The Public Sector Pension Investment Board (PSP Investments) was established in September 1999. It manages employer and employee contributions to the federal Public Service, the Canadian Forces and the Royal Canadian Mounted Police pension funds and the employer and employee contributions to the Reserve Force Pension Fund. Annual net contributions are $4 billion. Assets are invested in fixed income instruments and Canadian and foreign equities, real estate, private equities, infrastructure and other investments through in-house and external managers. The Head Office of PSP Investments is located in Ottawa. Its principal business office is in Montreal.