Ottawa, Canada-based PSP Investments will be opening its London office in the fiscal year 2017 as planned, despite the UK vote last week to leave the European Union in the coming years.
“PSP Investments remains committed to opening an office in London in FY [fiscal year] 2017 that will serve as its European hub,” a spokesperson for the firm told Private Equity International.
PSP Investments has C$112.9 billion ($86.5 billion; £64.9 billion) in assets under management and manages assets for four national pension funds: the Canada federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. PSP Investment's private equity portfolio is about 9 percent of its total portfolio and is diversified by sector focus, primarily in the communications, consumer goods, technology and finance sectors, according to PEI Research and Analytics.
PSP Investments already has offices in New York and Montreal, beyond its Ottawa head office.
The Brexit decision has created a lot of uncertainty among the financial services industry regarding UK investments as well as operations of firms in London.
“PSP Investment continues to carefully monitor the situation and to evaluate the possible impacts of the June 23 vote on its portfolio,” said the spokesperson. “In doing so, PSP Investments considers financial and economic factors as well as its long-term investment horizon.”