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Caisse de Depot Posts 9.6% Return on Real Estate Gains

Caisse de Depot et Placement du Quebec, Canada’s largest pension-fund manager, posted a 9.6 percent investment return last year, led by gains in real estate and equities.

Net investment income rose to C$14.9 billion ($14.5 billion) from C$5.7 billion in 2011 when the return was 4 percent, the Montreal-based manager said today in a statement. Net assets rose to C$176.2 billion as of Dec. 31 from C$165.7 billion on June 30.

The results beat the 9.4 percent median return of Canadian pension funds for 2012, based on a Jan. 29 report by Royal Bank of Canada’s RBC Investor Services unit. Ontario Municipal Employees Retirement System, which manages C$60.8 billion, said Feb. 22 its 2012 return on investments was 10 percent.

The Caisse oversees pensions for retirees in the French-speaking province of Quebec. Chief Executive Officer Michael Sabia said last month the Caisse wants to increase investments in assets such as real estate, infrastructure and private equity to reduce volatility in its returns.

Canada Pension Plan Investment Board is the country’s second-biggest public pension manager, with net assets of C$172.6 billion as of Dec. 31.

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