TORONTO (HedgeWorld.com)–The former head of KPMG Investment Advisors Inc.’s Toronto office, Hugh Innes, recently joined Canadian consultant York Hedge Fund Strategies.

As a new principal at York, Mr. Innes will draw upon his experience in the high-net-worth and institutional markets to expand the consulting group’s reach among investors in Canada’s growing hedge fund market. Prior to KPMG, Mr. Innes was a partner for more than a decade at two Canadian institutional and family offices groups, as well as advising U.S. pension fund clients.

The addition of Mr. Innes comes at a time when York is seeing increased interest from Canadian institutional investors seeking to diversify their portfolio using alternatives.

“In Canada, it’s much the same as you are seeing in the U.S. in the sense that pension funds, endowments and other investors are embracing hedge funds. In particular, we’re finding that funds of funds are a favored way that institutions are going about making allocations,” said Jim Knowles, a partner and founding member of York Hedge Fund Strategies.

“Many mid-sized institutions are looking for access to outside funds of funds, but there are larger institutions which are considering direct investments to hedge funds or running their own fund of funds because their resources are greater,” he said.

As a consultant, York Hedge Fund Strategies helps connect prospective Canadian investors with hedge fund firms, which have portfolio teams based in the United States. The firm also offers risk-return reporting and analytical services to investors, according to Mr. Knowles.