aima london program - 2014

Celebrating A Decade of Stellar Growth in Canada’s Alternative Investment Industry

Thursday, November 13, 2014 from 17:00 to 19:00Official Residence, 3 Grosvenor Square, London W1K 4AB

THANKS TO OuR pARTNeRS

ABOuT THeSe eveNTS

This event is truly a collaboration of efforts. First, by the High Commission in the united Kingdom and its dedicated staff who worked diligently to coordinate logistics, invite prominent local investors and allocators and provide an appropriate and very Canadian backdrop to the proceedings. Many thanks to them, indeed.

Thanks also to the event sponsors: Mitsubushi uFJ Fund Services, RBC Capital Markets and KpMG LLp for their generous support both monetarily and of their time, participation and active endorsement and promotion of the event.

Our speakers and to all the Canadian funds who attended and provided perspectives on the Canadian hedge fund industry, our thanks, for without them there would not be a Canadian hedge story to tell, and none to tell it.

Of course, thanks to the many attendees who came to hear about an industry well-known to them in a place perhaps new or less-known. We appreciate your indulgence as we tell our story and look forward to continued dialogue as both our industry and your requirements grow and evolve.

The Department of Foreign Affairs, Trade and Development (DFATD) regularly hosts events promoting Canadian products and services, know-how and ingenuity and industry participants that provide value for their customers, clients and/or investors.

Since 2012, DFATD has produced various events promoting the Canadian hedge fund industry and its participants. evening receptions like this one have been held in London (2012 and 2014), Boston (2012), Zürich (2013), Minneapolis (2013), Washington DC (2014), Geneva (2014) and Dubai (2014) with more planned in 2015 and beyond. It is hoped that all participants will both learn something about others in the industry, be they managers, service providers or investors, and meet new contacts that will assist them going forward.

Attendees are invited to share their feedback with the relevant High Commission, embassy or Consulate or the coordinator of these events (located in Ottawa): Donna DeBaeremaeker, donna.debaeremaeker@international.gc.ca.

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 1

MeSSAGe FROM THe HIGH COMMISSIONeR

Canada is known for its many natural wonders and bountiful resources such as forests, minerals (including diamonds) and foodstuffs and I am happy to add its growing hedge fund industry to this list of Canada-made proficiencies.

Getting to know the Canadian hedge fund industry and its diverse range of investment strategies such as event-driven, managed futures, long-short and a host of others speaks to the variation in so many areas that Canada delivers to the world’s consumers and investors.

In highlighting a few of the fund managers at this event, we hope that local investors will come to know what many others have found: that Canada offers an array of strategies managed by regulated investment managers.

The team at the High Commission in London looks forward to continuing to work with AIMA Canada and its members to increase the profile of Canada’s alternative investment industry in the united Kingdom.

High Commissioner Gordon Campbell High Commission of Canada to the united Kingdom

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luke dixonCo-Head external Manager SeleCtion, PubliC MarketS

uNIveRSITY SupeRANNuATION SCHeMe

Luke serves as Co-Head of public Market Manager selection for universities Superannuation Scheme Investment Management

(uSSIM), the fiduciary manager of the £43bn defined benefit scheme for the uK higher education sector (uSS), the uK’s largest private pension fund. Luke has joint responsibility for manager research, selection, portfolio construction and monitoring of external manager appointments across traditional fixed income, credit and equity mandates as well as absolute return and hedge funds. Luke joined uSS in July 2009 as a Senior Investment Manager responsible for hedge fund investments. uSS was awarded the outstanding contribution to the industry by an institutional investor award at the Hedge Funds Review european Single Manager Awards 2014.

previously Luke was executive Director at JpMorgan with responsibility for global hedge fund due diligence for structured products in the eMeA. prior to JpMorgan Luke held senior analytical and portfolio advisory positions with several uK and North American fund of hedge fund managers. After graduation Luke spent nearly 4 years in the derivative products area at the Montreal exchange.

Luke holds a Bachelor of Commerce (Finance) degree from Concordia university and a MBA from Wilfrid Laurier university. Luke is also a CFA charterholder and a CAIA charterholder. Luke serves on the AIMA Research Committee and is an active participant in its Investor Steering Committee. Luke was also the founding Chapter Head of the CAIA London regional chapter (2005-2012) and remains active on the London Chapter executive Committee.

