Michael Stanley of Sterling Mutuals.
Mutual fund dealer Sterling Mutuals Inc. has scooped up Michael Stanley, former CEO of Quadrus Investment Services Ltd., as its new president.
Sterling is a national mutual fund dealer that has more than 250 mutual fund advisers with $3.5-billion in assets under administration. Prior to Mr. Stanley joining the firm, Nelson Cheng, Sterling's founder and chief executive officer, oversaw the firm on his own.
"With the continued growth of the firm and strong interest among advisers for our value proposition, Sterling sought a leader to guide the growth of both our staff and advisors for the long term," Mr. Cheng said in a statement.
"Michael's knowledge of the industry and ability to foster strong relationships complements an already talented Sterling management team."
Mr. Cheng, who started Sterling Mutuals with two advisers in 1996, has managed to survive in an industry that has seen a number of consolidations due to increased regulatory and compliance costs. Over the years, Mr. Cheng has organically grown his firm across Canada and completed seven acquisitions.
In 2015, Mr. Cheng acquired Armstrong & Quaile Associates Inc., which added more than $1.3-billion in assets under administration and approximately 150 independent advisers to his platform. Mr. Cheng will continue to serve as CEO overseeing technology and strategic growth opportunities.
"Having Michael come aboard will now allow me to spend more time with the advisers at our firm," Mr. Cheng said in an interview. "I enjoy that part of my role because it allows me to better understand and identify some of the challenges they [the advisers] face in their own roles."
Mr. Cheng added that while the growth of his firm was a factor in his decision to add the executive role to the firm, the appointment of Mr. Stanley was more opportunistic.
"I've always had a lot of respect for Michael and felt that some day we should hire someone like him. When I met him at an industry function recently, we started comparing notes and decided it was a good fit for us to work together," Mr. Cheng says.
Before joining Sterling, Mr. Stanley spent seven years leading more than 3,500 advisers at Quadrus – a subsidiary of Great-West Lifeco Inc., which also includes Great-West Life Assurance Co. and London Life Insurance Co.
"Quadrus is a quality organization with great people," Mr. Stanley said in an interview. "However, I have always aspired to be part of a more independent adviser model and the timing was right to be part of the growth opportunity that Sterling Mutuals presents."
Clare O’Hara