University’s Pension Plan invested $67 m in Lancer Offshore

The University of Montreal Pension Plan invested US$67 million – representing more than eight per cent of its total assets – in the now-insolvent Lancer Offshore fund, according to a lawsuit.Another major investor was the AXA group, whose investment vehicles put in $15.25 million in June, 2002 – less than three months before the New York Post newspaper began raising questions about the Fund and six months before the Fund announced it was suspending cash redemptions.