La Caisse Shakes Up Team to Strengthen Québec Focus

The Montreal-based pension plan will appoint an executive vice-president of Québec to manage its private equity portfolio focused on local investments.

(May 6, 2014) — La Caisse de dépôt et placement du Québec has announced a new position solely focused on Québec-based investments as part of changes in strategy and structure.

The creation of the new role—executive vice-president, Québec—was a “logical decision” for La Caisse given the $200 billion fund’s increased presence in the local province, it said.

“Since 2009, La Caisse has substantially increased its assets in Québec, particularly in the private sector,” the pension plan announced. “This new executive vice-president will be in charge of managing La Caisse’s Québec-based private equity investment portfolio and, more generally, playing a leadership role in the integrated coordination and planning of all of La Caisse’s activities in Québec.”

In addition, the executive vice-president of Québec will be an advisor to all internal teams and will lead the charge in looking for the best opportunities in the province.

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According to the fund’s reports, La Caisse had allocated 56.2% of total assets to Canadian investments as of December 31, 2013. Specifically, the fund reported to have had $23.1 billion in Canadian equity.

“We know the ground well,” La Caisse CIO Roland Lescure told aiCIO last year. “Just like a lot of pensions around the world, we have local investments because we are local. But we do understand that the next 50 years of growth will come largely from the emerging world—and we have to take advantage of that. We aren’t getting away from Québec. We are trying to balance.”

While La Caisse finalizes the recruiting process specifically for the Québec market in the next two to three months, Luc Houle, current senior vice-president of private equity and 30-year veteran at the fund, will serve as interim executive vice-president.

“Over the years, Mr. Houle has been instrumental in a large number of La Caisse’s major transactions in Québec and has successfully led the medium-sized companies and large companies and venture capital teams,” the fund said. “He has vast experience on the ground, working with entrepreneurs, and is highly respected in the Québec business community.”

The Québec fund also appointed Andreas Beroutsos, former director and senior partner at McKinsey & Company, as executive vice-president of private equity and infrastructure. He began his new position on Monday in Montréal and will oversee all private equity investments outside of Québec.

“To identify the best private equity and infrastructure investment opportunities in the world, La Caisse must go even further in developing leading-edge expertise in order to make direct investments and develop solid partnerships around the world,” the fund said.

Most recently, Beroutsos was partner and managing director at One Point Capital and managing partner at Navigos Capital in New York. He was partner and senior managing director at Eton Park Capital Management. He has an undergraduate degree from Harvard University and holds an MBA from Harvard Business School.

These changes in structure follow the anticipated retirement of Norman Provost, current executive vice-president of private equity.

“With these changes, we will be even better equipped to reach our goals here at Québec and in the world’s most promising markets,” said Michael Sabia, La Caisse’s president and CEO. “This new structure allows us to mobilize our teams based on two well-defined mandates and, more generally, to continue to enhance La Caisse’s standard of performance and depth of expertise.”

(May 6, 2014) — If you want to help shape the investment strategy for the one of the world’s largest investors, now is the time to sharpen up your resumé.

Norges Bank Investment Management (NBIM), the organisation that invests the assets of the Norway Pension Fund Global, is hiring economists for its allocation strategies team.

“The positions are based within the fund overlay group, which is responsible for macro input to the fund’s ongoing investment decisions and plays a key role in shaping NBIM’s view on main return drivers for the fund,” NBIM posted on its website this week. “In addition the group has a global macro mandate in fixed income, equities, and currencies with an absolute return objective.”

The Norway Pension Fund Global is the world’s largest sovereign wealth fund, with some $850 billion in assets. Each year, it commits 4% of its capital to the national government and runs the most transparent investment operation in the sector.

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Over the past few years it has been developing a diversified portfolio, including allocations to long-term illiquid assets, but remains the world’s single largest equities investor. The fund has just signed a seven year contract with banking giant Citi to take over custodial and securities lending functions from JP Morgan.

For those looking to take on a role within the fund, responsibilities would include: analysing economic sustainability of countries; monitoring central bank policy and global macro risk and drawing implications for asset performance; developing dynamic macro models for asset allocation; conducting in-depth country analysis and draw investment implications for key emerging markets; and suggesting, preparing, and presenting macro investment cases for the fund overlay group.

The positions would be based in Oslo, but successful candidates should expect to spend time in the fund’s London, New York, Shanghai, and Singapore offices, so the ability to travel is essential.

Interested parties should offer the following qualities: a relevant master’s degree or equivalent with strong academic records; expertise in applied econometrics; five to seven years’ relevant experience; ability to interact and build relationship with key internal and external experts; ambition to excel; high level of integrity; excellent collaboration and communication skills with a high level of proficiency in written and spoken English.

The deadline for applications is May 16. The NBIM website offers more information.