This article proposes an analysis of the financialization of public pension’s asset managers through the case study of the most important one in Canada. The 2008 fallout is the result of structural changes in the regulation and management of the organization. Two elements are here at the core of financialization. First, the new business model was built on a different analysis of the mission of the institution. Second, the creation of "value added" was expected by the use of interactions between portfolios, facilitated by the development of derivatives and structured financial products. This case study is also interesting to analyze the transformation of the governance structure in the financial sector.