May 28, 2008
New office to focus on long-term investment opportunities in the U.K. and Europe
LONDON (May 28, 2008) – The Canada Pension Plan Investment Board (CPPIB), the professional investment management organization that invests the assets of the Canada Pension Plan, has opened an office in London, England to enable greater access to investment opportunities in the United Kingdom and Europe. This opening marks CPPIB’s second international office following one in Hong Kong which opened in February 2008.
“This new office reflects our strategy to diversify the portfolio globally, underscoring our continuing belief that there are compelling investment opportunities in the U.K. and Europe that align with our long-term investment horizon,” said David Denison, President and Chief Executive Officer. “Having a team of investment professionals on the ground will enable us to strengthen our relationships with existing partners and to facilitate the earlier identification of new investment opportunities in these markets. It will also allow us to better monitor our existing investments.”
The CPP Investment Board has C$12.1 billion invested in public companies in the U.K. and Europe along with C$15 billion committed to private equity, infrastructure and real estate investments, of which C$8.4 billion is currently invested. The organization has been investing in these markets directly or through funds for more than seven years.
“As a global investor, opening an office in London is a logical step as we expand our presence internationally,” added Denison. “London is recognized as one of the world’s leading financial centres and was chosen as the location for one of the CPP Investment Board’s international offices because of its strategic positioning for access to the U.K. and European financial markets.”
The London office is located at 33 Cavendish Square.
About CPP Investment Board
The CPP Investment Board invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board is investing in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2008, the CPP Fund totaled C$122.7 billion.
The Chief Actuary of Canada estimates that CPP contributions will exceed annual benefits paid through to the end of 2019, providing a 12-year period before a portion of the CPP Fund’s investment income is needed to help pay CPP benefits. The Chief Actuary also forecasts that the CPP Fund will grow to approximately $250 billion by 2016, making it one of the largest single-purpose pools of investment capital in the world, thereby helping to secure the CPP for the long term.
For further information contact:
For further information contact:
Joel Kranc
Manager, Communications
(416) 874-5163
jkranc@cppib.ca
May 28, 2008
New office to focus on long-term investment opportunities in the U.K. and Europe
LONDON (May 28, 2008) – The Canada Pension Plan Investment Board (CPPIB), the professional investment management organization that invests the assets of the Canada Pension Plan, has opened an office in London, England to enable greater access to investment opportunities in the United Kingdom and Europe. This opening marks CPPIB’s second international office following one in Hong Kong which opened in February 2008.
“This new office reflects our strategy to diversify the portfolio globally, underscoring our continuing belief that there are compelling investment opportunities in the U.K. and Europe that align with our long-term investment horizon,” said David Denison, President and Chief Executive Officer. “Having a team of investment professionals on the ground will enable us to strengthen our relationships with existing partners and to facilitate the earlier identification of new investment opportunities in these markets. It will also allow us to better monitor our existing investments.”
The CPP Investment Board has C$12.1 billion invested in public companies in the U.K. and Europe along with C$15 billion committed to private equity, infrastructure and real estate investments, of which C$8.4 billion is currently invested. The organization has been investing in these markets directly or through funds for more than seven years.
“As a global investor, opening an office in London is a logical step as we expand our presence internationally,” added Denison. “London is recognized as one of the world’s leading financial centres and was chosen as the location for one of the CPP Investment Board’s international offices because of its strategic positioning for access to the U.K. and European financial markets.”
The London office is located at 33 Cavendish Square.
About CPP Investment Board
The CPP Investment Board invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board is investing in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2008, the CPP Fund totaled C$122.7 billion.
The Chief Actuary of Canada estimates that CPP contributions will exceed annual benefits paid through to the end of 2019, providing a 12-year period before a portion of the CPP Fund’s investment income is needed to help pay CPP benefits. The Chief Actuary also forecasts that the CPP Fund will grow to approximately $250 billion by 2016, making it one of the largest single-purpose pools of investment capital in the world, thereby helping to secure the CPP for the long term.
For further information contact:
For further information contact:
Joel Kranc
Manager, Communications
(416) 874-5163
jkranc@cppib.ca
