Independent asset manager Ninepoint Partners LP has named industry veteran Karl Cheong as its new head of exchange traded funds as it aims to boost its presence in the Canadian market.
On Monday, Ninepoint announced Mr. Cheong will be executive vice-president and head of ETFs, a newly created position for the company which first entered the ETF market in Canada in 2020.
The alternative investment manager – which focuses on investment strategies that are uncorrelated to traditional asset classes, such as equities and bonds – has approximately $7-billion in asset under management. About $414-million sits in the company’s ETF business, marking it the 28th largest ETF provider in Canada.
Ninepoint co-CEO James Fox said in a release that Mr. Cheong will help expand the ETF business even further and boost the development of an ETF line-up focused on alternative income, yield strategies and real asset exposure, among other strategies designed to diversify an investor’s portfolio.
Mr. Cheong brings more than 20 years of investment fund experience to the company.
Prior to Ninepoint, he spent a decade at fund manager First Trust Portfolios Canada, where he held several leadership roles, including head of ETFs, and was a board member until 2023.
In 2009, he was among the first group of Canadians to launch exchange traded funds in the country as head of product development at Claymore investments, which was later acquired by investment giant Blackrock Inc. In 2012, Mr. Cheong was also among the founding members of the Canadian ETF Association.
“I’ve dedicated my career to building meaningful, investor-first solutions, and Ninepoint’s entrepreneurial culture, alternatives platform, and broad distribution reach make it an ideal home to continue that mission,” Mr. Cheong said in a statement.