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Vanderhooft succeeds Black as Greystone CEO5 July 2006
Greystone Managed Investments today concluded its transition of Chief Executive Officers. Previously announced in December 2005, Robert Vanderhooft, CFA, succeeded Donald W. Black, C.M., SOM, following the employee-controlled firm's annual meeting on June 29. A 15-year Greystone veteran, Vanderhooft also continues as Chief Investment Officer of the firm.
Black, 59, who remains with the firm as Deputy-Chair of the board of directors, describes the move as the conclusion of a nine-year transition that began in 1997. "Successful succession planning is even more critical for an investment management firm than for most other organizations. Factors of consistency of process and continuity of personnel are of utmost concern to clients of the firm. Thus, the best transitions must occur over time, so that we can give our clients proof of continuity of investment process and performance even as individual responsibilities shift. For that reason, our CEO transition has been carefully planned and executed in an evolutionary way. Even the seven-month advance notice was part of our program."
Greystone's organizational structure uses chief officers to cover major operating areas of investment management, compliance, administration and marketing. Vanderhooft says this ensures he is free to focus on the investment side of the business while also shouldering the ultimate responsibility for business strategy and execution. "For example, our recent appointment of Elaine Bourassa, CA, as Greystone's Chief Operating Officer, re-enforced our team structure. It means I can continue where I offer the greatest value to the firm - directing the investment operations."
As CIO, Vanderhooft oversees Greystone's investment strategy and in-house teams covering Canadian equities, fixed income, US equities and Canadian real estate. He likewise steers investment product development and guides client service in conjunction with his colleagues. In addition, he remains an active member of the firm's Canadian equity team.
Vanderhooft said Black, who has led Greystone since 1992, would remain with the firm providing support to him and the executive management team. "He will also be Deputy Chair of the firm's board of directors, and therefore continue to be available to offer advice as we set the Greystone strategic course for some years to come."
Winnipeg native Vanderhooft, 40, joined Greystone in 1991 after four years as a US equity analyst with a major Canadian life insurance company. Hired as a portfolio manager in Greystone's Canadian equity area, he became vice-president in 1994 and assumed leadership of the team in 1996. He became the firm's Chief Investment Officer in 1998 and its president in 2002. He was one of the Globe & Mail's Top 40 under 40 in 2003. Vanderhooft is a Chartered Financial Analyst with a Bachelor of Commerce degree from the University of Manitoba.
Vanderhooft also announced three senior appointments at Greystone:
Grant Stahl, CFA, has been appointed Senior Vice-President and designated the incoming team leader for the firm's US equity group. He is currently Vice-President and portfolio manager on the team, which oversees $1.3 billion of client assets. On January 1, 2007, he will succeed Gladys Boehler, CFA, who will remain a special advisor to the team until her expected retirement in late 2007.
Anne Parker has joined the firm as Senior Vice-President, Legal & Communications, a newly created position. Parker most recently served as Executive Director of Communities of Tomorrow, a Regina-based national centre of excellence for work on sustainable communities. She was previously Vice-President of Trade Policy and Communications for IPSCO Inc. In her 15 years with IPSCO, she also served as legal counsel and Director Corporate Communications.
Heather Horner, Greystone's current Vice-President, Portfolio Strategy/Marketing in Toronto, becomes the new Senior Vice-President, Client Service, with firm-wide responsibility for client relations. Horner, who has been with Greystone for three years, was previously a client service vice-president with another Canadian investment manager.
Greystone Managed Investments ranks as Canada's seventh-largest investor of pension assets, according to the most-recent survey by Benefits Canada magazine, as well as one of its fastest-growing. With approximately $27 billion of assets under management, it serves a national clientele of pension funds, insurance companies, foundations, religious orders and corporations.
For further information: Robert Vanderhooft, CEO & CIO, Greystone Managed Investments Inc., 300-1230 Blackfoot Drive, Regina, Saskatchewan, (306) 779-6400; Paul G. Hartman, VP, Communications, E-mail: paul.hartman@greystone.ca, (306) 779-6445
Source: newswire
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