Quebec's pension-fund manager is shedding 55 jobs as it moves to streamline operations, improve overall effectiveness and manage risk more effectively.
Michael Sabia, president of the Caisse de depot et placement du Quebec, said the organization needs to come to terms with new financial realities and concentrate primarily on risk management.
"The Caisse must adapt to the current reality of the financial markets, which is very different from that of recent years and whose impacts include a decrease in activity in some areas, more volatile markets and more stringent risk management," Sabia said in a statement Thursday.
The pension-fund manager saw the value of its assets tumble by nearly $40 billion in 2008.
The Caisse has made risk management its top priority and has accelerated implementation of the three-year development plan adopted by its board of directors in 2008.
The timetable for deployment of the plan has been shortened to 18 months and most of the priority projects will be completed by the end of 2009.
"The plan builds on the progress made in risk management in recent years, incorporates lessons learned from the ABCP crisis and the financial crisis and is forward-looking," Sabia said
Overall, the changes involve the abolition of 55 positions but they also create 24 positions, mainly in risk management. The Caisse had 813 employees as of last Dec. 31.
Sabia was to give a news conference later on Thursday.
