W i l f r i d
L a u r i e r
U n i v e r s i t y
Student Investment Fund
www.wlu.ca/sbe/lsif
Real Money.
Real Experience.
Outstanding
finance education.
Applied.
Content
Cover Photo
Brandon Snow, a 2002-2003 LSIF
portfolio manager who spent his co-op work
terms at Gluskin Sheff + Associates, is now
at Fidelity Investments in Boston.
Message from the Dean
1
Real Finance: The Laurier Student Investment Fund
2
Real Advice: Faculty Supervisors
3
Real Money: The Portfolio 4
Real Results: Fund Alumni 6
Class of 2008-2009
12
Real Experience: Finance Co-op 14
Become a partner of the Laurier Student Investment Fund
17
T h e L a u r i e r S c h o o l o f B u si n e ss & Ec o n o mics
Message from the Dean
In 2001, the Laurier Student Investment Fund was established to give students in the School
of Business & Economics hands-on training in equity valuation and portfolio management. For
eight years this intensive program has not only given finance students invaluable practice in
managing a portfolio, but also prepared them for work positions in the investment industry
through Laurier’s celebrated co-op experience.
The strength of the training provided by the Fund is demonstrated by the high quality of
businesses that employ our graduates. Fidelity Investments employs at its Boston headquarters
more alumni from Laurier than from any other university in Canada. Other top companies that
have hired graduates of the Fund include Gluskin Sheff & Associates, Scotia Capital and RBC
Capital Markets.
even generations
S
of students have
graduated from the
program and have
moved on to many
impressive positions
in the field.
The Fund is also being grown as an endowment that will be used to pay the expenses
associated with the operation of the program. The seed capital of nearly $130,000 for the Fund
was donated by the Mutual Group, and a further $6,500 was donated by alumni and faculty.
After eight years, the Fund has grown to $341,000 for a compound annual growth rate of over
14 percent, versus the Toronto Stock Exchange’s (TSX) 10.5 percent total return index.
We are extremely proud of our finance students for this substantial growth and know
that employers also recognize the quality work of Fund participants. Seven generations of
students have graduated from the program and have moved on to many impressive positions
in the field.
We look forward to seeing many more generations of students work on the Fund’s portfolio and
have the opportunity to learn and grow with the premier finance program at Laurier.
Ginny Dybenko
Dean, School of Business & Economics
1
F o s t e r i n g m u t u all y b e n e ficial allia n c e s
REAL EDUCATION.
Students of the Fund receive
academic support on multiple levels.
Not only do faculty supervisors
provide training, but portfolio
managers also get the chance to
educate their peers on financial
forecasting and valuation.
Steve Groff, a n al y s t
Fidelity Investments
Laurier Student Investment Fund
portfolio manager 2006-2007.
Working with the top Canadian
finance students and professors
to turn ideas into well-researched
and supported investments was an
invaluable experience. The special
group dynamic sets the Fund apart
from its peers and is a primary
reason why Fidelity Team Canada
has hired more graduates from
Laurier than any other business
school in the country.
2
Laurier Student Investment Fund
Real Finance: The Laurier Student Investment Fund
The Laurier Student Investment Fund combines the experience of a real-life
investment firm with the academic rigor of a senior-level university course. Each
participating student has a role in the Fund as either a portfolio manager or a stock
analyst, and works under the supervision of finance professors and with the guidance
of Laurier alumni working in the industry.
Because of the intense apprenticeship offered by the Fund, the program admits only
12 to 15 students a year.
Stock Analysts
Stock analysts must extensively analyze two stocks over the course of the year and provide
updates on three existing holdings of the Fund. They are required to:
■ Thoroughly understand the business and the underlying drivers that affect a company’s revenues,
profit margins and cash flows,
■ Write two company reports with well-reasoned investment theses, and
■ Alert the portfolio managers of any changes in the underlying investment theses.
Portfolio Managers
In conjunction with faculty supervisors, portfolio managers review the valuation models and
investment theses of the stock analysts. Portfolio managers are also responsible for:
■ Deciding which stocks to buy and sell to generate excess, risk-adjusted returns on the Fund,
■ Tracking the Fund’s absolute and relative performance and ensuring it is adequately diversified,
■ Chairing conference calls, and
■ Participating in the hiring process of stock analysts.
Real Finance
d e v e l o p I N G l e ad e r s wi t h s k ills i n ma n ag e m e n t a n d e c o n o mics
Real Advice: Faculty Supervisors
REAL ADVICE.
