New Brunswick Investment Management Corp., Fredericton, returned 1.5% on its investments in its fiscal year ended March 31, surpassing its custom benchmark by 108 basis points, said its annual report released Tuesday.
The return helped boost total assets 2.3% to C13.3 billion ($10.2 billion) for NBIMC, which manages assets for the province's five pension funds as well as the University of New Brunswick Endowment.
The corporation returned 14.18% in its previous fiscal year.
For the 12 months ended March 31, NBIMC received C$192 million in net investment earnings and C$431 million in contributions, with C$313 million in outflows for benefit payments, according to the annual report.
As of March 31, the corporation has returned an annualized 9.44% over four years, 68 basis points above its custom benchmark.
Pension plans whose assets are managed by NBIMC are the New Brunswick Public Service Shared Risk Plan, New Brunswick Teachers' Pension Plan, two NB Power pension plans and the Provincial Court Judges Pension Trust Account Fund. NBIMC is part of the province's finance department.
The plans and the endowment will have its assets managed by an independent corporation, Vestcor Investment Management Corp., effective Oct. 1.