Publicly traded Canadian merchant bank and alternative asset manager CA Bancorp has carried out management changes, as part of its Realization Strategy, effective immediately.
Steven Sharpe, currently a director of the company, has been appointed as new chief executive officer.
An administrative services agreement has also been signed with Polar Capital Management to deliver investment management, financial and administrative services until completion of the strategy.
Kurt Brands, former chief executive officer, has been moved to Polar to serve as the chief financial officer.
The changes are being carried out to maximize the value of the remaining assets for the benefit of the company’s shareholders.
As part of the strategy, the company is currently working on a continuous basis to identify and implement alternatives to reduce its operating costs by streamlining operations and reducing corporate overheads.
Additionally, the firm is also exploring opportunities to maximize efficient use and preserve continuity of its management resources.
Offering investors with access to a range of private equity and other alternative asset class investment opportunities, CA Bancorp mainly focuses on investments in small- and middle-capitalization public and private companies.