CI rehires Lyon as resources managers play musical chairs

Rudy Luukko 7 October, 2014 | 5:55AM
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There's been a round of resources-manager musical chairs affecting the CI, AGF and CIBC families of funds.

Veteran resources-equity manager Robert Lyon, who left AGF Investments Inc. late last month, will be rejoining CI Investments Inc. after a roughly nine-year absence. CI confirmed today that it has appointed Lyon as a senior vice-president with CI's Signature Global Asset Management division, effective on or before Jan. 1, 2015.

Lyon will be responsible for CI Signature's resource-focused funds as well as the natural-resources equity holdings of other Signature funds. He will become lead manager of CI Signature Global ResourceCI Signature Global Resource Corporate ClassCI Signature Global Energy Corporate Class and CI Signature Gold Corporate Class.

Lyon's appointment follows the departureof CI's former resources-funds lead manager Scott Vali, who left CI in July and is now responsible for several resources and precious-metals mandates for CIBC.

During his previous tenure at CI from October 1999 to January 2006, Lyon managed the CI Signature Global Resource and Signature Global Energy mandates. He left CI to join TD Newcrest in 2006, and returned to fund management in April 2008 when he joined AGF. Before becoming a CI employee in 1999 when CI acquired the BPI family of funds, Lyon had managed a BPI resources fund.

In a letter distributed today to financial advisors and analysts, CI Investments president Derek J. Green described Lyon as one of Canada's leading resource-portfolio managers. "His extensive experience in securities research and selection will benefit the entire Signature team."

Meanwhile, AGF has turned to Stephen Bonnyman, an associate portfolio manager specializing in resources equities, to succeed Lyon as the lead manager of AGF Global Resources Class and AGF Canadian Resources. However, Bonnyman won't replace Lyon as a co-manager of AGF Precious Metals, which will continue to be managed by lead manager Ani Markova.

Bonnyman's appointment, which is subject to regulatory approval, was announced on Sept. 4, when AGF also confirmed Lyon's resignation. Lyon, whose last day at AGF was Sept. 26, stayed on for a short transition period.

Bonnyman, who joined AGF in May 2013, previously worked as a senior mining analyst with BMO Capital Markets, and before that as a resources analyst with UBS Global Asset Management, McLean Budden, CIBC World Markets and RBC Dominion Securities.

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Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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