Omers Appoints Michael Latimer New CEO as Nobrega to Retire

Ontario Municipal Employees Retirement System named Michael Latimer chief executive officer of the sixth-largest pension manager in Canada, replacing Michael Nobrega who retires next year.

Latimer, who has been chief investment officer at the Toronto-based fund for more than three years, will take over April 1, according to a statement today.

“What I’m most proud of is the ability to put a strategic plan in place that is focused on specific milestones and see that accomplished,” Nobrega, 69, said in a phone interview. “It adds to the mystique outside of Canada of how good and well managed the Canadian pension funds are compared to their peers.”

The shift to private markets from public investments, pushing abroad for deals, and managing its own assets will continue for Omers and other Canadian pension funds, he said.

Nobrega, CEO since 2007, oversaw the opening of offices in Calgary, London, and New York and raised the percentage of assets managed internally to almost 90 percent from 70 percent, according to the statement.

“Michael Nobrega has had a tremendous impact on Omers while playing a highly influential role in shaping the pension landscape in Canada,” George Cooke, chairman of the Omers Administration Corp. board, said in the statement.

The pension manager returned 10 percent in 2012 as its private investments rallied, according to a Feb. 22 statement.

“I have an opportunity to continue to pursue the plan we have in place,” Latimer said in the interview. “It’s a key priority next year.”

Latimer, 62, will spend the next 90 days visiting stakeholders, he said. The pension fund has about C$60.8 billion ($57 billion) under management and serves about 430,000 members in Canada’s most populous province.

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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