Caisse de depot Slashes Jobs, Folds Hedge Fund Group

May 1 2009 | 10:31am ET

Institutional asset management firm Caisse de dépôt et placement du Québec has announced that it is slashing 55 jobs, including many hedge fund-focused positions, and making other organizational changes to improve the firm’s bottom line.

“The Caisse must adapt to the current reality of the financial markets, which is very different from that of recent years and whose impacts include a decrease in activity in some areas, more volatile markets and more stringent risk management,” said Michael Sabia, president and chief executive officer of the Canadian firm.

Sabia added that many investment operations have been affected by a drop in activity, particularly hedge funds. In response to this reality, the firm has decided to combine all investment operations involving liquid markets into two groups: Equity Markets, and Fixed Income and Currencies.  This means that the firm’s Hedge Funds Group has been disbanded, while the Funds of Hedge Funds management team, led by Mario Therrien, has been folded into the firm’s Private Equity group.

While the firm has abolished 55 positions, 24 new ones have been created, mainly in risk management.

The Caisse de dépôt et placement du Québec manages funds for public and private pension and insurance plans. As at Dec. 31, it held CAD$120.1 billion of net assets.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...