(September 27 – 11:15 ET) – CDP Global Asset Management, a subsidiary of the Caisse de dépôt et placement du Québec, says it has entered into a management agreement with two Hungarian pension funds.
It has also acquired an interest in Stabilitas, the company that manages the funds of Honved, the Hungarian army’s pension fund and Aranycorona, the pension fund of the Department of Agriculture.
In Budapest, Michel Nadeau, president of CDP Global, said he is very pleased with this agreement. “The Caisse’s breakthrough into the management of foreign pension funds is a good example of the type of alliance we’d like to forge with our partners,” he stated at the signing of this agreement. “We’re offering them capital and portfolio management expertise while they’re giving the Caisse and its subsidiaries access to local knowledge in a developing area of the world and the opportunity to participate in the country’s economic development.”
Stabilitas will have about C$60 million (12 billion forints) in assets under management by next year. And the he company’s growth prospects for the future are strong — it could be worth C$200 million by 2004.
Mandated by CDP Global Asset Management to manage the funds entrusted to Stabilitas, Jean Faubert is the company’s general manager. Faubert, who arrived in Budapest in June, has a wealth of experience in portfolio management and will oversee Stabilitas’ ten-member team.
-IE Staff