Head of Equities Departing from Ontario Teachers’ Pension Plan

By David G. Barry


Karen Frank is stepping down from her role overseeing Ontario Teachers’ Pension Plan Board’s private and public equity programs – sectors that account for a third of the pension plan’s portfolio.

Frank has served for the past two years as senior managing director, equities. She will be leaving Ontario Teachers after December 2, said Hugh Christopher, a spokesman with the CA$240 billion (US$176 billion) pension plan. Her plans were not disclosed, and she did not immediately return a message from Markets Group.

Christopher said that under Frank’s leadership, “our equities business has delivered impressive performance and further elevated a strong bench of talent. We are well-positioned to continue our forward momentum and wish Karen the best going forward.”

Christopher said no replacement has been named for Frank.

Prior to Ontario Teachers, Frank was CEO of Barclays Private Bank. Her background also includes being co-head of Barclays’ European Sponsors Group in addition to holding senior roles at Goldman Sachs, AEA Investors and Compass Partners International. Frank was based in London. She succeeded Jane Rowe, who joined Ontario Teachers’ as head of private equity in 2010 and expanded her role to include public equities as well.


As of June 30, Ontario Teachers’ equity segment was valued at CA$75.8 billion (US$55.7 billion) and comprised 32% of the portfolio. That is down from December 31, 2021, when it was valued at CA$82.3 billion (US$60.4 billion) and comprised 34% of the portfolio.

The decrease was due to the value of public equities dropping from CA$27.2 billion (US$20.2 billion) in December to CA$20.5 billion (US$15.5 billion) in June. The private equity portfolio remained roughly the same at CA$55.3 billion (US$40.6 billion).

In 2021, 80% of the transactions done by the equities group involved direct interests managed internally.

Frank’s departure comes just a few months after a member of the equities’ investment team, Bogdan “Bo” Cenavoic, left to join PSG as a managing director. Cenavoic had served as head of technology, media & telecom, financial services and healthcare.