Veteran portfolio manager Gerard Ferguson is taking over as president and CEO of Toronto’s Front Street Capital, following the sale of controlling interest in the firm to a group of investors.
Asset management firm Front Street Capital 2004 on Tuesday announced that it has closed a deal to sell controlling interest in the group to a group of investors, known as FS Group Holdings Ltd. The firm then named Ferguson to the post of president and CEO; he also remains a senior portfolio manager at the firm.
Prior to joining Front Street, Ferguson was the co-founder of Jemekk Capital Management, which Front Street acquired in 2013. Before that he was a portfolio manager at AGF for 11 years.Front Street’s founders, Frank Mersch and Norm Lamarche, remain significant minority partners in the firm.Mersch is also chairman and chief investment officer, and Lamarche remains vice president and senior portfolio manager.
Despite the change in ownership and leadership, Front Street says that it doesn’t anticipate any changes to its services, or to the Jemekk group of funds.”I’m thrilled for the opportunity to lead such an innovative and independent firm,” says Ferguson in a statement. “I look forward to continuing to work with Frank, Norm and the whole team to provide innovative, unique investment solutions for financial advisors and their clients.”
Industry veterans Gord McMillan, Mark Barr and Andy McKay, are the principals in FS Group Holdings, which announced plans to acquire a controlling interest in Front Street back in October 2015. The terms of the deal were not disclosed.