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Canada Pension Plan Investment Board promoted Caitlin Gubbels to lead its global private equity group, replacing Suyi Kim, who’s leaving the fund manager after 17 years.
Gubbels, who has worked for CPPIB since 2010, is its head of private equity fund partnerships. She’s a former investment banker from Canadian Imperial Bank of Commerce.
“Caitlin’s proven ability to build relationships and generate returns across private equity opportunities makes her ideally suited to take on this expanded leadership role,” chief executive John Graham said in a statement. She will take on the new role on Oct. 15.
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Kim has been in charge of the pension fund’s private equity division for about three years. The firm said only that she plans to “take on new global investment leadership opportunities.”
CPPIB, the country’s largest pension manager, earned a 1 per cent return in the fiscal quarter ended June 30.
The pension fund manager finished the quarter with $646.8 billion in net assets, up from $632.3 billion at the end of the previous quarter.
The $14.4-billion increase in net assets included $6.3 billion in net income and $8.1 billion in net transfers from the Canada Pension Plan.
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CPP Investments says the gains came from its investments in public equities and across private asset classes, particularly in credit and U.S.-dollar denominated assets.
The strength was partially offset by its investments in government bonds, which were hurt as markets around the world reduced their expectations of rate cuts by central banks.
The fund’s 10-year annualized net return was 9.1 per cent.
Additional reported by The Canadian Press
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