Alberta Investment Management Co., Edmonton, acquired a 20% ownership stake in proxy advisory firm Glass Lewis from the Ontario Teachers' Pension Plan, Toronto.
Terms were not disclosed.
The C$129.5 billion (US$123.4 billion) Ontario Teachers plan owns the remaining 80% stake in Glass Lewis, said Deborah Allan, pension fund spokeswoman. No changes at the proxy advisory firm will be made as a result of the deal, and the company will continue to run independently.
“Our investment in Glass Lewis ensures a competitive playing field with several independent providers of governance services to institutional investors,” Leo de Bever, CEO at Alberta Investment Management, said in an e-mail. “From an investment perspective, Glass Lewis is a key player in the proxy advisory landscape with over 900 institutional clients and strong revenue growth that we expect to continue given the increasing global demand for high-quality governance research, vote management and engagement support services post-global financial crisis.”
AIMCo oversees C$70 billion in provincial pension, endowment and foundation assets.
Ontario Teachers will consider other offers for stakes of Glass Lewis, Ms. Allan said. “We intend to maintain a long-term position in the company, but if other like-minded investors are interested, we would listen to them,” she said.