How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
When I look at the different jobs I’ve held,
there’s one word that links them all: conviction. I’ve always believed in the work I do,
in the teams I manage, in the organization
I work for. Conviction is key in making
good decisions and enacting them while still
considering the ideas and arguments of colleagues and partners. Conviction is also an
essential part of innovation. It prevents self-doubt from getting in the way of creating a
new tool, product, or strategy. Conviction is
the thread that has bound my career so far,
and I am very proud of what it has helped
me, my colleagues, and partners accomplish.
Conviction enabled me to be a real change
agent in every position I’ve held.
What is the asset class or investment
that keeps you up at night, and why?
Investments that are made to get a “
liquidity premium” like private equities. Strong
demand for such investments in recent years
has driven prices to unprecedented levels.
Discipline in asset selection will therefore be
even more important going forward to avoid
What methodologies have you adopted
within your institution?
I believe robust financial modeling is key
to portfolio construction. Throughout my
career, I have put a lot of effort into improv-
ing financial models and tools, despite
knowing they aren’t perfect. They are very
useful for sure, but we should never fall in
love with them!
Where do you fall in the passive vs.
Although I believe in active management,
I think the active vs. passive “value added”
debate is a little overdone. In my view, the
biggest advantage of active management is
the implicit risk management that comes
What are changes you’d like to see the
institutional investing community make
in 10 years?
I’d like to see ESG guidelines rigorously
incorporated into the investment process. I
think that the institutional investing community has an important role to play for
Who is a manager you don’t currently
work with whose brain you’d like to
It might not be original, but I would love to
spend an hour or two with Warren Buffett!
Ideally, where would that meeting take
At Buffet-owned Dairy Queen… eating a
What software investment tool helps
Patrick De Roy
SVP, Research—Depositors and Total Portfolio, Caisse
de dépôt et placement du Québec (Montreal, Canada)
He was one of the youngest actuarial candidates ever
to complete the grueling exams. Later on, he became
one of the youngest principals ever at Morneau Sobeco.
And now, at less than 40 years of age, he is a leader at
one of the largest institutional investors in the world.
I like to use personalized tools, designed
in-house, rather than “off-the-shelf.”
What would improve the relationship
between you and managers?
The best way to accomplish great things is to
have different expertise sitting at the table.
In this way, I believe more cross-business
line discussions and channels of communications are key.
Why did you choose your current path?
I didn’t choose a specific career path. I made
my own path, seeking out the most interesting challenges. I consider it a real privilege to
work in the field.