TORONTO, July 20, 2015 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the "Company") (TSX: AHF) announces several changes to the senior management team. These changes are part of the ongoing reorganization of the Company announced on June 30, 2015. Aston Hill remains focused on business improvements and cost cutting initiatives and intends to announce related updates in the coming weeks.
Peter Anderson Takes Active Role as Interim Chief Executive Officer
Aston Hill is pleased to announce that Peter Anderson has been appointed as Interim Chief Executive Officer of the Company effective August 1, 2015. Mr. Anderson will take an active role in the day-to-day management of the company, leading the direction of the firm's strategy and execution of becoming Canada's leading provider of Liquid Alternative mutual funds. Mr. Anderson was a senior executive at CI Financial Inc. for 15 years serving as Chief Investment Officer and Head of Institutional Sales until 2012, prior thereto as President and Chief Executive Officer of CI Investments. He was part of the team instrumental in building CI into a leading global investment firm. Mr. Anderson's global investment experience and expertise complements the Company in areas of corporate strategy, distribution development and risk management. Mr. Anderson was first appointed to the Aston Hill Board of Directors in November 2014.
Ben Cheng, President and Chief Investment Officer, said, "I've had the pleasure of working with Peter during our careers in this industry. 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."
Retirement of Aston Hill's Founder
Aston Hill also announces that Eric Tremblay, Chief Executive Officer and founder of Aston Hill, is stepping down from his role as CEO to pursue personal endeavours effective August 31st. Mr. 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. Regarding Mr. Tremblay's retirement, Mr. Cheng said, "I've had the pleasure of working with Eric for the better part of the past decade, and I know I speak for all of our employees when I say that he will be missed." Mr. Tremblay will also resign as Chairman of the Board of Directors, however the Company will still benefit from his experience and advice as a director on the board. Eldon Smith has been appointed to the role of Chairman of the Board effective immediately.
Resignation of Chief Financial Officer
Effective July 31st, Larry Titley will resign from his role as Chief Financial Officer. Mr. Titley joined the Company in its infancy and supported the growth of the firm over the past 8 years. "Larry's financial acumen was instrumental in the Company's financial development and improvement of our financial systems," said Mr. Cheng. "We wish Larry all the best in his future endeavours."
Derek Slemko, Senior Vice President of Finance and Business Development, has been appointed Interim Chief Financial Officer while the Company pursues a permanent Toronto-based candidate. Mr. Slemko has worked closely with Mr. Titley for the past 8 years.
Closure of the Calgary Office
In conjunction with the senior management changes, the Company announces that it will be closing the Calgary, AB office as soon as practical. The corporate functions currently being run from the Calgary office, which include corporate finance, accounting and human resources, will be consolidated to the Toronto, ON office. The closure of the office is part of a number of cost cutting initiatives that are expected to save the Company an estimated $2 million annually.
About Aston Hill
Aston Hill Financial Inc. (TSX: AHF) 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. Aston Hill Financial has offices in Calgary, Toronto and Halifax.
SOURCE Aston Hill Financial Inc.
For further information: Ben Cheng, President and Chief Investment Officer, Tel. 416-583-2300; Peter Anderson, Interim Chief Executive Officer, Tel. 416-583-2300