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MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES Q2 2024 RESULTS

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

WINNIPEG, MB, Aug. 8, 2024 /CNW/ – Marwest Apartment Real Estate Investment Trust (the “REIT”) (TSXV: MAR.UN) reported financial results for the three and six months ended June 30, 2024. This press release should be read in conjunction with the REIT’s Unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“Q2 2024 MD&A”) for the three and six months ended June 30, 2024, which are available on the REIT’s website at www.marwestreit.com and at www.sedarplus.ca.

“The REIT continues to perform strong through 2024, occupancy rates have remained above 99% with continued rental rate growth.  NAV continues an upward climb due to improved market conditions.”, commented Mr. William Martens, Chief Executive Officer of the REIT. 

Q2 2024 Quarterly Highlights

Same Property Net Operating Income1 (“Same Property NOI”) increased by 10.72% in the six months ended June 30, 2024 compared to same period 2023Reported funds from operations (“FFO”) of $0.0601 per Unit for the six months ended June 30, 2024, compared to $0.0457 for 2023Reported adjusted funds from operations (“AFFO”) of $0.0467 per Unit for the six months ended 2024, compared to $0.0435 for 2023Reported Net Asset Value per Unit (“NAV”) of $2.03 at June 30, 2024 compared to $1.95 at December 31, 2023Average occupancy rate of 99.25% reported for the six months ended June 30, 2024 compared to 98.70% in the same period 2023Weighted average months to debt maturity of 69.55 months

Operations Summary

Three months ended June 30

Six months ended June 30

Portfolio Operation Information

2024

2023

2024

2023

Number of properties

4

4

4

4

Number of suites

516

516

516

516

Average occupancy ate

99.49 %

99.11 %

99.25 %

98.70 %

Average rental rate to date

$1,581

$1,536

$1,573

$1,532

Three months ended June 30

Six months ended June 30

Reconciliation of Same Property NOI1 to IFRS

2024

2023

2024

2023

Revenue from investment properties

$    2,566,572

$    2,487,043

$    5,107,070

$    4,941,448

Expenses:

Property operating expenses

574,288

634,174

1,227,845

1,409,389

Realty taxes

238,220

219,181

468,595

451,716

Total property operating expenses

812,508

853,355

1,696,440

1,861,105

Same Property NOI1

$    1,754,064

$    1,633,688

$    3,410,630

$    3,080,343

 

Same Property Portfolio consists of 4 multi-residential properties owned by the REIT for comparable periods in Q2 2024 and Q2 2023 – See “Notice with respect to Non-IFRS Measures” below.

 

Reconciliation of Debt-to-Gross Book Value ratio

Total interest-bearing debt

$                  102,320,082

Total assets on balance sheet

143,900,306

Debt-to-Gross Book Value ratio

71.10 %

Reconciliation of Debt Service Coverage ratio


Net Operating Income for the period ended June 30, 2024

$                      3,410,630

Mortgage payments for the period ended June 30, 2024

2,470,821

Debt Service Coverage ratio

1.38

Weighted average term to maturity on fixed rate debt

69.55 months

Weighted average interest rate on fixed debt

3.09 %

Financial Summary

The REIT generated FFO and AFFO per Unit of $0.0329 and $0.0203 during the three months ended June 30, 2024. 

FFO and AFFO are defined in “Non-IFRS Measures” in the June 30, 2024 MD&A and below under “notice with respect to Non-IFRS Measures”.

Reconciliation of Net Income and
Comprehensive Income to FFO and AFFO

Three months ended June 30

Six months ended June 30

2024

2023

2024

2023

Revenue from investment properties

$     2,566,572

$     2,487,043

$     5,107,070

$     4,941,448

Property operating expenses

(574,288)

(634,174)

(1,227,845)

(1,409,389)

Realty taxes

(238,220)

(219,181)

(468,595)

(451,716)

Net Operating Income 

1,754,064

1,633,688

3,410,630

3,080,343

NOI Margin 

68.34 %

65.69 %

66.78 %

62.34 %

General and administrative

(211,840)

(184,424)

(400,931)

(386,056)

Finance costs

(941,918)

(931,898)

(1,920,114)

(1,883,982)

Fair value gain on:

Investment properties

1,334,416

2,196,910

1,463,046

2,477,771

Unit-based compensation

8,537

16,770

8,652

58,623

Exchangeable Units

561,947

108,412

561,947

2,710,318

Net income and

comprehensive income

$     2,505,206

$     2,839,458

$     3,123,230

$     6,057,017

 