Faculty supervisors train students, provide feedback on their models and reports, and
supervise trading.
present their investment theses and
Dr. William J. McNally
William McNally received his PhD in finance from the University
of Toronto and then moved west for seven years to teach at the
University of Victoria. In 1999 he joined the faculty at Laurier. His
primary research interests are stock repurchases, insider trading and
market microstructure. His research has been published in journals
such as Financial Management, the Journal of Applied Corporate
Finance and the Journal of Banking and Finance.
McNally also wrote iFinance, an introductory finance textbook
available online, as part of his innovative integration of technology
and teaching.
Every month, several student analysts
company updates in a conference
call. Laurier alumni working in the
investment industry often participate
in these calls. Participating alumni
have included:
Jim Gillies, ( M B A
’05)
Writer with The Motley Fool Investment
Newsletter
Rod Graham, ( B B A
’90)
Co-founder and Managing Director:
Northern Plains Investment Counsel
Firas Kitmitto, ( B B A
’99)
Vice-President: Global Mergers &
Acquisitions, Lehman Brothers
Dr. Brian F. Smith
Brian Smith received his PhD in finance from the University of
Western Ontario in 1987. In that same year, he joined the faculty
at Laurier, where he developed and currently teaches courses about
the management of financial institutions and entrepreneurial
finance at both the undergraduate and graduate levels. Smith is
most noted for his work on dual class shares in Canada and the
market microstructure of the TSX. He has published over 30 articles
in refereed journals – one of which received a distinguished paper
award from the Journal of Finance – as well as a number of refereed
chapters of books, cases and monographs.
Real Advice
Warren Lovely, ( B . Ec o n
‘96)
Senior Economist: CIBC World Markets
Craig Langdon, ( B B A
’00)
Portfolio Manager: Deans Knight
Investment
Steve MacMillan, ( B B A
’00)
Research Analyst: Fidelity Investments
Robert Mikalachki, ( B B A
’94)
Portfolio Manager: AIM Trimark
Investments
Laurier Student Investment Fund
3
P r ac t ici n g R e al - L if e I n v e s t m e n t
Shane Rahemtulla,
O r ga n i z a t i o n D e sig n a n d
Eff e c t i v e n e ss
BMO Financial Group
Laurier Student Investment Fund
analyst 2004-2005
My experience with the Fund helped
me to develop a rigorous and holistic
approach to assessing any business
for any purpose – beyond just the
numbers. The quest for high-quality
analysis demanded by the instructors
set a remarkable standard and
Weightings
increased my abilities as an analyst.
Communications
11.1%
Real Money: The Portfolio
The focus of the Laurier Student Investment Fund is on small capitalization stocks. Smaller
companies have less analyst coverage and hence are more likely to be mispriced. The Fund avoids
direct exposure to resource companies, bio-tech companies and large multi-product corporations
because students do not have an edge in forecasting cash flows for those types of companies.
Laurier restricts the Fund participants from buying or selling option contracts and from short
selling. As such, risk is managed through asset allocation and diversification. Our cash is invested
in money market funds.
A ss e t M i x as O F A p r il 3 0 , 2 0 0 8
Weightings
Communications
11.1%
Consumer Disc
2.3%
Consumer Disc
2.3%
Consumer Staples
6.8%
Consumer Staples
6.8%
Industrials
21.5%
Technology
12.9%
Financials
15.2%
Cash
Shane Rahemtulla
Total
30.2%
Industrials
21.5%
Technology
12.9%
Financials
15.2%
Cash
30.2%
TOTAL
100.0%
100.0%
Real Money
4
Laurier Student Investment Fund
David Way, a n al y s t
T o p F i v e H o ldi n gs as O F A p r il 3 0 , 2 0 0 8
Holding
Industry
Weight
Description
Clairvest
Financials
7.0%A Canadian-based merchant bank that invests
both its own capital and that of third-parties in
both private and public enterprises.
CryptoLogicTechnology
5.9%Provides customizable online gaming
environments for more than 260 casino slot
and table variations, player-to-player poker and
multi-player bingo games in eight languages.
Glentel
Communications
5.7%Specializes in cellular phones, sales and
rentals of voice/data wireless radio equipment,
engineered wireless systems, and national
Motorola radio service.
Migao
Corporation
Industrials
5.1%Based in China and listed on the TSX, Migao
processes potash into specialty potash-based
fertilizers for the Chinese market.
WebTech
Wireless
Communications
5.0%Develops, manufactures and delivers turnkey
consumer and commercial Telematics
solutions, providing both wireless hardware
and software services.
Fidelity Investments
Laurier Student Investment Fund
analyst 2001-2002
I researched and bought my first
personal equity investment during my
Fund experience and built professional
relationships that helped me pursue
a career as an investor.
David Way and Warren Buffett
The Fund is invested in Canadian and United States equities. The performance benchmark for the
Fund is the S&P/TSX total return index (TRI). As shown in the chart below, over the last seven
years the Fund cumulatively outperforms the index.
