The Canadian Foundation for Advancement of Investor Rights (FAIR Canada) has hired a new chief.
Investment litigator, Neil Gross, has signed on take over from Ermanno Pascutto as executive director at the investor advocacy group, which has emerged as a vocal advocate for investor interests over the past few years.
Pascutto has been looking for an exit strategy for the past few years, after starting the group with initial funding from Market Regulation Services Inc. back in 2008. He initially intended to spend about 18 months getting FAIR off the ground before stepping aside. However, he’s remained in the role for much longer than planned.
Now, veteran lawyer Gross has been tapped to take over. “I feel very fortunate to have been selected as the next executive director and I’m looking forward to joining the team at FAIR Canada,” says Gross. “They’re a terrific organization doing important work, and they do it really well with great dedication.”
With a small staff and limited budget, FAIR provides regulators with the retail investor perspective on a wide range of regulatory issues, along with broader public advocacy work. It is currently funded by both the Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC).
While he will be stepping back from his founding role at FAIR, Pascutto will remain on the board. “I’m extremely pleased about that since his knowledge and experience are invaluable,” Gross notes.