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dAvid WAllinViCe PreSident, PriVate & inStitutional WealtH SerViCeS veRTex ONe ASSeT MANAGeMeNT INC.

Mr. David Wallin joined vertex One Asset Management in March 2002. He is responsible for the business development of private and Institutional

clients. He has over 15 years experience in the investment management business.

Mr. Wallin started his career with pemberton Securities as a retail broker before becoming an Investment Advisor for Royal Trust and later as a portfolio Manager for HSBC Asset Management Ltd. David is a graduate of Finance from Simon Fraser university, has a Canadian Investment Manager (CIM) designation, and is a licensed portfolio Manager.

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THe GROWTH OF CANADA’S HeDGe FuND INDuSTRY

Since the establishment of the Canada National Group of AIMA in 2003 the industry has grown from strength to strength as managers, markets and the regulatory environment has reacted to, and had effect on, the overall asset management industry. Like so many places, what started as a cottage industry of ‘insiders’ managing personal or family capital or smaller pools of investment has lead to an industry diversified as to size, strategy and investor base.

AIMA Canada has grown with the industry, providing a multitude of services not only to an expanding number and variety of members such as hedge funds, other asset managers, prime brokers, law and accounting firms, exchanges and institutional investors but to all roles within these members: portfolio managers, operations and compliance personnel, salespeople and a great many other specializations. Supporting sound practices, industry advocacy, investor and broader education, university outreach and social events designed to bring industry participants together, AIMA Canada is very active on multiple fronts with several stakeholders.

One important area is simply conveying the Canadian hedge fund industry story properly as some continue to see hedge funds (also called

alternative funds) as ‘risky’ and not delivering good or even positive returns which is simply not the case. To be clear, the Canadian hedge fund industry has continued to diversify the range of strategies offered. The industry today is very different from the one that existed prior to 2008. Although 7-10 years ago, long biased resource managers dominated the Canadian hedge fund area, there isn’t a single one that can now be counted among the largest hedge funds in Canada.

KCS Fund Strategies Inc., headed by peter Klein who is also a professor at Simon Fraser university in British Columbia, gathers return statistics on approximately 200 Canadian hedge funds and publishes a number of indices showing the performance of the industry overall, certain strategies and sub-sets. One sub-set is ex-directional, which excludes funds with large market or beta exposure (the parsing of funds into strategies is done but KCS, not self-selected by the funds); this would include arbitrage and market neutral funds, for example.

The performance speaks for itself. Looking on an annual basis, both aggregate and ex-directional hedge fund indices have delivered positive performance each year the S&p TSx

The Canadian hedge fund industry began in the late 80s/early 90s and has come a long way and proven to be an excellent alternative to, and complement of, long-only investments. New managers trading diverse strategies continue to seed, grow and deliver superior nominal and risk-adjusted returns to their investors.

Index Maximum Drawdown

Length of Drawdown

Months to Recover

S&P/TSX TR -43.3% (02/09) 9 months 23 months KCS Canadian Hedge Fund Index -20.9% (12/08) 5 months 11 months

KCS Canadian Index Ex-Directional -13.1% (11/08) 5 months 10 months

Hedge had less of a drawdown and recovered more quickly.

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 5

TR (total return, which includes dividends reinvested) did the same. In negative years the hedge indices fell by less than 50% of that of the long-only index. All this after all fees and charges are accounted for – costs that are not accounted for with the long-only index.

Since 2003, hedge funds have delivered performance that the long-only index simply cannot match. The ex-directional index keeping pace with the markets until 2008, when its drawdown was a fraction that of the long-only index. The overall Canadian index has mirrored the S&p TSx TR except that its up-years were generally higher and its down-years were always less pronounced.

volatility and drawdowns are a concern of any investor. Investors which require a steady rate of return due to commitments to beneficiaries or other constraints are risk-averse while most investors are not excited to have losses over

multiple months or years. In these respects, Canadian hedge funds do well as the worst drawdowns over the past 10 years were much less than that of the S&p TSx TR index, occurred over a shorter period and took less than one-half the time to recover.

volatility tells an equally compelling story. Canadian hedge displayed significantly lower risk and the Sharpe ratio (used to illustrate risk-adjusted returns) is very high over the 10-year study period.