R e la t i v e P e r f o r ma n c e o f F UN D C o mpa r e d t o t h e T S X
$100 invested in May 2001
LSIF Outperforms TSX
$300.00
$250.00
$200.00
$150.00
$100.00
LSIF Total Return
S&P/TSX Total Return
$50.00
$0.00
2001
2002
2003
2004
2005
2006
2007
2008
Annual Returns: LSIF vs. TSX TRI
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
2002
2003
2004
2005
2006
2007
2008
-20.0%
S&P/TSX TRI
LSIF
Laurier Student Investment Fund
5
C u lt i vat i n g To m o r r o w ’ s I n v e s to r s
Class of
2007-2008
Real Results: Fund Alumni
Portfolio Managers
Greg DeaN, portfolio manager
Greg Dean
As an analyst for the Fund, Greg Dean initiated coverage on Loblaws and WebTech
Wireless Inc. When Dean returned the following year as a portfolio manager, he
oversaw a team of four analysts, the idea-generation process and the execution
of the portfolio. Dean is now a research associate at Fidelity and will be covering
various sectors of the S&P/TSX. Previously, he worked at Creststreet Asset
Management, Scotia Capital and Deloitte & Touche as part of his co-op program.
F i d e li t y I n v e s t m e n t s
Andrew Groenewegen
Sean Sasso
TD S e c u ri t i e s
Analysts
William Chan
Steve Divitkos
C a n a d a P e n sio n P la n
Connor Gordon
David Gourlay
TD S e c u ri t i e s
Andrew Groenewegen, portfolio manager
When Andrew Groenewegen was a analyst for the Fund he covered many stocks
such as ClubLink, Boston Pizza and Sino-Forest. Groenewegen worked in a
variety of finance positions during his co-op terms, including a bond trading desk
role at Deutsche Bank Securities, a sell-side equity research role at Scotia Capital,
and as an investment analyst at the institutional money manager KBSH. He is
now studying economics at Queens University.
Dean Groff
Syed Zohaib Jalal
Sean Sasso, portfolio manager
Lu Jing
Sean Sasso graduated with a business and math double degree and started
full-time employment at TD Securities in Toronto in the sales and trading rotation
program. Prior to his term as a portfolio manager for the Fund, Sasso worked
as an analyst, initiating coverage on Sandvine and Delias. Through his co-op
placements he gained equity research experience on both the buy and sell side
at Scotia Capital and Gluskin Sheff + Associates.
Michael Marchetti
Ryan Marr
Stephen Marshall
Genuity
Andrew Parks
J C C lar k
Brian Pong
Michael Tsada
UBS
6
Laurier Student Investment Fund
William Chan, analyst
William Chan is enrolled in the business and math double degree program, with
a concentration in finance. As a part of his co-op experience, he has worked at
TD Securities in Chicago and Deutsche Bank in New York. During his spare time,
Chan enjoys golfing, playing poker and travelling.
Steve Divitkos, analyst
Michael Marchetti, analyst
Steve Divitkos had three co-op experiences on Bay
Street, including a trading role at Deutsche Bank
Securities and investment banking roles at RBC
and CIBC. He now works for the Canada Pension
Plan Investment Board as an analyst in the private
investments and infrastructure groups.
Michael Marchetti is in his fourth year of Laurier’s
business program, with a finance concentration and a
minor in political science. His co-op work terms have
included Deloitte, GE Capital and a trading role at
Deutsche Bank Securities.
David Gourlay, analyst
Stephen Marshall, analyst
David Gourlay worked three terms at TD Securities
in their fixed income proprietary trading business.
He started his full-time position with TD Securities
after graduating this year. As an analyst for the
Fund, Gourlay researched and initiated coverage on
Hart Stores and Fortress Paper.
During his time with the Fund, Stephen Marshall
created research reports on Neptune Technologies
& Bioresources and the Yellow Pages Income Fund.
For his co-op experience, he spent two terms as an
investment banking analyst at Genuity Capital Markets,
where he recently accepted a full-time offer.
Dean Groff, analyst
Andrew Parks, analyst
For his Laurier co-op experience, Dean Groff worked
at UBS Global Asset Management and Scotia
Capital as an associate analyst, and spent his final
work term at JC Clark. As an analyst for the Fund,
Groff initiated coverage on Apogee Enterprises and
Plutonic Power.
During his work terms for Laurier’s co-op program,
Andrew Parks was employed at JC Clark as a
research analyst. This year he will join JC Clark for
full-time employment. As an analyst for the Fund,
Parks initiated coverage on Glacier Ventures, Great
Lakes Hydro and Fairfax.
