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Canadian pension fund names new CIO

Canada's Public Sector Pension Investment Board named a new investment chief of PSP investments and a new head of the pension fund's private markets subsidiary.

Patrick Charbonneau has been appointed chief investment officer of PSP Investments.

From early next month, he will oversee the manager's C$265 billion ($380 billion) portfolio design, overall investment strategy and treasury function.

Charbonneau replaces Alexandre Roy, a senior managing director of total fund management, who served as CIO on an interim basis following Eduard van Gelderen's departure last October.

The incoming chief investment officer has been with the fund for 18 years, including six years as a founding senior member of its London office.

Charbonneau played a key role in building PPS's infrastructure portfolio and team and also oversaw PSP's C$15 billion semi-independent investment arm, Canada Growth Fund.

"Patrick is an exceptional leader with a deep understanding of our mission and priorities," said PSP's president and chief executive officer Deborah K. Orida, "His expertise and vision will strengthen [PSP Investments'] ability to deliver long-term value for our beneficiaries and advance our strategic objectives in the years ahead."

Also promoted is Yannick Beaudoin who will replace Charbonneau as head of Canada Growth Fund.

Beaudoin will be responsible for the CGF's investment strategy and execution under its semi-independent and arm's length investment mandate.

Beaudoin joined PSP Investments' natural resources team in 2012.

As head of Asia Pacific and Europe, he oversaw a C$8 billion natural resources portfolio and presided over several major deals, including controlling direct investments alongside local operating partners.

Orida said Beaudoin's experience and track record of "building direct investment platforms, working with entrepreneurs, and managing a diversity of stakeholders" make him well-positioned "to lead CGF."

The pension scheme returned 7.2% for the 2024 fiscal year. Its five and ten-year net annualised returns were 7.95% and 8.3%, respectively.

Read more: PSP InvestmentsCanada Growth FundCGFAlexandre RoyCanada Public Sector Pension Investment BoardDeborah K. OridaEduard van GelderenPatrick CharbonneauYannick Beaudoin