MONTREAL, Sept. 5 /CNW Telbec/ - Pierre Brunet, Chairman of the Board of
the Caisse de dépôt et placement du Québec, today announced the appointment of
Richard Guay as President and Chief Executive officer. This appointment was
approved today by the Government of Québec.
Mr. Guay has been acting as interim CEO and has been a member of the
Board of Directors since May 30, 2008. Mr. Guay has been Chief Investment
Officer since March 2006, when the position was established. He joined the
Caisse in 1995.
"Mr. Guay has held a number of management functions at the Caisse in
which he demonstrated his leadership ability and which prepared him well to
take the helm", said Mr. Brunet. "He knows and understands the Caisse, its
employees and depositors very well. The Board has placed its trust in Mr. Guay
because of the solid investment and global risk management expertise he brings
at a time when such expertise is important."
Since joining the Caisse, Mr. Guay has been Vice-President, Depositors'
Accounts Management (1998-2002), Executive Vice-President, Risk Management and
Depositors' Accounts Management (2002-2006), and Chief Investment Officer
(2006-2008). Over the years, he has spearheaded a number of major initiatives,
implementing service agreements with depositors, creating specialized
portfolios, enhancing the advisory services offered to depositors, and
developing an integrated risk management program. As Chief Investment Officer,
Mr. Guay was responsible for fourteen of the Caisse's eighteen specialized
portfolios, as well as for asset allocation, index selection and defining
Mr. Guay holds a Chartered Financial Analyst (CFA) designation. He has a
Ph.D. in Financial Economics and a Master in Economics from Queens University,
and a M.Sc. in Finance from HEC Montréal. Before his recruitment by the Caisse
in 1995, he spent five years as a professor at HEC Montréal, where he taught
finance, portfolio management and capital market theory.
"I accepted the Board's nomination fully aware of the challenges facing
fund managers in the months and years ahead. In this context, I see my
appointment as a vote of confidence in the management team," said Mr. Guay.
"My immediate priority is to finalize our 2009-2011 strategic plan so that the
Caisse can adapt to increasingly complex capital markets in an economic
context that is less favourable than it has been in the last few years."
Mr. Guay indicated that he would serve as both President and CEO and
Chief Investment Officer until further notice. Mr. Guay's mandate is for a
five-year renewable term. As provided by law, he will also sit on the Caisse's
Board of Directors.
About the Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and insurance
plans. As at December 31, 2007, it held $155.4 billion of net assets. One of
the leading institutional fund managers in Canada, the Caisse invests in the
main financial markets as well as in private equity and real estate. For more
Richard Guay was appointed President and Chief Executive Officer of the
Caisse de dépôt et placement du Québec on September 5, 2008, after holding the
position on an interim basis since May 30, 2008.
As Chief Investment Officer since March 2006, he oversaw the management
of fourteen of the Caisse's eighteen specialized portfolios. He also managed
asset allocation and index selection, as well as defined value-added
objectives for all of the investment groups.
From November 2002 to March 2006, Mr. Guay held the position of Executive
Vice-President, Risk Management and Depositors' Accounts Management, where he
acted, notably, as senior advisor on depositors' investment policies. During
this time, the returns derived from the Caisse's investment policies ranked in
the first quartile for the 5-year period within the universe of Canada's major
pensions funds, according to RBC-Dexia. In addition to drafting and signing
service agreements with depositors, Mr. Guay also developed and implemented
the organization's first integrated risk management policy.
From 1998 to 2002, Mr. Guay acted as Vice-President, Depositors' Accounts
Management, increasing and demonstrating the Caisse's investment policy
From 1995 to 1998, he spent three years in the Return Calculation
Department, where he developed and implemented for each specialized portfolio
and for the Caisse's overall return, a calculation and analysis tool compliant
with the Global Investment Performance Standards (GIPS).
Before his recruitment by the Caisse, Mr. Guay spent five years teaching
finance, portfolio management and capital market theory to undergraduate and
graduate students at HEC Montréal. He obtained a Ph.D. in Financial Economics
in 1993 and a Master of Economics in 1987, both from Queens University, and a
M.Sc. in Finance from HEC Montréal in 1988. He holds the Chartered Financial
Analyst (CFA) designation since 1993.
For further information:
For further information: Mark Boutet, (514) 847-5949