CIO at PSP Investments departs

Daniel Garant left the Canadian pension plan, which has 12% of its assets in private equity, to pursue other career aspirations.

The executive vice-president and chief investment officer at the Canadian Public Sector Pension Investment Board, Daniel Garant, has officially resigned.

Garant stepped down from his post at PSP Investments on 30 June to pursue other career aspirations, a spokeswoman for fund confirmed in an email. President and chief executive officer André Bourbonnais will fill the vacated position.

PSP had C$15.9 billion ($12.5 billion; €11 billion) in net private equity assets as of 31 March, C$3.4 billion higher than as of the end of fiscal year 2016.

The firm declined to comment further on the CIO's departure, which was first reported by Institutional Investor.

Garant assumed the CIO position in July 2015, after beginning his tenure at the Canadian pension plan in 2008, according to the article.

The shake-up at this level comes on the heels of a strong first quarter for the firm, with the exception of private equity. All asset classes posted double-digit one-year returns. Private equity posted a 3.4 percent loss for fiscal year 2017 ended 31 March.

PSP's private debt portfolio returned 27.5 percent for the year, while real estate returned 10.8 percent.