Jean-Claude Scraire, chairman of the Caisse de Depot et Placement du Quebec, Montreal, will relinquish his managerial duties as part of a top-level restructuring of the C$125 billion (US$80 billion) pension fund, said Lucie Freniere, spokeswoman. Michel Nadeau, deputy manager and second-in-command, will assume those duties.
The investment operations of the fund will be handled by subsidiary CDP Capital, of which Mr. Nadeau will be president and Mr. Scraire chairman.
Commenting on reports that the restructuring came about because of expected poor investment performance for 2001, Ms. Freniere said, "The markets are down. If we have poor results, everyone will. Its too early to talk about results yet.