CANADA - Caisse de dépôt et placement du Québec (CDP), Canada's biggest pension fund, has announced a major shake up of its operations, changes which see chairman and chief executive officer Jean-Claude Scraire taking a less active role in the management of the fund.
Speaking at a press conference, Scraire announced that he was relinquishing responsibility for the daily operation control of the C$125bn (US$80.1bn) fund to concentrate on policy and strategic issues. Day-to-day control will be handed to Michel Nadeau, CDP's assistant general manager. Scraire also said that he had no intention of leaving CDP until his contract expires in 2005.
The shake-up at CDP will also see the pension fund merge all of its investment management businesses into a single unit. All of the pension fund’s business units, including CDP Global Asset management, CDP Private Equity, and CDP Real Estate, will be merged into one company, CDP Capital Incorporated.
The newly combined asset management business will be headed by Nadeau, who will also remain as president of CDP Global Asset Management, until a replacement is appointed. CDP Capital will also have responsibility for legal services, marketing and processing client accounts. The pension fund itself will still handle corporate functions, including human resources, auditing, institutional relations, depositor policies and manager mandates.
By Geoffrey Ho
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