Quebec's pension fund manager has appointed an executive from the financial arm of the World Bank to head its emerging markets operations.
As executive vice-president, Rashad Kaldany will develop the Caisse de dépôt et placement du Québec's internal investment capabilities and help Quebec companies to capitalize on opportunities in that area.
Kaldany has been chief operating officer at the International Finance Corporation, the financial arm of the World Bank Group, for just a few months but has been with the organization for nearly 20 years.
The International Finance Corporation invested US$25-billion last year in emerging markets in the private sector, and Kaldany has managed teams that invested in Asia, North Africa, the Middle East and Eastern Europe.
Caisse CEO Michael Sabia says Kaldany will help to strengthen the Quebec institutional investor by enhancing its ability to act on the best business opportunities in these countries.
Kaldany speaks English, French and Arabic. He has a doctorate in biochemistry from Columbia University and two master's degrees.
The Caisse, which manages funds primarily for public and private pension and insurance plans, held $185.9-billion in net assets as of June 30.