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Canada’s federal government wants its largest pension funds to invest more in domestic companies, and is hiring the former governor of the central bank to entice them.

Stephen Poloz, who led the Bank of Canada from 2013 to 2020, has been given the task of convincing Canada’s pension funds, which manage more than C$4tn (US$2.9tn), to allocate more capital at home.

The announcement comes after nearly 100 Canadian executives signed an open letter in March urging pension funds to raise their domestic investments.

Canada’s main stock index, the S&P/TSX Composite, has advanced 31 per cent since 2019, compared with a 74 per cent gain for the S&P 500.

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