As longevity risk, macroeconomic uncertainty, and a global realignment in asset allocation converge, Canada’s institutional investors face decisions that extend well beyond the portfolio. CIBC Mellon’s annual research series examines how asset owners are rethinking what to build, what to buy, and how to govern it all.
For years, the prevailing logic was clear: build scale, internalize where possible, and deploy capital through an expanding network of external managers. That logic is now under scrutiny. Tightening fee pressure, governance complexity, rapidly evolving data infrastructure requirements, and a changed ESG landscape are forcing asset owners to weigh difficult trade-offs, often simultaneously.
The CIBC Mellon Canadian Asset Owner Study 2025–26 draws on interviews and data from Canada’s leading institutional investors to assess how the balance is shifting, and why the answers are neither simple nor uniform.
The study addresses five interconnected themes: the recalibration of internal versus external investment models; the role of technology and data as a competitive differentiator; ESG integration under a changed regulatory and reputational landscape; operational design at institutional scale; and the governance decisions that underpin each of the above. Each chapter is built on candid insights from asset owners navigating these pressures in real time.
For more information, read chapter 1 of our study.
