Thursday, May 17, 2012

Caisse joins farm-buying congomerate



Two big Canadian investment funds have joined a $2-billion fund that’s buying farms.

The Caisse de dépôt et placement du Québec (Caisse), Quebec’s pension plan, and British Columbia Investment Management Corporation (bcIMC), are partners in the fund set up by TIAA-CREF, a teachers’ pension fund in the United States.

They are tying to ride the demand for grains, oilseeds and other farmed products.

Ironically, they are not buying farms in Canada, but in the United States, Australia and Brazil.

TIAA stands for Teachers Insurance and Annuity Association which was formed in 1918 to provide pensions for university professors. CREF stands for College Retirement Equities Fund.