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Letko, Brosseau & Associates Inc.


1800 McGill College Avenue, Suite 2510
Montreal, Quebec H3A 3J6
(514) 499 - 1200
Toll Free: (800) 307 - 8557

Principal Contacts

Peter Burke
Director, Investment Services
Tel: (647) 258 - 7861

Paul Vaillancourt
Director, Investment Services (Eastern Canada)
Tel: (587) 350 - 1706

Client Minimums

Private: $1,000,000
Institutional: $1,000,000

Types of Accounts Managed

  • Private Individual / Investor
  • Family Office
  • Institutional Investor - Pension Plan
  • Institutional Investor - Non-Profit
  • Institutional Investor - First Nations
  • Institutional Investor - Other

Provinces of Business

  • Alberta*
  • British Columbia
  • Manitoba
  • New Brunswick
  • Newfoundland and Labrador
  • Nova Scotia
  • Ontario*
  • Prince Edward Island
  • Quebec*
  • Saskatchewan
  • Northwest Territories
  • Nunavut
  • Yukon
  • United States

* indicates a physical location in this province


Letko, Brosseau & Associates Inc. (LBA) is a private investment management firm founded in 1987.

We currently manage approximately $27 billion of assets, mostly for institutions (over 400 clients representing 76% of AUM) including a variety of corporations and public funds (defined benefit and contribution pension plans), universities and hospital endowments, foundations, Aboriginal clients, sovereign wealth funds and other types of institutional investors.

LBA offers an approach based on fundamental analysis, broad diversification, an international perspective, careful security selection and low turnover. Since the firm’s inception more than 30 years ago, the same investment approach has been pursued in all asset classes and has been applied consistently across all portfolios. The firm uses no external managers, and all investment decisions are made based on research performed by the firm’s investment management team. The strength and depth of our industry research and corporate analytical work, together with rigorous adherence to investment principles, have generated solid long-term results for our clients.

LBA is focused exclusively on investment management. All portfolios are managed in-house by one integrated team of approximately 25 analysts / portfolio managers with strong academic credentials, diverse cultural backgrounds and relevant industry experience.

LBA has no corporate affiliations or associations. The firm is staffed by over 80 professionals located in three offices in Montreal, Toronto, and Calgary.

LBA has never been under investigation or fined for non-respect of regulation of organizations overseeing their sector of activities.


LBA’s investment approach is firmly grounded in the classical principles of finance and investing.

Fundamental in-house research drives all investment decisions. This work combines a macro-economic approach with thoughtful analysis of trends in major industry groups and detailed evaluation of companies. Analysts / PMs seek to understand market position, growth prospects, and cost structures, among other factors. The goal is to determine what constitutes fair value for an enterprise.

The team gives careful attention to the price paid for all investments, both on an absolute basis and relative to other opportunities. Determining fair value and avoiding over-paying is an important component of LBA’s process and long-term results.

The scope of our work is global. Analysts / PMs seek and evaluate attractive industries and companies around the world and measure them against their international competitors. This global perspective provides valuable insight into industry trends and company dynamics.

Intrinsic value is created in a business over the long-term. To capture that value, the team strives to develop insight into fundamental trends that will have a longer-term influence on an investment.

We believe in investing in publicly traded securities that provide the benefits of liquidity, low cost, full transparency and good governance.

Fully integrated into our investment process are considerations relating to environmental, social and governance (ESG) issues.

Mandates and Services offered

LBA focuses solely on investment management. Our fees are highly competitive and have not been increased since the inception of the firm over 30 years ago.

Assets are managed both on a segregated and pooled fund basis within balanced, global equity, regional equity (Canada, Emerging Markets, EAFE, US), and fixed income mandates. The minimum investments for segregated accounts and pooled funds are $5 million and $1 million respectively.

All major composites have 10+ year track records, while 30-year track records are available for each asset class. Investment performance has been independently verified to conform with Global Investment Performance Standards (GIPS) for the years 1988 – 2017.

LBA’s Value Add

Our results over the last 30+ years have been remarkable. Not only have we kept pace with the markets during this time but of the $27 billion we currently manage, $12 billion is attributed to the added value by our investment strategies over market benchmarks during our 30+ years of investment management. Our balanced strategy has been ranked #1 over 20 years in the $650 billion RBC Investor & Treasury Services Canadian Defined Benefit Plans Universe as of December 31, 2018. But results are only part of the story. Wishing for good returns says little on how to achieve them. The true story is in the purpose, the values and the discipline we bring to the investment process.

We invite you to contact us to see how we can serve you or your institution.