New leader for additional market focus for RBC GAM

Wealth manager enters real estate equity investing

New leader for additional market focus for RBC GAM
Steve Randall

RBC Global Asset Management has hired a new leader to drive its entry into real estate equity investing.

Michael Kitt will lead the team in developing Canadian real estate pooled solutions which will initially be offered to domestic institutional investors but with the aim of expanding vehicle type and targeted client groups later.

The firm’s foray into this new sector demonstrates its continued focus on private and illiquid markets. RBC GAM currently has more than $7 billion in assets under management in private markets through its mortgage portfolios.

"As a full spectrum asset manager, we continually broaden the range of investment solutions available to our clients," said Chornous. "Commercial real estate is an ideal next step for us, extending out from our mortgage business and offering our clients exposure to an asset class in which RBC GAM's sophisticated knowledge, scale and access to deal flow will enhance investment prospects."

Kitt will be based in Toronto, reporting to Dan Chornous, Chief Investment Officer of RBC GAM.

He brings years of industry experience to his role as Head, Real Estate Equity Investments. He held positions of increasing importance at Cadillac Fairview Corporation and Ontario Teachers' Pension Plan Board, all related to commercial real estate investing in Canada and the United States.

He was most recently Chief Financial Officer & Executive Vice President, Finance & Strategy for Oxford Properties, OMERS' wholly owned real estate investment unit.

"We are excited to welcome Michael to RBC GAM to lead our efforts in direct real estate investing," continued Mr. Chornous. "He has an exceptional background and is ideally suited to support the expansion of our solution set into this market."

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