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  • RBC Global Asset Management announces leadership transition: Stu Kedwell to be appointed as Global Chief Investment Officer

RBC Global Asset Management announces leadership transition: Stu Kedwell to be appointed as Global Chief Investment Officer

press release
RBC Global Management (U.S.) • Nov 13, 2025

Dan Chornous to retire following storied 45-year career

TORONTO, November 13, 2025 – RBC Global Asset Management. (“RBC GAM”) announced today the upcoming retirement of Dan Chornous, Global Chief Investment Officer (“CIO”), effective January 31, 2026. Succeeding him will be Stu Kedwell, who will assume the role of Global CIO, ensuring a seamless transition and continuity in the firm’s investment management leadership.

Mr. Kedwell is a seasoned investment professional with nearly 30 years of experience at RBC. In his current role as Managing Director, Senior Portfolio Manager, and Global Head of Equities, Mr. Kedwell has a proven track record, and a steadfast commitment to the firm’s culture. For the past 10 consecutive years, Mr. Kedwell has earned recognition as one of Canadian best equity investors by Brendan Wood International’s TopGun Investment Minds Awards*. Having worked closely with Mr. Chornous for over 25 years, Mr. Kedwell is well-aligned with the principles and rigorous disciplines that have defined RBC GAM’s investment approach.

“I am honoured to take on the role of Global Chief Investment Officer and build on Dan’s remarkable legacy,” said Stu Kedwell. “RBC GAM’s investment philosophy and client-centric approach are central to our purpose as a global investment manager, and I am excited to lead our talented team as we continue to focus on delivering the best possible outcomes for our clients.”

Mr. Kedwell will assume leadership responsibilities for a multinational investment management team comprising over 400 investment professionals. Currently, RBC GAM manages over CAD $700 billion in global assets, with over 270 investment strategies spanning over 20 asset classes. Mr. Kedwell will also continue to co-manage the RBC North American Value Fund alongside Doug Raymond, Managing Director and Senior Portfolio Manager.

Since becoming RBC GAM’s Global CIO in 2002, Mr. Chornous has been a transformative leader, helping GAM’s investment teams establish rigorous investment processes aligned to a client-centric philosophy. As the firm expanded – notably with the acquisitions of Phillips, Hager & North Investment Management in 2008 and BlueBay Asset Management in 2010 – Mr. Chornous guided the growth of the firm’s global investment management capabilities. Mr. Chornous’s ability to anticipate and respond to market trends, navigate complex economic landscapes, and mentor a generation of investment professionals has left an indelible mark on the firm.

“Dan’s contributions to RBC GAM have been nothing short of extraordinary,” said Damon Williams, CEO, RBC GAM. “His forward-thinking approach, commitment to innovation, and dedication to clients have set a high standard for our firm and positioned our global investment team for continued growth and evolution as we look to the future. Like Dan, Stu is deeply committed to fostering a culture based on diverse perspectives, learning and continuous improvement. Stu’s leadership will ensure that RBC GAM remains well-positioned to achieve our ambitious growth plans, deliver the best possible outcomes for our clients, and continue to strengthen our position as a leading global asset manager.”

*Brendan Wood International – TopGun Investment Management Teams are selected by sell side analysts, sales executives and traders in the investment industry. For more information, see: https://topgunpress.com/topgun-investment-minds-of-canadian-stocks-2025/

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎ We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional), manage approximately $740 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.

For more information, please contact:
Jean Francois Thibault, RBC GAM Corporate Communications, 437-440-5099

Disclosure

This material is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This material does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax, or other advice and such information should not be relied or acted upon for providing such advice. This material is not available for distribution to investors in jurisdictions where such distribution would be prohibited.

RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional), each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

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Any investment and economic outlook information contained in this material has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions in such information.

Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

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Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary substantially, especially over shorter time periods. It is not possible to invest directly in an index.

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© RBC Global Asset Management Inc., 2025