加拿大养老金.docxVIP

Finance and Economics；Canadas pension funds 财经；加拿大的养老基金；Canadas public pension funds are changing the deal-making landscape; 加拿大养老基金变更投资布局；They own assets all over the world, including property in Manhattan, utilities in Chile, international airports and the high-speed railway connecting London to the Channel tunnel. They have taken part in six of the top 100 leveraged buy-outs in history. They have won the attention both of Wall Street firms, which consider them rivals, and institutional investors, which aspire to be like them. 他们所拥有的财产遍布全球，这包括在曼哈顿的房产，智利的公共设施，国际机场以及将伦敦与外界连通的高铁海底隧道。历史上最有影响的100宗负债收购他们就占了6宗.无论是华尔街的竞争对手还是渴望像他们一样的公共机构的投资者，都对他们青睐有加。These giants are Canadas largest public pension-fund groups. They manage around C640 billion dollar(643 billion dollar) between them. Of the 40 largest public pension funds in the world, four are Canadian, according to Preqin, a research firm (see table). America aside, no other country has more on the list. But size is not what marks them out. Their approach to investment is intriguing. 这些巨头就是加拿大最大的几家公共养老基金集团。他们管理着大约6400亿加元（约合6430亿美元）。据一家名为Preqin的研究机构的调查表明，在全球最大的40家公共养老基金中，加拿大就占了4家。除了美国之外，没有其它哪个国家有如此之多的机构榜上有名。但引人注目的不是他们的规模,而是他们的投资手法。Unlike those in charge of public pension funds elsewhere, the Canadians prefer to run their portfolios internally and invest directly. They put more of their money into buy-outs, infrastructure and property, believing that these produce higher returns than publicly traded stocks and bonds. They are in some ways like depoliticised sovereign-wealth funds. Jim Leech, the boss of Ontario Teachers Pension Plan, calls them a “new brand of financial institution”. And as public pensions around the world cope with painfully low yields on their assets, many see them as a template. Michael Bloomberg, New York Citys mayor, is among the models admirers. 和其它掌管公共养老基金的机构不同的是，加拿大人更喜欢在内部经营他们的投资组合以及直接投资。他们把资金大量投在并购，基础设施和房地产领域。因为他们坚信这些领域方面的投资回报大于公共股票与债券方面的投资回报。他们有点类似于去政治化的主权财富基金。安大略省教师养老金计划负责人Jim Leech把它称为“金融机构的新品牌”。