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Global investment manager Capital Group has hired former Sun Life Financial executive Rick Headrick as president of its Canadian operations.

Mr. Headrick, former president of Sun Life Global Investments, joined the firm on Sept. 3 and will replace Mark Tiffin, who was president and general manager of Capital Group in Canada for the past 18 years.

With more than US$1.9-trillion assets under management, Los Angeles-based Capital Group entered the Canadian market in 1998 with a research office in Toronto to service Canadian institutional clients. It launched its first Canadian mutual funds in 2001.

During his time at Sun Life, Mr. Headrick was responsible for the distribution of investment funds through financial advisers and institutional retirement plans across Canada.

In 2017, he was integral to Sun Life Global’s acquisition of Excel Funds Management Inc., adding $700-million to the insurer’s $18-billion in assets under management.

"I have known and respected Capital Group for decades and the opportunity of leading their Canadian business is a tremendous responsibility,” Mr. Headrick said in a statement. “Throughout my career I have had opportunities to grow businesses within the Canadian market and to do that with Capital Group and maintain its special culture will be an honour.”

Today, Capital Group runs nine investment funds in Canada, including a Canadian equity-focused fund and the Canadian Core Plus Fixed Income fund that is sold to both retail and institutional clients through financial advisers.

Mr. Tiffin was the first Canadian president for the firm and helped build the Canadian business to almost $12-billion in assets. He has been a long-time advocate of low-cost funds, and recently abandoned the firm’s preferred pricing program – where lower investments fees are typically offered to high-net-worth clients.

Instead, the firm began extending access to lower fees in 2017 to investors in its Series F mutual funds, which are funds sold through fee-based advisers. For example, the management expense ratio for the Series F Capital Group Global Equity Fund has dropped to 0.83 per cent from 1.16 per cent.

Mr. Tiffin plans to retire at the end of the year, but will stay with the firm throughout the next several months to work closely with Mr. Headrick during the transition.

Mr. Headrick will be based in Toronto and report to David Hummelberg, executive vice-president and principal operating officer of Capital Group’s North American Distribution business

“Canada is a vital market to Capital Group and Rick’s leadership and deep experience in the financial services industry will be a good fit,” Mr. Hummelberg said in a statement. “We’re confident Rick will continue our growth."

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