Ontario’s pension fund for local government workers is doing a shakeup of its investment team, elevating Michael Hill to global head of infrastructure and private equity and Scott McIntosh to lead equities.

The changes at the Ontario Municipal Employees Retirement System were prompted by the departure of chief investment officer Ralph Berg, who’s set to join Singapore’s Temasek.

Based in New York, Hill came to Omers in 2023 from the Canada Pension Plan Investment Board , where he was focused on private equity investments across the energy sector. Earlier in his career, he had stints at Nomura, Deutsche Bank and Morgan Stanley. Prior to this promotion, he was Omers’ head of infrastructure.

Toronto-based Omers had $145 billion of net assets after posting returns of six per cent in 2025. But last year its private equity group reported its first annual loss since 2020, with a 2.5 per cent dip. The division had “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. The pension plan halted direct buyout investments in Europe, shifting its focus to investing alongside partners and through external private equity managers. After Berg announced his departure, Omers chief executive Blake Hutcheson assumed the responsibilities of CIO.

As part of the new structure, Michael Block will take on a wider mandate in Omers’ private capital investments, tasked with deepening the firm’s relationships with private fund managers, according to an internal note seen by Bloomberg News. He’ll report to Hill, as will Alexander Fraser.

McIntosh is an Omers veteran who’s head of global multiasset strategies — a title he’ll keep as he assumes his new responsibilities as global head of equities, the memo said.

  • Top bosses depart Canadian pension fund after Thames Water fiasco
  • Canadian pension funds to exit U.K.’s biggest port operator

Hill, McIntosh and three other executives — total portfolio management head Kenton Bradbury, global credit chief Kal Patel and Oxford Properties CEO Eric Plesman — will report directly to Hutcheson.

Bloomberg.com