Surveying the $35 billion Canadian hedge fund and FoHF industry one can see that its continued growth, maturation and regulation coupled with an increasing array of strategies, both directional and low-beta, delivering superior returns, downside risk protection and lower volatility is a formula for continued success: both for investors and industry participants.

Annual returns of indices (2003-2013)

Hedge fund indices delivered positive performance each year the S&P TSX TR did.

Growth of $100 (2003-2013)

Hedge fund indices kept pace with the long-only index and experienced a fraction of the drawdown.

$0

$50

$100

$150

$200

$250

$300

$350

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

S&P/TSX TR KCS Canadian Index KCS CDN Ex-Directional

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

S&P/TSX TR KCS Canadian Index KCS CDN Ex-Directional

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INDuSTRY pARTICIpANTS

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INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

1832 Asset Management LP Long/Short equity

Keir Kerr | keir.kerr@1832.ca | +1 416 365 2583 | Toronto, ON

www.1832.ca

Aberdeen Asset Management Inc. Global Fund Of Hedge Fund provider

Renee Arnold | renee.arnold@aberdeen-asset.com | +1 416 777 5570 | Toronto, ONwww.aberdeen-asset.ca

AllianceBernstein Canada Global and uS Hedge Funds and FoHFs

Wendy Brodkin | wendy.brodkin@alliancebernstein.com | +1 416 572 2534 | Toronto, ONwww.alliancebernstein.com

Arrow Capital Management Inc. Canadian, u.S. and Global Hedge Funds; bespoke portfolios

Mark Purdy | mpurdy@arrow-capital.com | +1 416 323 0477 | Toronto, ONwww.arrow-capital.com

Aurion Capital Management Inc. Institutional Long/Short equity and Income

Grant Bunker | gbunker@aurion.ca | +1 416 866 2445 | Toronto, ONwww.aurion.ca

Auspice Capital Advisors Liquid Alternatives, CTA, Commodity Manager

Tim Pickering | tim@auspicecapital.com | +1 888 792 9291 ext 3 | Calgary, ABwww.auspicecapital.com

AUSPICEAUSPICEAUSPICE

Ballast Healthcare Partners Inc. Long-Short Healthcare equity

Ali Alagheband | aa@ballasthp.com | +1 416 324 5701 | Toronto, ONwww.ballasthp.com

Blackheath Fund Management Inc. Commodity Trading Advisors

Christopher Foster | cfoster@blackheath.ca | +1 416 363 2962 | Toronto, ONwww.blackheath.ca

Alignvest Capital Management Inc. North American equity Long/Short

Arthur T. Sanchez | asanchez@alignvest.com | +1 416 307 2206 | Toronto, ON

www.alignvest.com

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INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

BlackRock Asset Management Canada Limited Hedge Fund Manager - various Strategies

Kin Chin | kin.chin@blackrock.com | +1 416 643 4050 | Toronto, ON

www.blackrock.com

Breton Hill Capital Ltd. Macro Hedge Fund Manager

Nick Politis | information@bretonhillcapital.com | +1 647 347 9371 | Toronto, ON www.bretonhillcapital.com

Chapados Couture Capital Multi-risk premia and Alternative Beta Capture

Éric-Paul Couture | epc@chapados-couture.com | +1 514 343 9119 | Montréal, pQ

www.chapados-couture.com

Celernus Investment Partners Inc. Mortgage/Asset Backed Lending

Gordon Martin | gmartin@celernus.com | +1 416 649 5827 | Toronto, ON

www.celernus.com

Clairwood Capital Management Inc. Long-Short equity, Tv & Film production Financing

Glenn Paradis | glenn@clairwoodcapital.com | +1 647 404 8145 | Toronto, ON

www.clairwoodcapital.com

Claret Asset Management Corporation Managed Futures

William K. Kovalchuk | wkovalchuk@claret.ca | +1 514 842 6115 | Montréal, pQwww.claret.ca

Credit Suisse Asset Management (Canada) Global Macro, Market Neutral, Long-Short equity, Fixed Income Funds

