Top tier AM Toronto
Fellows, are there any strong AM firms in Toronto? Firms with strong culture and good pay on senior level (I know NY is the place for great pay…).
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Fidelity has large market share in Canada, then you also have a few AM arms from banks such as RBC AM.
Amongst the boutique ones, Turtle Creek is one of my personal favourite, then you have Connor, Clark & Lunn.
You also have pension funds the likes of CPPIB's public equity arm.
Are there any shops like Wellington/capital from a culture/comp perspective? Or who would come closest?
Fido and MFS are the two global AM shops that have a significant presence in Toronto. PH&N is fixed income focused but pretty large (domestically) but is based in Vancouver. Outside of that, the big 5 banks all have AM arms of varying sizes but are largely Canada focused.
Question is what’s the culture like, turnover, comp structure for PMs.
Both extremely low turnover. MFS has great culture and is very international/collaborative. Comment below is wrong, Fidelity Canada is a v smart shop, a bunch of the senior guys came over from FMR when Fidelity was split, though they are technically FIL. They run a ton of capital and have some of the best performing funds/PMs in Canada.
There's some good domestic independent asset managers as well. Burgundy, Mawer and Turtle Creek have strong investment processes. (Again, re: comment below, don't think Turtle Creek is getting acquired... their returns have been great, the founders have capital in the fund and they purposely closed their fund off to new investment a few years ago to stay small and not dilute their returns, Gluskin's decline was more a function of key investors leaving and not because of size.) Those are just some of the ones top of mind most students know because those firms do a ton of campus outreach/internship. There's some excellent boutiques too that fly under the radar like Ewing Morris.
Canadian buyside space is dominated by pensions. Most Canadian pensions pay the same across all asset classes/teams at the Jr/Mid level which makes comp really competitive (associates in publics and privates make the same). CPP and OMERS lead the pack.
Canadian banks have huge AUMs but are mostly distribution businesses. They hug the index pretty tight and don't take huge active weights.
Did you end up doing your MBA and looking for a country to relocate? Feel free to DM me for more.
Would disagree on the other post for Fidelity and the banks as a whole. I’m sure culture is fine, but they’re nothing too specialty imo.
I do like turtle creek and the pensions though, and I would add Burgundy.
What AMs are known to pay well on senior level in Toronto?
My understanding is it is the ones that are still independents. Burgundy is known for a good dividend because of employee ownership. And you have the additional upside of if these shops get acquired. Though I can’t see Burgundy going public or being acquired anytime soon, both because of their culture + post Gluskin the big shops might not be as attractive.
Given current market trends on the smaller side though I’d be surprised if Canoe / Turtle Creek or some of the smaller ones didn’t get scooped up by a bank, or even the pension funds (see recent OTPP acquisition of a UK AM)
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