VANCOUVER, Nov. 22, 2019 /CNW/ - North Growth Management Ltd. today announced that Erica Lau has been appointed Chief Executive Officer and Lead Portfolio Manager.
Ms. Lau succeeds Rory North, who is retiring after successfully leading the investment management firm since 2000. To ensure a smooth transition, he will continue as a consultant to North Growth Management until January 31, 2020.
"I intend to stick to the values and investment philosophy that have allowed North Growth Management to prosper since inception in 1998," said Ms. Lau. "Our cornerstone will remain Growth at a Reasonable Price, we will continue to be fossil-free and tobacco-free, and we will stay focused on fundamental research and the free flow of ideas within our team. That's how we make intelligent investment decisions."
North Growth Management currently has approximately $650 million under management, compared with under $40 million at inception. Its all-inclusive management fees are among the lowest in Canada. It aligns the financial interests of staff with clients by requiring that portfolio managers cannot invest in stocks personally outside of the North Growth Management funds, and all portfolio managers are personally invested in its funds.
Ms. Lau, 44, is North Growth Management's third CEO, after Rory North and after his father Rudy North, who is Chair and founder of North Growth Management. Rudy North co-founded the asset management firm Philips Hager & North in 1964. Rudy North helped develop PH&N into one of Canada's leading independent firms before establishing North Growth Management in 1998.
Said Rory North, "Erica and I have worked closely together for two decades and I have every confidence in her abilities. Our family's funds, including our philanthropic North Family Foundation, are staying with North Growth Management. As for me, I'm looking forward spending more time with my wife and my three teenage boys."
Added Rudy North, "I have known Erica since I first hired her in 1997 to work at PH&N. She has been a key member of the portfolio management team from the day that North Growth Management opened its doors in 1998, and I am sure that she is the right person to lead the firm forward."
Ms. Lau earned a Bachelor of Commerce from the University of British Columbia in 1997. Her major was finance and she was the top graduate in her class.
North Growth Management thanks Rory North for his valuable leadership. He has worked tirelessly for the firm for 20 years and North Growth Management wishes him well in retirement.
About North Growth Management Ltd.
North Growth Management is an independent Vancouver investment management firm specializing in low-fee U.S. and Canadian equity portfolio management. The North Growth U.S. Equity Advisor Fund (Series' D & F) and the North Growth Canadian Equity Fund (Series' D & F) are available through your advisor with a minimum investment of $5,000. Our website is www.northgrowth.com.
SOURCE North Growth Management Ltd.
For further information: Clients: Erica Lau, CEO and Lead Portfolio Manager, (604) 697-5643 or Rachid Nayel, CFO, 604-697-5644; Media Inquiries: Longview Communications and Public Affairs, Alan Bayless (604) 694-6035, [email protected]