TORONTO - BPI Financial Corp., Toronto, a Canadian mutual fund company with $3 billion (U.S.) in assets, has opened a U.S. subsidiary dedicated to institutional money management.
BPI Global Asset Management L.L.P., opened in Orlando, Fla., with $600 million in subadvisory assets for six BPI U.S. and global equity mutual funds.
BPI Global will focus on managing domestic and international equity products for U.S. institutions, including pension funds, mutual funds, endowments and foundations, said Ryan Burrow, president. The firm also has an international equity commingled fund available for U.S. institutions, and it plans to seek out more subadvisory agreements in the United States, said Mr. Burrow. Additionally, BPI Global will manage global equity portfolios for Canadian institutions.
The firm is headed by Mr. Burrow; Daniel R. Jaworski, chief investment officer; and Pablo Salas and Thomas Sudyka Jr., managing directors. Messrs. Burrow, Jaworski and Salas were formerly executives with STI Capital Management, Orlando, where Mr. Jaworski managed international equity portfolios, Mr. Salas managed emerging market equities and Mr. Burrow had marketing responsibilities.
Mr. Burrow is not being replaced, but STI is seeking an international portfolio manager and one to handle emerging markets equities to replace Messrs. Jaworski and Salas, said president James R. Wood. STI has arranged for both portfolio managers to continue handling STI's emerging markets and international equity products until their replacements are on board.
Mr. Sudyka was an equity portfolio manager at KPM Investment Management, Omaha, Neb., where he has not been replaced. KPM officials said they plan to search for a replacement.