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Mutual Fund News

GMP recruits two veteran managers for new fund

INVESTMENT FUNDS REPORTER

Investors Group Inc. managers Daniel McClure and Kevin McLean have jumped ship to join GMP Investment Management, where they will help run a multi-strategy hedge fund.

The pair oversaw about $2-billion in assets in several funds, including the Investors Group Summa SRI Fund, which screens for socially responsible investments, and the Investors Canadian Growth Fund.

"This is a very big deal for GMP Investment Management because of their experience, and the process they used in managing money over the long term," president Kevin Barnes said yesterday.

Investors Group spokeswoman Anna AbouZeid said the managers resigned earlier this month, but their funds continue to be run by a team. No new lead managers have been appointed, she said.

Mr. McClure and Mr. McLean will be at their new jobs next week. They succeed Tim Lazaris who oversaw the stock portion of $303-million GMP Diversified Alpha Fund. He left to pursue other opportunities earlier this year.

The hedge fund, which uses a combination of equity, credit and quantitative strategies, aims to protect capital, have low volatility and generate absolute returns, Mr. Barnes said in an interview.

The fund was the brainchild of Jason Marks, chief executive officer of GMP Investment Management, who formerly held risk management roles at TD Securities Inc.

The new managers, whose roles may expand in the future to include running mutual funds, will have an equity stake in GMP Investment Management, a unit of GMP Capital Inc.

Before joining Investors Group a decade ago, Mr. McClure was an assistant vice-president at Sceptre Investment Counsel, while Mr. McLean was an equity manager at McLean Budden Ltd.

Winnipeg-based Investors Group, a unit of IGM Financial Inc., did not issue a press release on the manager departures, but said it alerted advisers who sell their funds.

© 2007 The Globe and Mail. All rights reserved.

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