Briefing

Michael Sabia to leave Caisse de dépôt

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Quebec’s public pension fund manager is looking for a new CEO. Sabia announced he will leave the Caisse in February to lead the University of Toronto’s Munk School of Global Affairs and Public Policy. (The Canadian Press)

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Talking point: Appointed in 2009, the Ontario native was at first seen as an odd fit to lead the Caisse, long a bastion of Quebec’s economic nationalism. Yet during his tenure—the longest of any Caisse CEO—Sabia brought relative calm to an institution that had been known for ego clashes and palace intrigue. He oversaw a near-tripling of the Caisse’s assets over 10 years to $326.7 billion, with a return of 9.9 per cent. He also expanded the fund’s investing footprint, with foreign investment increasing from $18 billion to $40 billion over four years.