HOOPP taps chief investment officer Jeff Wendling to be next CEO – The Kingston Whig-Standard

Jeff Wendling, chief investment officer of The Healthcare of Ontario Pension Plan, knows there could have been an easier time to take over as chief executive.

His appointment to succeed longtime HOOPP CEO Jim Keohane on Apr. 1 came Tuesday as markets seesawed against a backdrop of coronavirus fears and the collapse of the oil price.

“It is an interesting time, certainly,” Wendling said in an interview with the Financial Post, in which he acknowledged that counter measures to buoy economies around the world — such as lower interest rates — will create “challenges” for the pension fund.

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“But I feel good about HOOPP in this time because we take a long-term approach, and we’ve got a very strong team here,” said the 59-year-old, noting that he will be taking over strategies he helped put in place as he rose through the ranks at the hospital and healthcare pension plan.

“We’ve been through many crises or serious issues over the 20 years that I’ve been here — whether you think about the tech meltdown or the great financial crisis,” Wendling said. “So I think we’re in good shape here and we’ll get through this. We’re actually up even as of yesterday in terms for return for the year.”

He said some reductions were made to HOOPP’s holdings late last year, and even bond holdings have been scaled back recently as low rates make them less attractive.

Despite the turmoil, he plans to beef up a fledgling infrastructure portfolio and continue to build private equity and real estate assets if prices are right.

While acknowledging the current reining in of economic growth forecasts almost universally around the globe, Wendling said opening an international office and spreading HOOPP’s wings beyond its focus on North America and Western Europe could still be in the cards over the medium term to further diversity the growing pension fund’s portfolios.

“There are going to be challenges (but) I’m confident we can rise to the challenge,” he said, adding that although economies appear “correlated” right now, there will be divergence at some point.

“We do think we can find opportunities in any market if you take a longer term view.”

Wendling joined the hospital and healthcare pension plan in 1998 as a senior portfolio manager on the public equities team, and was co-chief investment officer before taking on the job solo in 2018.

Dan Anderson, chair of the pension’s board of trustees, said Wendling was selected following an international search, and stood out due to his “deep knowledge of HOOPP” alongside other skills such as familiarity with the global investment landscape.

“Jeff has three decades of investment experience and has been integral in developing and overseeing HOOPP’s investment strategies,” he said.

“The Board’s top priority in the next few months is a smooth transition in leadership, and we will work closely with Jeff to make it as seamless as possible,” Anderson said in a statement.

In the same statement, Keohane praised the succession plan laid out with Wendling’s appointment.

“With his leadership, the strong team already in place and the vision of the board, HOOPP is well positioned for continued success,” Keohane said.

“During his time as CIO we achieved solid investment results, allowing HOOPP to maintain our funded position and keep plan-pricing stable, while providing benefit improvements to members.”

HOOPP manages pensions for more than 570 employers, with members including Ontario nurses and medical technicians, as well as food services and housekeeping staff.

Financial Post

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