Canadian pension funds equities
Do any of the Canadian pension funds directly in public equities? How does the comp and culture compare to hedge funds?
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I think most of the big ones have public equities teams (CPP, OTPP, OMERS, etc) but the way the teams invest can vary and due to constant reorgs within the pensions the strategy seems to shift from time to time. From my understanding, CPP now operates a bit more like a MM (pods, mkt neutral, etc) but with a long time horizon for their thesis.
Culturally, they should be a bit more relaxed than most HFs, but most have very bureaucratic processes (positions of certain sizes go through IC, etc). Comp will definitely be lower than a traditional HF, likely in line with other investing roles at the pensions. No real material upside after a certain point for outperformance compared to HFs.
Seems like a great gig for someone who wants to invest in a more chill environment, but the comp reflects this.
Hope this helps.
This is all very accurate. Especially the bit about constant re-orgs / changes in strategy - the running joke at some of these places is that although investment horizon is in theory 5+ years no given investment strategy ever survives that long. I honestly don’t know which of them run which strategies these days: e.g. OTPP shut down their traditional active equities business a while ago, but may have relaunched something since then; CPP went through some changes alluded to above (moving more to a ‘pod’ model). Awesome places to work from a culture / day to day perspective though - you can basically just get on with investing without worrying about external capital or (too much) about day to day volatility.
On comp - would add that in the global offices it is very competitive with other local buy side roles at the junior - mid level (at least on an ‘expected value’ basis, less of a wide range than at a HF). Less competitive as you get more senior and you won’t have the upside you would at a HF. I gather the Canadian offices are a different story though (less competition for talent in the cities they are based).
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