Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Mario Therrien – The Canadian Pension Model (Capital Allocators, EP.12)
Sep 28, 2020
Mario Therrien, Senior VP at Caisse de dépôt et placement du Québec, shares his insights on the thriving Canadian pension model, characterized by internal management and strategic partnerships. He discusses the evolution of investment strategies focused on long-term performance and risk management. Therrien highlights differences in compensation structures between financial centers that influence talent retention. He also explores the role of external managers and the ongoing debate of active versus passive investing, suggesting a collaborative, blended approach for future success.
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Career Progression at CDP
- Mario Therrien's career began at Caisse de dépôt et placement du Québec (CDP) in the early 1990s.
- He progressed from tactical asset allocation to managing a global macro hedge fund and building the external public markets team.
Canadian Pension Model
- Canadian pension funds prioritize internal management and focus on capturing liquidity premiums.
- They emphasize a long-term horizon, enabling contrarian investments.
Compensation Structure
- Canadian pension funds structure compensation to align with long-term results.
- This approach reduces volatility in compensation and attracts talent by offering more assurance of long-term payouts.
