CDP Global Asset Management, a subsidiary of the C$105 billion (U.S.$70 billion) Caisse de Depot et Placement du Quebec, Montreal, acquired an 80% stake in Stabilitas, a Budapest-based firm managing C$60 million in assets for two Hungarian pension funds, said Suzanne Brochu, Caisse spokeswoman. Terms were not disclosed.
Stabilitas which manages assets for Honved, the Hungarian army pension fund, and Aranycorona, the Hungarian agricultural departments employee pension fund could have C$200 million in assets by 2004, a statement from CDP said.
Jean Faubert, named by CDP to be Stabilitas general manager, said the deal is unique because "for the first time, it (CDP) will be managing foreign pension funds, pension funds outside of Quebec. Caisse will look at this experience closely, since it is trying to do similar things in other parts of the world.