City Financial strengthens board with key appointments
City Financial Investment Company, the London-based investment firm, has made two key appointments to its board, with Professor David R. Beatty and Michael Stein joining as non-executive directors.
Professor David R. Beatty OBE, is a global businessman with extensive board experience. He is the chairman of Inmet Mining Corporation (IMN.TO), as well as being a director of the Bank of Montreal (BMO.TO) where he serves on the Risk Review and Compensation committees. Furthermore, he is the former president and managing director respectively of Weston Foods and of the Canadian Coalition for Good Governance; an organisation that represents 50 pension funds, mutual funds and money managers with over US$1 trillion in assets under management. He is also the current chairman of the City Financial Asian Absolute Growth Fund which outperformed the Eurekahedge Asia ex-Japan HFI (E) by 6.29% and the MSCI AC Asia ex-Japan by 12.8% last year. This was all the more impressive as the Eurekahedge Asia ex-Japan HFI (E) index was over one and a half times as volatile as the City Financial Asian Absolute Growth Fund*, while the MSCI AC Asia ex-Japan index was over three times as volatile as the fund. Professor Beatty is the Conway Director of the Clarkson Centre for Business Ethics and Board Effectiveness, a Professor of Strategy at the University of Toronto’s Rotman School of Management, and is a graduate of Queens’ College, Cambridge.
Michael Stein is the founder of The MPI Group, an investment and property development group with an enviable record of incubating, investing in, and managing successful companies in several sectors. Mr Stein is a founder of many successful businesses including CAP REIT (CAR.UN.TO), Canada's first residential apartment REIT (Real Estate Investment Trust), where he continues to serve as chairman. He has previously been on the board of directors at Goldcorp Inc. (GG.NY), a NYSE-listed natural-resource holding company and is active in the Chief Executives Organization, the World Presidents’ Organization, and on the boards of companies in which MPI invests.
Andrew Williams, City Financial’s Chief Executive Officer commented: “David and Michael bring the relevant skills and experience to assist us in delivering our strategy of organic growth combined with selected acquisitions in 2012. Their appointments represent another significant step in the development of our business, and we are delighted to have them on board.”
* The results are based on a City Financial Asian Absolute Growth Fund Class (CFAAGF) Class C investment, new issues participation, a 0.6% management fee, an incentive allocation of 10% above a 10% hurdle rate since the beginning of the referenced period, inclusive of all expenses and reflect the reinvestment of all distributions on income and capital gains. Performance for individual investors may vary. Past performance is not an indication of future performance. CFAAGF is a Cayman Islands exempted company, registered as a regulated mutual fund with the Cayman Islands Monetary Authority. Volatility, beta, and correlation calculations are based on monthly data. The MSCI Asia ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure regional market equity [price] performance and it is comprised of securities which for most part are dissimilar to the positions held directly or indirectly by CFAAGF, and this benchmark does not have a similar risk/return profile to that of CFAAGF. CFAAGF is available to institutional investors only.