Syed Zohaib Jalal, analyst
Michael Tsada, analyst
While enrolled in Laurier’s business program, Syed
Zohaib Jalal worked at Abraaj Capital in Dubai, and
at BMO Capital Markets as an investment banking
analyst. As an analyst of the Fund, Jalal covered
Mega Brands and Rocky Mountain Dealerships.
While enrolled in Laurier’s business program,
Michael Tsada worked at UBS Securities as an
equity research associate. As an analyst for
the Fund, Tsada initiated coverage on the Bird
Construction Income Fund and Consolidated
Thompson Iron Ore.
Real Results
Laurier Student Investment Fund
7
b u ildi n g s u cc e ssf u l ca r e e r s
Class of
2006-2007
Portfolio Managers
Shane Cernele
Steve Groff
F i d e li t y I n v e s t m e n t s
Andrew Zimcik
CIBC
Analysts
Steve Divitkos
C a n a d a P e n sio n P la n
Josh Campbell
B ra d e n J a m e s V e n t u r e s
Louis Choy
Greg Dean
F i d e li t y I n v e s t m e n t s
Jenn Dowdell
R B C C api t al Mar k e t s
Andrew Groenewegen
Pete Lampert
Maw e r I n v e s t m e n t
Ma n ag e rs
Michael Marchetti
Greg Martin
Genuity
Drew Miller
S co t ia C api t al
Klay Nichol
AGF
Dan Ram
R B C C api t al Mar k e t s
Sean Sasso
TD S e c u ri t i e s
Mike Stewart
L azar d C api t al Mar k e t s
Annie Harlow
Annie Harlow, who graduated from the business and math double degree program in
2006, participated in the Fund as an analyst in 2004-2005 and as a portfolio manager
in 2005-2006.
After graduating, Harlow began her position with the Canada Pension Plan Investment Board
(CPPIB), where she currently works as an analyst in Private Investments: Infrastructure. This
position entails assisting the private infrastructure team in evaluating potential
investment opportunities, conducting research, developing recommendations, participating in
the execution of investments, and monitoring and managing investments.
Prior to transferring into the private infrastructure group, Harlow held a position at CPPIB as an
associate in the portfolio design and risk management (PDRM) group, a department she had
worked in during her final co-op term at Laurier.
When Harlow was a portfolio manager for the Fund she was responsible for overseeing five
equity analysts, as well as investment selection, portfolio monitoring, the selection of equity
analysts and preparing a training session.
“Over the two years I worked with the Fund we continued to improve the investment process,”
says Harlow. “I found my first recommendation as an analyst to be fairly challenging, as I had not
had modeling experience and therefore had a steep learning curve, but it was worth it because I
learned a tremendous amount, from gaining modeling experience to a better understanding of a
number of different industries.
“The program is a great opportunity to get direct experience managing a portfolio, and not
a simulation.”
The program is a great opportunity to
get direct experience managing a portfolio,
and not a simulation.
8
Laurier Student Investment Fund
Joe Overdevest
Class of
Joe Overdevest (pictured at Fidelity Investments above) graduated from Laurier with
a Bachelor of Business Administration in 2002 and was a portfolio manager for the
Fund during his last year. He currently works for the Canada Equity Office at Fidelity
Investments in Boston as an equity analyst and assistant portfolio manager.
Portfolio Managers
2005-2006
Annie Harlow
C a n a d a P e n sio n P la n
As a Laurier business co-op student, Overdevest worked at Gluskin Sheff + Associates and
KBSH as an investment analyst, and at Scotia Capital in investment banking, where he helped
companies find solutions for their capital needs.
Michael Kielty
As an analyst at Fidelity he covers energy and diversified financials. In the past he has covered
telecom, retail, autos and consumer durables. He is also a co-portfolio manager on the Fidelity
Global Natural Resources Fund, which invests in energy and materials such as gold, steel
and fertilizers.
S co t ia C api t al
“The work I do at Fidelity is the same as the work I did with the Fund, just on a larger scale,”
says Overdevest. “The Fund was very applicable to what I hoped would be my future career: it
was hands-on, dealt with real money and put class into practice.”
Mac Q u ari e G ro u p
Fellow analyst and Fund alumnus, David Way (BBA ’02), currently works “three seats down”
from Overdevest at Fidelity. There are eight Laurier students out of a team of 20 working at
Fidelity in Boston, six of whom participated in the Fund program.
“The other two just happened to graduate before the Fund began,” explains Overdevest.
“It’s the first thing I look for on the resumés of Laurier graduates because it’s such a valuable
opportunity.”
