Caisse de dépôt et placement du Québec has announced an organizational shakeup as it launches a new infrastructure subsidiary.
“Over the years to come, we will be dealing with an increasingly complex environment, anemic growth, heightened volatility and more modest returns,” said Michael Sabia, president and chief executive officer of the pension fund, in a news release.
“In this context, selecting high-quality assets and focusing on the operations of our portfolio companies will be more critical than ever. We will also have to manage our top-down asset-allocation decision-making in a manner more closely integrated with our depositors’ liabilities.”
Read: Caisse’s executive vice-president of private equity and infrastructure steps down
The new model will:
- Consolidate investments in public and private companies under the leadership of chief investment officer Roland Lescure;
- Unite all top-down activities related to the overall portfolio and related research into a new division, depositors and total portfolio construction, with the aim of having a more integrated approach to managing the asset allocation process and enhance the pension fund’s advisory services to depositors; and
- Regroup all infrastructure investment activities and operations under a newly-created subsidiary, CDPQ Infra., under the leadership of Macky Tall, the new executive vice-president of the Caisse and president and chief executive officer of CDPQ Infra.
The Caisse has also appointed Pierre Miron as its chief operations and information technology officer. He had previously served as executive vice-president of operations and information technology at the pension fund.
Read: Caisse appoints managing director of México subsidiary
In other news from the Caisse, the fund announced the acquisition today of an equity interest in Spectra Premium Industries, a company involved in the design, manufacturing and distribution of automotive components, including fuel systems for plug-in hybrid vehicles. It invested $28.3 million in Spectra Premium, which owns for manufacturing plants and 17 warehouses.