Hedge fund industry executive Gary Ostoich has been appointed chair of the Alternative Investment Management Association – Canada, the association announced on Wednesday.

Ostoich succeeds Phil Schmitt, who is stepping down after serving as chair for the past three years. Ostoich said Schmitt had played an important role representing the industry and developing AIMA Canada.

“I look forward to furthering the work of AIMA Canada in fostering transparency, investor education, and best practices throughout the Canadian industry,” said Ostoich.

He is president of Spartan Fund Management, which manages a multi-strategy hedge fund based in Toronto. He has been a prominent figure in the Canadian hedge fund industry for many years, initially as a lawyer in the early 1990’s when the Canadian alternatives market was in its infancy.

Ostoich has been associated with AIMA Canada since it was established in 2003 and played an integral role in its founding as one of the organization’s initial executive committee members.

He has also worked with various securities regulators across Canada with respect to the alternatives industry, including appearing before the Senate Banking Committee to testify with respect to hedge fund regulation.