HOOPP Names Annesley Wallace as its Next CEO
The Healthcare of Ontario Pension Plan has named Annesley Wallace as its next chief executive officer, reaching outside the organization to choose a leader with expertise in infrastructure investing and strategy.
Ms. Wallace will join HOOPP on March 1 and work with outgoing CEO Jeff Wendling for a transition period, then take over on April 1, the pension fund announced Monday. Mr. Wendling, 64, said in September that he would retire next year after 26 years at HOOPP, including five as its CEO.
While Mr. Wendling started as a portfolio manager at HOOPP in 1998 and worked his way up, Ms. Wallace is a new face who brings experience both inside and outside of the pension sector to the largest pension plan serving Ontario health care workers. She spent 11 years at Ontario Municipal Employees Retirement System (OMERS), including stints as chief pension officer and then as global head of its $32-billion infrastructure division.
More recently, she spent the past two years as executive vice-president of strategy and corporate development at pipeline company TC Energy, where she is also president of the company’s s power generation and natural gas storage businesses. And she has been a board member at companies such as Bruce Power and the Toronto Region Board of Trade, as well as carbon capture startup Deep Sky, which was co-founded by entrepreneur Fred Lalonde.
“One of the many reasons I am excited about joining HOOPP is that the organization is uniquely positioned for success,” Ms. Wallace said in a statement. “HOOPP is a top-performing pension plan, operating as part of a defined benefit system that is admired globally.”
HOOPP invests on behalf of more than 460,000 working and retired members at more than 670 employers in Ontario’s health care sector, managing $113-billion for employees such as nurses and medical technicians. The pension fund earned an investment return of 9.38 per cent last year, overcoming a drag from losses on real estate investments, and has gained an average of 8.43 per cent annually over the past 10 years.
After Mr. Wendling steered HOOPP through the COVID-19 pandemic, Ms. Wallace will take over at a time when global pension fund managers face a different array of challenges. Though inflation has eased and interest rates have started to edge downward from peak levels earlier this year, markets have remained volatile and dealmaking has been sluggish, faced with potential trade disputes over tariffs and geopolitical tensions between the U.S. and China.
As stock markets have surged, driven largely by a small concentration of large technology companies fuelling the rapid race to develop artificial intelligence, pension funds have also seen their more diverse, risk-averse portfolios struggling to keep pace.
Politicians and business leaders have also debated whether Canada’s largest pension funds, which collectively manage more than $2.2-trillion, have enough of their assets in Canada, HOOPP has a peer-leading 55 per cent of its portfolio invested domestically. But Mr. Wendling pushed to give HOOPP more international investing clout, opening its first office outside of Canada, in London, while building up its investment team and giving more prominence to risk management.
When Ms. Wallace led the infrastructure division at OMERS, she helped build out the unit’s operations abroad, including in Australia and Singapore.
Mr. Wendling also kept HOOPP in a funding surplus throughout his time as CEO, with $1.15 for each dollar of pension benefits that the plan expects to owe to members, as of Dec. 31.
“We are building on an incredibly strong platform, owing to Jeff’s leadership and the strength of the team at HOOPP,” Ms. Wallace said.
Layan Odeh of Bloomberg also reports Ontario healthcare pension names Annesley Wallace CEO:
Healthcare of Ontario Pension Plan appointed Annesley Wallace, a former executive with Ontario Municipal Employees Retirement System, as its new president and chief executive officer.
Wallace will begin working with outgoing CEO Jeff Wendling on March 1, 2025, before fully taking over on April 1, according to a statement Monday.
“The search by our board for this critically important position was extensive and we met with numerous highly qualified candidates,” said Dan Anderson, chair of Hoopp’s Board of Trustees. “Annesley is our preferred candidate, and we know she is the right person to lead the organization.”
Wallace has been an executive vice president at TC Energy since May 2023. Prior to that, she spent several years at Omers, most recently overseeing the pension fund’s infrastructure arm.
Hoopp serves more than 670 employers in Ontario’s hospital and community-based health care sector. Last year, the pension fund delivered a 9.4% return, bringing its net assets to C$112.6 billion ($80.2 billion).
