Pension BCI Shuts Two Stock Funds, Cites Shrinking Public Pool

British Columbia Investment Management Corp. is closing two global stock-picking strategies that oversee about C$4.3 billion ($3.1 billion), as it contends with a contracting pool of publicly listed firms.

The pension fund manager is retiring two internally managed global strategies focused on thematic and fundamental equities, BCI said in an emailed statement to Bloomberg. The strategies, Global Active Thematic Equities and Global Active Fundamental Equities, make up about 7.2% of its public equities portfolio.

“The opportunity set for active fundamental stock selection in global developed equities has reduced materially — fewer listed companies, growth companies staying private for ...