By James Langton
(November 2 -16:05 ET) – The other shoe has dropped following the merger of AIM Funds Management Inc. and Trimark Financial Corp. Robert Krembil, chairman and chief investment officer, is stepping back from his role as CIO.
As of November 1, Patrick Farmer replaces Krembil as CIO for AIM Canada. Krembil will remain as chairman of the board.
When AIM bought Trimark this spring the Street was rife with talk that Trimark co-founder Krembil was not ready to sell, but co-founder Arthur Labatt was looking to cash out and step back from day-to-day duties. Krembil went along with the deal and stayed on as the top money manager of the combined firm.
Since the merger many Trimark officers have left the firm. These include former CEO Brad Badeau and former CFO Kevin Feeney. Golden parachutes have helped cushion the departures. Krembil is now joining Labatt in a less visible role.
Farmer comes to the top investment position from the bond side. He was lead manager of Trimark’s fixed-income funds. He will now share that role with Rex Chong, vice president of AIM.
Farmer has been with Trimark since 1993, when he joined as a portfolio manager. He came to Trimark from Crown Life Investment Management Inc., where he managed a U.S. bond fund. Farmer has a BA in economics from the University of Western Ontario, and is holds the CFA designation. Farmer began his career at the Ontario Municipal Employees Retirement System, moving on to Crown Life in 1987.