The Investment Funds Institute of Canada (IFIC) has appointed its board of directors for 2015-2016.
On Sept. 10, IFIC revealed that John Adams (CEO of PFSL Investments Canada) will become chairman after serving as first vice-chairman for the past year while Ross Kappele (EVP and head of retail distribution at BMO Asset Management Canada) will become first vice-chairman.
In a press release announcing the appointments, IFIC noted that 2014 was the first year in which Canadians held more money in investment funds than in traditional savings vehicles, with 35% of household financial wealth in mutual funds, ETFs, and segregated funds compared to the 32% placed in deposits.
“This is an exciting time for the Canadian investment funds industry, as we continue to work together and with our regulators to identify and implement measures to improve the investor experience,” comments Adams. “Our efforts are clearly working, as Canadians are continuing to show confidence in mutual funds as their savings vehicle of choice.”