Morneau Sobeco has struck a strategic alliance with Sibson Consulting, the human resource consulting division of The Segal Company, to strengthen its presence in the United States.
“Through this alliance, Morneau Sobeco will be able to offer benefits and human resource consulting solutions to its U.S. clients, and provide enhanced outsourcing solutions to Sibson’s client base,” says William Morneau, chairman and CEO of Morneau Sobeco.
The two companies will collaborate on their respective client mandates and will pursue new joint business opportunities. Sibson will be able to turn to Morneau Sobeco to offer employee benefits administration outsourcing services to its clients in the U.S. who prefer a bundled consulting and outsourcing solution.
Likewise, Morneau Sobeco will refer U.S. consulting mandates to Sibson. Morneau Sobeco and Sibson will join resources to offer integrated pension and health and welfare consulting and administration outsourcing services in the U.S market.
For a related story, Morneau Sobeco Buying Shepell-fgi, click here.
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Caisse Realizes Gain on BAA Stake Sale
The Caisse de dépôt et placement du Québec says it has realized a ”meaningful premium” on the sale of 20% of its stake in airport operator BAA.
“The 15% gain on the sale clearly demonstrates that the Caisse’s participation in BAA is a sound investment,” says Henri-Paul Rousseau, president and CEO of the Caisse.
The sale, which occurred in July 2007, was subject to confidentiality agreements until recently.
Its interest in BAA is now 23.15% down from 28.94% at the time of the acquisition of BAA with Spain’s Grupo Gerrovial and GIC two years ago.
As a result, the Caisse’s equity stake in BAA has fallen to £962 million ($1.88 billion) from £1.2 billion.
It intends to remain a long-term investor in the firm, which owns seven UK airports, has a 65% stake in Naples Airport, and retail management contracts at three U.S. airports.
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CalPERS Names Interim CEO
The California Public Employees’ Retirement System has named Kenneth Marzion as its interim chief executive officer.
He has worked for the pension fund for 32 years and most recently served as assistant executive officer of the actuarial and employer services branch.
“His extensive knowledge of CalPERS and his well-known staff leadership and talent will serve our system well during the transition and provide stable guidance for the day-to-day operations as the board focuses on its major priorities, including the recruitment for a permanent CEO,” says Rob Feckner, president of the CalPERS board of administration.
Last month, the current CEO, Fred Buenrostro announced his plans to leave.
For a related story, CalPERS CEO Leaving, click here.