CIO at PSP Investments departs

The Canadian pension plan's real estate portfolio returned above its benchmark for the most recent fiscal year.

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 June 30, PERE sister publication Private Debt Investor reported Wednesday.

Garant will leave the fund to pursue other career aspirations. President and chief executive officer Andre Bourbonnais will fill the vacated position.

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. Its real estate portfolio returned above its benchmark over the one-year period ending March 31, hitting 10.8 percent compared with its 6.2 percent target. The report cited office portfolios in Paris, London and Australia and senior retirement and healthcare portfolios in Canada and the UK for driving the allocation’s strong performance.

The asset class grew slightly to C$20.6 billion in net assets, up from C$20.4 billion March 31 2016, with nearly 43 percent of its portfolio in the US.