Bert Clark was named the first CEO of the Investment Management Corp. of Ontario, which will manage money for small provincial pension funds and universities, said an announcement from the C$26 billion ($19.4 billion) Workplace Safety and Insurance Board, Toronto.
IMCO was created in July with assets seeded by the WSIB, Ontario's workers compensation program; and the Ontario Pension Board, which manages assets of the C$23 billion Public Service Pension Plan, Toronto. IMCO will manage the two plans' assets, and both boards' internal investment units will initially serve as the corporation's investment staff.
Mr. Clark was president and CEO of Infrastructure Ontario, a provincial government agency that oversees financing and construction of public buildings, bridges and transportation.
Toni Rossi, divisional president for real estate and lending, is serving as acting president and CEO at Infrastructure Ontario, said Alan Findlay, spokesman for the firm.
A search for a permanent replacement for Mr. Clark is underway, Mr. Findlay said. The job posting is available on the Ontario government's public appointments website. The deadline for applications is Nov. 15. No date was given for when a decision would be made.