R B C C api t al Mar k e t s
Nigel Smith
Analysts
Caine Bouwmeester
David Britton
S io n n a I n v e s t m e n t
Ma n ag e rs
Josh Campbell
B ra d e n J a m e s V e n t u r e s
Shane Cernele
Natalie Diakun
S co t ia C api t al
Darren Grant
Na t io n al B a n k F i n a n cial
Steve Groff
F i d e li t y I n v e s t m e n t s
Veeral Khatri
[ The Fund] was hands-on,
dealt with real money and put class
into practice.
J C C lar k
Adam Rivers
S co t ia C api t al
Andrew Zimcik
C I B C W orl d Mar k e t s
Laurier Student Investment Fund
9
fund Alumni
Class of
2004-2005
Portfolio Managers
Grant Borcharding
C I B C W orl d Mar k e t s
Cam McKendry
T u r t l e C r e e k A ss e t
Ma n ag e m e n t
Mike Psihogios
P ala I n v e s t m e n t s
Analysts
Sean Francois
Jim Gillies
Nigel Smith
Mo t l e y F ool
Annie Harlow
C a n a d a P e n sio n P la n
Shane Rahemtulla
B a n k of Mo n t r e al
Matt Rome
C or m ar k S e c u ri t i e s
Mike Shankula
S piri t e d I n v e s t ors
Nigel Smith
S co t ia C api t al
Paula Thomson
Carson Tong
H a y woo d S e c u ri t i e s
David Waite
Adrian Wong
G l u s k i n S h e ff + A ssocia t e s
Nigel Smith (BBA ’06),
analyst with Scotia Capital’s
mergers and aquisitions group
Laurier business alumnus Nigel Smith (BBA ’06) was an
analyst for the Fund in 2004-2005 and a portfolio manager in
2005-2006. He is now an analyst with Scotia Capital’s mergers
and acquisitions group in Toronto. Smith assists companies
with a full range of financial advisory services, including
those related to acquisitions and divestitures of public and
private companies.
Smith describes the Fund experience as one requiring a lot of work outside of the classroom,
even though students receive an academic credit for the course.
“Achieving your return objectives requires more than meeting every few weeks to talk about
stocks,” says Smith. “The focus of the Fund is on the growth and development of an analyst.
Following smaller companies is better for learning because it requires the analyst to develop
their own investment thesis by talking directly to management, while encountering challenges in
addition to those of a typical investment.”
Smith spent his final co-op work term at Scotia Capital, in the same department that he works in
today. He previously spent two terms with Gluskin Sheff + Associates.
“The fact that Laurier can offer so many co-op positions in the downtown financial district is
fantastic,” says Smith. “Coupled with the real-world aspect of the Fund, it really contributes
to the success of a student after graduating. The hardest thing to get on your resumé is
real-world experience, and the Fund helps to show that you’re credible and interested. In terms
of professional development, it was one of the best things I did at Laurier.”
The focus of the Fund is on the
growth and development of an analyst.
10
Laurier Student Investment Fund
Class of
Class of
Class of
Portfolio Managers
Portfolio Managers
Portfolio Managers
Marty Buller
2003-2004
2002-2003
2001-2002
Douglas Pospisil
Ariel Aminof
Na t io n al B a n k F i n a n cial
P e m bro k e Ma n ag e m e n t
Excapsa
Matthew Gowing
Brandon Snow
Jeff Hales
R e s e arch C api t al
F i d e li t y I n v e s t m e n t s
G l u s k i n S h e ff + associa t e s
Analysts
Analysts
Rob Alarie
Marty Buller
Grant Borcharding
C I B C W orl d Mar k e t s
Michal Kozak
B a n k of C a n a d a
Cameron McKendry
T u r t l e C r e e k A ss e t
Ma n ag e m e n t
Michael Psihogios
P ala I n v e s t m e n t s
Matthew Rome
C or m ar k S e c u ri t i e s
Mike Schankula
S piri t e d I n v e s t ors
Carson Tong
H a y woo d S e c u ri t i e s
Adrian Wong
G l u s k i n S h e ff + A ssocia t e s
Na t io n al B a n k F i n a n cial
John Dynes
Joe Overdevest
F i d e li t y I n v e s t m e n t s
Gareth Watson
S co t ia - Mc L e o d
J C C lar k
Performance Analyst
Matt Gowing
Yar Rizvi
R e s e arch C api t al
Mensious Hicks
Economists
Mike Huber
Trevor Forbes
Sasha Jacob
S u n L if e F i n a n cial
J acob & C o m pa n y S e c u ri t i e s
John McCarthur
Michal Kozak
R B C C api t al Mar k e t s
B a n k of C a n a d a
Jeff MacDonald
Analysts
Bryan Rocco
Stephen Bamberger
B irch H ill Eq u i t y P ar t n e rs
S u n L if e F i n a n cial
Chris Stewart
Mike Foley
David Tee
C I B C W orl d Mar k e t s
A m e rica n Expr e ss
Justin MacDonald
Steven Tesler
Kevin Mansfield
S co t iaba n k
Mark Vannest
P ric e wa t e rho u s e C oop e rs
Satbir Walia
K e y s e r Maso n B all
T e ach e rs P ri v a t e C api t al
Christopher McElhone
O n e x C orpora t io n
Pamela Missere
OTIP
Chris Schuett
Richard Tarr
McK e n n a G al e C api t al
David Way
F i d e li t y I n v e s t m e n t s
Bing Yao
Laurier Student Investment Fund
11
Meet Laurier’s Next Generation of Investors
Class of
2008-2009
Portfolio Managers
Connor Gordon, portfolio manager
Connor Gordon
Connor Gordon joined the Fund as an analyst in 2007 and is now a portfolio
manager. Previously, Gordon completed two internships with Fidelity Investments
in Boston, where he was responsible for coverage of the agriculture, engineering
and construction sectors. Gordon is currently in his fourth year of Laurier’s
economics program and looks forward to participating in an academic exchange
to Hong Kong this year.