Three months ended June 30

Six months ended June 30

Reconciliation of FFO 

2024

2023

2024

2023

Net income and comprehensive income

2,505,206

2,839,458

3,123,230

6,057,017

Distributions on Exchangeable Units

41,227

40,654

82,694

81,304

Fair value gain on properties

(1,334,416)

(2,196,910)

(1,463,046)

(2,477,771)

Fair value gain on unit-based compensation

(8,537)

(16,770)

(8,652)

(58,623)

Fair value gain on Exchangeable Units

(561,947)

(108,412)

(561,947)

(2,710,318)

FFO

641,533

558,020

1,172,279

891,609

Weighted average number of Units

19,498,838

19,508,707

19,498,838

19,508,707

FFO/unit

$        0.0329

$       0.0286

$       0.0601

$       0.0457

Reconciliation of AFFO 

FFO

$       641,533

$     558,020

$  1,172,279

$     891,609

Capital expenditures

(239,704)

(26,935)

(254,052)

(36,872)

Leasing costs

(5,880)

(3,675)

(7,902)

(5,328)

AFFO

395,949

527,410

910,325

849,409

Weighted average number of Units

19,498,838

19,508,707

19,498,838

19,508,707

AFFO/unit

$        0.0203

$       0.0270

$       0.0467

$       0.0435

AFFO payout ratio

18.84 %

13.87 %

8.19 %

8.61 %

 

NAV and NAV per Unit Reconciliation

At June 30, 2024

At December 31, 2023

Unitholders’ Equity

$30,783,731

$27,578,331

Exchangeable Units

9,046,070

9,757,146

NAV

39,829,801

37,335,477

Trust Units

8,856,403

8,657,564

Exchangeable Units 

10,642,435

10,841,274

Deferred Units

168,420

167,265

Total Units oustanding

19,667,258

19,666,103

NAV per unit

$2.03

$1.95

The overall increase in NAV from $1.95 at December 31, 2023 to $2.03 at June 30, 2024, was primarily due to updated market conditions throughout all properties and net operating income less finance costs and general and administrative expenses exceeding distributions.

Distributions

On June 14, 2024, the Board approved an increase of approximately two percent over the current distributions payable to $0.0013 monthly per unit, or annualized $0.0156 per unit, commencing to Unitholders of record on June 30, 2024 with payment on or about July 15, 2024.   

Outlook

Management is focused on growing the portfolio and Unitholder value through increasing rental rates where the market allows, future acquisition opportunities that will increase the overall size and performance of the REIT, as well as maintaining a manageable debt structure.   The current debt structure of the REIT is all at fixed rates with an average remaining mortgage term of over five years.  The majority of the REIT’s debt is CMHC insured

Management believes the organic growth in NAV due to paydown of debt over the mortgage terms is a positive outcome of the higher leveraged position as well as lowering the REIT’s debt to GBV ratio and thereby increasing the NAV per Unit over time.

Management anticipates that demand for rental housing will remain strong in the coming quarters due to immigration and the affordability gap in rental vs. home ownership.  As interest rates remain at elevated levels and increased costs of construction continue, the cost of home ownership maintains the affordability gap.

The increase in the portfolio’s operating costs due to inflation may be offset by increases in rental rates, where the market allows, as 56 percent of the portfolio at June 30, 2024 is not under rent control or restrictive financing agreements.

About Marwest Apartment Real Estate Investment Trust

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of Units with the opportunity to invest in the Canadian multi-family rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada.

Forward-looking Statements 

The information in this news release includes certain information and statements about management’s views of future events, expectations, plans and prospects that constitute forward‐looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties.  Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward‐looking statements. A number of factors could cause actual results to differ materially from these forward‐looking statements, including the risks described in the REIT’s latest annual information form and management’s discussion and analysis.  The payment of cash distributions, and the amount of such cash distributions, will be dependent upon a number of factors, including but not limited to the financial performance, financial condition and financial requirements of the REIT.  Although management of the REIT believes that the expectations reflected in forward‐looking statements are reasonable, it can give no assurances that the expectations of any forward‐looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward‐looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward‐looking statements or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

The Units are not registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the REIT in the United States or in any other jurisdiction.