Nick Pomponio | nick.pomponio@credit-suisse.com | +1 416 352 4681 | Toronto, ON

www.credit-suisse.com

CQI Capital Management L.P. Long-Short equity

Daniel McClure | dmcclure@cqicapital.com | +1 416 941 0193 | Toronto, ON

www.cqicapital.com

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FrontFour Capital Corporation value event Driven

David Isaacman | disaacman@frontfourcapital.com | +1 416 927 7420 | Toronto, ONwww.frontfourcapital.com

Front Street Capital Long-Short equity and Income

Chris Fontana | cfontana@frontstreetcapital.com | +1 416 915 2439 | Toronto, ONwww.frontstreetcapital.com

GenFund Management Inc. Canada Market Neutral and 130/30

Debra Thuet | debra.thuet@genfund.com | +1 416 687 6552 | Toronto, ON

www.genfund.com

Delbrook Capital Advisors Multi-strategy / Resource Long-Short

Matt Zabloski | matt@delbrookcapital.com | +1 604 299 1450 | vancouver, BCwww.delbrookcapital.com

100,50, 0, 45 100,15, 0, 35

EdgeHill Partners North America Long/Short equity

Jason Mann | jmann@ehpartners.com | +1 416 360 0312 | Toronto, ON

www.ehpartners.com

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

Crystalline Management Inc. Canada Relative value and Arbitrage

Claude Perron | cperron@arbitrage-canada.com | +1 514 284 0248 ext 222 | Montréal, pQwww.arbitrage-canada.com

Fiera Capital Corporation private Infrastructure, Market Neutral, Long/Short equity, Fixed Income Funds

Andrew Bayouk | abayouk@fieracapital.com | +1 416 955 4888 | Toronto, ON

Chantal Ouimet | couimet@fieracapital.com | +1 514 954 3755 | Montréal, pQ

James Dungate | jdungate@fieracapital.com | +1 877 737 4433 | Calgary, AB

www.fieracapital.com

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JC Clark Ltd. Canadian Long-Short equity, Multi-Strategy, Special Situations

Romain Marguet | rmarguet@jcclark.com | +1 416 361 3571 | Toronto, ONwww.jcclark.com

Goodwood Inc. equity Long-Short, Activist

Curt Cumming | cscumming@goodwoodfunds.com | +1 416 203 2522 | Toronto, ONwww.goodwoodfunds.com

Hesperian Capital Management Inc. Long-Short Canadian equity and Market Neutral

Deirdre Harris | deirdre@hesperiancapital.com | +1 403 531 1406 | Calgary, ABSkye Collyer skye.collyer@hesperiancapital.com | +1 416 640 6728 | Toronto,ON www.hesperiancapital.com

FUNDSHesperian Capital Management Ltd.

Grafton Asset Management Global energy Investments, Long Bias

Kareen Stragherlin | kareen@graftonfunds.com | +1 403 228 8249 | Calgary, ABwww.graftonfunds.com

Hillsdale Investment Management Inc. Quantitative Long/Short Global equity

Ian Pember | ipember@hillsdaleinv.com | +1 416 913 3920 | Toronto, ONwww.hillsdaleinv.com

Groundlayer Capital Inc. Long-Short North American equity (Long Bias)

Robert Grundleger | rgrundleger@groundlayer.com | +1 416 365 2301 | Toronto, ONwww.groundlayer.com

Inflection Management Inc. Funds of Hedge Funds

Trevor Giles | tgiles@inflectionmanagement.com | +1 604 730 9147 | vancouver, BCwww.inflectionmanagement.com

Integrated Asset Management (IAM) Group public Market and private Fund Strategies

Paul Patterson | ppatterson@iamgroup.ca | +1 416 363-6526 | Toronto, ONwww.iamgroup.ca

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

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Niagara Capital Partners Ltd Macro / Managed Futures

David Rothberg | drothberg@niagaracapital.ca | +1 416 350 2911 | Toronto, ON www.niagaracapital.ca

Northwater Capital Management Inc. Intellectual property Funds and Risk parity portfolios

Neil Simons | nsimons@northwatercapital.com | +1 416 360 5435 | Toronto, ONwww.northwatercapital.com

