Asset management giant appoints new head of equity investments

This is RBC GAM's first step into direct real estate equity investing

By Ephraim Vecina

14 Aug. 2018

RBC Global Asset Management Inc. has announced Michael Kitt as its new head of real estate equity investments, with a focus on spearheading the development of new pooled solutions for Canadian commercial properties.

These solutions are intended initially for the domestic institutional investor market, with an eye towards eventual expansion of “both vehicle type and targeted client groups over time,” the firm said in its announcement.

Kitt was formerly the chief financial officer and executive vice-president of finance and strategy for Oxford Properties. Kitt was also previously affiliated with Cadillac Fairview Corp. and the Ontario Teachers’ Pension Plan.

RBC FAM stated that this appointment represents its initial entry into direct real estate equity investing, which will supplement the more than $7 billion in private market assets the company currently holds through its mortgage portfolios.

“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,” chief investment officer Dan Chornous said.