Ex-CEO buys and rebrands Evermore Capital to launch new venture
Steve Hawkins is back in the ETF business. The former CEO of Horizons ETF Management Canada Inc. has launched a new company called LongPoint Asset Management Inc. according to the Globe and Mail.
Hawkins completed the acquisition of Evermore Capital Inc. on Friday and has renamed the company LongPoint. Evermore was a registered investment fund manager that had delisted its products from the TSX in April.
“It is Day One and I'm very excited to be starting my new opportunity as owner and CEO of LongPoint Asset Management Inc.! Our mission will be to democratize the ETF landscape in Canada by introducing new and innovative investment solutions to empower Canadian investors,” Hawkins wrote in a LinkedIn post today.
LongPoint is licensed to issue and manage both mutual funds and ETFs, but according to the Globe the company will aim to partner with existing money managers looking to launch investment products but lacking the appropriate infrastructure. That could include giving mutual fund companies the ability to more easily enter the ETF business.
Similar partnership models have been used in Canada. For example, in 2017 Dynamic Funds partnered with BlackRock Canada to launch nine ETFs. Those ETFs have since been moved into Dynamic’s established ETF business.
Hawkins had previously announced his retirement in November of 2022 with the longtime leader of Horizons stepping down in relatively abrupt fashion. Neither Hawkins nor Horizons commented following his retirement, beyond an expression of gratitude to Hawkins by the Board of Directors in the announcement of his retirement.
Earlier this year Horizons ETFs announced they would be rebranding to Global X, aligning themselves closer to the existing US brand also owned by their parent company Mirae Asset Financial Group. Horizons ETFs is currently Canada’s 4th largest ETF issuer, led by CEO Rohit Mehta. Horizons will officially complete its rebrand to Global X in May of this year.