Earlier today, HOOPP announced the appointment of Annesley Wallace as the new President & Chief Executive Officer (CEO), effective April 1, 2025
TORONTO (DECEMBER 2, 2024) – The Healthcare of Ontario Pension Plan (HOOPP) is pleased to announce the appointment of Annesley Wallace as the new President & Chief Executive Officer (CEO), effective April 1, 2025. Ms. Wallace will take over from Jeff Wendling, who announced his retirement in September and has served as CEO since 2020.
Ms. Wallace brings a track record of leadership across investment management and pension administration, and is well suited to further HOOPP’s mandate to deliver secure, lifelong pensions to Ontario’s healthcare workers.
Ms. Wallace is currently the Executive Vice President of Strategy and Corporate Development and President, Power and Energy Solutions at TC Energy. Her investment experience includes overseeing a $32 billion global infrastructure portfolio as Executive Vice President and Global Head of Infrastructure at OMERS, delivering risk-adjusted returns and providing strong, consistent performance and significant value for members. As Chief Pension Officer at OMERS, she led initiatives that enhanced member engagement, digital services, and the overall member experience for over 500,000 plan members.
In addition to her leadership roles at TC Energy and OMERS, Ms. Wallace has been appointed to numerous board positions, including Bruce Power, Toronto Region Board of Trade and Ontario Infrastructure and Lands Corporation.
Ms. Wallace said she is looking forward to working closely with HOOPP’s Board of Trustees and Executive Team to advance the organization’s objectives and foster transparent, collaborative leadership.
“One of the many reasons I am excited about joining HOOPP is that the organization is uniquely positioned for success,” said Ms. Wallace. “HOOPP is a top-performing pension plan, operating as part of a defined benefit system that is admired globally. It has an exceptionally strong purpose and talented people. It also has a very bright future, given its current funded status and scale, mandate in the healthcare sector and opportunities for growth across membership and employer groups.”
Dan Anderson, Chair of HOOPP’s Board of Trustees, said: “The search by our Board for this critically important position was extensive and we met with numerous highly qualified candidates. Annesley is our preferred candidate, and we know she is the right person to lead the organization and to continue our mission of providing retirement security to more than 460,000 healthcare workers in Ontario.”
As HOOPP continues its work to implement the 2025-29 Strategic Plan, Ms. Wallace will bring her collaborative leadership approach to advancing HOOPP’s goals.
“We are building on an incredibly strong platform, owing to Jeff’s leadership and the strength of the team at HOOPP,” said Ms. Wallace. “We will continue to build on HOOPP’s success by delivering the best value and experience in retirement for healthcare workers of Ontario.”
Ms. Wallace holds a Bachelor of Science and Master of Science in Engineering from Queen’s University, and a Master of Business Administration from the Schulich School of Business at York University.
Ms. Wallace will start work with Mr. Wendling on March 1, 2025, as part of a transition period before assuming the CEO duties on April 1.
“I look forward to working with Annesley during the transition period,” said Mr. Wendling. “We have so many great people in this organization. With Annesley’s leadership, and the vision of the Board, HOOPP is well positioned for continued success.”
Gerry Rocchi, HOOPP Board Vice Chair, thanked Mr. Wendling for his five years as CEO and 26 years with HOOPP.
“Jeff helped HOOPP solidify its place as one of the top-performing pension plans in the world and keep us fully funded through some of the most challenging market conditions in history,” Mr. Rocchi said.About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP’s mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
Alright, talk about big Monday news! Annesley Wallace, the former head of OMERS Infrastructure, named new CEO of HOOPP!
First, let me publicly congratulate her for this extremely important nomination.
I already did so on LinkedIn earlier today noting:
Huge news out: Annesley Wallace has been appointed the new CEO at HOOPP (Healthcare of Ontario Pension Plan). More to come later tonight but let me first publicly congratulate her on this big appointment, she's well placed to help HOOPP accelerate its infrastructure program and will work well with Michael Wissell to make that organization even better.
