MONEY MANAGEMENT

Foresters Asset Management chooses new CIO

Suzann Pennington was named chief investment officer at Canadian fixed-income and equity money manager Foresters Asset Management.

Ms. Pennington replaces R. Gregory Ross, who was named president and CEO. Mr. Ross was CIO and head of fixed income at Foresters Asset Management and at Aegon Capital Management, which was acquired by FAM parent Foresters Financial in May 2016 and renamed, said Andrew Berwick, FAM spokesman.

Ms. Pennington was CIO, managing director and head of equities at CIBC Asset Management. She was replaced by Gary Grad, said Susan Kirwin, CIBC spokeswoman.

The CEO position has been vacant since Marc Goldfried left Aegon in 2015 to become senior vice president and CIO at Canoe Financial, Mr. Berwick said

Foresters Asset Management has C$10 billion ($7.5 billion) in assets under management for Canadian institutional clients and C$1.7 billion in assets for the International Order of Foresters, Toronto.