OPTrust replaces head of London office

Spencer Miller, managing director at OPTrust Private Markets Group who ran the London office, left earlier this year, a spokeswoman for the pension manager confirmed Monday.

Miller was replaced by Morgan McCormick, a managing director who is now running the London office, the spokeswoman said.

It’s not clear why Miller left or if he has taken a job elsewhere. He left OPTrust in June, the spokeswoman said.

Miller joined OPTrust in 2006. OPTrust opened the London office in 2010 and named Miller to lead it.

Prior to OPTrust, Miller was head of AXA Private Equity’s London office focusing on primary and secondary deals and co-investments. He also worked in London for UBS and HSBC Private Equity.

OPTrust had moved McCormick from London to its newly opened Sydney office in 2013. He returned to London this year, according to his LinkedIn profile. McCormick joined OPTrust in 2007, prior to which he worked in investment banking at CIBC World Markets.

The OPSEU Pension Trust (OPTrust), which manages around C$17.5 billion for the Ontario Public Service Employees Union, launched its private markets group in 2006 to build private equity and infrastructure exposure. OPTrust wants private equity and infrastructure to eventually represent 30 percent of the plan’s total assets, according to its website.

Private equity represented 7.3 percent of plan assets at the end of 2013. The team focuses on secondaries, fund commitments and principal investments and targets credit opportunities, special situations, buyouts and growth equity, according to the website.

Action Item: Reach OPTrust Private Markets Group at pmg@optrust.com or 416-681-3043.

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