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The Sum of 4 Components: Net Assets, Liabilities, Assets Under Management, and Assets Under Administration
Total assets under management refers to the value of all the funds and assets managed by the Caisse de dépôt et placement du Québec on behalf of its depositors along with all the assets managed or administered on behalf of third parties, the majority of whom are real estate owners.
Total assets under management comprises four components:
- Depositors’ net assets, or the total of all the funds entrusted to the Caisse by its depositors plus gains from investment activities;
- Liabilities, primarily loans; due to its size, the Caisse is able to borrow at attractive rates and take advantage of investment opportunities yielding returns higher than its cost of borrowing;
- Assets under management, primarily buildings managed by Caisse subsidiaries on behalf of their owners;
- Assets under administration, primarily buildings for which Caisse subsidiaries provide administrative services, such as lease management.
| Breakdown of assets under management (as at December 31, 2012) |
|
| Depositors' net assets | $176.2 billion |
| Liabilities (primarily assets financed by borrowing) | $37.6 billion |
| Total assets | $213.8 billion |
| Assets under management and assets under administration | $45.3 billion |
| Total assets under management | $259.1 billion |