CPPIB reports drop in net assets as stormy markets hurt returns

(Reuters) - Canada Pension Plan Investment Board on Thursday reported a drop in net assets in the first quarter, hit by a decline in equity markets globally that led to losses in the fund's private equity and credit portfolio.

Net assets in the three months ended June 30 came in at $523 billion, down 3% from the previous quarter, the fund said.

"Financial markets experienced the most challenging first six months of the year in the last half century," Chief Executive Officer John Graham said, adding that the fund continued to expect market turbulence and uncertain investment environment to persist through the fiscal year.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)