CANADA - The Compass Group has won a C$154m (US$100m) hedge fund mandate from the C$125bn (US$82bn) Quebec based pension fund, Caisse de dépôt et placement du Québec (CDP).
CDP's C$154m commitment will be made by the fund's asset management division, CDP Capital. The money will be invested in several Compass hedge funds, and follows a C$46m (US$30m) private equity commitment made two years ago to the Compass Capital Fund.
Based in New York, the Compass Group is an asset management firm that focuses on Latin America. The group, which has US$800m in assets under management, has three main divisions: asset management, global investment advisory services, and private equity.
Speaking about the mandate win, Manuel Balbontin, founder and chief executive officer of Compass, said: The synergies of this relationship are very powerful. CDP Capital's experience in global asset management will help us broaden our reach and develop our global investment management business. The opportunities in Latin America are there, and with CDP Capital's support, we will continue to harness them.
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