Notice with respect to Non-IFRS Measures Disclosure

The REIT’s financial statements are prepared in accordance with IFRS.  In addition to IFRS measures, this news release and the REIT’s Q2 2024 MD&A disclose certain non-IFRS financial measures that are commonly used by Canadian real estate investment trusts as an indicator of performance.  Non-IFRS measures and ratios include the following:

Net Operating Income (“NOI”)

The Trust calculates net operating income as revenue less property operating expenses such as utilities, repairs and maintenance and realty taxes.  Charges for interest or other expenses not specific to the day‑to‑day operations of the Trust’s properties are not included.  The Trust regards NOI as an important measure of the income generated by income-producing properties and is used by management in evaluating the performance of the Trust’s properties.  NOI is also a key input in determining the value of the Trust’s properties. For reconciliation to IFRS measures, refer to “Financial Operations and Results” in the REIT’s Q2 2024 MD&A

Funds from Operations (“FFO”)

The Trust calculates FFO substantially in accordance with the guidelines set out in the white paper titled “White Paper on Funds from Operations & Adjusted Funds from Operations for IFRS” by the Real Property Association of Canada (“REALpac”) as revised in January 2022.  FFO is defined as IFRS consolidated net income adjusted for items such as unrealized changes in the fair value of the investment properties, effects of puttable instruments classified as financial liabilities and changes in fair value of financial instruments and derivatives.  FFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS.  The Trust regards FFO as a key measure of operating performance. For reconciliation to IFRS measures, refer to “Financial Operations and Results” in the REIT’s Q2 2024 MD&A

Adjusted Funds from Operations (“AFFO”)

The Trust calculates AFFO substantially in accordance with the guidelines set out in the white paper titled “White Paper on Funds from Operations & Adjusted Funds from Operations for IFRS” by REALpac as revised in January 2022.  AFFO is defined as FFO adjusted for items such as maintenance capital expenditures and straight‑line rental revenue differences.  AFFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities determined in accordance with IFRS.  The Trust regards AFFO as a key measure of operating performance.  The Trust also uses AFFO in assessing its capacity to make distributions. For reconciliation to IFRS measures, refer to “Financial Operations and Results” in the REIT’s Q2 2024 MD&A

The following other non‑IFRS measures are defined as follows:

“FFO per unit” is calculated as FFO divided by the weighted average number of Trust Units and Exchangeable Units of the Partnership outstanding over the period.”AFFO per unit” is calculated as AFFO divided by the weighted average number of Trust Units and Exchangeable Units of the Partnership outstanding over the period.”AFFO Payout Ratio” is the proportion of the total distributions on Trust Units and Exchangeable Units of the Partnership to AFFO per Unit.”Net Asset Value” is calculated as the sum of unitholders’ equity and Exchangeable Units”Net Asset Value per Unit” or “NAV per Unit” is calculated as the sum of unitholders’ equity and Exchangeable Units divided by the sum of Trust Units, Exchangeable Units and Deferred Units outstanding at the end of the period.”Debt‑to‑Gross Book Value ratio” is calculated by dividing total interest‑bearing debt consisting of mortgages by total assets and is used as the REIT’s primary measure of its leverage.”Debt Service Coverage ratio” is the ratio of NOI to total debt service consisting of interest expenses recorded as finance costs and principal payments on mortgages.”Stabilized net operating income” is the estimated 12-month net operating income that a property could generate at full occupancy, less a vacancy rate and stable operating expenses.”Average occupancy rate” is defined as the ratio of occupied suites to the total suites in the portfolio for the period.”Same Property NOI” is defined as Net Operating Income from properties owned by the REIT throughout comparative periods, which removes the impact of situations that result in the comparative period to be less meaningful, such as acquisitions, or properties going through a lease-up period.

Management believes that these measures are helpful to investors because, while not necessarily calculated comparably among issuers, they are widely recognized measures of the REIT’s performance and tend to provide a relevant basis for comparison among real estate entities.  These non-IFRS financial measures are not defined under IFRS and are not intended to represent financial performance, financial position or cash flows for the period and should not be viewed as an alternative to net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS.

The above measures are not standardized under the financial reporting framework used to prepare the financial statements of the REIT.  Readers should be further cautioned that the above measures as calculated by the REIT may not be comparable to similar measures presented by other issuers.  For further information, refer to the sections entitled “Non-IFRS measures” and “Financial Operations and Results” in the REIT’s Q2 2024 MD&A, which is incorporated by reference herein, for further information (available on SEDAR+ at sedarplus.ca or the REIT’s website www.marwestreit.com).

SOURCE Marwest Apartment Real Estate Investment Trust

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Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

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WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

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Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

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WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

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Canada’s investment industry and business community welcome Ontario’s commitment to join regulatory passport system

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Industry, business, and professional associations voice strong support for greater regulatory harmonization and a more competitive Canadian economy

TORONTO, July 23, 2026 /CNW/ — Canada’s investment industry and business community welcome Ontario’s commitment to join the country’s securities regulatory passport system, marking a significant step toward greater regulatory harmonization and a more efficient and competitive Canadian capital market.

