The Ontario Municipal Employees Retirement System (OMERS) has chosen Michael Latimer to succeed president and chief executive Michael Nobrega when he retires on March 31, 2014, the Canadian pension fund said on Wednesday.
Latimer has served as OMERS’ chief investment officer (CIO) since January 2010. In that capacity, he has been responsible for the strategic, operational and financial leadership of the pension fund’s investment activities in the capital markets as well as in the private asset classes of infrastructure, private equity, and real estate in which OMERS invests. He will continue to serve as CIO even after assuming his new responsibilities.
The pension plan described Nobrega’s retirement as “the final step in a succession planning process that began in 2010.”
Nobrega has served as president and chief executive of OMERS since 2007. During his tenure, OMERS expanded its international presence through the establishment of the Global Strategic Investment Alliance, a C$7.5 billion (€5.37 billion; $7.28 billion) platform investing directly in infrastructure; and the opening of offices in Calgary, New York, and London.
The pension plan also increased the proportion of assets managed internally from under 70 percent in 2007 to almost 90 percent in 2012.
“I feel very good about taking on the CEO role following Michael Nobrega’s retirement,” Latimer said. “As a direct result of Michael’s leadership over the past several years, we have a clear strategy, a strong bench, an innovative culture and very engaged employees right across the enterprise.”
Headquartered in Toronto, OMERS has more than C$60 billion in net assets and approximately 430,000 members, making it one of the largest pension funds in Canada.