Ryan Marr
Analysts
Jorge Adib
Sajan Bedi
Gavin Brancato
Christina Brennan
Toze Francisco
Matthew Hind
Ryan Marr, portfolio manager
An analyst for the Fund in his third year, Ryan Marr returned this year as a
portfolio manager. During his last two co-op terms, Marr worked at Gluskin
Sheff + Associates as a research associate, focusing primarily on the information
technology and alternative energy sectors. At Laurier, Marr is a research assistant
with the Department of Economics, and has particular interests in game theory,
industrial organization and labour economics.
Michael Knowles
Luke Martin
Brian Pong
Karly Przybylksi
Shawn Quinney
Sachan Sapra
Chris Wallbank
Jorge Adib, analyst
Jorge Adib is pursuing a double degree in math and business. He previously
worked at KBSH Capital Management as an investment analyst and will start
work at Gluskin Sheff + Associates as an equity research associate. His current
responsibility as an analyst with the Fund is the coverage of WebTech Wireless.
Adib is an avid athlete who likes to focus on endurance races, soccer and
working out.
Sajan Bedi, analyst
Sajan Bedi is a business and math double degree student entering his fourth year.
Bedi gained trading floor experience while he worked at TD Securities in Toronto
for both of his co-op terms. He worked for the managing director, heading up the
fixed income proprietary desk, before crossing the floor and joining the equity
index products and program trading group. In his spare time, Bedi enjoys playing
sports and participating in intramural basketball, softball and volleyball.
Gavin Brancato, analyst
Gavin Brancato completed his first business co-op term at AIG, working as a
management liability underwriter. During his second term, he worked as a research
associate at Scotia Capital in the gold and precious metal sector. This year, he will
be spending his final work term at BMO Capital Markets as an investment banking
analyst. Brancato is an avid soccer fan and enjoys golf in the summer.
12
Laurier Student Investment Fund
Christina Brennan, analyst
Brian Pong, analyst
Christina Brennan has experience in equity research
from her co-op work term with JC Clark in Toronto.
This year, Brennan will spend her final work term at
Scotia Capital in investment banking and mergers
and acquisitions. Brennan has a keen interest in
international travel and relaxing at her cottage.
Brian Pong spent his most recent co-op term at
BMO Capital Markets as an investment banking
analyst and assisted in the development of several
equity financing assignments. As an analyst for the
Fund, he initiated coverage on Leon’s Furniture and
Under Armour.
Toze Francisco, analyst
Karly Przybylski, analyst
A recipient of the 2008 CIBC Scholarship, Toze
Francisco is vice-president of the Waterloo Information
Research Exchange and works as a teaching assistant
for Laurier’s financial management program. He
recently completed a co-op work term as an investment
finance analyst with Canada Pension Plan.
Karly Przybylski has spent co-op terms with
Computerized Portfolio Management Services,
Mercer Investment Consulting, and the Canada
Pension Plan’s portfolio design and risk management
investment research team. Przybylski has a passion for
international travel and enjoys taking ballet classes.
Matthew Hind, analyst
Sachan Sapra, analyst
Matthew Hind’s co-op work experience consists of
two terms at OMERS Capital Markets, where he
was a member of the equity research team. Hind
will be returning to OMERS in the fall for a third
work term in equity research. He enjoys watching
and playing football and hockey in his spare time.
Sachan Sapra’s interest in investing developed
during his time as a trading assistant with Berkshire
Investment Group. Sapra spent his first co-op term
as an equity research analyst with JC Clark. Outside
of investing, Sapra’s extracurricular interests include
a variety of sports, travel and personal fitness.
