Caisse de Depot to Expand New York Fund OfficeFrederic Tomesco and Scott Deveau
The Caisse de Depot et Placement du Quebec will open offices in Washington, Mexico City and Singapore as the pension fund pursues a more global approach to investing.
Canada’s second-biggest pension manager plans to hire about 50 to 60 people as it expands around the globe over the next decade, Chief Executive Officer Michael Sabia told reporters after a speech today at the Montreal Council on Foreign Relations.
“It is our responsibility to go out and seek returns where they are and serve as a bridge to the world for Quebec’s economy,” Sabia said in his prepared remarks. “This will be one of the cornerstones of everything we do over the next five years.”
In addition to its current foreign outlets in New York and Beijing, Sabia said the Caisse intends to open a satellite office in Washington, and regional centers in Mexico and Singapore. He gave no timeline for when they would open. Eventually, it aims to open branches in Mumbai and Sydney, he added.
Caisse joins other Canadian pensions, including the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan, that are opening offices abroad as they add to their global investments.
“I think it’s very similar to what the other Canadian pension funds are doing,” Sabia told reporters after his speech. “Frankly, we have some catching up to do. When I look at my friends at CPPIB in Toronto, they have offices pretty widely distributed all over the world, with many people in them.”
Sabia also addressed the challenges facing Quebec’s economy, and encouraged businesses in the province to adopt a more global approach in pursuing opportunities.
“We are working with our companies to increase their access to global growth, wherever it is, and enable Quebec’s economy to truly take its place in the world,” he said.