Blake Goldring will be making a transition from chairman and CEO of Toronto-based AGF Management Ltd. to a new role as executive chairman, the investment fund company announced Wednesday.
Kevin McCreadie, president and chief investment officer, has been named as his successor. Judy Goldring, executive vice president and chief operating officer, has been named to president and chief administration officer. Both appointments are effective Dec. 1.
“It is my personal belief that leadership renewal is a hallmark of great organizations, especially one that has the deep bench strength that we do at AGF,” Goldring says in a statement. “I also get enormous satisfaction knowing that the firm is positioned for success based on my strategic decisions and AGF team efforts spanning just over 20 years.”
“Kevin is ideally suited to lead the new AGF given his extensive experience in investment management and his past four years of dedicated and proven leadership with AGF,” Goldring adds.
“Critical to [McCreadie’s] success was a multi-year onboarding plan to fully integrate into the culture at AGF while balancing the need to reorient the team for future success,” says Wayne Squibb, the AGF board’s lead director, in a statement. “Given Kevin’s track record in firmly establishing disciplined processes to deliver consistent results we are confident in him as a natural successor to Blake.”
“I am honoured to be appointed CEO for AGF at such a dynamic time for our company and industry. We are experiencing unprecedented and rapidly changing client and market environments,” McCreadie says in a statement. “I look forward to building on the momentum AGF is experiencing today while continuing to focus on strengthening our investment management capabilities and global reach, and driving growth and profitability throughout the business to deliver long-term value for our clients and shareholders.”
Separately, AGF announced that its assets under management for the third quarter (Q3 2018) ended Aug. 31 increased 11% to $38.8 billion year-over-year. Income for Q3 2018 was $116.5 million, compared to $110.3 million in Q3 2017.