Michael Knowles, analyst
Michael Knowles spent his last work term at TD
Securities where he worked with the bank’s credit
risk system and developed analytical tools to
facilitate system upgrades. This year Knowles will
be working at the Bank of Montreal as a senior
market risk analyst for his last co-op work term.
2008-2009
Class of
Laurier Student Investment Fund
13
Leading financial organizations
that recruit with Laurier Co-op
I n t e g r a t i n g A cad e mics a n d E x p e r i e n c e
AGF Management
Banc of America
Bank of Montreal
Barometer Capital Management
Barrick Gold
BMO Financial Group
BMO Capital Markets
Canada Pension Plan Investment Board
CIBC Global Asset Management
CIBC World Markets
CIT Financial
CPMS
Laurie Lahn
Marketing Manager, Co-operative Education
Creststreet Capital
Deutsche Bank Securities
Dundee Wealth Management
Genuity Capital Markets
Gluskin Sheff + Associates
Goldman, Sachs & Co.
HSBC Securities Canada
Imperial Capital
JC Clark
KBSH Capital Management
MacNicholl & Associates
Macquarie North America
Manulife Financial
Merrill Lynch Canada
Middlefield Capital Corporation
Real Experience: Finance Co-op
Co-op at Laurier, which provides an opportunity for participants to integrate their
academic studies with work experience, has been offered to students since 1976.
Admission to co-op is competitive and limited; students are screened based on their academic
and extracurricular accomplishments, work experience and a personal interview. After the rigorous
selection process, co-op students acquire a rich portfolio of experience through work terms of up to
16 months. This experience, coupled with their participation in the Fund, positions Laurier students
favourably in today’s competitive job market.
Why more than 1,500 leading corporations recruit at Laurier for co-op students
every year:
National Bank Financial
■ OMERS
■ ONCAP
Ontario Teachers’ Pension Plan
Pricewaterhouse, M&A
■ Raymond James
RBC Capital Markets
RBC Dexia Investor Services
Royal Bank of Canada
■ Laurier’s reputation for strong academic programs and high admission standards.
High-calibre students with a passion and intellect for finance. Leadership, critical thinking
and analytical skills are just a few of the strengths Laurier students carry from the classroom to the
financial markets.
Co-op is a cost-effective way to gain access to a pool of the brightest students in
Canada. Each year, Laurier students land prestigious co-op and full-time opportunities in sales and
trading, investment banking, private equity and market research in major financial centres in Toronto,
Boston, New York and London.
Laurier’s commitment to deliver responsive service to ensure that employers are successful at
recruiting and retaining top talent.
Scotia Capital
Scotiabank
ScotiaMcLeod
To learn more about the many advantages of Laurier Co-op, call 519-884-0710 ext 4058
or visit www.wlu.ca/co-op
Sentry Select
Sun Life Financial
TD Asset Management
TD Securities
UBS Global Asset Management
UBS Securities Canada
Wellington West Capital Markets
14
Laurier Student Investment Fund
Laurier’s business co-op program
is the largest in Canada.
L a u r i e r ’ s C o - o p Empl o y e r s
Colin Stewart (BBA ’98),
portfolio manager and
director at JC Clark
JC Clark, Toronto
Bill Webb, D e p u t y C h i e f
I n v e s t m e n t Offic e r
JC Clark is one of Canada’s largest and most experienced
hedge fund managers. The company provides highly specialized
investments to affluent investors and sophisticated institutions
in Canada, the United States and abroad. The firm focuses on
managing a variety of alternative investment products such
as long/short equity funds and sector-focused funds, with a
primary focus on North American equities.
Gluskin Sheff + Associates
A co-op student at JC Clark fills the role of equity research analyst, and works closely with a small
team to manage a variety of investment funds. The student is given a number of a responsibilities
such as assisting in the investment selection process, tracking current investments, building
financial models, and assisting in the daily monitoring of key economic and company-specific data.
Laurier finance students are smart,
enthusiastic, and have a deep and
genuine interest in investing. We’ve
been hiring Laurier co-op students
for over a decade because they
consistently prove that they can
add value as investment research
associates.
“We’ve had very talented students contribute a great deal to the investment team, and hired
many proficient students after they graduate,” says Colin Stewart (BBA ’98), portfolio manager
and director at JC Clark.
“As a graduate of Laurier’s co-op program myself, I know firsthand the program itself gives Laurier
students a leg-up over others. In addition, the practical experience is invaluable, and students get
the chance to try out different roles and different work atmospheres. It’s very additive to what
students learn in class.”
