Toronto-based Front Street Capital 2004 has announced that Nevin Markwart, a 22-year investment industry veteran, will be taking over the role of president and CEO from Gerard Ferguson, a veteran portfolio manager who became the firm’s president and CEO less than six months ago.
Markwart will provide executive leadership to the firm as it continues to expand its product offerings and growth strategy, according to an announcement released by Front Street Capital on Wednesday.
Ferguson, who was a portfolio manager during his tenure as CEO and president, remains at the firm in his role as senior portfolio manager and continues to focus on Front Street’s accredited investor channel, according to Julian Scarfe, who leads marketing at the firm.
“We’re very happy with Gerard’s contributions and we [were] focused on getting a CEO who’s 100% focused on the business and not doing double duty as a portfolio manager,” says Scarfe.
The hiring of Markwart was an opportunity to hire someone with a proven track record who would have the singular focus of leading the firm, he adds.
Markwart, whose appointment is subject to standard regulatory approval, is no stranger to the executive role as he was president and CEO of Calgary-based Canoe Financial LP between 2010 and 2014. He was also senior vice president and head of Canadian equities at Toronto-based Fidelity Investments Canada ULC between 2005 and 2008.
“We are excited for the future of Front Street Capital under Nevin’s vision and in his leadership of such a dynamic and talented team,” says Gordon McMillan, a member of Front Street Capital’s governance committee, in a statement. “Nevin brings with him a successful track record and extensive experience in all aspects of the investment management industry.”
Markwart takes over from Ferguson, a veteran portfolio manager who became president and CEO of Front Street in February. Ferguson’s appointment followed the sale of controlling interest in the firm to a group of investors known as FS Group Holdings Ltd.
Long-time hockey fans may recognize Markwart’s name as he was a former professional hockey player who spent most of his nine-year career with the Boston Bruins. He retired from the sport in 1992 and joined the investment industry in 1994.
Front Street Capital appoints CEO
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