Bank towers are shown from Bay Street in Toronto's financial district.Adrien Veczan/The Canadian Press
Money manager Sentry Investments Inc. has appointed a new chief investment officer following Gaelen Morphet's departure.
Ms. Morphet, who was appointed executive vice-president and CIO for Sentry in August 2016, left the firm on Oct. 2, according to a company spokesperson.
The departure of Ms. Morphet comes on the heels of CI Financial Corp.'s acquisition of Sentry Investments earlier this summer.
Ms. Morphet will be replaced by James Dutkiewicz, chief investment strategist and senior portfolio manager. In a letter sent out to financial advisers on Monday, the company announced the executive appointment as well as several portfolio management changes.
"We are pleased to confirm that our Sentry investment team is continuing as a distinct, Sentry-branded portfolio management group within the CI Financial Group under the leadership of veteran portfolio managers Michael Simpson, Aubrey Hearn and James Dutkiewicz," stated Sentry in the letter. "This capable team continues to manage key Sentry mandates, such as Sentry Canadian Income Fund, Sentry U.S. Monthly Income Fund, Sentry U.S. Growth and Income Fund and Sentry Small/Mid Cap Fund."
Mr. Dutkiewicz joined Sentry in 2012 to head up the fixed-income team, and is the lead manager for Sentry's fixed-income funds and co-manager for the global, U.S. and Canadian balanced funds. He is also a member of Sentry's asset allocation committee.
In addition, Jon Case has been named lead portfolio manager of Sentry Precious Metals Fund, Sentry Precious Metals Class, Sentry Select Primary Metals Corp. and Precious Metals and Mining Trust. Mr. Case is currently co-manager of the funds.
The company also announced to advisers several portfolio subadvisory appointments for a number of smaller mutual funds and private pools that will be taken over by investment teams at CI Investments, effective Oct. 31.
The investment teams being appointed as subadvisers include Signature Global Asset Management, Cambridge Global Asset Management and Harbour Advisors, which are divisions of CI Investments, and Marret Asset Management Inc.
Sentry's core funds, accounting for more than 80 per cent of the company's assets under management, are not affected by these changes and continue to be managed by the Sentry investment team.
Earlier this year, Sean Driscoll, chief executive – and the son of founder John Driscoll – left the firm. Former president and chief operating officer Philip Yuzpe stepped in to take over the role .
In 2015, Sentry shocked the investment industry when it ended its employment relationship with Dennis Mitchell, chief investment officer at the time. Sandy McIntyre, vice-chairman of Sentry who previously held the CIO position, took over the reins as well as the lead management responsibility for Sentry's global fund lineup.
A few months later, in December 2015, Sentry's chief compliance officer Jasmin Jabri left the asset manager.
Mr. McIntyre held the CIO position until August 2016, when Sentry hired Ms. Morphet from Empire Life Investments.
Mr. Dutkiewicz assumes his new position effective Nov. 1.
Clare O’Hara