David Allen, a money manager in London at the $212 billion Canada Pension Plan Investment Board, is leaving to start his own hedge fund, according to a person with knowledge of the matter. 

Allen, who is a managing director responsible for credit investments, will leave Canada’s largest pension fund on Friday and start his own investment firm later this year, said the person who asked not to be identified because the information is private.

The money manager established and managed a credit opportunities fund that has invested more than 9 billion Canadian dollars ($6.9 billion) since he joined the firm in 2010, the person said. The fund returned an annualized 15.3 percent over the last six years, they said.

Allen declined to comment, while Mei Mavin, a spokeswoman for the pension firm, confirmed his departure. “We thank David for his many contributions to CPPIB and wish him all the very best on his new endeavors, ” she said in an e-mailed statement.

Allen was a partner and head of European investments at GoldenTree Asset Management in London before joining the pension fund.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE