The Canada Pension Plan Investment Board has tapped Scott Lawrence, who has been with the pension fund for more than a decade, to replace Cressida Hogg as global head of infrastructure.
CPPIB’s decision to appoint Lawrence to the role makes sense given his experience with the asset class, sources familiar with the change told Infrastructure Investor.
Lawrence, who most recently served as the pension fund’s head of fundamental equities, first joined the pension fund in 2005, helping to launch CPPIB’s infrastructure strategy, as senior principal of infrastructure, a role he held from 2005 until 2009. He also served as managing director and head of relationship investments from 2009 through 2016.
Hogg’s departure appears to have been sudden – CPPIB had not issued a statement at the time of publication – but, according to sources Infrastructure Investor spoke to, it was voluntary. Hogg decided to step down and pursue non-executive, board-type roles, these sources said.
CPPIB declined to comment and Hogg could not be reached in time for publication.
One of the pension fund’s earliest investments in infrastructure, dating back to 2006, was AWG, owner of Anglian Water Services, the fourth-largest water and sewerage business in the UK.
When Hogg joined the fund in 2014 from 3i, where she served as managing partner of the private equity firm’s infrastructure business, CPPIB’s infrastructure portfolio stood at C$13.3 billion ($10.6 billion; €8.6 billion). As at December 31, 2017, the portfolio amounted to C$25.3 billion, representing 7.5 percent of its total AUM of C$337.1 billion.
Her departure comes less than two months since CPPIB announced the retirement of Nick Zelenczuk, senior managing director and chief operations officer and Graeme Eadie, global head of real assets. However, Hogg’s departure is unrelated to these our sources confirmed.