Polar Securities Inc. uS Long/Short equity & Canadian Focused Multi-Strategy

Tom Sabourin | tsabourin@polarsec.com | +1 416 369 4459 | Toronto, ONwww.polarsecurities.com

Kinersis Renewables Group Infrastructure Alternative energy

Andrew Doman | andrew.doman@kinersis.com | +1 416 471 9804 | Toronto, ON

www.kinersis.com

Lakeroad Asset Managements Inc. Canadian & uS Long / Short Hedge Funds

Antonin Giroux | agiroux@lakeroad.ca | +1 514 755 7282 | Lac-Beauport, QC

www.lakeroad.ca

KCS Fund Strategies Inc. Disciplined Alternative Investment Management and Consulting

Peter Klein | pklein@kcsfunds.com | +1 604 569 4336 | vancouver, BCDaryl Purdy | dpurdy@kcsfunds.com | +1 647 786 8693 | Toronto, ON

www.kcsfunds.com

KFL Capital Management Ltd. Systematic Managed Futures

Ken McCord | ken@KFLcapital.com | +1 416 849 1925 ext 212 | Toronto, ON

www.KFLcapital.com

JM Fund Management Multi-Strategy

Jan Mizrahi | jan@jmfund.com | +1 416 722 8628 | Toronto, ONwww.jmfund.com

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

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Radin Capital Partners Inc. Global Long/Short equity

Brad Radin | brad.radin@radincapital.com | +1 416 929 6777 | Toronto, ONwww.radincapital.com

Rayne Capital Management Inc. Long-Short North American equity & Long-Short Global equity

Robert McFarlane | rob@raynecapital.com | +1 403 263 1991 | Calgary, ABwww.raynecapital.com

Razorbill Advisors Inc. Quantitative Credit Relative value

Pierre-Philippe Ste-Marie | pierre@razorbilladvisors.com| +1 514 508 8526 | Montréal, QCwww.razorbilladvisors.com

Ross Smith Asset Management Inc. event Driven / Relative-value Arbitrage

Weston Pring | wpring@rsam.ca | +1 403 294 6893 | Calgary, ABwww.rsam.ca

Rosseau Asset Management Ltd. event Driven/Special Situations

Warren Irwin | wirwin@rosseau.com | +1 416 777 2558 | Toronto, ONwww.rosseau.com

RP Investment Advisors Fixed Income Long/Short

Ann Glazier Rothwell | ann.glazier@rpia.ca | +1 647 776 0652 | Toronto, ONwww.rpia.ca

Shoreline West Asset Management Inc. Multi-Strategy Fund

Greg Sullivan | gsullivan@slwam.com | +1 604 737 1445 | vancouver, BC

Sigma Analysis & Management Ltd. Managed Account platform Solutions

Luis Seco | seco@sigmanalysis.com | +1 416 907 0716 | Toronto, ONwww.sigmanalysis.com

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

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Silvercreek Management Inc. Defensive - short-equity biased, Opportunistic – special situations, value-based

Bryn Joynt | bjoynt@silvercreekmanagement.com | +1 416 485 3953 | Toronto, ONwww.silvercreekmanagement.com

Spartan Fund Management Inc. emerging Manager platform

Gary Ostoich | gary.ostoich@spartanfunds.ca | +1 416 601 3171 | Toronto, ONwww.spartanfunds.ca

Stornoway Portfolio Management Inc. Distressed securities, turnarounds and special situations

Scott Reid | sreid@stornowayportfolio.com | +1 416 250 2845 | Toronto, ONwww.stornowayportfolio.com

Summerwood Capital Corp. Directional, Alternative Beta, exotic Alpha

Phil Schmitt | pschmitt@summerwoodgroup.com | +1 416 628 8400 | Toronto, ONwww.summerwoodgroup.com

SW8 Asset Management, Inc. North American equity Long-Short

Danielle Skipp | danielleskipp@sw8.ca | +1 647 340 6272 | Toronto, ONwww.sw8.ca

Timelo Investment Management Inc. Multi-asset global long-short, Canada focus

Jean-François Tardif | info@riskreward.ca | +1 647 725 2865 | Aurora, ON

www.riskreward.ca

Unigestion Asset Management (Canada) Inc. Global Funds of Hedge Funds

Heather Cooke | hcooke@unigestion.com | +1 647 350 2020 | Toronto, ON

www.unigestion.com

Third Eye Capital Management Inc. private Debt

Arif N. Bhalwani | arif@thirdeyecapital.com | +1 416 601 9824 | Toronto, ONwww.thirdeyecapital.com

