CANADA - Johnny Quigley, controller of the C$2.5bn (US$1.7bn) City of Montreal Pension Fund is leaving his post at the fund at the end of the week.
Although he declined to comment further about his departure, Quigley did say that he was moving to a new Montreal-based foundation. Quigley stressed that whilst the foundation was not a charity, he did say that will focus on social projects.
Quigley also said that the results of the fund's asset liability study would soon be released. The changes recommended by the Watson Wyatt study will be adhered to for the next three years, he said.
Additionally, the fund is set to tender for a manager to run a combined Brady bonds and high yield mandate in September. Currently, the fund is studying various high yield and Brady bond products, and Quigley said that once that finishes in early September, the mandate will be put out to tender. The brief will be worth between C$100m (US$66m) and C$140m (US$92.6m), Quigley said.
By Geoffrey Ho
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