-Edmond de Rothschild gestion d’actifs inc., Québec (2000-2005), as Vice President, Business Development and Client Service.
- Laurvest inc., Québec (1998-2000) as Vice President, Fixed-Income Securities.
- General Trust of Canada as Investment Director, Regional Centre for Eastern Québec.
- Trust Prêt et Revenu, Investment Manager.
- Currently a member of the Boards of:
- FIER Partenaires, Investissement Québec subsidiary
- Société Innovatech Québec et Chaudière-Appalaches
Timothy M. Scott, CSB
- Executive Director, Canadian Religious Conference (CRC), 2015-present.
- Member of the General Council and Media Spokesperson, Congregation of St. Basil, 2010-2014.
- President St. Joseph’s College, University of Alberta, 1998-2011.
Desmond Wilson, CPA, CA
- Currently Director of Finance of The Sisters of Service of Canada, The Daly Foundation and The Catherine Donnelly Foundation.
- Previously 10 Years with T. D. Bank.
- With Price Waterhouse for the previous 10 years
3 Do nothing from selfish ambition or conceit, but in humility regard others as better than yourselves. 4 Let each of you look not only to your own interests, but to the interests of others.