Sky Investment Counsel Inc., a global and international equity manager, is closing, according to two sources.
The Toronto-based money manager's website said Sky had C$1.8 billion (US$1.66 billion) in assets under management as of June 30; about C$1.6 billion of that had been managed as a subadviser for four Phillips, Hager & North mutual funds. At its peak at year-end 2006, the assets totaled US$2.73 billion, according to eVestment LLC.
But RBC Global Asset Management, PH&N's parent, this month shifted the assets to its London-based affiliate, RBC Global Asset Management (U.K.), said Matt Gierasimczuk, RBC spokesman.
Sky employees own 65% of the company and RBC Global Asset Management owns the remainder.
RBC Global moved the assets to take advantage of the hiring of Habib Subjally, senior portfolio manager and head of global equities, who with his nine-person investment team joined the U.K. unit in January, Mr. Gierasimczuk said.
Illinois Teachers' Retirement System, Springfield, at its Aug. 26 board meeting, accepted the resignation of Sky, which managed $31 million for the $45.3 billion pension fund as of June 30. Chuck Handy, Illinois Teachers investment officer for international equities, told trustees that Sky Investment Counsel was leaving the investment management business because its largest investor withdrew its assets.
Sky was founded in 2004 by Jennifer Witterick, president and CEO, according to information on its website. Ms. Witterick and Moya Murray, principal at Sky, could not be reached by press time for comment.
Christine Williamson contributed to this story.