Firm History

Investment Philosophy

As specialists in private wealth management, our investment philosophy is driven by two realities: first, that after-tax, after-cost investment returns are the only ones that count to private investors; and second, that every investor’s circumstances and objectives are unique. As such, we manage accounts on a segregated (not pooled) basis only, so that each client’s investment objectives and tax considerations can be accommodated in our investment decision-making process. Our portfolio construction process is “top-down”in that we first develop a comprehensive and fully customized investment policy statement (plan) for each client. It identifies the appropriate universe of eligible investment classes, the optimal allocations or weightings of each, and the investments themselves. It also provides an important benchmark for evaluating performance over time.

Our investment strategy is based upon the belief that markets are generally efficient and diversification and discipline are the keys to success. As such, we buy and hold thousands of stocks throughout the world’s markets including Canada, U.S., Europe, Japan and emerging markets. Return expectations are increased through an emphasis on small capitalization and value stocks in amounts which may vary depending upon the risk profile of each portfolio.

In Canada, we also focus on a selection of high-quality Canadian stocks offering attractive, secure and growing dividends, particularly for income oriented portfolios. Real Estate Investment Trusts (REITs) are also used for similar reasons and added diversification. Together these provide both an inflation hedge and a tax advantage through both capital gains and the dividend tax credit. In the fixed-income area, we construct portfolios using a variety of high-quality bonds consistent with each client’s specific objectives. Real return bonds and issues from foreign governments may be used to augment positions. This rigorous investment process results in high-quality, diversified global portfolios which reflect the unique objectives and constraints of individual client circumstances.

Reporting & Communication with Clients

Regular contact by senior investment managers is an essential ingredient in our ability to provide clients the highly-personalized care they deserve. This often means working closely with their other professional advisors as well, such as accountants and lawyers.

We conduct client meetings regularly and review investment objectives at each meeting to ensure they remain consistent with the client’s situation as it evolves over time. We provide quarterly statements while our custodian, National Bank Independent Network (NBIN), provides monthly statements. Detailed performance measurement is provided at each meeting.

Fees

We offer a very competitive fee structure with management fees starting at 0.98% on the first $500,000 of investment assets. Our fees continue to decline from this level on an aggressive taper to minimize costs for our clients.