Toronto-based Aston Hill Financial Inc, is shaking up its senior management team and closing its office in Calgary, the asset management firm announced on Monday.
The changes are part of the ongoing reorganization of the company announced on June 30, the firm says in a statement.
See: Burchell out, Anderson in at Aston Hill
Peter Anderson has been appointed as interim CEO effective Aug. 1. Anderson will take an active role in the day-to-day management of the company, leading the direction of the firm’s strategy and execution of becoming Canada’s leading provider of Liquid Alternative mutual funds, the firm says.
Anderson was a senior executive at CI Financial Inc. for 15 years serving as chief investment officer and head of institutional sales until 2012. He was part of the team instrumental in building CI into a leading global investment firm. Anderson was first appointed to the Aston Hill board of directors in November 2014.
“I’ve had the pleasure of working with Peter during our careers in this industry. His commitment to Aston Hill over the coming years to take an active role in our business gets me excited about the future of the firm,” says Ben Cheng, president and chief investment officer in a statement.
Eric Tremblay, CEO and founder of Aston Hill, is stepping down from his role as CEO to pursue personal endeavours effective Aug, 31.
Tremblay founded Aston Hill in 2007 along with Cheng, and was instrumental in building a considerable oil and gas investment division within the company. Regarding Tremblay’s retirement, Cheng says, “I’ve had the pleasure of working with Eric for the better part of the past decade, and I know I speak for all of our employees when I say that he will be missed.”
Tremblay will also resign as chairman of the board of directors, however the company will still benefit from his experience and advice as a director on the board. Eldon Smith has been appointed to the role of chairman of the board effective immediately.
Larry Titley will resign from his role as CFO, effective July 31. He joined Aston Hill in its infancy and supported the growth of the firm over the past eight years. “Larry’s financial acumen was instrumental in the Company’s financial development and improvement of our financial systems,” says Cheng.
Derek Slemko, senior vice president of finance and business development, has been appointed interim CFO while Aston Hill pursues a permanent Toronto-based candidate. Slemko has worked closely with Titley for the past eight years, the company says.
In conjunction with the senior management changes, Aston Hill will be closing the Calgary office as soon as practical, the company says.
The corporate functions currently being run from the Calgary office, which include corporate finance, accounting and human resources, will be consolidated in Toronto. The closure of the office is part of a number of cost cutting initiatives that are expected to save the company an estimated $2 million annually, Aston Hill says.