Caisse de Depot et Placement du Quebec, Montreal, is now a lead investor in exchange operator IEX Group, the organizations said Thursday.
Details of the investment, including its size and value, were not disclosed.
IEX is the eighth largest stock exchange operator globally in terms of the value of shares traded daily. CDPQ manages C$333 billion ($256 billion) in assets for Quebec public pension plans and other funds.
IEX "has a proven experience in developing technologies and services in line with the evolution of financial markets and contributes to provide diversified options to market investors," Alexandre Synnett, CDPQ executive vice president and chief technology officer, said in a joint release. "Furthermore, this transaction strengthens CDPQ's presence in key strategic sectors such as fintech, financial intelligence and big data."
Brad Katsuyama, IEX Group co-founder and CEO, said in the statement that both IEX Exchange and its non-exchange businesses "have some significant growth catalysts on the horizon, and partnering with a major global institutional investor helps to fulfill our strategic goals."
Helen Beck, CDPQ's executive vice president and head of equity markets, will join the IEX board, and CDPQ will be part of an asset owner market structure committee, whose members include other large institutional investors advising IEX on market structure and equity trading issues.