Bank towers are seen in the financial district in Toronto, January 28, 2013.MARK BLINCH/Reuters
Morningstar, Inc.'s investment management business is hiring a director to focus on institutional clients, as many asset managers shift their attention towards potentially lucrative relationships with that customer base.
Michael Keaveney joins as the U.S.-based company's director responsible for investment management and consulting for the company's institutional clients in Canada focusing on "asset allocation, investment strategy, and product development," according to a press release.
Mr. Keaveney previously worked for CIBC Asset Management's business as a director of the company's investment management research team.
Morningstar's investment management group has roughly $164-billion in assets under advisement and is responsible for generating investment strategies for clients using their global research and data.
The move comes at a time when many asset managers in Canada are looking to institutional businesses for growth. Sun Life Financial Inc., Bank of Nova Scotia and AGF Management Ltd. are just a few of the companies who have hired leaders, acquired firms or formed new business units to focus on these particular clients.