Another pension chief heading to BlackRock

the Public Service, the Canadian Forces and the RCMP, among others.

Bourbonnais’s move follows that of Mark Wiseman, who left the Canada Pension Plan Investment Board in May of 2016 to head BlackRock’s global active equity business.

Bourbonnais, who’s job before taking the top spot at PSP in 2015 was leading global private investments at CPPIB, has been replaced as chief executive by Neil Cunningham. Cunningham joined PSP in June of 2004, and was most recently senior vice-president and global head of real estate and natural resources.

“Neil Cunningham has been a key player in PSP Investments’ evolution, both as an investor and as a senior executive,” said Martin Glynn, chair designate of the PSP board.

“He has played a key role in developing and implementing the organization’s current strategic plan, and possesses a deep understanding of the business, mandate and stakeholders of PSP Investments.”

Bourbonnais informed the PSP board of his intention to begin leading “a new initiative” within BlackRock later this year, according to a statement from the public sector pension plan.

“Making the decision to leave the leadership role of PSP Investments was a difficult one,” Bourbonnais said. “I am very proud of what we accomplished here together, thanks to the great professionals with whom I have had the pleasure of working with and the continued support of the Board of Directors.”

In the statement, PSP praised Bourbonnais for his guidance in the plan’s recent evolution, which included restructuring the private equity group, creating a private debt asset class, and opening offices in New York and London.

PSP Investments posted a net return of 12.8 per cent for the fiscal year that ended March 31.

“André had a very positive impact ... His leadership and focused commitment made it a unique pleasure to work alongside him for the last three years,” Glynn said in the statement. “We wish him every success as he pursues his next challenges and look forward to Neil continuing the important initiatives underway at PSP Investments.”

Prior to joining PSP, Cunningham held various real estate investment positions at firms including Merrill Lynch, National Bank of Canada and Coopers & Lybrand.