Ontario Teachers’ names next board chair

Jean Turmel will replace Eileen Mercier at the Canadian pension next January. 

The Ontario Teachers’ Pension Plan has named Jean Turmel, chair of the pension’s investment committee, as its next chair of the board, effective 1 January 2015, according to a statement.  

Turmel will replace current chair Eileen Mercier, who joined the pension in 2005 and whose term expires at the end of the year. Turmel has been a member of Ontario Teachers’ board since 2007 and is also president of Canadian investment firm Perseus Capital, which he founded in 2005 after retiring as president of financial markets at National Bank of Canada. 

In January, Teachers Private Capital, the direct investment arm of the Ontario Teachers’ Pension Plan, hired Iain Kennedy, a former partner at UK mid-market firm Duke Street, as a director in London. Kennedy focuses on making direct long-term private equity investments. 

Teachers Private Capital’s private equity investment portfolio is currently valued at approximately C$12 billion (€8 billion, $12 billion) in invested and committed capital.TPC makes direct investments and co-investments alongside other private equity funds. It also invests in funds to gain access to new regions or sectors.