Key executive changes for leading asset manager

In the face of stiffer competition in the financial sector, companies are looking to consolidate and trim the fat to ensure bottom lines remain in the black.

Aston Hill Financial Inc. has undertaken a shakeup of its senior management team as part of ongoing reorganization announced in June. Further cost-cutting initiatives are anticipated in the coming weeks.

A key part of the changes include the appointment of Peter Anderson as interim CEO effective August 1, replacing CEO and founder Eric Tremblay.

Anderson will take an active role in the day-to-day management of the company, leading the direction of the firm's strategy focused on achieving the market lead on the provision of Liquid Alternative mutual funds.

“I've had the pleasure of working with Peter during our careers in this industry,” said Ben Cheng, president and CIO of Aston Hill. “His commitment to Aston Hill over the coming years to take an active role in our business gets me excited about the future of the firm.”

Tremblay founded Aston Hill in 2007 along with Ben Cheng, and was instrumental in building a considerable oil and gas investment division within the company. Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds.

“I've had the pleasure of working with Eric for the better part of the past decade,” said Cheng, “and I know I speak for all of our employees when I say that he will be missed.”

The shuffling and hiring at the top management levels is happening industry-wide, with the recent announcement earlier this summer by BlackRock, Inc. of the appointment of Marcia Moffat as head of its Canadian business. Moffat is anticipated to join BlackRock this September, bringing more than 15 years of industry experience to the role.

The corporate functions currently being run from the Calgary office, which include corporate finance, accounting and human resources, will be consolidated to the Toronto office, says Cheng.

Tremblay will step down as Chairman of the Board of Directors, but will still remain a director on the board. Eldon Smith has been appointed to the role of Chairman of the Board.

Derek Slemko, Senior Vice President of Finance and Business Development, steps into the role as Interim Chief Financial Officer while the company pursues a permanent Toronto-based candidate.