Canada fund picks London as EU hub
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