RBC Global Asset Management expands its private markets business with appointment of new Head of Real Estate Equity Investments

TORONTO, Aug. 13, 2018 /CNW/ - RBC Global Asset Management (RBC GAM) today announced the appointment of Michael Kitt as Head, Real Estate Equity Investments.

Based in Toronto and reporting to Dan Chornous, Chief Investment Officer of RBC GAM, Michael will be responsible for leading the firm's efforts to develop Canadian real estate pooled solutions, which will initially be offered to the domestic institutional market, with the aim of expanding both vehicle type and targeted client groups over time. This appointment marks RBC GAM's entry into direct real estate equity investing and demonstrates the firm's continued focus on private and illiquid markets. RBC GAM currently has more than $7 billion in assets under management in private markets through its mortgage portfolios.

"As a full spectrum asset manager, we continually broaden the range of investment solutions available to our clients," said Mr. Chornous. "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."

Michael has extensive experience in the North American and European real estate business. Most recently, he was Chief Financial Officer & Executive Vice President, Finance & Strategy for Oxford Properties, OMERS' wholly owned real estate investment unit. Prior to that he held positions of increasing importance at Cadillac Fairview Corporation and Ontario Teachers' Pension Plan Board, all related to commercial real estate investing in Canada and the United States.

"We are excited to welcome Michael to RBC GAM to lead our efforts in direct real estate investing," continued Mr. Chornous. "He has an exceptional background and is ideally suited to support the expansion of our solution set into this market."

Michael holds a B. Comm. (Honours with Distinction) with a major in finance from the University of Manitoba and was awarded the CFA designation in 1995.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes institutional money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $425 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management

Leah Commisso, [email protected], RBC GAM Corporate Communications, 416-955-6498