Tuesday, 25 April 2017
Last updated 15 hours ago
May 15 2013 | 12:26pm ET
A former hedge fund manager has been named head of one of Canada's biggest pension funds.
Ron Mock will take over as CEO and president of the Ontario Teachers' Pension Plan next year, 13 years after joining C$130 billion pension. He succeeds Jim Leech, who is retiring after six years at the helm.
Mock joined OTPP a year after his Phoenix Research and Trading Corp. collapsed after losing US$125 million on U.S. bonds. The Ontario Securities Commission found that Mock failed to adequately supervise the trader whose investments led to Phoenix's demise, fined him and barred him from serving as an officer or director for six years.
That history didn't dissuade OTPP from naming him director of alternative investments in 2001, and isn't dissuading it now.
"We are 100% aware of the OSC case and we are fully confident in his abilities and integrity," OTPP spokeswoman Deborah Allan said. "What the OSC found was an oversight issue, however many years ago. We're going into this with eyes wide open."
Mock was promoted to senior vice president in charge of all fixed-income assets and hedge funds at OTPP in 2008.