Canada fund picks Lon­don as EU hub

New Straits Times - - Business / World -

LON­DON: The Pub­lic Sec­tor Pen­sion (PSP) In­vest­ment Board picked Lon­don as its Euro­pean hub and plans to spend as much as £4.6 bil­lion (RM26 bil­lion) in the re­gion in the next five years.

The fund, which man­ages the sav­ings of the Cana­dian armed forces, Royal Cana­dian Mounted Po­lice and re­serves, plans to hire executives for its pri­vate-eq­uity and pri­vate-debt busi­ness, ac­cord­ing to a state­ment yes­ter­day. PSP said it was seek­ing to raise the num­ber of in­vest­ment pro­fes­sion­als work­ing here to 40 from 28 within 12 months.

Lon­don would re­main the key fi­nan­cial cen­tre in the re­gion de­spite the United King­dom’s de­ci­sion to leave the Euro­pean Union, said An­dre Bour­bon­nais, pres­i­dent and chief ex­ec­u­tive of­fi­cer at PSP.

The fund man­ager’s de­ci­sion to ex­pand in the Bri­tish cap­i­tal comes as other parts of the in­dus­try shrink.

More than a quar­ter of ma­jor UK fi­nan­cial-ser­vices firms say they will move op­er­a­tions abroad or re­view their domi­cile be­cause of Brexit. Bloomberg

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