RBC Asset Management Inc. said Wednesday that veteran fund manager John Kellett is retiring, with the result that changes are being made to the management the RBC Dividend Fund, the RBC Blue Chip Canadian Equity Fund and the RBC Private Dividend Pool.

RBC said Kellett, senior vice-president, Canadian equities has announced his intention to retire after 38 years in the investment industry, including 26 years of with RBC Financial Group.

John Varao, CFA, senior vice-president, Canadian equities will take over management of the RBC Dividend Fund, the RBC Blue Chip Canadian Equity Fund and the RBC Private Dividend Pool. Varao currently manages a number of RBC Funds, including the RBC Monthly Income Fund and the RBC Tax Managed Return Fund.

Varao will be supported by Shane Jones, vice-president and portfolio manager, who has been co-managing the RBC Dividend Fund since April 2002 and has been part of the RBC Canadian Equity team since 1998. Doug Raymond, associate portfolio manager, will also join the team managing the fund.

Dan Chornous, chief investment officer, RBC Asset Management, praised Kellett for his work and “valuable contribution” to the company. Kellett was named Investment Executive’s Fund Manager of the year in 2003, marking the first time a portfolio manager from a bank owned mutual fund company won the prestigious award.