Employees at Fengate Asset Management attend its annual FUEL Day of learning and development.Supplied
When Andrea McLean joined Fengate Asset Management 11 years ago, she was its 100th employee. “I remember when we did our five-year vision plan and the goal was to reach $8 billion in assets under management. Today, we’re at $25 billion and have nearly 300 employees,” she says.
Toronto and Oakville, Ont.-based Fengate, a leading alternative asset manager focused on infrastructure, private equity and real estate strategies with offices in Canada and the United States, believes in investing in its people and promoting from within. McLean started as a manager with no direct reports. Her career progress was swift.
“Within 18 months, I was promoted to a project director role,” she says. “After I returned from maternity leave, I came back into a vice-president role and now I’m a senior vice-president. When you come in at a lower level, you’re heads-down working on a part of the puzzle. In my current role, I have much more input and a view on the overall business strategy, which is very exciting.”
She credits Fengate with giving her the necessary tools to become the leader she is today. “I developed my own style through the good leaders I’ve had here and who I wanted to emulate,” she says.
The company also provided her and other senior members with multi-day training on the coach leadership approach. “We learned how to be partners to our employees, as opposed to telling them what to do,” says McLean. She also learned how to reach out to others for her own problem-solving. “I’m a woman in a male-dominated industry, so I thought I had to have all the answers. Part of the coaching program required me to ask others for input, and everyone was so supportive.”
After more than 20 years working in recruitment, Kelly Millar, vice-president, talent acquisition, says she joined Fengate three years ago because she wanted “to find a home with a fantastic culture in financial services.” In addition to being aware of the industry awards Fengate had received, Millar interviewed people internally before accepting the offer because “I wanted to work at a company where the culture spoke for itself, and I could focus on bringing in top talent.”
Though Fengate has grown quickly — especially within the past three years, almost doubling employee size — the culture remains familial and entrepreneurial. “Even junior members tell me it feels like a start-up because their opinions and ideas are considered,” Millar says. “Our lines of communication are very transparent and accessible. The executives are always in the office stopping to talk to everyone, at all levels.”
Developing young talent is key at Fengate. The company offers a summer internship program which recruits 10-15 students annually. Each business unit requesting an intern must submit a robust project plan to ensure a meaningful student experience. Each student is also assigned a mentor from senior management.
During the past two years, six summer interns were hired for full-time positions. Positive word of mouth has made the program highly sought after on campus. “Our new grad pipelines are bursting at the seams,” says Millar.
A second program, called the Graduate Development Program, is what Millar refers to as “our special sauce.” Fengate selects four business school graduates from across Canada for a two-year rotational program through all areas of the business. Upon completion, the students select which areas to work in as analysts.
“They are getting huge exposure to our investors, our leadership teams, and how the entire business works,” says Millar. “It’s amazing to see the calibre of talent at that age. What they’re bringing to us is absolutely fantastic.”
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