VanEck is planning an expansion into Canada. The U.S.-headquartered ETF and mutual fund manager has named Kevin Gopaul CEO of its Canadian operations.
Gopaul spent nearly 15 years with BMO Global Asset Management (GAM) in senior roles, including president and chief commercial officer of BMO ETFs.
“They really want to build up VanEck’s presence in the country,” Gopaul said in an interview. “So, that’s building a complete asset manager, registering as an investment fund manager, launching products that are relevant to the marketplace, building investment management here, … building an entire footprint here in Canada.”
He said VanEck, which manages nearly US$200 billion in assets globally, has long wanted to establish a business in Canada, but needed the right person to lead the initiative.
Gopaul helped BMO launch and grow its ETF platform before leaving to start his own consultancy ETF Solutions Inc. in late 2023. BMO currently boasts the second highest ETF assets under management in Canada.
“Canada was the birthplace of the ETF and it’s a market we have long viewed as being an outstanding fit for the types of solutions we’ve built and are building here at VanEck,” said Jan van Eck, CEO of VanEck in a release. “What we’ve needed is an experienced hand to guide our ambitions in Canada, which is why we are so excited to welcome Kevin to our team.”
Gopaul has more than 25 years of industry experience. Earlier in his career, he was a founder and long-serving director of the Canadian ETF Association.
While the ETF market is already crowded in Canada, Gopaul said VanEck is focused on macro-thematic investing, something that’s currently lacking here.
“They’re not trying to come to Canada to be like the 10th or 11th S&P 500 ETF,” he said. “I think the view is that the macro-thematic lane is underdeveloped in Canada. Canada has deep, well-served core beta. The big banks and big global players have done a tremendous job there, but the market’s thinner in specialized, forward-looking exposures, like digital assets, critical minerals, defence infrastructure, emerging markets, things like that.”
VanEck’s entry into Canada follows moves into Europe, Asia and Australia.
In a release, VanEck promised more news on Canada-specific initiatives to come.
As employee No. 1 in Canada, Gopaul said that will mean personnel announcements, as he looks to build a staff and operations, with support from VanEck’s workforce of more than 300 in the U.S. and more than 500 globally.