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

SRE Securities Canada Inc. Long/Short Real estate Securities

Andrew Moffs | amoffs@starwood.com | +1 416 250 6680 | Toronto, ON

www.starwoodcapital.com/securities.aspx

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Vertex One Asset Management, Inc. Multi-Strategy/event-driven

Jeff McCord | invest@vertexone.com | +1 604 681 5787 | vancouver, BC

www.vertexone.com

Vision Capital Corporation Long-Short ReIT/Real estate

Jeffrey Olin | olin@visioncap.ca | +1 416 362 6546 | Toronto, ON

www.visioncap.ca

Waratah Advisors Long/Short uS & Canadian equity

Jessica Clark Barrow | jessica@waratahcap.com | +1 416 637 5618 | Toronto, ON

www.waratahadvisors.com

West Face Capital Inc. Opportunistic

Claude Robillard | claude.robillard@westfacecapital.com | +1 416 479 7323

Toronto, ON | www.westfacecapital.com

Westcourt Capital Corporation Alternative Investment Consultant, portfolio Manager and exempt Market Dealer

Rob Janson | rj@westcourtcapital.com | +1 416 907 4950 | Toronto, ON

www.westcourtcapital.com

Centurion Apartment REIT Real estate Investment Trust

Peter Figura | pfigura@centurionreit.com | +1 416 733 5600 ext 325 | Toronto, ON

www. centurionreit.com

TD Asset Management

Jonathan Shui | jonathan.shui@tdam.com | +1 416 308 5969 | Toronto, ON

www.tdam.com

Horizons ETFs Asset Manager – eTFs

Jaime Purvis | jpurvis@horizonsetfs.com | +1 416 601 2495 | Toronto, ON

www.horizonsetfs.com

OTHeR ASSeT MANAGeRS

INDuSTRY pARTICIpANTS HeDGe FuND AND FoHF MANAGeRS

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Goldman, Sachs & Co Prime Services

Darren Sumarah | darren.sumarah@gs.com | +1 416 981 2350 | Toronto, ON

www.gs.com

BMO Capital Markets

Katrina Rempel | katrina.rempel@bmo.com | +1 416 359 7524 | Toronto, ON

www.bmo.com

CIBC Prime Brokerage

Thomas Kalafatis | thomas.kalafatis@cibc.com | +1 416 956 6715 | Toronto, ON

www.cibc.ca/primeservicesgroup

Deutsche Bank AG, Canada Branch

Zach Rubin | zach.rubin@db.com | +1 416 682 8000 | Toronto, ON

www.db.com

J.P. Morgan Securities Canada Inc.

David Rawlings | david.rawlings@jpmorgan.com | +1 416 343 1092 | Toronto, ON

www.jpmorgan.com

RBC Capital Markets

Andrew Thornhill | andrew.thornhill@rbccm.com | +1 416 842 6440 | Toronto, ON

www.rbccm.com

Newedge Canada Inc.

Bruce Thompson | bruce.thompson@newedgegroup.com | +1 416 682 5123 | Toronto, ONPierre Fontaine | pierre.fontaine@newedgegroup.com | +1 514 392 3452 | Montréal, QC

www.newedgegroup.com

Scotiabank Global Banking and Markets

Les Marton | les.marton@scotiabank.com | +1 416 945 4897 | Toronto, ON

www.scotiaprimefinance.com

TD Securities Inc.

Peter Boffo | peter.boffo@tdsecurities.com | +1 416 983 1356 | Toronto, ON

www.tdsecurities.com

INDuSTRY pARTICIpANTS pRIMe BROKeRS

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CIBC Mellon Global Securities Services

Charbel Cheaib | charbel_cheaib@cibcmellon.com | +1 416 643 6352 | Toronto, ONwww.cibcmellon.com

CITCO (Canada) Inc.

Kieran Conroy | kconroy@citco.com | +1 416 966 9200 | Toronto, ONwww.citco.com

CommonWealth Fund Services

Mackenzie Crawford | mackenzie@commonwealthfundservices.com | +1 416 687 6654 Toronto, ON | www.commonwealthfundservices.com

Harmonic Fund Services Canada Inc.

