The Caisse de dépôt et placement du Québec, which manages $392 billion, will reach a “tipping point” in 2024 where it’s paying out more money to retirees than it’s receiving in contributions from workers, said CEO Charles Emond in remarks at the Canadian Club of Montreal on Monday. “We’ll arrive in 2024, for the first time in our history, in a situation of net withdrawal,” he said. (Bloomberg)

Talking point: The shift is driven by an aging workforce in Canada, and Quebec in particular, which has the oldest population of the country’s four largest provinces. Emond said the gap in outflows and contributions will initially be small and manageable. He said the firm will take a more prudent investment approach to manage the risk and allow it to continue growing its assets. The remarks follow CDPQ’s write-off of the bankrupt crypto-lending firm Celsius Network, which raised questions about the pension fund’s due diligence.