AGF reaches south for its investment chief

Kevin McCreadie will bring multi-asset, multi-style experience to new role.

Rudy Luukko 14 May, 2014 | 3:24AM
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AGF's lengthy global search for a new chief investment officer has culminated in the hiring of U.S. executive and money manager Kevin McCreadie, who will also become president of the company's main operating subsidiary.

Parent company AGF Management Ltd. AGF.B today announced the hiring of McCreadie, who has resigned as president and CIO of Baltimore-based PNC Capital Advisors, LLC.

McCreadie, who has more than 30 years of investment experience, is scheduled to report for work at Toronto-based AGF Investments Inc. on June 17. Along with overseeing AGF's investment teams, he will lead the company's global institutional business.

Though as president he'll have an upgraded title and more responsibilities compared to his predecessor, McCreadie will assume many of the same roles previously held by Martin Hubbes, the former CIO and executive-vice president of AGF Investments. Hubbes stayed on during a transition period after AGF announced in December that he would be replaced. He left the firm in late February.

Based on what McCreadie has done at PNC Capital, macroeconomic research into industry sectors and countries will remain a significant element of AGF's investment process.

McCreadie's approach at PNC Capital has also been to offer a wide range of investment styles, provided that there are disciplined strategies in place. Under his leadership we can expect to continue to see both growth and value teams at AGF.

"His vast experience in investment management includes exposure to all major asset classes and a focus on generating returns within a solid risk framework," Blake Goldring, AGF Management's chairman and CEO, said in a release today announcing the appointment. "Kevin's investment acumen and solid leadership track record will continue to elevate our investment management capabilities and contribute to the growth of the organization."

At PNC Capital, McCreadie was responsible for overseeing roughly US$58 billion, of which about $39 billion consisted of fund retail assets. By comparison, AGF is a somewhat smaller asset manager of $35.9 billion (Cdn.) as of April 30, with retail funds accounting for $19.8 billion of the total.

Kevin McCreadie

Through an executive-search firm, AGF connected with almost 300 potential candidates in Canada, the U.S. and Europe, said Gordon Forrester, AGF's executive vice-president, marketing and product.

During his career, McCreadie has had responsibilities for not only equities and fixed income, but also more specialized mandates such as real estate and alternative strategies. He also met AGF's requirements for having experience in overseeing retail, institutional and high-net-worth mandates, and for having worked as a portfolio manager. As AGF's Forrester said of McCreadie's hands-on experience: "He's been in the trenches."

McCreadie's employment at PNC Capital and a predecessor firm dates back to 2002, when he was hired as CIO of the investment-management division of Mercantile Bankshares Corp. PNC Capital's parent company, PNC Financial Services Group Inc. PNC, acquired Mercantile Bankshares in 2007.

Before joining the Mercantile Bankshares organization in 2002, McCreadie was a partner at Brown Investment Advisory, where he was co-head of portfolio management. He began his investment career with J.P. Morgan Investment Management, where he eventually became a large-cap U.S equity manager. A CFA charterholder, McCreadie holds an MBA from the Wharton School at the University of Pennsylvania.

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About Author

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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