TORONTO, Aug. 13, 2018 /CNW/ - RBC Global Asset Management
(RBC GAM) today announced the appointment of Michael Kitt as Head, Real Estate Equity
Investments.
Based in Toronto and reporting
to Dan Chornous, Chief Investment
Officer of RBC GAM, Michael will be responsible for leading the
firm's efforts to develop Canadian real estate pooled solutions,
which will initially be offered to the domestic institutional
market, with the aim of expanding both vehicle type and targeted
client groups over time. This appointment marks RBC GAM's entry
into direct real estate equity investing and demonstrates the
firm's continued focus on private and illiquid markets. RBC GAM
currently has more than $7 billion in
assets under management in private markets through its mortgage
portfolios.
"As a full spectrum asset manager, we continually broaden the
range of investment solutions available to our clients," said Mr.
Chornous. "Commercial real estate is an ideal next step for us,
extending out from our mortgage business and offering our clients
exposure to an asset class in which RBC GAM's sophisticated
knowledge, scale and access to deal flow will enhance investment
prospects."
Michael has extensive experience in the North American and
European real estate business. Most recently, he was Chief
Financial Officer & Executive Vice President, Finance &
Strategy for Oxford Properties, OMERS' wholly owned real estate
investment unit. Prior to that he held positions of increasing
importance at Cadillac Fairview Corporation and Ontario Teachers'
Pension Plan Board, all related to commercial real estate investing
in Canada and the United States.
"We are excited to welcome Michael to RBC GAM to lead our
efforts in direct real estate investing," continued Mr. Chornous.
"He has an exceptional background and is ideally suited to support
the expansion of our solution set into this market."
Michael holds a B. Comm. (Honours with Distinction) with a major
in finance from the University of
Manitoba and was awarded the CFA designation in 1995.
About RBC Global Asset Management
RBC Global Asset
Management (RBC GAM) is the asset management division of Royal Bank
of Canada (RBC) and includes
institutional money managers BlueBay Asset Management and Phillips,
Hager & North Investment Management. RBC GAM is a provider of
global investment management services and solutions to
institutional, high-net-worth and individual investors through
separate accounts, pooled funds, mutual funds, hedge funds,
exchange-traded funds and specialty investment strategies. The RBC
GAM group of companies manage approximately $425 billion in assets and have approximately
1,400 employees located across Canada, the United
States, Europe and
Asia.
SOURCE RBC Global Asset Management