Why Did Local Government Select Toronto Firm to Manage BC Fund?

The BC government didn’t keep things local, and Canadian journalist and politician Kirk LaPointe has called them out for it.

BC’s $100 million fund of funds—already under scrutiny for being too small to generate real impact—is to be managed by a Toronto-based firm (Kensington Capital) instead of a local fund, of which several were in the running.

Quoth LaPointe in Business in Vancouver:

Surprisingly, the province didn’t consider the strengths of the local offices among the criteria. Both B.C.-based players lost to the one from the centre of the universe. A local approach would mean local insight and decision-making. What I wonder: with an initiative so locally vital, why did the province not set criteria to guarantee local opportunity?

“The contract fine points are yet to be finalized in negotiation with the province, so it remains possible the chosen firm might not cross the finish line,” he adds.

An official announcement should come this spring, LaPointe believes.