TORONTO, Cananda – Pension fund manager OMERS says chief executive Michael Nobrega will retire next year.
The fund says Nobrega is being replaced by Michael Latimer, currently the fund’s chief investment officer, when he steps down on March 31.
Nobrega has been chief executive at the Ontario pension fund since 2007.
During his time in the top job, he has overseen an increase in the proportion of assets managed internally from under 70 per cent in 2007 to almost 90 per cent in 2012.
He also oversaw the launch of OMERS Investment Management to offer fee-based investment services to smaller pension plans.
Before becoming chief investment officer, Latimer was president and chief executive of OMERS’s real estate arm, Oxford Properties Group.
OMERS is one of Canada’s largest pension funds, managing the pension assets of almost 430,000 municipal government workers, retirees and their survivors.