OTPP plans to hire ‘extensively’ in Asia, Europe
LONDON — Ontario Teachers’ Pension Plan, one of the world’s biggest pension funds, plans to hire “extensively” in Asia and Europe over the next two years and could shift an extra $11 billion into infrastructure and other real assets, its chief executive told Reuters.
The fund currently employs around 1,200 people across hub offices in Toronto, London and Hong Kong, while a further 1,500 work at real estate subsidiary Cadillac Fairview.
Outgoing Chief Executive Ron Mock told Reuters that OTPP could triple its current Asia headcount of around 25 people and is considering opening offices in Mumbai and Singapore.
OTPP managed around $191 billion in assets as of the end of 2018 for 327,000 working and retired teachers.
Mock said China, India, Australia, Vietnam, Indonesia and the Philippines were all areas likely to see further investment.
“We plan on growing our European and Asian operations extensively,” said Mock. “Asia represents a growth opportunity over the next 10 to 15 years ... you can’t just set up on a dime and take down on a dime when you’re investing in private assets like private equity and infrastructure.”
Despite political turmoil in Britain as the country inches closer to leaving the European Union, Mock said London would remain its European base and headcount could rise from around 30 to more than 50 over the next two years.
“London remains, and will remain, our home base for the U.K. and for Europe,” said Mock.
OTPP said in July that Mock would be replaced Jan. 1, 2020, as chief executive by Jo Taylor, who has previously led the teams in both Europe and Asia.
Brexit fears have not prompted OTPP to withdraw or postpone investment in Britain, Mock added.
OTPP is set to release its halfyear results on Aug. 21.
While much of its money is spread across a range of public and private assets, Mock said OTPP was spending a lot of its time sourcing deals in infrastructure and private equity.