About 160 employees of the Quebec pension fund manager have lost their jobs, and more layoffs are planned for the next two years, said Caisse de dépot et placement du Quebec CEO Charles Emond during testimony before the province’s legislature Wednesday. (The Logic)
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About 160 employees of the Quebec pension fund manager have lost their jobs, and more layoffs are planned for the next two years, said Caisse de dépot et placement du Quebec CEO Charles Emond during testimony before the province’s legislature Wednesday. (The Logic)
Talking point: Emond said earlier this year to expect job cuts as Caisse combines its commercial real estate subsidiaries Ivanhoé Cambridge and Otéra Capital. The firm estimates it will save about $100 million a year once the combination—expected to take 18 to 24 months—is complete. The move comes as Canada’s pension funds grapple with major shifts in the commercial real estate market. Caisse reported a 6.2 per cent loss in its real estate portfolio in 2023, the only asset class without positive returns for the year.
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