New Brunswick’s civil servants can sleep easy knowing that a small part of their pension fund is being managed by a group of elite business students at the University of New Brunswick.
In 1998, New Brunswick Investment Management Corp. hired the UNB Student Investment Fund to be external managers of $1 million in real cash.
The fund is now worth about $2.7 million – all from investment returns – and well above the $2.3 million value it reached in 2007 before the recession.
Program director Prof. Glen Cleland said in the last three years – the worst market since the Great Depression – the fund has consistently outperformed many professional money managers.
“Not only were the students able to protect the value of their portfolio, they managed to grow it,” said Cleland.
Read the full story at the Daily Gleaner.