John Lee | john.lee@harmonic.ky | +1 416 507 4700 | Toronto, ONwww.harmonic.ky

Maples Fund Services

Jason Brandt | jason.brandt@maplesfs.com | +1 514 228 2258 | Montréal, QCwww.maplesfs.com

MUFJ Fund Services (Canada) Ltd.

Steve Slessor | sslessor@mfsadmin.com | +1 519 748 6028 ext 140 Toronto, ON | www.mfsadmin.com

SGGG Fund Services Inc.

Dennis MacPherson | dmacpherson@sgggfsi.com | +1 416 967 0038 ext 247 | Toronto, ON | www.sgggfsi.com

State Street

Abdul Sheikh | asheikh@statestreet.com | +1 647 775 5959 | Toronto, ONwww.statestreet.com

The Investment Administration Solution Inc.

David Chan | dchan@jsitsp.com | +1 416 368 9569 ext 288 | Toronto, ONwww.TheSolutionpeople.com®

UBS Fund Services, Canada

Heather Budd | heather.budd@ubs.com | +1 416 971 4702 | Toronto, ONwww.ubs.com

INDuSTRY pARTICIpANTS FuND ADMINISTRATORS

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Deloitte LLP

George Kosmas | gkosmas@deloitte.ca | +1 416 601 6084 | Toronto, ON

Aaron Noga | anoga@deloitte.ca | +1 403 267 1700 | Calgary, AB

Anthony Barke | abarke@deloitte.ca | +1 604 640 3031 | vancouver, BC

Normand Favreau | nfavreau@deloitte.ca | +1 514 393 5407 | Montréal, QC

www.deloitte.ca

Ernst & Young LLP

Joseph Micallef | joseph.n.micallef@ca.ey.com | +1 416 943 3494 | Toronto, ON

www.ey.com/ca

KPMG LLP

Peter Hayes | phayes@kpmg.ca | +1 416 777 3939 | Toronto, ON

Philippe Grubert | philgrubert@kpmg.ca | +1 514 240 2608 | Montréal, pQ

Randy Kraft | | rkraft@kpmg.ca | +1 403 691 8039 | Calgary, AB

Nik Assanand | nassanand@kpmg.ca | +1 604 691 3104 | vancouver, BC

Austin Abas | aabas@kpmg.ca | +1 204 957 2217 | Winnipeg, MB

www.kpmg.ca

PricewaterhouseCoopers LLP

Chris Pitts | chris.pitts@ca.pwc.com | +1 416 947 8964 | Toronto, ON

Andrew Paterson | andrew.paterson@ca.pwc.com | +1 514 205 5264 | Montréal, pQ

Michael Godwin | michael.j.godwin@ca.pwc.com | +1 403 509 7322 | Calgary, AB

Paul Challinor | paul.challinor@ca.pwc.com | +1 604 806 7218 | vancouver, BC

www.pwc.com/ca/en

INDuSTRY pARTICIpANTS ACCOuNTING FIRMS

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 19

Borden Ladner Gervais LLP

Ron Kosonic | rkosonic@blg.com | +1 416-367-6621 | Toronto, ONEric Lapierre | elapierre@blg.com | +1 514 954 3103 | Montréal, pQJonathan Doll | jdoll@blg.com | +1 403 232 9659 | Calgary, ABJason Brooks | jbrooks@blg.com | +1 604 640 4102 | vancouver, BC

www.blg.com

Davies Ward Phillips & Vineberg LLP

Tim Baron | tbaron@dwpv.com | +1 416 863 5539 | Toronto, ON

www.dwvp.com

McMillan LLP

Jason Chertin | jason.chertin@mcmillan.ca | +1 416 865 7854 | Toronto, ONAssunta Di Lorenzo | assunta.dilorenzo@mcmillan.ca | +1 514 987 5018 | Montréal, pQ Michael Shannon | michael.shannon@mcmillan.ca | +1 604 893 7638 | vancouver, BC

www.mcmillan.ca

INDuSTRY pARTICIpANTS LAW FIRMS

Aird & Berlis LLP

Jennifer Wainwright | jwainwright@airdberlis.com | +1 416 865 4632 | Toronto, ON

www.airdberlis.com

Blake, Cassels & Graydon LLP

Stacy McLean | stacy.mclean@blakes.com | +1 416 863 4325 | Toronto, ONAaron Palmer | aaron.palmer@blakes.com | +1 604 631 3301 | vancouver, BC

www.blakes.com

Norton Rose Canada LLP

Michael Bunn | michael.bunn@nortonrose.com | +1 416 216 4095 | Toronto, ONwww.nortonrose.com

