The second-largest pension fund manager in Canada is making changes to the organization’s structure and leadership as it faces a future marked by higher volatility and slower growth.
The Caisse de de´po^t et placement du Que´bec said it will consolidate investments in public and private companies under chief investment officer Roland Lescure, who had held the number-two position since 2009.
The fund manager will be also be regrouping all its infrastructure activities into the CDPQ Infra subsidiary, which was established in July 2015 to manage just two projects — a public transit system on the new Champlain Bridge and one linking the Montréal-Trudeau International Airport to downtown.
Last week the Caisse announced that Andreas Beroutsos had decided to step down as vice-president of private equity and infrastructure, but will stay on for a few months as he transitions out of the job.
The Canadian Federations of Pensioners says pension plans are becoming more and more underfunded, while low interest rates mean fund managers like the Caisse are trying to more closely manage their portfolios in a volatile market.
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