TD Securities, New York
Daniel DeAlmeida (BBA ’95),
director of investment banking
at TD Securities
With more than 2,700 employees in 15 offices around
the world, TD Securities provides a wide range of capital
market products and services to corporate, government and
institutional clients. Its services include the underwriting and
distribution of new debt and equity issues, providing advice
on strategic acquisitions and divestitures, and executing daily
trading and investment needs.
Bill Webb (BBA ’86)
Gluskin Sheff + Associates is
an independent investment
management firm that manages
portfolios of $2 million or more
for high net-worth investors,
including entrepreneurs,
professionals, family trusts,
private charitable foundations
and estates.
Daniel DeAlmeida (BBA ’95) is director of investment banking at TD Securities in New York.
He is also involved with recruiting, which includes hiring co-op students and giving them an
opportunity to work in the finance capital of the world. Students gain valuable international
exposure while honing their skills in investment banking or loan sales and trading.
TD Securities has participated in Laurier’s co-op program for many years and “has benefited from
the pipeline of talented candidates for potential full-time opportunities.”
“By hosting a co-op student, we can ensure that they are the right fit for the role and the
group,” says DeAlmeida. “Laurier students make good employees because of the strong
academics they are exposed to during their degree program; it provides a good platform that can
be leveraged when taking on demanding investment banking roles.”
Laurier Student Investment Fund
15
la u r i e r ’ s C o - o p Empl o y e r s
The defining factors
are...the quality of
the students and
the well-rounded
background and
experience they
bring to our firm.
Trevor Gardner,
RBC Capital Markets, Toronto
RBC Capital Markets, Toronto
Trevor Gardner (BBA ’98),
director of global investment
banking at RBC Capital Markets
RBC Capital Markets is a premier investment bank that
provides a focused set of products and services to institutions,
corporations, governments and high net-worth clients in
160 countries. With over 3,300 professionals and support staff,
RBC Capital Markets operates out of 75 offices in 15 countries
and is part of the Royal Bank of Canada (RBC), a leading
global provider of financial services.
During a co-op semester at RBC Capital Markets, students work as analysts in the investment
banking group and take on responsibilities identical to those performed by full-time employees.
“We think of a co-op work term as an extension of our overall recruitment process, really a
‘mutual interview,’” says Trevor Gardner (BBA ‘98), a director in global investment banking at
RBC Capital Markets in Calgary. “The firm and the student get to see if it’s the right fit. The
student benefits from a great learning opportunity, and potentially builds the foundation for a
long-term career.”
Gardner, a graduate of Laurier’s business co-op program, initiated the co-op program at RBC
Capital Markets’ Toronto office, which has been actively recruiting through the program for the
past five years.
“The defining factors of the Laurier co-op program are the quality of its students and the wellrounded background and experience they bring to our firm, enabling them to add value from the
first day,” says Gardner. “The program is also unique in that we are able to bring students on
board for terms throughout the year, as opposed to just during the summer.
“Our involvement with the program has been extremely successful for both us and the students,
as demonstrated by the fact that nearly all of the co-op students we’ve had over the past several
years have returned as full-time employees.”
16
Laurier Student Investment Fund
C o n t i n u i n g i n v al u abl e e d u ca t i o n
Become a partner of the Laurier Student Investment Fund
Andrew Zimcik, a n al y s t
A Partnership Opportunity
CIBC World Markets
Laurier Student Investment Fund
portfolio manager 2006-2007
The Laurier Student Investment Fund develops tomorrow’s financial leaders. Through real
finance experience, with real money and real results, the Laurier Student Investment Fund is
real education. The Fund prepares Laurier graduates to make a valuable contribution to the
real financial world, which is why the experience provided through the Fund is so valued – by
professors, students and employers alike.
Our vision is that the Fund will become self-sustaining. To do this, the Fund needs to grow to
over $2 million. We need your help to make this happen.
Merchant Banking Group
As virtually all the skills and concepts
developed through participation in the
Fund are applied in practice, I was able
to gain a leg-up on candidates during
the graduate recruitment process.
We invite you to partner with us as a donor to the Laurier Student Investment Fund. Donors to
the fund will be recognized at the appropriate level of their gifts, which may include naming
opportunities. Donors will also be provided with direct access to our best finance students, as
they will have the opportunity to meet the students managing the Fund on an annual basis.
For more information about the Fund and ways
to customize your involvement, please contact the
Laurier development office at 519-884-0710 ext. 2053
Partnering
Success
Laurier Student Investment Fund
17
Outstanding
finance education.
Applied.
“The Fund is indispensible
to helping students learn the
fundamentals of investing,
and Brian Smith’s
passion and hard work
really shows: the
Fund keeps getting
stronger and
stronger.”
CANADIAN EXCELLENCE SINCE 1911
SBEC-02-0513-08-086
75 University Avenue West | Waterloo, Ontario, Canada N2L 3C5