Bank buildings tower over the corner of Bay Street and Adelaide streets in Toronto.Gloria Nieto/The Globe and Mail
AGF Management Ltd. has hired a new chief investment officer to improve investment performance and build out the firm's global business.
Kevin McCreadie will join the Toronto-based firm on June 17. He will not only advise the firm's investment management teams but also head up the institutional investment business both in Canada and abroad as the firm seeks to grow its client base.
Mr. McCreadie joins AGF after 12 years at PNC Capital Advisors LLC where he was president and CIO. This is the division of PNC Financial Services Group that is focused on institutional asset management services. The business has about $38.8-billion in assets under management. Combined with other funds and assets not managed under the PNC Capital Advisors umbrella, Mr. McCreadie oversees $58-billion.
"Together with the management team, I look forward to helping AGF grow its business globally and delivering exceptional investment performance over time," Mr. McCreadie said in a statement.
AGF said in December that it would seek a replacement for its longtime CIO said Martin Hubbes, who would be leaving the firm. Mr. Hubbes said at the time that he would stay on to help with the transition.
AGF has been exploring ways to grow its institutional business, considering new asset classes and international expansion. AGF's CEO Blake Goldring expressed appetite last year to double the size of the business to $30-billion in five years.
Mr. McCreadie's experience is in portfolio construction, managing asset allocation and alternative strategies, among other things.
"We're delighted to welcome Kevin to AGF. His vast experience in investment management includes exposure to all major asset classes and a focus on generating returns within a solid risk framework," said Mr. Goldring, in a statement.