Top U.S. hedge fund executive named CEO of Canada's new sovereign wealth fund
A top executive at one of the world's largest hedge funds is leaving her job in the U.S. to become the CEO of one of the Carney government's hallmark projects.
Karen Karniol-Tambour 'returns to Canada as a leading figure in global finance': PMO
Kate McKenna · CBC News
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A top executive at one of the world's largest hedge funds is leaving her job in the U.S. to become the CEO of one of the Carney government's hallmark projects.
On Monday, the Prime Minister's Office (PMO) announced that Karen Karniol-Tambour will become the CEO of Canada's nascent sovereign wealth fund.
A news release from the PMO said Karniol-Tambour has Canadian citizenship, though public records indicate she was born in Israel and has spent her professional career in the United States.
Her LinkedIn page says she has been at Bridgewater Associates for more than 20 years and rose to be co-chief investment officer. She graduated from Princeton University in 2006.
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The financial magazine Barron's has named Karniol-Tambour in its list of the 100 most influential women in U.S. finance for the last seven years. She was also featured by Forbes.
At the helm of the new sovereign wealth fund, she will be tasked with identifying and investing in domestic projects with the goal of generating returns for investors and reinvesting them in new Canadian projects.
The federal government announced plans to create the fund, which it is calling the Canada Strong Fund, last spring. It has earmarked $25 billion in seed funding and committed to putting commercial asset revenue into the fund. Its goal is to finance "nation-building" projects while allowing Canadians to benefit from the returns.
The fund will also include a "retail" element for ordinary Canadians to be able to buy in directly. Last week's federal budget said those investments will take the form of notes similar to savings bonds, but details on when or how that will roll out haven't been announced.
"Under Ms. Karniol-Tambour’s leadership, the Canada Strong Fund will be professionally managed, operating at arm's length from the government, with its own board of directors," said the Prime Minister's Office.
"Together, the fund and its retail offering will create a new model of Canadian ownership, helping build national wealth while ensuring more Canadians share in the benefits of economic growth."
ABOUT THE AUTHOR
Kate McKenna is a senior reporter with CBC’s parliamentary bureau in Ottawa, where she covers federal politics. She previously worked for CBC’s The Fifth Estate and in the Halifax, Montreal and Charlottetown newsrooms. Her investigative and breaking news coverage has won five RTDNA awards. She is the author of No Choice: The 30-Year Fight for Abortion on Prince Edward Island.
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