Bert Clark, a veteran infrastructure financier, will be the first to lead the C$50 billion ($37 billion; €34 billion) Investment Management Corporation of Ontario (IMCO), a public pension fund manager created earlier this year.
Clark has most recently served as chief executive of Infrastructure Ontario, a government-owned agency that procures project financing for public infrastructure and real estate projects. He has also previously worked as the head of Scotiabank's North American infrastructure finance practice.
Infrastructure Ontario is currently seeking a replacement for Clark, and Toni Rossi, divisional president for real estate and lending, has stepped in as interim president and chief executive.
The Ontario Pension Board and the Workplace Safety and Insurance Board (WSIB) founded IMCO in July to improve the management of public sector investment funds and to provide investment management and advisory services to participating organisations.
WSIB welcomed Clark's appointment in a statement: “Our organisation looks forward to working with Mr. Clark and IMCO's Board of Directors. We anticipate a successful partnership which will allow the WSIB to strengthen its investment performance and asset management capabilities to provide secure benefits for workers and maintain stable premium rates for employers.”
IMCO is expected to begin investment operations in 2017.
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