Retirement plan solutions

Nicolas Delisle, Managing Director and Portfolio Manager of Private Fixed Income, discusses how the evolution of fund finance structures offers opportunities for Canadian investors at the Canadian Investment Review's Global Investment Conference.

In a year already marked by tariff uncertainty, market volatility and macro-level changes, what’s next for the rest of 2025? In our newest podcast series, Checking In, Looking Ahead, our investment team provides insights and outlook on what’s to come.

Credit markets reported considerable year-over-year deal activity, with investor demand a principal driver. Meanwhile, continued development, expansion and innovation in the asset-backed finance (ABF) space requires a renewed perspective into the possible benefits and risks of these investments.

In this issue, we discuss the uncertainty caused by trade tensions, some cooling in shelter prices and effects of the Canadian government’s tax moves.

Strong October issuance led to a strong fourth quarter of 2024. Meanwhile, business development companies (BDCs) continue to grow as potential opportunities for IG private credit investors.

Welcome to SLC Management’s investment outlook for 2025. In this report, our investment teams and solutions providers discuss public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

Amid continuing pressures on social infrastructure, SLC Management discusses investor opportunities to enhance returns, while advancing public interest initiatives.

Check out these insights from Louis Pelosi, Managing Director, Client Solutions at SLC Management. Louis was a special guest on the Insurance AUM podcast, where he discussed the unique needs of clients in the insurance asset management business, managing asset allocations against liabilities and more.

Welcome to our Canadian Insurance Newsletter, where we deliver insights on industry trends, regulatory updates and investment strategies relevant for insurance professionals.

Fund finance, which includes strategies such as net asset value (NAV) lending, has become a fast growing tool employed by asset managers seeking financing and for institutional investors seeking potential risk–return benefits. Gain further insights from our investment team: 

LDI programs often face a tradeoff between hedging liabilities and enhancing diversification, among other competing goals. Our investment team discusses how IG private credit can help solve the conundrum.

Our insurance specialists discuss how a multitude of risk components can affect an insurer’s capital structure, returns and ability to generate shareholder value. Read more on our latest insights.

In this issue, we discuss cooling inflation, price softness across several CPI categories and alternatives to RRBs in inflation hedging.

In this issue, we discuss cooling inflation, decreasing liquidity in real return bonds (RRB), and why the cost of implementing a U.S. based inflation strategy has increased.

With investors increasingly looking into the potential benefits of NAV lending, SLC Management takes a closer look at this asset class.

In this issue, we discuss cooling inflation, decreasing liquidity in real return bonds (RRB), and alternatives to RRBs in inflation hedging.

Welcome to SLC Management’s investment outlook for the mid-year point of 2024. Learn more about what our investment teams and solutions providers expect for public and private fixed income, real estate, infrastructure, insurers and retirement plans.

SLC Management joined this year’s Pensions & Investments Canadian Pension Risk Strategies (CRISK) events to share insights and help institutional investors navigate the complexities of private markets.

In this issue, we discuss cooling inflation, decreasing liquidity in real return bonds (RRB), and why the cost of implementing a U.S. based inflation strategy has increased.

Market statistics for the private placement market sourced from Private Placement Monitor, a standard proxy for the IG private credit market.

Robust volumes, greater demand from a growing investor base and tightening spreads characterized private credit during the first quarter. New investors coming into the market has also led to increased market capacity and larger deal sizes. Meanwhile, fund finance has emerged as a growing, evolving sector for institutional investors looking for potential diversification, investment premiums and risk managed performance.

At the beginning of 2024 there was little solid consensus on the direction of interest rates. Expectations for federal bank actions ranged from rate decreases for earlier in the year to rates remaining high until at least 2025. Such uncertainty can make things difficult for fixed income investors, as in many cases bond yields are highly correlated to interest rates.

Investment grade (IG) private credit volume in Q4 2023 was the strongest for the year at US$28.6 billion, bouncing back from US$14.1 billion in Q3 2023, the lowest quarterly volume of the year. While we won’t know final results for a few months, preliminary 2023 volume of US$90.7 billion fell short of US$92.3 billion in 2022. Issuers that had something to get done came to market in the last quarter and investors responded positively. This was in contrast to much of 2023 when issuers were put off by high rates or market uncertainty and investors were either less liquid or more cautious immediately after the failure of Silicon Valley Bank.

