Personnel Changes to the TDAM Canadian Fixed Income Team

November 21, 2024

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the fund listed below, which is established as a segregated fund in accordance with the Insurance Companies Act (Canada).

In the summer of 2024, TD Global Investment Solutions (TDGIS) announced changes to the portfolio management and credit teams that support the TDAM Canadian Core Plus Bond Segregated Fund (“Core Plus”) and TDAM Active Canadian Corporate Bond Segregated Fund (“Corporate Bond”).

Changes to Credit Team

Ralph A. DeCesare has decided to retire on Dec 31, 2024. DeCesare is Managing Director and Head of Credit Research. He retires with over four decades of investment industry experience, having spent the past 16 years at TD Asset Management (TDAM).

Benjamin Chim will take on a newly created role as Managing Director and Head of Credit starting January 1, 2025. In this newly-created role, Chim will oversee research and portfolio management of investment grade credit and high yield bonds. Chim brings over 24 years of investment industry experience. He currently serves as Managing Director for the High Yield Fixed Income Team. As of Jan 1, 2025, Chim will no longer be a co-Portfolio Manager supporting Scott Colbourne, Lead Portfolio Manager (PM) on the Core Plus and Corporate Bond strategies. Chim will also no longer serve as Lead PM on the firm’s High Yield mandates. Chim will report into Michael Augustine, Managing Director and Head of Fixed Income and Asset Liability Management.

Changes to PM Teams for Core Plus and Corporate Bond effective January 1, 2025

Scott Colbourne will continue as lead PM of both the Core Plus and Corporate Bond funds. Colbourne formally assumed the role of lead PM on these funds in early 2023, when TDAM parted ways with Robert Pemberton, Head of Fixed Income. However, Colbourne had been managing the funds on a day-to-day basis since joining the Global Active Fixed Income team in 2017. Colbourne’s experience includes acting as co-CIO focused on absolute return strategies in fixed income and currency. He has also managed money at a hedge fund and a mutual fund company.

Hafiz Noordin will be added as a co-PM on Core Plus. Noordin has significant experience in macroeconomic research and manages TDAM’s Universe Active Fixed Income and Canadian Bond funds. He joined TDAM in 2011 and has over 18 years of industry experience. He is also a co-PM on the Corporate Bond fund.

Sam Chai will also become co-PM on Core Plus. Chai joined TDAM in 2022 and began his career in 2017. Chai has been supporting the management of the Core Plus and Global Fixed Income mandates, with a focus on top-down analysis.

Elaine Lindhorst will no longer be a co-PM on Core Plus and Corporate Bond. She will move into a new role managing liquidity solutions.

Alex Gorewicz will remain a co-PM on both Core Plus and Corporate Bond. In addition to these funds, she also manages Global Fixed Income mandates.

Rachana Bhat will remain a co-PM on Corporate Bond. Bhat brings over 14 years of experience, including her current role focused on the day-to-day management of investment grade credit portfolios alongside Chim.

Other changes within the TDAM Fixed Income Team

Once Chim transitions into his new role on January 1, 2025, the following changes will occur. The individuals listed below will all report directly to Chim.

  • Anthony Foss will become Lead, Investment Grade Credit Research. Foss joined TDAM in 2001 and brings over 28 years of investment industry experience. Foss worked alongside DeCesare for more than 15 years.
  • Rachana Bhat will become Lead, Investment Grade Portfolio Management. Bhat joined TDAM in 2017 and was previously a member of the Credit Research team where she covered the Global Consumer and Retail sector.
  • Anthony Imbesi will become Lead, High Yield. Imbesi brings over 28 years of investment industry experience and joined TDAM in 2017. He worked alongside Chim as a Senior PM for the past 5 years.

GRS Investment Solutions team view

We are generally comfortable with TDAM’s planning for the retirement of DeCesare and we are comfortable with the continuity of Scott Colbourne as lead PM. The firm’s well-resourced fixed income team is able to address retirements with experienced internal successors that have had time to develop within the firm’s investment process.

We will continue to monitor these strategies and communicate further as needed.

Questions?

Please contact your Sun Life Group Retirement Services representative.