YMG Capital Management Inc. announced Monday that Eric Innes has been appointed president and CEO of the firm following the departure of Greg Edwards. The appointment is effective immediately.

Innes will continue to serve as chairman of the board of directors. The company’s other investment management professionals remain in place.

Innes announced the appointment of Jim Craven to the newly created position of chief operating officer of the company effective immediately. Craven will be responsible for all administrative functions including accounting, information technology, legal, compliance and portfolio administration. He will also continue to serve as corporate secretary.

Craven has served as vice president and chief legal officer since joining YMG in December 1999.

“I am excited about leading our experienced and dedicated personnel. We will continue to pursue our goal of becoming one of Canada’s premier investment management companies,” Innes said in a news release. “We are committed to a focused management structure that will improve the service we provide to our clients and create superior long-term value for our shareholders.”

Innes has served in numerous senior executive capacities at YMG and its predecessors since co-founding the company in 1983, most recently as chairman and chief investment officer. For the past 10 years he has been primarily responsible for managing the development and growth of YMG’s fixed income and quantitative investment processes. As at March 31, 2003 these processes accounted for some 93% of YMG’s approximately $12.4 billion in assets under management.

Edwards remains a significant shareholder of YMG and will continue to serve on the board of directors and as a member of the audit committee.

The company also indicated that there is a financial obligation owing to Edwards arising from the end of his executive role with the company. Discussions are being held with Edwards to determine the final amount of that obligation. While those discussions have yet to be concluded, the company estimates that it could be approximately $600,000.