Last Updated on November 19, 2022 by Bitfinsider
After the ailing crypto exchange filed for bankruptcy protection, Ontario Teachers’, one of Canada’s largest pension plans with almost $250 billion in assets under management (AUM), would write down its entire $95 million investment in FTX.
According to a statement, the firm invested $75 million in FTX International and its U.S. subsidiary FTX.US in October 2021, and then additional $20 million in FTX.US in January of this year. The investments were made through the Teachers’ Venture Growth (TVG) platform and accounted for less than 0.05 percent of the fund’s total net assets, according to the statement.
“The financial loss from this investment will have a minimal effect on the Plan, given its small in comparison to our overall net assets and our solid financial condition,” said Ontario Teachers’. However, we are dissatisfied with the outcome of this investment, we take all losses seriously, and we will use this experience to develop our strategy.
As of June 30, Ontario Teachers managed $242,5 billion in assets, according to a recent investor presentation.
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