Key Takeaways
- • Ralph Berg, Chief Investment Officer of Ontario Municipal Employees Retirement System (OMERS) for three years, is departing July 1, 2026 to join Singapore's Temasek Holdings in a leadership role overseeing private-market investments, representing a significant executive transition at Canada's $100 billion pension fund.
- • Alexander Fraser, a former partner at a Temasek-backed fund, was hired by OMERS in March 2025 as Global Head of Private Equity (managing $19 billion in assets), based in New York and reporting to Berg—establishing a talent pipeline between the two institutions ahead of Berg's departure.
- • OMERS CEO Blake Hutcheson assumes CIO duties immediately upon Berg's departure, consolidating leadership as the pension plan executes a strategic pivot in private equity and enhances its Asia-Pacific presence with a new Singapore office.
- • The executive movements occur as OMERS reported sluggish private equity performance in 2025 (6% overall return versus internal benchmarks) and pursues a five-year strategy to deploy at least $10 billion in new Canadian investments to compete for global capital.
- • Temasek Holdings, Singapore's state-owned investment firm managing over US$520 billion in assets under CEO Dilhan Pillay Sandrasegara, is recruiting senior talent from North American pension funds to strengthen private-market capabilities.
Summary
Ralph Berg's departure as Chief Investment Officer of the Ontario Municipal Employees Retirement System (OMERS) marks a significant executive transition for Canada's $100 billion pension fund. Berg, who held the CIO position for three years after previously leading OMERS' capital markets division since 2013, is leaving effective July 1, 2026 to join Singapore-based Temasek Holdings in a London-based leadership role focused on private-market investments. The move was announced in an internal memo from OMERS CEO Blake Hutcheson, who will assume Berg's duties in addition to his existing responsibilities.
Temasek Holdings, Singapore's state-owned investment company managing over US$520 billion in assets, is expanding its private-market investment capabilities by recruiting experienced talent from major North American institutional investors. The appointment of Berg underscores Temasek's ambitions to strengthen its global investment infrastructure under CEO Dilhan Pillay Sandrasegara. This executive migration reflects broader competitive dynamics among large institutional investors for specialized private-market talent.
Berg's departure follows the March 2025 appointment of Alexander Fraser as OMERS' Global Head of Private Equity, managing approximately $19 billion in assets. Fraser, a former partner at a Temasek-backed fund and based in New York, reported directly to Berg—establishing an organizational alignment that may facilitate knowledge transfer as Berg transitions to Temasek. Fraser replaced Michael Graham, who retired earlier in the year as OMERS restructured its private equity operations. Concurrently, Ashish Goyal, OMERS' Asia-Pacific head, is departing at year-end, signaling regional retrenchment amid broader staff transitions across Canadian pension funds.
OMERS' leadership changes occur amid operational challenges and strategic repositioning. The pension fund reported a 6 percent return on investments in 2025 that fell short of internal benchmarks, with weakness attributed to currency headwinds and sluggish private equity performance. In response, Hutcheson announced plans to deploy at least $10 billion in new Canadian investments over five years, positioning Canada as a more attractive investment destination for global capital. Additionally, OMERS expanded its Asia-Pacific footprint by opening a Singapore office at One Raffles Quay, staffed by accomplished investment professionals, signaling continued commitment to regional expansion despite management departures.
Temasek Holdings, Singapore's state-owned investment company managing over US$520 billion in assets, is expanding its private-market investment capabilities by recruiting experienced talent from major North American institutional investors. The appointment of Berg underscores Temasek's ambitions to strengthen its global investment infrastructure under CEO Dilhan Pillay Sandrasegara. This executive migration reflects broader competitive dynamics among large institutional investors for specialized private-market talent.
Berg's departure follows the March 2025 appointment of Alexander Fraser as OMERS' Global Head of Private Equity, managing approximately $19 billion in assets. Fraser, a former partner at a Temasek-backed fund and based in New York, reported directly to Berg—establishing an organizational alignment that may facilitate knowledge transfer as Berg transitions to Temasek. Fraser replaced Michael Graham, who retired earlier in the year as OMERS restructured its private equity operations. Concurrently, Ashish Goyal, OMERS' Asia-Pacific head, is departing at year-end, signaling regional retrenchment amid broader staff transitions across Canadian pension funds.
OMERS' leadership changes occur amid operational challenges and strategic repositioning. The pension fund reported a 6 percent return on investments in 2025 that fell short of internal benchmarks, with weakness attributed to currency headwinds and sluggish private equity performance. In response, Hutcheson announced plans to deploy at least $10 billion in new Canadian investments over five years, positioning Canada as a more attractive investment destination for global capital. Additionally, OMERS expanded its Asia-Pacific footprint by opening a Singapore office at One Raffles Quay, staffed by accomplished investment professionals, signaling continued commitment to regional expansion despite management departures.
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