The unexpected passing of Kevin McCreadie, the veteran CEO who steered AGF Management through a period of significant transformation, has sent ripples through Canada’s investment management industry this week. AGF Management Limited announced yesterday that McCreadie, 64, died suddenly on July 2, 2025, leaving a leadership vacuum at one of Canada’s oldest independent asset management firms.
The company’s board moved swiftly to maintain stability, naming Judy Goldring, previously AGF’s President and Head of Global Distribution, as McCreadie’s successor effective immediately.
“Kevin’s vision and steady hand guided AGF through extraordinary market cycles and a fundamental reshaping of the investment landscape,” said Blake Goldring, Chairman of AGF’s Board of Directors, in the company’s statement. “While we mourn this profound loss, we’re fortunate to have Judy’s deep institutional knowledge and strategic acumen to lead AGF forward without disruption.”
McCreadie joined AGF in 2014 as President and Chief Investment Officer before assuming the CEO role in December 2018. During his tenure, he orchestrated the firm’s strategic pivot toward alternative investments and private markets while strengthening its traditional mutual fund business amid intensifying competition from passive investment products.
The timing of this leadership transition comes at a particularly consequential moment for AGF, which recently reported $43.5 billion in assets under management as of May 31, 2025. Under McCreadie’s direction, the firm had been executing an ambitious five-year growth strategy that included targeted acquisitions and expansion of its institutional client base.
Market reaction to the news has been measured but cautious. AGF’s shares initially fell 3.2% in early trading before recovering slightly to close down 1.8% yesterday at $11.43 on the Toronto Stock Exchange. The relatively modest decline suggests investors have confidence in the succession plan, though questions remain about potential strategic shifts under Goldring’s leadership.
“The market appears to recognize that this is a well-orchestrated transition to a proven internal candidate rather than a disruptive event,” notes Kaitlyn Lee, financial services analyst at RBC Capital Markets. “Goldring has been integral to AGF’s distribution strategy and business development initiatives for over two decades, providing valuable continuity.”
Indeed, Judy Goldring represents a deep connection to AGF’s heritage while bringing her own distinctive vision. As the daughter of company founder Warren Goldring and sister of current Chairman Blake Goldring, she carries forward a family legacy that dates back to AGF’s founding in 1957. Yet industry observers point to her modern approach to asset management and reputation as a champion for diversity in financial services.
Prior to her current role, Goldring served as AGF’s Chief Operating Officer and General Counsel, giving her broad operational experience across the organization. She’s been particularly influential in reshaping AGF’s global distribution strategy and institutional relationships.
“Kevin and I worked closely to position AGF for the future,” Goldring stated in her first communication as CEO. “While this is an incredibly difficult moment personally and professionally, I’m committed to honoring his legacy by continuing our strategic direction while bringing my own perspective to the challenges and opportunities ahead.”
Those challenges are considerable in today’s investment landscape. Asset managers like AGF face persistent fee compression, the continued rise of passive investing strategies, and growing demands for sustainable investment options. McCreadie had been navigating these industry-wide headwinds by diversifying AGF’s revenue streams and making strategic investments in technology.
Particularly noteworthy was his 2023 acquisition of quantitative investment firm Systematic Financial, which added $4.3 billion in assets and sophisticated algorithmic trading capabilities to AGF’s toolkit. He also expanded AGF’s private markets platform through a joint venture with inAsia Fund Investments, establishing a foothold in rapidly growing Asian markets.
Industry consultant Marina Toshak, who specializes in asset management transitions, sees both opportunity and risk in the current situation. “Leadership changes of this nature typically trigger a strategic reassessment,” she explains. “The key question is whether Goldring will maintain McCreadie’s expansion initiatives or chart a more conservative course given current market volatility.”
That volatility has been pronounced in 2025, with rising interest rates and persistent inflation concerns creating challenging conditions for asset managers. The Bank of Canada‘s recent decision to hold its policy rate steady at 4.25% offered some relief, but uncertainty around monetary policy continues to influence investment flows.
McCreadie’s passing also highlights succession planning within Canada’s financial services sector, where leadership transitions have become more frequent as baby boomer executives reach retirement age. AGF’s swift appointment of Goldring stands in contrast to more protracted succession processes at some of its competitors.
“The immediate appointment demonstrates confidence in their bench strength,” observes Carlos Menendez, corporate governance specialist at the Rotman School of Management. “Many financial institutions struggle with succession planning, but AGF’s response suggests they had contingencies in place.”
That preparation extends to AGF’s investment teams, where McCreadie had implemented a collaborative structure that distributed decision-making authority rather than concentrating it at the top. This approach has created resilience that may serve the firm well during this transition.
For Goldring, immediate priorities likely include reassuring key institutional clients and investment partners while maintaining momentum on strategic initiatives. She’ll also need to address potential concerns from the firm’s retail investors, who account for approximately 40% of AGF’s assets under management.
The firm’s upcoming quarterly earnings call, scheduled for July 17, will provide Goldring with her first major opportunity to articulate her vision to investors and analysts. Market observers will be watching closely for signals about potential adjustments to McCreadie’s growth strategy.
“Succession events often serve as inflection points,” notes Wei Zhang, senior analyst at Veritas Investment Research. “While radical change seems unlikely given Goldring’s long tenure at AGF, she may accelerate certain initiatives or recalibrate others based on her assessment of market conditions.”
Those conditions remain challenging across the Canadian investment landscape. The S&P/TSX Composite Index has experienced heightened volatility in recent months, reflecting broader economic uncertainties and shifting investor sentiment. Against this backdrop, active managers like AGF face ongoing pressure to demonstrate their value proposition relative to lower-cost index funds.
McCreadie’s legacy at AGF includes significant progress on technological modernization, with investments in digital client experience and operational efficiency. The firm recently completed a comprehensive platform upgrade that streamlined its investment operations and enhanced reporting capabilities for institutional clients.
As the industry processes this unexpected transition, competitors are likely assessing potential opportunities and threats. Canada’s asset management sector has seen considerable consolidation in recent years, with larger players acquiring boutique firms to build scale and capability. Whether AGF’s leadership change affects this competitive landscape remains to be seen.
For now, the focus remains on a smooth transition that honors McCreadie’s contributions while positioning AGF for future growth. The company has established a memorial fund in McCreadie’s name to support financial education initiatives, reflecting his lifelong commitment to investor literacy.
“Kevin believed deeply in demystifying investing for everyday Canadians,” said Blake Goldring. “This fund will ensure his impact continues for generations to come.”
As Judy Goldring takes the helm at AGF, she inherits both significant challenges and opportunities. Her success will depend on navigating industry disruption while maintaining the trust of clients and shareholders during a period of economic uncertainty. For one of Canada’s oldest independent asset managers, this unexpected leadership transition represents both an ending and a new beginning.
