With inflation data muddied, rate cuts uncertain and private credit facing tougher tests, money managers say the next year will reward investors who get specific—about curve, structure and currency.

The combined business manages about $735 billion in assets.

The institution’s report attributed the sharp decline to policy changes following the Great Recession.

City Comptroller Brad Lander had proposed the moves, alleging the firms have failed to meet the funds’ net zero plans.

Wiseman has led both the CPPIB and AIMCo and has held several roles at BlackRock.

The transaction’s strategic investors include the Qatar Investment Authority, Sun Hung Kai & Co. Ltd. and MassMutual.