Canada Pension Plan Investment Board said it is combining its active equities and capital markets and factor investing teams into a new department called Active Public Markets. (The Logic, The Globe and Mail)

Talking point: The Globe reported the restructuring at Canada’s biggest pension fund will result in dozens of layoffs, following a $6 billion loss in the active equities portfolio in the five years ended March 31st. Heather Tobin will lead the new department, according to the press release, while Frank Ieraci, who was head of active equities, will leave after nearly 20 years at the pension fund, remaining as an adviser through year-end. Chief operating officer Jon Webster is also leaving after nearly five years. Meanwhile, the pension fund reported a 0.5 per cent loss for its fiscal second quarter, as rising bond yields dragged down fixed-income investments, offsetting gains in equities and real assets. Its net assets rose to $866.2 billion from $863.6 billion last quarter, helped by $7.3 billion in net Canada Pension Plan contributions.

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