RBC Global Asset Management announced Aug. 13 the appointment of Michael Kitt as Head, Real Estate Equity Investments. This appointment “marks RBC GAM's entry into direct real estate equity investing and demonstrates the firm's continued focus on private and illiquid markets,” says the company.

Based in Toronto and reporting to Dan Chornous, Chief Investment Officer of RBC GAM, Kitt will be responsible for leading RBC GAM's efforts to develop Canadian real estate pooled solutions. Initially these solutions will be offered to the domestic institutional market, with the aim of expanding both vehicle type and targeted client groups over time, says the company.

An ideal next step

"As a full spectrum asset manager, we continually broaden the range of investment solutions available to our clients," said Chornous. "Commercial real estate is an ideal next step for us, extending out from our mortgage business and offering our clients exposure to an asset class in which RBC GAM's sophisticated knowledge, scale and access to deal flow will enhance investment prospects."

Kitt has broad experience in the North American and European real estate business. Most recently, he was Chief Financial Officer & Executive Vice President, Finance & Strategy for Oxford Properties, OMERS' wholly owned real estate investment unit. Prior to that he held positions at Cadillac Fairview Corporation and Ontario Teachers' Pension Plan Board, all related to commercial real estate investing in Canada and the United States.