How have you been a change agent at
your organization? What have you done
that you’re particularly proud of?
Successfully leading our first-ever tactical
secondary sale process related to one of our
co-investments and the management buyout
of an investment firm.
What is the asset class or investment
that keeps you up at night, and why?
Knowing that we are in control helps me
sleep well at night! We are fortunate to have
a governance structure which allows us to
react quickly and decisively when it comes
to having to deal with unforeseen negative
situations arising in our portfolio, or when
there is a fundamental change to our original investment thesis.
What methodologies have you adopted
within your institution?
Developing a co-investment process over the
years which has helped us becoming a successful and respected co-investor alongside
strategic GP relationships.
Where do you fall in the passive vs.
I don’t have a dogmatic view on this topic,
but my observation is that passive investing
has made active fundamental investing more
challenging because an asset can now be
trading at a valuation further away from its
intrinsic value for a longer time than before
due in part to passive flows. Active fundamental managers certainly cannot afford to
ignore passive flows in their risk management and portfolio construction processes,
especially if they want to justify their higher
fees vs. passive investing.
What are the changes you’d like to see
the institutional investing community
make in 10 years?
More initiatives like the “ 1 or 30” formula
led by Teacher Retirement System of Texas
Who is a manager you don’t currently
work with whose brain you’d like to
Ideally, where would that meeting take
Manager, Investments, Air Canada Pension
Investments (Montreal, Quebec)
He led a first ever tactical secondary sale process related
to an energy co-investment during the recent oil crisis.
In the search for alpha, sometimes you have to roll up
your sleeves and do homework on strategies and markets
that others find too complicated. Christophe has the
horsepower to go deep and scrutinize factor risks while
maintaining a big picture perspective of the strategic asset
allocation. Air Canada’s results speak for themselves,
and Christophe has a lot to do with that.
I’m flexible. We are an airline, after all.
What is the software investment tool
that helps you most?
What would improve the relationship
between you and managers?
A lower fee to gross alpha ratio, but I will
settle for a better Sharpe ratio.
Why did you choose your current path?
To make a long story short, it chose me!