RBC Global Asset Management Inc. has appointed Michael Kitt as head of real estate equity investments at RBC Global Asset Management.
Kitt will be leading efforts in developing Canadian real estate pooled solutions, initially as an offering for the domestic institutional investor market, with the aim of expanding both vehicle type and targeted client groups over time. The appointment is RBC GAM’s initial entry into direct real estate equity investing. Currently, the firm holds more than $7 billion in private market assets through its mortgage portfolios.
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“As a full spectrum asset manager, we continually broaden the range of investment solutions available to our clients,” said Dan Chornous, the firm’s chief investment officer, in a press release. “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.”
Prior to joining the firm, Kitt was chief financial officer and executive vice-president of finance and strategy for Oxford Properties, the real estate arm of the Ontario Municipal Employees Retirement System. He also worked at Cadillac Fairview Corp. and the Ontario Teachers’ Pension Plan.
“We are excited to welcome Michael to RBC GAM to lead our efforts in direct real estate investing,” said 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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