The Public Sector Pension Investment Board, one of Canada’s largest pension plans, has appointed David Scudellari to head a new unit focused on debt and credit investments.
Scudellari will lead PSP Investments Holding USA LLC, based in New York and help build up the firm’s presence in more illiquid and alternative debt securities. He has more than 30 years experience in capital markets, including positions at Barclays Capital Inc. and Goldman Sachs Group Inc., according to a statement from PSP.
“The leveraged finance landscape is currently in transition," said Andre Bourbonnais, PSP chief executive officer in a statement. "With traditional capital providers having lost significant market share in the last few years, there is an attractive opportunity for a long-term investors such as PSP Investments to enter this trillion-dollar-plus asset class.”
PSP, which oversees the retirement savings of federal public servants, including the Canadian Forces and the Royal Canadian Mounted Police, is Canada’s fifth-largest pension plan with C$112 billion ($85 billion) in assets under management.