Money Management

Investment Management Corp. of Ontario appoints CIO

Jean Michel was named chief investment officer of the Investment Management Corp. of Ontario, Toronto, effective July 3, IMCO announced Wednesday.

Mr. Michel replaces Jill Pepall, executive vice president and CIO, who is retiring, said Neil Murphy, IMCO spokesman.

Mr. Michel will initially oversee the assets of the C$29.4 billion ($22.7 billion) Workplace Safety and Insurance Board and the C$26.4 billion Ontario Pension Board, both of Toronto.

IMCO, created in 2016 and seeded by assets from WSIB and OPB, will also manage assets of other pension funds, endowments, foundations and other institutions in Ontario.

Mr. Michel will report to Bert Clark, president and CEO, a news release said.

Mr. Michel was executive vice president, advisory services to depositors and strategic analysis, at the C$298.5 billion Caisse de Depot et Placement du Quebec, Montreal, which manages Quebec provincial pension plan and other assets. He left Caisse earlier this year; his duties were assumed by Maxime Aucoin, executive vice president and head of investment strategies and innovation, as part of a restructuring of Caisse's senior leadership announced in March.