Vincent Fraser succeeded Sylvain Simpson as president of Montreal-based software company Croesus on Wednesday.
Fraser, 48, said he will focus on three “axes” for Croesus’ growth: enhancing the platform through partnerships and acquisitions, expanding into Europe through its Swiss office and providing staff with improved career opportunities.
Prior to joining Croesus, Fraser co-founded Processia, a product lifecycle management company, and served as its president for 12 years until 2022. Last year, he joined Croesus as an independent board member before applying to become president.
Simpson will remain as a strategic advisor to Fraser and a board member.
“Our expertise, [between] myself and Vincent, [is] really different, so he’s going to take over the main leadership in Croesus, and I’m going to concentrate on more strategic projects,” Simpson said.
Croesus has gained technical depth in developing its portfolio management platform Croesus Advisor. But there is opportunity to expand the platform through partnerships and acquisitions, Fraser said. “There is a play for some consolidation in this space.”
The company is in the early stages of exploring acquisitions, but they will be part of the “master plan” in the long run, Fraser said. “There are specific areas where we don’t have the capability ourselves today, but where our clients will expect us to provide such solutions tomorrow.”
In the meantime, Croesus will continue its European expansion through the Geneva office it opened in January, said Fraser, who has expertise in international expansion.
Simpson, who has been with Croesus since its inception in 1994, said he’s proud that headcount doubled from 100 employees when he started as president in 2016 to more than 200 now.
Other industry moves
- Kevin Shubley has been named vice-president of business strategy and analysis with Richardson Wealth. He most recently worked with Gluskin Sheff & Associates, and his industry tenure also includes leadership roles with TD Bank Group. “I have seen first-hand what he can achieve,” said Dave Kelly, who joined Richardson Wealth in January as chief operating officer and worked with Shubley at Gluskin Sheff and TD, in a release.
- Annie Sinigagliese, whose industry tenure includes roles with organizations like Croesus and the Investment Industry Association of Canada, announced the launch of a new consulting and advocacy firm called the Canadian Independent Finance & Innovation Counsel. As CEO of the new Quebec-based corporation, she plans to “empower investment dealers to thrive in an ever-evolving industry landscape,” she said on LinkedIn.
- Allan Hutton has joined Toronto-based Laurus Investment Counsel as global head of investor relations. He spent the past 10 years working with Manulife Investment Management as managing director of institutional business development.
With files from Katie Keir