Aston Hill loses both CEO and CFO

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Aston Hill Financial Inc. has been hit by a new wave of executive departures that will see both its CEO and CFO leave.

Eric Tremblay, who co-founded the asset management firm in 2007, is stepping down as chief executive officer effective Aug. 31 to "pursue personal endeavours" the firm said in a release. He is also resigning as chairman of the board but will remain with the firm as a director.

On Aug. 1 Peter Anderson takes over as interim CEO. Mr. Anderson, who earlier in his career worked at CI Financial Corp. for 15 years as chief investment officer and head of institutional sales until 2012, joined Aston Hill as a board member in November, 2014.

Chief financial officer Larry Titley is leaving the firm effective July 31. He had been with Aston Hill for the past 8 years. Derek Slemko, senior VP of finance will take over as CFO in an interim basis.

Aston Hill is also closing down its Calgary office. The move is not a surprise. Earlier in the month, the firm announced a series of cost cutting measures involving moving some Calgary operations to Toronto. Aston had been in the midst of winding down its money management operation in Calgary. The firm used to have a number of energy portfolio managers in Calgary, such as Joanne Hruska, but she left earlier in the year.

Publicly-traded Aston Hill, which manages mutual funds, hedge funds and private client money has had a rocky year. In February, the firm lost about one-third of its assets in one fell swoop when IA Clarington Investments Inc. failed to renew its $2.2-billion sub-advisory contract. In June, Aston Hill lost another high profile subadvisory mandate with CIBC Asset Management Inc. replacing the firm on about $450-million in assets in its Renaissance Millennium High Income Fund.

"We believe the subadvisor change was fund performance-related" said Scott Chan, analyst with Canaccord Genuity Corp. in a note at the time.

Earlier in the summer Jeffrey Burchell, the firm's co-chief investment officer and one of its best portfolio managers, left the firm to take a position with rival Gluskin Sheff + Associates Inc. According to multiple sources, Aston Hill tried to sell itself earlier in 2015 but was unable to find a buyer.