HOOPP appoints Michael Wissell as new IT director
The Healthcare of Ontario Pension Plan has appointed Michael Wissell as the new chief investment officer, the Canadian pension giant said on Wednesday.
Wissell will take on investment responsibilities for the C $ 104 billion (US $ 82 billion) fund from President and CEO Jeff Wendling, who has held both positions since becoming CEO in March 2020.
“I am honored to be HOOPP’s next CIO and look forward to building on the success of my predecessors,” Wissell said in a statement. “HOOPP has an excellent track record of adapting to changing market conditions and maintaining a strong capitalization position for our members.
Wissell has served as HOOPP’s Senior Vice President Capital Markets and Total Portfolio since joining the fund more than three years ago. Prior to joining HOOPP, he spent 16 years with the Ontario Teachers’ Pension Plan, where he was responsible for the public equity team and the portfolio construction group.
Founded in 1960, HOOPP serves Ontario’s healthcare industry with over 610 participating employers. It currently has more than 400,000 active, deferred and retired members.
Last year, the fund generated 11.42% returns, beating its benchmark by 9.8% despite the pandemic. Institutional investor previously reported that HOOPP ended its ten-year long-term options strategy in 2020 after the strategy lost C $ 629 in 2019.
Wissell is praised for bringing a “culture of innovation” and “new investment strategies” to the fund, according to a statement from HOOPP.
“I am very pleased that someone of Michael’s caliber is stepping into this vital position at HOOPP,” Wendling said in a statement. “His in-depth knowledge and understanding of the HOOPP fund, our investment strategies and the investment teams, combined with his over 30 years of investment experience, make him the right choice for the role.