Ontario Municipal Employees Retirement System (OMERS) has promoted Michael Hill to global head of infrastructure and private equity, while Scott McIntosh takes on the role of global head of equities, as part of a leadership shakeup triggered by the departure of chief investment officer Ralph Berg.
Leadership Changes at OMERS
Berg is leaving the pension fund to join Singapore's Temasek, according to an internal memo seen by Bloomberg News. OMERS CEO Blake Hutcheson has assumed the CIO responsibilities on an interim basis. The changes aim to streamline the investment structure and deepen relationships with external fund managers.
Hill, based in New York, joined OMERS in 2023 from the Canada Pension Plan Investment Board (CPPIB), where he focused on private equity investments in the energy sector. Earlier in his career, he worked at Nomura, Deutsche Bank, and Morgan Stanley. Prior to this promotion, he served as OMERS' head of infrastructure.
New Roles and Reporting Structure
Scott McIntosh, an OMERS veteran, will retain his title as head of global multiasset strategies while assuming the new role of global head of equities. Michael Block will take on a broader mandate in private capital investments, tasked with deepening the firm's relationships with private fund managers. He will report to Hill, alongside Alexander Fraser.
Hill, McIntosh, total portfolio management head Kenton Bradbury, global credit chief Kal Patel, and Oxford Properties CEO Eric Plesman will now report directly to CEO Blake Hutcheson.
Performance and Strategic Shift
OMERS reported net assets of $145 billion after posting returns of 6% in 2025. However, its private equity group recorded its first annual loss since 2020, with a 2.5% decline. The division experienced “weak performance” in its earlier-stage growth and venture portfolios, as well as currency losses, according to its annual report.
As CIO, Berg spearheaded a revamp of OMERS' private equity unit, including halting direct buyout investments in Europe and shifting focus to investing alongside partners and through external private equity managers. The new structure is expected to continue this strategy.
