Canada Pension Plan Investment Board is replenishing its senior leadership team as the $337-billion fund manager looks to regroup some of its investment strategies and add new viewpoints.
The changes bring a focus to some of the fund’s key areas of growth, such as Asia and emerging markets, and also rotate some long-time CPPIB staff to new parts of the organization. These new senior managing directors will begin their jobs on June 1 as part of the pension fund’s senior management team, and all of the appointees already work at CPPIB.
Over all, the changes are the product of chief executive officer Mark Machin’s assessment of how the fund can more quickly and easily execute on investment opportunities, and the way more than two dozen strategies should best be grouped together.
CPPIB has undergone a months-long “planned renewal” process, the fund said in a statement, which began with the announcement that three veteran executives would retire or otherwise leave the fund. CPPIB added a fourth exit on Tuesday as Pierre Lavallée, global head of investment partnerships, will leave the fund in early May. CPPIB is replacing these men but also reorganizing their roles into new positions. The fund said in a statement that this is “designed to inject fresh perspectives, experiences and ideas to a growing and evolving organization.”
John Graham is taking on a broader responsibility in credit and will now lead the credit investments team, which includes principal credit investments, private real estate debt and the newly created public credit functions. This is an example of of a change in thinking about investment groupings, as a former part of the real estate asset class moves to the credit team.
The role of head of Asia Pacific will be filled by Suyi Kim, and she will oversee CPPIB’s growing portfolio of investments in the region – a key area of focus for Mr. Machin. Ms. Kim joined CPPIB in 2006 and notably established CPPIB’s office in Hong Kong. She also spearheaded CPPIB’s private-equity business in Asia before taking on the role as head of Asia.
Deborah Orida will become global head of active equities after having most recently been the head of private equity in Asia. She will be responsible for leading thematic investing, where a team researches and invests in securities that are exposed to long-term structural changes such as demographic shifts. Sustainable investing, relationship investing and active fundamental equities will also fall under Ms. Orida’s leadership.
Poul Winslow will be elevated to the position of global head of capital markets and factor investing. The groups he will oversee include global capital markets, quantitative equities, external portfolio management, cash and liquidity and strategic tilting groups. Mr. Winslow was previously head of thematic investing and external portfolio management.
In addition, current senior managing director and global head of private investments Shane Feeney will become global head of private equity, where he will be responsible for overseeing direct private equity, funds, secondaries and co-investments, and private equity Asia.
“These appointments reflect an evolved investment department structure that provides for greater investment agility and the recognition of the importance of emerging markets,” CPPIB said in a statement, adding that it would also be looking for a new chief technology and data officer, and doing away with the chief operating officer role.
Several Canadian pension funds are in the process of renewing their leadership teams and there have been a series of notable exits and new promotions in recent weeks as senior executives and asset class leaders have jostled for new positions within the pension space and beyond.