I should have said Michael and others because the truth is Annesley is going to be heading up one of the best pension plans in the country where there are highly experienced professionals across the investment, finance and other divisions.
And she knows it, noting his in the press release:
“One of the many reasons I am excited about joining HOOPP is that the organization is uniquely positioned for success,” said Ms. Wallace. “HOOPP is a top-performing pension plan, operating as part of a defined benefit system that is admired globally. It has an exceptionally strong purpose and talented people. It also has a very bright future, given its current funded status and scale, mandate in the healthcare sector and opportunities for growth across membership and employer groups.”
“We are building on an incredibly strong platform, owing to Jeff’s leadership and the strength of the team at HOOPP,” said Ms. Wallace. “We will continue to build on HOOPP’s success by delivering the best value and experience in retirement for healthcare workers of Ontario.”
The second people I want to publicly congratulate is HOOPP's board of directors led by Dan Anderson (Chair) and Gerry Rocchi (Vice Chair).
Why the Board? Because Jeff Wendling announced his retirement at the end of September when I had a great conversation with him.
The Board went straight to work, interviewing candidates and there were plenty of highly qualified internal and external ones, but in the end, they chose the best person for the organization and that was Annesley Wallace:
Dan Anderson, Chair of HOOPP’s Board of Trustees, said: “The search by our Board for this critically important position was extensive and we met with numerous highly qualified candidates. Annesley is our preferred candidate, and we know she is the right person to lead the organization and to continue our mission of providing retirement security to more than 460,000 healthcare workers in Ontario.”
And this was all done in two months, they didn't wait to announce in the new year, so I give them kudos for that, it's good for everyone --employees, members, peers etc. - to know who the new leader is before the new year starts.
Annesley will start working on March 1, 2025 alongside Jeff Wendling, as part of a transition period before assuming the CEO duties on April 1.
A month isn't a lot of time to transition into CEO role but she's a sharp cookie and will learn fast.
Now, why Annesley Wallace? Why did HOOPP's Board choose her?
I was surprised only because I thought Annesley left the Maple Eight for good and joined the private sector, but when I heard who they chose, everything came together.
Let me explain. Go back to read my comment from January 2021 when OMERS CEO Blake Hutcheson revamped his executive team where he placed Ralph Berg as Head of OMERS Capital Markets (Ralph is now CIO) and Annesley Wallace as Head of OMERS Infrastructure (Michael Hill is now the Head).
Blake shared this with me back then:
I highlighted Ralph Berg and Annesley Wallace because these are the the most important changes. Ralph Berg will be replacing Ken Miner, who has announced his retirement, effective April 1, 2021 after a "very distinguished career." Ralph Berg will be based in London.
Annesley Wallace, who has been leading the Pensions and Global Communications teams for the last three years, will return to Infrastructure to replace Ralph Berg as the Global Head of that group. She is based in Toronto.
Blake spoke very highly of both all his senior team and said he has the utmost trust in them.
As far as the two big nominations, he told me "Ralph has a law degree, over 20 years banking experience, spent six years as Head of OMERS Infrastructure, speaks several languages and is an outstanding leader."
"Annesley was named top 40 under 40 (she's only 39 years old), she has an MBA from York and an Engineering degree from Queen's University. She's super bright and great leader who is returning to Infrastructure investing."
It should be noted, both these people are outstanding leaders and surefire contenders to take over the top job in the future when Blake eventually steps down (not any time soon).
In July 2022, Annesley Wallace and Alastair Hall sat down with Infrastructure Investor’s Zak Bentley to talk about OMERS Infrastructure’s strategy, assets, growth, and third-party capital program. I covered that here and it's worth reading it all over again.
So, you have a young female executive in her early 40s who once headed one of the best institutional infrastructure portfolios in the world and she really knows her stuff in that asset class which HOOPP is ramping up (Jim Keohane once admitted to me that OMERS has a great Infra portfolio).
Now, it's worth noting here that infrastructure is changing fast. I had discussions with Andrew Claerhout, OTPP's former head of Infrastructure and Natural Resources where I asked him what he thinks about all these mega big global infrastructure funds that have sprung up managing billions.