A coalition of associations representing firms and professionals from across Canada’s capital markets sector, together with a broad cross-section of the business community, strongly supports the announcement by Ontario Finance Minister Peter Bethlenfalvy at the recent meeting of Canada’s finance ministers, convened by Federal Finance Minister Francois-Philippe Champagne, and supported by their provincial and territorial counterparts.

Ontario’s participation in the passport system will make it easier for firms to operate and raise capital across Canada, while reducing unnecessary regulatory duplication and costs. More broadly, it advances the national effort to remove internal trade barriers, boost productivity and strengthen Canada’s economic competitiveness.

The passport system has already demonstrated that greater regulatory coordination can be achieved while respecting provincial jurisdiction. Participating regulators retain their authority and distinct roles, while firms benefit from a system in which decisions made by a principal regulator are generally recognized across participating jurisdictions.

Ontario’s participation creates an opportunity not only to reduce duplication but also to strengthen the system as a whole. A more integrated model can better leverage the expertise and capabilities of regulators across the country, creating opportunities for greater regulatory specialization and leadership in areas where individual jurisdictions have particular strengths.

For firms, greater harmonization means more predictable regulation, less duplication, and a more efficient regulatory environment. For investors, it supports a framework that maintains strong investor protection while responding more effectively to an increasingly complex and competitive global marketplace. For Canada, it helps create a more attractive environment in which to invest, launch new products and raise capital.

This coalition stands ready to work with governments and securities regulators across Canada to support Ontario’s timely and successful implementation of the passport system and build on the progress already made. We encourage all parties to move quickly to bring Ontario into the existing framework, while preserving the features that have made the passport system work so effectively.

Ontario’s commitment is a milestone and an important step toward a more integrated, efficient and competitive capital market that will strengthen the Canadian economy and better serve Canadian investors and businesses.

About the coalition

The Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada’s economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. 

The Canadian ETF Association (CETFA) is the national voice of Canada’s ETF industry, representing approximately 96 per cent of exchange traded fund (ETF) assets in Canada. CETFA promotes the growth, sustainability and integrity of Canada’s ETF industry. It keeps investment professionals informed about ETF developments, educates investors about ETFs and their benefits, and debunks ETF myths.

CFA Societies Canada is a collaboration of the 12 Canadian CFA Institute member societies, representing over 21,000 CFA charter holders in Canada. Its mission is to lead the investment profession in Canada by advancing the highest professional standards, integrity, and ethics for the ultimate benefit of Canadian society.

Chartered Professional Accountants of Canada (CPA Canada) is one of the most influential accounting organizations in the world. As a non-regulatory body comprised of individual CPA members, CPA Canada supports the profession and represents Canadian CPAs at the national and international levels. Nationally, CPA Canada acts in the public interest to promote transparency in financial markets, prepares CPAs for a rapidly evolving business environment through extensive guidance and programming and contributes to standard setting and policy making. Globally, CPA Canada works together with international bodies to build a stronger accounting profession worldwide. Its dedicated efforts help shape public policy, influence regulatory frameworks and establish high professional standards that reflect the evolving needs of the accounting industry.

The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with around 2,100 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than US$4 trillion in hedge fund and private credit assets. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programs and sound practice guides. AIMA works to raise media and public awareness of the value of the industry. AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 250 members that manage US$2 trillion of private credit assets globally. AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialized educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors). AIMA was founded in 1990, with the AIMA Canada subsidiary formed in 2003.

The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC convenes, mobilizes and empowers business and local chambers in pursuit of its purpose: to bring inclusive and sustainable prosperity to Ontario’s businesses, workers, and communities.

The Pension Investment Association of Canada (PIAC) has been the foremost voice for Canadian pension funds in matters related to pension investment and governance since 1977. PIAC is composed of over 130 of the largest pension plans in the country who manage over $3.5 trillion of assets on behalf of millions of Canadians. Its mission is to promote sound investment practices and good governance for the benefit of plan sponsors and beneficiaries.

The Portfolio Management Association of Canada (PMAC) represents over 300 asset management firms that manage more than $4 trillion in assets. Members are all fiduciaries managing investments in the best interests of their clients, which include private individuals, foundations, universities and pension plans. PMAC employs a collaborative information-sharing business model and advocates on behalf of its members on securities regulation and government policy matters. The association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.

The Securities and Investment Management Association (SIMA) empowers Canada’s investment industry. The association, formerly The Investment Funds Institute of Canada (IFIC), is the leading voice for the securities and investment management industry, which oversees approximately $4.5 trillion in assets for over 20 million investors and the Canadian capital markets. Our members–including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers–are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

SOURCE Securities and Investment Management Association

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