CANADA - The Ontario Municipal Employees Retirement System (OMERS) has appointed Michael Latimer as the pension funds' executive vice president and chief investment officer.
Latimer, who begins on January 1, will oversee OMERS' C$43bn (US$39.6) investment portfolio.
The role was previous held by Michael Nobrega, who had served as both chief executive and CIO since 2007. Nobrega will continue as CEO.
OMERS spokesman John Pierce says: "With new investment asset classes emerging and the search for more solid global investments, the CIO role required specific focus."
Latimer's appointment allows Nobrega to focus on OMERS' plans to form a multi billion dollar strategic investment alliance with similar investors to jointly own large-scale infrastructure and real estate assets.
OMERS also aims to adopt the investment management of third party capital pools in Canada and abroad, under new legislated power devolved to OMERS this summer. (Global Pensions; June 12, 2009)
The pension fund is also in the middle of an asset allocation review, which is conducted every two to three years. Pierce says: "We've been moving assets from the public sector to the private. Four years ago, we had 80% in public and 20% in private assets; at the end of last year this was 60% and 40%. We're making a shift to the private sector, moving to the top assets."
Latimer has occupied the role of president and chief executive officer of Oxford Properties, which is the OMERS real estate arm, since 2004.
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