The Systematic Strategies Group develops and manages systematic investment strategies across global markets, spanning equities, fixed income, currencies, commodities, and volatility. We invest in absolute return strategies as well as long-only strategies, designed to provide a diversifying return stream to the total fund. Our strategies are scalable, liquid and capital-efficient. They seek to capture various patterns of predictability observed in asset return behavior.
The team operates from CPP Investments’ Toronto, London and Hong Kong offices.
Our Team
Scott Baxter
Managing Director, Systematic Strategies Group
Scott is focused on interest rate strategies in Developed Markets within the Systematic Strategies Group.
Prior to joining CPP Investments in 2019 Scott worked on the sell side, focused on trading various fixed income and derivative products (including US MBS and Interest Rate Options) at Deutsche Bank, Merrill Lynch, Citigroup and TD Securities.
Scott holds a BASc in Computer Engineering from University of Waterloo and Master of Mathematical Finance from University of Toronto.
Wagner Dada
Managing Director, Systematic Strategies Group
Wagner oversees a global portfolio of systematic absolute return strategies in the macro space focusing on interest rates, currencies, and commodities. Before his current role, he was previously focused on portfolio construction efforts in the global tactical and asset allocation group.
Prior to joining CPP Investments in 2015, Wagner was a Quantitative Portfolio Manager responsible for the development, research, and management of a global macro multi-asset systematic strategy at Tudor Investment Corporation.
Wagner holds MPhil and PhD degrees in Economics from the University of Cambridge. He is a CFA charterholder.
Shafiq Ebrahim
Managing Director, Systematic Strategies Group
Shafiq leads the team responsible for research and management of quantitative equity mandates in the Systematic Strategies Group within Capital Markets and Factor Investing (CMF).
Prior to joining CPP Investments in 2022, Shafiq was the Managing Director, Head of Quantitative Equity at British Columbia Investment Management Corp. (BCI) where he led the team that built BCI’s quantitative equity program and managed Global, Global ESG, and Canadian mandates. Previously, from 2009 to 2015, he was a partner and head of research at AJO, a quantitative institutional investment manager based in Philadelphia with over USD 25B in AUM. He also worked as a senior researcher at State Street Associates and Financial Engines. Shafiq began his career in 1999 as a researcher at the Bank of Canada.
Shafiq holds a BA (Hons) in Economics from the University of British Columbia, and MA and PhD degrees in Economics from Queen’s University. He has also completed the requirements for the MS degree in Computer Science from Columbia University, specializing in Natural Language Processing. He is a CFA Charterholder and holds the Associate of the Society of Actuaries (ASA), Financial Risk Manager (FRM), and Canadian Investment Manager (CIM) designations.
Tyler Hayes
Managing Director, Systematic Strategies Group
Tyler focuses on Quantitative Equity strategies within the Systematic Strategies Group.
Prior to joining CPP Investments, Tyler was a portfolio manager with Man Numeric out of Boston with a focus on US Small Cap strategies. Before Numeric, Tyler was at BlackRock and worked within their Scientific Active Equities team with a focus on Canadian and mid-horizon strategies as a portfolio manager and researcher. Previously, Tyler was at TD Securities focusing on automating retail order flow and market making on behalf of the firm.
Tyler received his PhD in Geophysics with Scientific Computing from The University of Western Ontario in 2008.
Mark Horbal
Managing Director, Systematic Strategies Group
Mark is focused on the development and management of systematic macro investment strategies spanning commodities, currencies, and fixed income. He joined CPP Investments in 2006 and previously worked in groups focusing on global trading and execution, and management of the Fund’s exposures, leverage, and liquidity.
Mark holds a BASc (Hons) in Industrial Engineering and a Master of Mathematical Finance from the University of Toronto. He is a CFA charterholder.
Chris Johnstone
Managing Director, Systematic Strategies Group
Chris is focused on government bond and interest rate strategies across developed and emerging markets. Previously at CPP Investments Chris worked in various roles related to fixed income and macro investing.
Prior to joining CPP Investments in 2014, Chris worked at Totem Capital Management, Merrill Lynch, and Fortress Investment Group.
Chris has a BS in Chemistry from Haverford College.
Joe Yang
Managing Director, Systematic Strategies Group
Joe is responsible for SSG’s Volatility portfolio.
Prior to joining CPP Investments in 2016, he was a Portfolio Manager at hedge funds Visium Asset Management, Diamond Notch Asset Management and Caxton Associates. Previously, Joe was a fixed income options trader at BNP and Deutsche Bank. Joe started his career in investments at JP Morgan as a mortgage derivatives analyst. Before that, Joe was a postdoctoral fellow at University of Rochester and University of Texas at Austin, conducting scientific research in quantum gravity.
Joe holds a BS in Physics from Peking University and a PhD in Physics from Brandeis University.
Philippe Zaugg
Managing Director, Systematic Strategies Group
Philippe oversees the Portfolio Construction activities in SSG, as well as research for the top-down Equities and Volatility programs. He initially joined CPP Investments in the Total Portfolio Management department in the Investment Research group responsible for Public Markets investments.
Prior to joining CPP Investments in 2011, he was a Senior Director at PSP Investments in Montreal responsible for the Quantitative Research team in Public Markets. Previously he worked as an Assistant Vice-President for Integrated Risk Management at Laurentian Bank Canada. Before that he spent several years as a post-doctoral researcher in Physics and Finance.
Philippe holds a MSc and PhD in Theoretical Physics from the University of Geneva.
Vasant Naik
Managing Director, Head of Systematic Strategies Group
Vasant is the Head of the Systematic Strategies Group (SSG) within Capital Markets and Factor Investing (CMF) Department. Vasant’s team develops and manages systematic investment strategies across global markets, spanning equities, fixed income, currencies, commodities, and volatility. The team invests in absolute return strategies as well as long-only strategies, designed to provide a diversifying return stream to the total fund.
Prior to joining CPP Investments in 2019, Vasant was global head of asset allocation and empirical research in the Analytics and Quantitative Research Group at PIMCO, where he led a team responsible for quantitative research to provide asset allocation and portfolio construction advice to investment managers. This included developing systematic investment strategies for various risk factors and asset classes. Before that, Vasant was a managing director at Nomura International and Lehman Brothers, where he led a team of quantitative strategists advising clients on systematic investing in fixed-income markets.
Prior to joining the financial industry, Vasant taught finance at the University of British Columbia, with work published in the Journal of Finance, Review of Financial Studies, and Journal of Financial and Quantitative Analysis.
Vasant holds a postgraduate diploma in management from the Indian Institute of Management, Bangalore, and a PhD in Finance from the University of California, Berkeley.