Quebec’s US$303 billion pension manager has written off its stake in bankrupt cryptocurrency lender Celsius, with its chief executive officer conceding the fund invested “too soon” in the sector.
Quebec’s US$303 billion pension manager has written off its stake in bankrupt cryptocurrency lender Celsius Network LLC, with its chief executive officer conceding the fund invested “too soon” in the sector.
“The due diligence was quite extensive with many experts and consultants involved. The team came in cautiously,” Emond said at a news conference in Montreal. “We had a 4 per cent equity stake. The conversations we had internally were pretty straightforward. The teams are accountable for that.” “Due diligence is not a guarantee of success,” Emond said, adding that he has “empathy” for the thousands of clients who’ve seen their funds frozen in the bankruptcy process. Montreal-based Caisse de Depot reported a 7.9 per cent loss in the first six months of the year, which the firm said was better than the 10.5 per cent decline of a benchmark portfolio based on its asset mix. Net assets fell $28.2 billion to $391.6 billion .
But strong returns in real estate and infrastructure helped offset those losses. Caisse’s property arm has been shuffling assets, reducing its exposure to Canadian shopping malls and adding residential, industrial and life-sciences buildings. The real estate holdings gained 10.2 per cent in the six months ended June 30.
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