Public Sector Pension Investment Board‘s chief investment officer and executive vice-president has officially resigned.
Daniel Garant stepped down from his post at one of Canada’s biggest public pension by assets on 30 June to pursue other career aspirations, a spokeswoman for fund confirmed in an email. President and chief executive officer André Bourbonnais will fill the vacated position.
PSP Investments had C$15.9 billion ($12.5 billion; €11 billion) in net private equity assets as of 31 March, C$3.4 billion higher than as of the end of fiscal year 2016.
The pension is planning to launch an in-house secondaries team, Bourbonnais told Secondaries Investor in May.
The firm declined to comment further on the CIO’s departure, which was first reported by Institutional Investor.
Garant assumed the CIO position in July 2015 after beginning his tenure at the Canadian pension plan in 2008, according to the article.
The shake-up at this level comes on the heels of a strong first quarter for the firm, with the exception of private equity. All asset classes posted double-digit one-year returns. Private equity posted a 3.4 percent loss for fiscal year ended 31 March 2017.
PSP’s private debt portfolio returned 27.5 percent for the year, while real estate returned 10.8 percent.