An executive from one of the largest hedge funds worldwide is resigning from her position in the U.S. to take on the role of CEO for a prominent initiative of the Carney administration.
On Monday, the Prime Minister’s Office (PMO) revealed that Karen Karniol-Tambour will step into the CEO position of Canada’s emerging sovereign wealth fund.
According to a statement from the PMO, Karniol-Tambour holds Canadian citizenship; however, public records show she was born in Israel and has built her career in the United States.
Her LinkedIn profile indicates that she has been with Bridgewater Associates for over 20 years, eventually becoming co-chief investment officer. She graduated from Princeton University in 2006.
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The financial publication Barron’s has recognized Karniol-Tambour as one of the 100 most influential women in U.S. finance for the past seven years. She has also been highlighted by Forbes.
As the leader of the new sovereign wealth fund, she will have the responsibility of locating and investing in domestic initiatives aimed at producing returns for investors and reinvesting those funds into new Canadian projects.
Last spring, the federal government outlined its intention to establish the fund, referred to as the Canada Strong Fund, with an initial allocation of $25 billion in funding. Additionally, it has committed to channeling revenue from commercial assets into the fund. The fund aims to support “nation-building” initiatives while allowing Canadians to benefit from the profits.
The fund will also feature a “retail” component allowing ordinary Canadians to invest directly. The federal budget released last week indicated that these investments will be structured as notes akin to savings bonds, but specifics regarding the rollout timeline or process have yet to be disclosed.
“With Ms. Karniol-Tambour at the helm, the Canada Strong Fund will be managed professionally, operating independently from the government, complete with its own board of directors,” stated the Prime Minister’s Office.
“Together, the fund and its retail feature will establish a new model of Canadian ownership, contributing to national wealth while ensuring that more Canadians partake in the benefits of economic expansion.”