Welcome to SLC Management’s investment outlook for 2024. In this report, our investment teams and solutions providers discuss public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

A volatile economic and market environment has led to increased interest among institutional investors for more diversified credit exposure. One segment of the credit market that’s often overlooked is the narrowly syndicated credit (NSC) space, which can offer the potential for higher yields with reduced volatility characteristics.

In this issue, we discuss the continued increase in headline CPI, a burst in RRB trading volume in Q3, and why implementing a U.S. based inflationary strategy could be expensive for Canadian investors.

In a slow quarter for the investment grade (IG) private credit market, robust industrial and utility sector issuance helped support volume amid decreased financial issuance. We are seeing a possible turnaround in decreasing IG private credit demand to date as markets begin to adopt “higher for longer” rate expectations. Meanwhile, we are taking a closer look at infrastructure debt investments amid increased focus on the diversification, risk management and other potential benefits of the asset class.

In this issue, we discuss the unexpected increase in headline CPI in July and the significant decrease in RRB trading volume.

Issuance of investment grade private credit (IG private credit) proved resilient in Q2 2023, with the market providing some respite during uncertainty in the public debt space. H1 2023 issuance, however, is still behind that of the same period last year, largely due to a decrease in volume in financials. Amid other promising sectors, we see potential value in asset-backed securities (ABS), in particular senior IG ABS. From a volume and return perspective, 2023 could be an especially strong year for ABS investors, in our view.  

Issuance of investment grade private credit (IG private credit) proved resilient in Q2 2023, with the market providing some respite during uncertainty in the public debt space. H1 2023 issuance, however, is still behind that of the same period last year, largely due to a decrease in volume in financials. Amid other promising sectors, we see potential value in asset-backed securities (ABS), in particular senior IG ABS. From a volume and return perspective, 2023 could be an especially strong year for ABS investors, in our view.  

Welcome to SLC Management’s investment outlook for mid-year 2023. In this report, our investment teams and solutions providers share their insights, analyses and perspectives on public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.

Funded statuses are at record highs and rising interest rates are affecting expected bond yields. Learn why it’s a great time to take action to preserve your plan’s financial health. 

Listen to Insurance AUM’s latest podcast, where SLC Management’s Andrew Kleeman and Crescent Capital Group’s Chris Wright and John Bowman discuss opportunities for insurers across the private credit spectrum.

Our PM’s discuss the prospects of inflation and potential effects on U.S. markets.

Investors wanting to meet environmental, social and governance criteria are looking closely at private credit but are also wanting to see more rigorous reporting and measurement.

As unemployment spiked this spring, the U.S. government put its faith in the $500 billion of loans to small businesses from the Paycheck Protection Program (PPP). Yet this huge wave of stimulus did little to secure jobs, according to preliminary results from a study by economist Raj Chetty and his team at Harvard.

For many plan sponsors March proved to be a perfect storm of negative conditions, as equity markets fell dramatically and interest rates hit record lows. While widening credit spreads provide some relief in terms of higher discount rates, many liability hedging portfolios, holding the broad spectrum of bonds, may have underperformed liabilities valued under the annuity proxy.

With another uneventful earnings season coming to a close, the long stretch of near-record corporate profit margins is making investors nervous that a correction is brewing. That anxiety seems overdone. There is mounting evidence that large U.S. companies are more resilient than ever.

Superbugs that resist treatment and spread rapidly like Coronavirus always catch the headlines. The market impact of most viruses tends to be intense, but it soon fades. However, this round is different, and investors could be underestimating the longer-term impact of this latest health emergency on global supply chains.

We surveyed decision-makers from 50 Canadian institutional pension plans about sustainable investing. While ESG issues remain a hot topic for discussion, not all plans are putting ESG talk into action.

With the approaching anniversary of the global financial crisis, an important metric is being reset: the 10-year performance track record. Asset managers will, starting very soon, no longer have 2008 on their 10-year historical performance charts. With its disappearance, an elementary but key gauge of risk management will vanish as well.