Stikeman Elliott LLP

Darin Renton | drenton@stikeman.com | +1 416 869 5635 | Toronto, ONAlix d’Anglejan-Chantillon | adeanglejan@stikeman.com | +1 514 397 3240 | Montréal, QCKeith R. Chatwin | kchatwin@stickman.com | +1 403 266 9088 | Calgary, ABArgiro M. Kotsalis | akotasalis@stikeman.com | +1 604 631 1317 | vancouver, BC

www.stikeman.com

Torys LLP

Marlene Davidge | mdavidge@torys.com | +1 416 865 7322 | Toronto, ON

www.torys.com

20 | 2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY

INDuSTRY pARTICIpANTS OTHeR

Castle Hall Alternatives Inc. Due Diligence Consultant

Chris Addy | caddy@castlehallalternatives.com | +1 450 465 8880 | Montréal, pQEsther Zurba | ezurba@castlehallalternatives.com | +1 647 302 9193 | Toronto, ON

www.castlehallalternatives.com

Cidel Financial Group private Wealth Management - private Bank

Matt Maldoff | mmaldoff@cidel.com | +1 416 925 7585 | Toronto, ONDavid Emond | demond@cidel.com | +1 403 697 6962 | Calgary, AB

www.cidel.com

ITG Brokerage, Trading platform

Dave Harris | dave.harris@itg.com | +1 416 874 0731 | Toronto, ONEtienne Phaneuf | etienne.phaneuf@itg.com | +1 877 604 4484 | Montréal, pQwww.itg.com

Montréal Exchange equity and Derivatives exchange

Claude Cyr | ccyr@m-x.ca | +1 514 871 7887 | Montréal, pQwww.m-x.ca

Phocion Investments Inc. phocion Investments Inc.

Ioannis Segounis | isegounis@phocioninvestments.com | +1 514 564 3323 | Montréal, pQwww.phocioninvestments.com

CME Group Futures exchange

Todd Schlaht | todd.schlaht@cmegroup.com | +1 403 444 5568 | Calgar y, AB Randy Warsager | randy.warsager@cmegroup.com | +1 212 897 5286 | New Yorkwww.cmegroup.com

ARA Compliance Support Compliance Consulting Service

Vipool Desai | vpool@aracompliance.com | +1 416 629 4155 | Toronto, ONwww.aracompliance.com

CIBC Wood Gundy Retail Brokerage

Jonathan Carter | jonathan.carter@cibc.ca | +1 416 594-7394 | Toronto, ONwww.woodgundy.com

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 21

INDuSTRY pARTICIpANTS INSTITuTIONAL INveSTORS

Ontario Teachers’ Pension Plan

Neil Petroff | npetroff@otpp.com | +1 416 730 3763 | Toronto, ONwww.otpp.com

PSP Investments

France-Anne Fortin | fafortin@investpsp.ca | +1 514 925 5487 | Montréal, pQwww.investpsp.ca

Certain members of AIMA Canada who are institutional investors have opted not to be listed in this directory.

22 | 2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY

NOTeS

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 23

NOTeS

24 | 2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY

NOTeS

2014 CeLeBRATING A DeCADe OF STeLLAR GROWTH IN CANADA’S ALTeRNATIve INveSTMeNT INDuSTRY | 25

NOTeS

FOR MORe INFORMATION:

Donna DeBaeremaeker trade Commissioner

Department of Foreign Affiars, Trade and DevelopmentOttawa, OntarioCanada

donna.debaeremaeker@international.gc.ca +1 343 203 3734

www.international.gc.ca

Government of CanadaTrade Commissioner Service

Gouvernement du CanadaService des délégués commerciaux