Canada’s two largest public pension fund managers will open offices in Mumbai as part of agreements announced Thursday by Canadian Prime Minister Stephen Harper during meetings with Indian Prime Minister Narendra Modi in Toronto.
The Canada Pension Plan Investment Board, which manages the assets of the C$238.8 billion ($191 billion) Canada Pension Plan, Ottawa, will open its Mumbai office in October. Caisse de Depot et Placement du Quebec, Montreal, which manages C$226 billion in Quebec pension and other assets, will open its office sometime in 2016, according to a statement on Mr. Harper’s website.
“As Asia’s third-largest economy, India is a key long-term growth market for (us). … India’s development needs and CPPIB’s investment strategy and mandate provide a good match,” said Mark Machin, senior managing director, head of international and president of Asia at the CPPIB, earlier this year. CPPIB has invested about C$1.4 billion in India since 2010.
Also, Roland Lescure, executive vice president and chief investment officer of Caisse, said in December that India is one of a few emerging markets that Caisse has identified as priorities for investment.
The Mumbai office would be CPP Investment Board’s fifth abroad, with offices currently in New York, London, Hong Kong and Sao Paulo. It will be Caisse’s seventh office outside of Canada; it has offices in New York, Washington, Mexico City, Paris, Singapore and Beijing.
The agreements announced Thursday were part of a series of deals between Canadian pension funds and companies and India valued at more C$1.6 billion involving aerospace and defense, education, energy, mining, infrastructure, sustainable technologies, and information and communications technology.
