Caisse pension fund cuts exposure to Russia
Canada’s second-largest pension fund, Caisse de depot, said on Thursday that it had sold positions in Russia and would avoid exposure as the country faces additional sanctions for invading its neighbour. Ukraine.
Caisse de depot et setting du Quebec, which has assets of C$420 billion at the end of 2021, said in a statement that it was disposing of a number of investments that were purchased before the sanctions were announced. via.
“Not interested in direct investment and strategic exposure when it comes to Russia, that’s the main principle,” Charles Emond, its chief executive, told reporters.
Emond said it is difficult to remove exposure due to the global nature of indices and investments.
“We are working very hard to correct the situation, recreate our indicators internally and leave Russia,” he said.
Ukrainian forces battled the Russian invaders on Thursday after Moscow launched a mass offensive by land, sea and air in the biggest attack on a European country since The War II.
Caisse said earlier it generated a weighted average return of 13.5% from depositors’ funds in 2021, compared with 10.7% for its benchmark, boosted by performance. strong overall returns on the portfolio.
(Reporting by Allison Lampert; Editing by Chizu Nomiyama and Alexander Smith)