The Ontario Municipal Employees' Retirement System has named Michael Latimer, OMERS’ current chief investment officer, as the system’s next president and chief executive officer.
Latimer will become president and CEO of OMERS following the retirement of Michael Nobrega on 31 March, 2014. Nobrega has held the position of president and CEO since July 2009, prior to which he was the system’s property head. His retirement marks the final step in a succession plan that began in 2010.
At OMERS, Latimer has driven the investment strategy as CIO since 2010. He has had full accountability for the strategic, operational and financial leadership of OMERS’ investment activities in capital markets, infrastructure, private equity and real estate. He will continue in the CIO role.
Prior to joining OMERS, Latimer was president and CEO of Oxford Properties Group, the real estate investment arm of OMERS.
OMERS Private Equity generated a 19.2 percent return in 2012, driven primarily by OMERS’ direct private equity investments. The system invested more than $300 million in Europe in 2013, acquiring software company Civica in May and investing alongside the Alberta Investment Management Corporation in June to acquire cinema operator Vue Entertainment for C$1.48 billion (€1 billion, $1.38 billion).
On the exit front, OMERS sold US Infrastructure Corporation to Leonard Green & Partners. Financial terms were not disclosed, but a source with knowledge of the transaction pegged OMERS’ return at about 3.5x its original investment.
OMERS manages more than C$60 billion of assets and has nearly 430,000 members. The system invests in public and private market assets including publicly-traded equities, fixed income, infrastructure, private equity and real estate.