Andrew told me it's added competition and in the future Canada's Maple Eight might not be able to go it alone in infrastructure like in the past and will likely co-invest alongside the big funds like they do in private equity.
I also had an interesting discussion with Neil Cunningham last Friday and will discuss that tomorrow where we touched many aspects including compensation at large pension funds and how platforms mean different things for different private market asset classes. In infrastructure in particular, where you own and operate toll roads, airports via platform companies, you assume all the operating risk and that introduces risks to the pension funds.
In response to the mega infrastructure funds sprouting up (it used to only be Brookfield, GIP anda few others and now there are many mega funds), Neil said he wouldn't be surprised if Maple Eight funds partner together to create operating companies to compete.
I'm trying to connect the dots for you as to the new environment Annesley Wallace and others are facing and how they will respond.
Annesley has great institutional contacts and I can tell you her former boss at OMERS thinks very highly of her.
In fact, I wouldn't be surprised if Blake spoke to HOOPP's Board and highly recommended her (he's the type to do so).
Obviously, I don't know for sure, but I remember when Annesley Wallace departed the organization soon after Ralph Berg became CIO, Blake had privately told me that sometimes when two highly qualified candidates are competing for the top job, it's very tough if one doesn't see a path leading to it.
Well, fast forward to today, Annesley Wallace just got the top job at HOOPP and she will undoubtedly work with OMERS and others to build up HOOPP's infrastructure portfolio.
Again, HOOPP's Board chose her for a reason, they didn't want another Jeff Wendling or Jim Keohane at this stage of HOOPP's growth and I totally get it.
Jim and Jeff did a great job building up HOOPP's capabilities especially on asset-liability and return seeking portfolios and they trained a lot of talent there which will continue this outstanding work.
Annesley isn't going to mess with that, she knows how important it is for HOOPP to remain fully funded and will focus her attention where she can add value to the organization.
She will also carry out the important work Jim and Jeff did on advocacy and given she was OMERS' Chief Pension Officer at one time, I have no doubt she will do a great job there too.
Importantly, Annesley knows the value of a good pension, she knows she has important responsibilities and big shoes to fill after Jim Keohane and Jeff Wendling and most importantly, she knows that ultimately, it's all about HOOPP's members in the Ontario healthcare sector.
Lastly, I know some naysayers will scoff that she got this top job because she's a woman and I will answer to them she got the job in spite of being a woman and in spite of her relatively young age.
Don't forget, most of HOOPP's members are women and her age is actually a big positive because she can easily commit the next 10 to 15 years to HOOPP and really make a huge difference.
Annesley now joins an elite group of pension fund CEOs in Canada and she is the third woman to head up a major pension plan/ fund after Deb Orida (PSP's CEO) and Barb Zvan (UPP's CEO).
Can women do as good a job as men or even better in these top positions? Of course they can, why not?
But it is true that it's lonely at the top (no matter your gender) and my best advice for Annesley is to take some time off before starting at HOOPP in March and hitting the ground running.
I'd also advise her to talk to current and former CEOs of the Maple Eight and get their best advice as she thinks how she wants to proceed.
Anyway, Annesley knows all this, I expect her to map out her strategy within a year of being CEO and it will be my pleasure to talk to her when the time is right (I'll even share some of my wisdom as I'm not as dumb as I look!).
Alright, let me wrap it up there and once again wish Annesley Wallace congratulations for being nominated the new CEO of HOOPP and wish her and everyone there a lot of success.
Below, Wall Street Week discusses how infrastructure has evolved from a predominantly public investment to a partnership between the public and private sectors. They talk to Perella Weinberg Vice Chairman Robert Steel, BlackRock Chairman & Larry Fink, Global Infrastructure Partners Co-Founder Adebayo Ogunlesi, RockCreek CEO Afsaneh Beschloss, "Chip War" Author Chris Miller, and Rockefeller Foundation President Dr. Rajiv Shah about the role of infrastructure investing in the energy transition and global net-zero commitments.
Also, IFM Investors chief strategy officer Luba Nikulina joins Yahoo Wealth! to share advice on infrastructure investing for individual investors.
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