CN announced the retirement of Tullio Cedraschi as president and chief executive officer of the CN Investment Division.
David G. A. McLean, chairman of CN's board of directors, said: "Tullio has been one of the most successful pension fund managers in Canada. Under his leadership, the division that manages the Canadian pension fund assets of CN generated consistently superior returns over the years, benefiting thousands of pensioned and current employees. It's a great accomplishment, one that Tullio and his team achieved in their own quiet way: investing wisely for the long term, and letting the Investment Division's strong performance speak for itself. "On behalf of the board of directors and CN management team, we extend our gratitude to Tullio and wish him a prosperous and fulfilling retirement." The Canadian pension fund assets of CN have a market value of approximately C$15.5 billion. Various asset classes include domestic and foreign equities, fixed income, real estate, oil and gas, hedge funds and private equity. The CN Investment Division has approximately 65 employees, including 25 investment professionals.
Cedraschi joined the CN Investment Division in 1968 as a financial analyst. He was subsequently appointed investment officer, manager, and general manager. He was appointed president and chief executive officer in November 1977.
Cedraschi is a director of the Toronto Stock Exchange and a number of other companies. He is a governor emeritus of McGill University, from which he holds an MBA degree.
Cedraschi's successor is Russell Hiscock, 56, most recently general manager of the CN Investment Division. As general manager, Hiscock's responsibilities were equivalent to those of individuals with the title of chief investment officer and chief operating officer, including investment policy, asset allocation, oversight of portfolio managers, finance and administration, accounting, performance measurement, information technology and human resources management. McLean said: "Russell Hiscock is a seasoned investment professional, and we look forward to continuing solid performance of the Investment Division in the years ahead."
Hiscock obtained a B. Math. Degree (University of Waterloo) in 1975, an MA - Economics (University of Western Ontario) in 1976, an MBA (University of Toronto) in 1977, the Chartered Financial Analyst (CFA) certification in 1983, and the Certified Management Accountant (CMA) designation in 1986.
He is a member of the Royal Victoria Hospital Foundation and the Loyola High School Foundation Investment Committees, and is past chairman of the Pension Investment Association of Canada (PIAC).
