October 1, 2012
GLC announces a new fixed income division – questions and answers
GLC has announced a new fixed income division – Portico Investment Management. Effective October 1,
2012, GLC Asset Management Group Ltd. introduces Portico Investment Management, a new GLC investment
division specializing in fixed income portfolio management and offering a wide spectrum of core and specialized
fixed income mandates.
Why is this good?
What does this mean for GWLIM, London Capital and Laketon?
What about GLC’s balanced mandates?
Who is leading the Portico team?
Will there be any changes to the GLC website?
Who is GLC?
How are the investment divisions of GLC distinct?
Why is this good?
The launch of Portico furthers GLC’s evolution as a leading money manager in Canada.
Portico – GLC’s fixed income focused division – emerged as a way to leverage the existing expertise and
depth of capabilities of GLC’s fixed income investment professionals, and provides additional opportunities
for the expansion of GLC’s mandate capabilities and offerings. This is particularly important in today’s
environment where investors are seeking a broader range of income-oriented investment solutions.
What does this mean for GWLIM, London Capital and Laketon?
The fixed income resources that were within GLC’s existing investment divisions (GWLIM, London Capital
and Laketon) now form the Portico Investment Management team. GWLIM, London Capital and Laketon
continue as equity-only divisions of GLC, and their associated equity investment teams remain unchanged.
GLC is maintaining its strong presence in Winnipeg, London and Toronto. GLC remains fully dedicated
to maintaining and highlighting the distinct styles, expertise and mandate offerings of each
investment division and brand. There is no change in strategy for the GWLIM, London Capital and
Laketon equity divisions of GLC.
We looked at how best to position GLC for continued growth, and Portico - GLC’s fixed income focused
division - emerged as a way to leverage the existing expertise and depth of capabilities of GLC’s fixed
income investment professionals, and provides additional opportunities for the expansion of GLC’s mandate
capabilities and offerings. This is particularly important in today’s environment where investors are seeking
a broader range of income-oriented investment solutions. The timing of the launch coincides with the
retirement announcement of Terry Parsonage, Senior Vice-President, Fixed Income. We are particularly
pleased that Terry has been a strong supporter of Portico, and that he will continue to share his expertise
and insight over the coming months prior to his retirement at the end of 2012.
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What about GLC’s balanced mandates?
The existing asset mix strategy teams for GLC’s balanced mandates will remain intact and distinct, as they
are today.
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October 1, 2012
Who is leading the Portico team?
The Portico team will be lead by Janet Salter, Vice-President, Portico (who previously lead the Laketon
fixed income team) and Dale Haynes, Vice-President, Portico (who previously lead the London Capital fixed
income team) – two of GLC’s most seasoned and experienced investment professionals.
Together with their team of fixed income investment specialists, they will continue to manage the fixed
income portfolios previously managed by the London Capital and Laketon fixed income teams, and take
over the management of the GWLIM fixed income portfolios. In particular, Janet Salter will continue to
manage the Canada Life Fixed Income mandate and assume the management of the GWL Canadian Bond
mandate, and Dale Haynes will continue to manage the London Life Bond mandate. (Please see the
biographies below to learn more about the depth of experience and expertise that Janet and Dale bring to
Portico).
The expertise and significant tenure of the Portico fixed income team allows us to offer a broad range of
fixed income mandates. The team has an average of over 15 years of industry experience.
Janet Salter, Vice-President, Fixed Income (Portico Investment Management)
As Vice-President, Fixed Income for Portico Investment Management, Janet Salter shares leadership
responsibility for Portico’s mandates, including more than $10 billion* of fixed income assets under
management within bond, balanced, mortgage and money market mandates. Janet is the lead manager for
the GWL Canadian Bond Fund and Canada Life Fixed Income Fund.
With more than 17 years investment experience, Janet has broad portfolio management expertise in both
active and passive fixed income strategies, including customized mandates for pension plans and financial
institutions. Janet’s long tenure with GLC includes portfolio management of both core and specialty fixed
income mandates.
Janet is a CFA charterholder and holds an Honours Bachelor of Mathematics from the University of
Waterloo.
*Source: GLC
Dale Haynes, Vice-President, Fixed Income (Portico Investment Management)
As Vice-President, Fixed Income for Portico Investment Management, Dale Haynes shares leadership
responsibility for Portico’s mandates, including more than $10 billion* of fixed income assets under
management within bond, balanced, mortgage and money market mandates. As lead manager for the
London Life Bond Fund, Dale heads up the portfolio management of the largest Canadian bond segregated
fund in Canada.**
Dale has more than 20 years investment experience, including direct portfolio management responsibilities
for both active and passive fixed income strategies. Dale’s long tenure with GLC also includes significant
corporate credit analysis and a position as lead portfolio manager for the largest mortgage segregated fund
in Canada.
Dale holds the Chartered Investment Manager (CIM) designation as well as an Honours Bachelor of
Business Administration degree in Finance from Brock University.
*Source: GLC. **Source: Morningstar/PALTrak
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October 1, 2012
Will there be any changes to the GLC website?
We will update the GLC website (www.glc-amgroup.com) to reflect the addition of Portico Investment
Management as an investment division of GLC. You’ll find information about the team, investment style
and process, and mandates for each of GLC’s four investment divisions. As a result of having incorporated
this information (which was previously found on the individual stand-alone divisions’ websites), the GWLIM,
London Capital and Laketon website will no longer be available.
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Who is GLC?
GLC Asset Management Group Ltd. (GLC) is a leading investment manager in Canada with over $31 billion* in
assets under management. GLC offers a broad range of investment mandates in traditional and specialty asset
classes, as well as major investment styles, through distinct investment management divisions:
GWL Investment Management
London Capital Management
Laketon Investment Management
Portico Investment Management
Each division pursues its own unique investment style, process and philosophy, offering strong performance
with disciplined risk management.
GLC is a Canadian portfolio management subsidiary of The Great-West Life Assurance Company. Great-West
Life has $208 billion** in assets under administration and is a subsidiary of Great-West Lifeco Inc. and a
member of the Power Financial Corporation group of companies.
*
Assets under management at June 30, 2012
Assets under administration at March 31, 2012
**
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How are the investment divisions of GLC distinct?
GLC offers a broad range of investment mandates through distinct investment management divisions –
GWL Investment Management, London Capital Management, Laketon Investment Management, and
Portico Investment Management. Each division pursues its own unique investment style, process and
philosophy
GWL Investment Management (GWLIM) is a top-down, growth oriented, all-cap manager. In
combination with comprehensive analysis of broad economic trends, the GWLIM investment team
blends top-down views with stock-level fundamental and technical analysis to seek out attractive
growth investments.
London Capital Management is a bottom-up, growth-at-a-reasonable-price, large-cap manager.
Capitalizing on the risk/reward relationship between price and earnings growth, London Capital’s
investment team uses a bottom-up investment process combining fundamental and quantitative
analysis at both the stock and portfolio level to build well diversified, large-cap portfolios.
Laketon Investment Management is a bottom-up, large-cap, growth manager. With an emphasis
on concentrated equity portfolios, Laketon’s investment team seeks out high-quality companies with
strong growth prospects by applying a bottom-up investment approach that includes both
quantitative and qualitative inputs.
Portico Investment Management specializes in fixed income portfolio management. Portico’s
investment team uses a consistent, measured and disciplined investment approach that integrates
fundamental, quantitative and technical analysis to add value while managing risk.
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