RBC Global Asset Management is moving into direct real estate equity investing and has appointed a new Toronto-based leader to drive the firm's efforts to develop Canadian real estate pooled solutions.
Michael Kitt becomes Head, Real Estate Equity Investments, and joins the firm from OMERS' wholly owned real estate investment unit Oxford Properties, where he was Chief Financial Officer & Executive Vice President, Finance & Strategy.
With an eye initially on the domestic institutional investment sector, RBC GAM aims to expand both vehicle type and targeted client groups over time.
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."