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Canadian pension plans took a severe hit from turbulent world equity markets during the third quarter, a new study by RBC Dexia has found.
The organization says the Canadian pension plan assets that it tracks dropped 5.5 per cent in the three-month period ended Sept. 30.
So far this year the pensions have lost 3.2 per cent of their value, RBC Dexia said.
The company is equally owned by Royal Bank of Canada and Dexia, a Belgian bank that's in financial trouble. RBC has said it's in talks to acquire full ownership of the joint venture.
The RBC Dexia report on pensions said numerous factors affected momentum during the third quarter, including persistent uncertainty about the sovereign debt crisis in Europe, the downgrade of the U.S. from a AAA rating by S&P, and concerns that the situation could worsen.
The hardest hit asset type within Canadian pension portfolios were Canadian equities.
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