Jump to full article: CBC News (ca), 2009-06-17
Intro: Finance Minister Victor Boudreau said tobacco companies that are being sued by the province have proven to be strong investments for the New Brunswick Investment Management Corp. . . .
But Boudreau said on Tuesday when it comes to making money on the province's pension plans, it's important for investment managers to earn revenue any way they can.
"The New Brunswick Investment Management Corporation has a mandate of getting a maximum return on their investments so that our pension funds can continue to grow," he said.
The pension funds lost almost $2 billion in the markets last year, including on its tobacco stocks. But the finance minister said over the years the tobacco industry has proved to be a strong money maker.
The records released last week by the New Brunswick Investment Management Corp. show heavy investments in Imperial Tobacco, Rothmans, British American Tobacco, Philip Morris, its parent company Altria Group and R.J. Reynolds.
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