# CN Pension Plan

CN Pension Plan is a Pension Fund based in Montreal, Canada.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Montreal, Canada
- **Region:** North America
- **Address:** 935 de La Gauchetière Street West, Montreal, QC, Canada
- **Founded:** 1968
- **Assets under management:** Undisclosed
- **Website:** cn.ca

## Regulatory record

- **Reports private funds:** No

## About

Founded in 1968, the CN Pension Plan handles retirement security for employees of Canadian National Railway. President and CEO Bruno Roy, who joined from CDPQ in October 2023, leads the Montreal-based investment division. The fund operates as a contributory defined benefit plan backed by a large bond portfolio that supplies roughly C$1 billion in annual liquidity for benefit payments. Strategy spans liquid and private markets. The global equities portfolio, benchmarked against the MSCI ACWI, accounts for approximately C$4.86 billion and is managed by internal sector teams. On the alternatives side, a C$2.16 billion absolute return platform covers hedge funds, alternative risk premia, and tail-risk hedging. The real assets portfolio — valued at roughly C$720 million — targets income-generating commercial properties across North America. The fund is also the direct owner of Rife Resources Ltd., an energy-royalty company holding over 15 million acres of mineral interests in Western Canada. Private equity allocations sit at 3.34% of total assets. The division maintains active memberships in the Pension Investment Association of Canada and the Canadian Alternative Strategies & Assets association. September 2023: Bruno Roy was appointed President and CEO of the CN Investment Division, succeeding a long-tenured predecessor (per Altss research). A 2022 office renovation by Atelier Monarque Architecture reflects a belief in in-person, scaled operations; the team hosts an annual Investment Challenge for mentorship and talent development. KPMG serves as the fund's long-term auditor, while CIBC Mellon acts as custodian. The plan's investment arm doubles as an operating conglomerate. Rife Resources and its subsidiary Canpar Holdings turn the pension trust into a going-concern royalty collector — a rare structural feature among North American corporate pension funds. This ownership model generates uncorrelated cash flows that complement the fund's liquid absolute-return strategies.

## Sectors

- Diversified
- Energy & Utilities
- Real Estate
- Infrastructure

## People

- Bruno Roy — President and CEO
- Nicolas Dang — Manager, Absolute Return
- Sandy Poiré — Senior Portfolio Manager, Absolute Return
- Olivier Chouc — Senior VP and Chief Legal Officer

## Questions

### Who runs investment decisions at the CN Pension Plan?

Bruno Roy is the President and CEO, a role he assumed in October 2023 after a career at CDPQ. Under him, Nicolas Dang manages the absolute return platform and Sandy Poiré serves as a senior portfolio manager on that team. The global equities portfolio is run by internal sector-focused managers.

### How does CN structure its alternative investments?

Alternatives are split between a C$2.16 billion absolute return platform and a private equity allocation at 3.34% of assets. The absolute return book encompasses hedge funds, alternative risk premia, and tail-risk hedging strategies. Real assets — direct commercial property and infrastructure — are managed through a dedicated Real Assets team.

### What is the relationship between the CN Pension Plan and Rife Resources?

The CN Pension Trust Fund owns Rife Resources Ltd. outright. Rife operates as an energy-royalty company with over 15 million acres of land and royalty interests, mostly in Western Canada. Its subsidiary, Canpar Holdings, adds a second layer of energy-royalty exposure.

### How does CN handle liquidity for its benefit payments?

The plan maintains a large bond portfolio that serves as a liquidity pool to cover roughly C$1 billion in annual pension benefit payments. This fixed-income backbone sits alongside the absolute return platform and equity sleeve, ensuring the fund never becomes a forced seller of private or illiquid assets.

## Related profiles

- [Merseyside Pension Fund](https://altss.com/profile/merseyside-pension-fund)
- [Atrato Consulting](https://altss.com/profile/atrato-consulting-f-l-putnam-investment-management-company)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/cn

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology