Newly Named Portfolio Management Association of Canada (PMAC) Advocates
Transparent Taxes and Removal of Geographic Limits Inhibiting
Retirement and Pension Investing
PMAC's 140 Member Companies Meet at 2010 AGM Representing More than
$750 Billion in Assets for Over One Million Institutional and Private
TORONTO, Nov. 10 /CNW/ - The Portfolio Management Association of Canada
(PMAC) (http://www.portfoliomanagement.org), the financial industry Association with members that span private
clients, pensions, insurance, foundations and endowments, today called
on federal and provincial governments to "synchronize" their individual
pension reform efforts, so they do not work at cross-purposes that
negatively impact Canadian investors.
"In light of the looming demographic reality of an aging population, and
the economic events in the last decade that have detrimentally impacted
the funding status of many pension plans and the asset base of
retirement savings generally, it is incumbent upon government to ensure
that new government policies do not diminish or curtail future saving,"
said Katie Walmsley, President of the newly named association of 140
portfolio management companies that represent significant portion of
the $2.4 trillion Canadian investment management sector. "The HST is a
prime example of how a consumption tax is at odds with wealth
accumulation and retirement savings. It hinders and negates the
purpose of saving, particularly when an investor seeks external advice
to diversify holdings to optimize investment returns."
In addition to advocating against additional taxation on savings, PMAC
is actively promoting and encouraging an expansion in the retirement
savings regime for many Canadians who are self employed or working in
an industry without a formal pension plan. PMAC is also supportive of
a national solution to this issue, necessitating a synchronized
approach by federal and provincial governments to the critical issues
that face the clients of the investment management industry over the
coming years. "Retirement savings is one of those critical issues that
are a priority for us," said Walmsley.
As an association advocating industry standards, PMAC is optimistic the
provinces and the federal government can work together to stop the
current patchwork approach that is at cross- purposes with the shared
goals of pension reform. We are, however, concerned that the focus is on reforming pension
specific regulation and income tax laws that inadvertently impact
retirement savings and pension plans are being overlooked. PMAC
continues to call for a roll back on HST as it relates to investment
Understanding the complexities of the issue is imperative to a
resolution, adds Walmsley. "Several provincial governments want input
on how to handle the huge need for retirement savings, but many of the
Acts, including the Pension Benefits Standards Act and the Income Tax
Act are the domain of federal jurisdiction. We understand there are a
lot of departments, parties and stakeholders that have a vested
interest in this issue and we are simply - and strongly - advocating
for the left hand to know what the right hand is doing."
In addition to PMAC's primary mandate to advocate for high standards of
practice within portfolio management firms, PMAC is also actively
involved in encouraging constructive regulatory policies in the
interests of the underlying investors and their savings. This
includes highlighting tax policies that work at odds with wealth
accumulation, whether for pension plan participants, private clients,
foundations or endowments.
Formerly the Investment Counsel Association of Canada (ICAC), Portfolio
Management Association of Canada (PMAC) represents an influential
membership of 140 portfolio management companies that manage more than
$750 billion in assets for over one million institutional and high net
worth clients. Members span private clients, pensions, insurance,
foundations and endowments. As one of the largest financial industry
Associations in Canada, PMAC carries on the rich 50-year tradition of
ICAC's work, and operates coast-to-coast in English- and
PMAC employs a collaborative information-sharing business model and
advocates on behalf of its members to securities regulators and
government agencies. The Association increases the awareness of
investment counseling benefits, provides a forum for member networking
and keeps members up-to-date on regulatory and compliancy issues. From
institutional pension plans to charitable, endowment and high net worth
client accounts, PMAC members work to facilitate investment
opportunities for millions of Canadians.
PMAC membership has steadily grown in recent years. PMAC represents
investment management firms registered to do business in Canada as
Portfolio Managers. The Association's mission is to advocate the
highest standards of unbiased portfolio management in the interest of
investors served by members. For further information on PMAC, visit www.portfoliomanagement.org.
Portfolio Management Association of Canada (PMAC)
As President of the newly named Portfolio Management Association of
Canada (PMAC), Katie Walmsley is responsible for directing the
Association's overall business strategy, including federal and
provincial advocacy, education, compliance support and other member
PMAC was founded in 1952 and until 2010, operated as the Investment
Counsel Association of Canada (ICAC). PMAC represents 140 of Canada's
registered portfolio managers managing in excess of $750 billion in
assets. Members span private clients, pensions, insurance, foundations
and endowments individual and institutional investors.
Before joining the Association in 2006, Ms.Walmsley held several senior
leadership positions in both the insurance industry and the
association/not-for-profit sector. She served 10 years with Pilot
Insurance Company (a subsidiary of Aviva Canada) in a variety of
management positions, including Sr. Vice President, Corporate
Development with responsibility for Strategic Planning, Human
Resources, Communications and e-Business and Sr.Vice President of Human
Resources. Her non-profit/association management experience includes
two years with the Insurance Institute of Canada as Sr. Director of
Western and Atlantic Operations with responsibility for coordinating
education and training delivery in eight provinces with local
institutes and boards of directors. Ms. Walmsley also spent five years
with the Hincks Dellcrest Treatment Centre as Human Resources
During her volunteer time, she is President and Co-Founder of Second
Kicks, a registered charity that collects and distributes used soccer
uniforms and equipment to economically disadvantaged communities in
Canada and around the world. She is past Director of the Canadian
Capital Markets Association, past Director of Ryerson University's
Financial Institutions Advisory Council (FIAC) and Past President of
Ms. Walmsley holds a Bachelor of Commerce degree, majoring in economics
from the Rotman School of Management, University of Toronto. She is a
Chartered Insurance Professional (CIP) and a Certified Human Resources
2010 PORTFOLIO MANAGEMENT ASSOCIATION OF CANADA (PMAC)
Acuity Investment Management Inc.
Aegon Capital Management Inc.
AGF Asset Management Group Ltd./AGF PIM
Aldersley Securities Inc.
ATB Investment Management Inc.
Aurion Capital Management Inc.
Avenue Investment Management Inc.
Barometer Capital Management Inc.
Barrantagh Investment Management Inc.
Baskin Financial Services Inc.
Beaujolais Private Investment Management
Bellwether Investment Management Inc.
Beutel, Goodman & Company Ltd.
Blackrock Asset Management Canada Ltd.
Bloom Investment Counsel, Inc.
BMO Asset Management Inc.
BMO Harris Investment Management Inc.
BNP Paribas Investment Partners Canada Ltd. Bull Capital Management Inc.
Burgundy Asset Management Ltd.
C.A. Delaney Capital Management Ltd.
C.F.G. Heward Investment Management Ltd.
Campbell & Lee Investment Management Inc.
Canso Investment Counsel Ltd.
Cardinal Capital Management Inc.
CGOV Asset Management
CIBC Global Asset Management Inc.
CIBC Private Investment Counsel
Cockfield Porretti Cunningham Investment Counsel Inc.
Coleford Investment Management Ltd.
Connor, Clark & Lunn Investment Mgmt Ltd.
Cougar Global Investments LP
Crestridge Asset Management Inc.
Crystal Wealth Management System Ltd.
Cypress Capital Management Ltd.
De Luca Veale Investment Counsel Inc.
Dixon Mitchell Investment Counsel Inc.
Doherty & Associates Investment Counsel
Duncan Ross Associates Ltd.
Echlin Investment Management Ltd.
18 Asset Management Inc.
ETF Capital Management
Evans Investment Counsel
Excel Investment Counsel Inc.
Falcon Asset Management Inc.
Focus Asset Management
Foyston, Gordon & Payne Inc.
Galileo Global Equity Advisors Inc.
Genova Private Management Inc.
Genus Capital Management Inc.
Gluskin Sheff & Associates
Global Wealth Builders Ltd.
Goodman & Company, Investment Counsel
Greystone Managed Investments Inc.
Groundlayer Capital Inc.
Gryphon Investment Counsel Inc.
Guardian Capital LP
GWL Investment Management Ltd. (GWLIM)
Heathbridge Capital Management
Hélène Dion Investment Management Inc.
Hesperian Capital Management Ltd.
Highstreet Asset Management Inc.
Highview Asset Management Inc.
Hillsdale Investment Management Inc.
Howard, Barclay & Associates Ltd.
HSBC Investments (Canada) Ltd.
Hutton Investment Counsel Inc.
IA Clarington Investments Inc.
Independent Accountants' Investment Counsel Inc.
Integra Capital Ltd.
Interward Asset Management Ltd.
Jones Collombin Investment Counsel Inc.
Jov Investment Management Inc.
Kerr Financial Advisors Inc.
Kinsale Private Wealth Inc.
Legg Mason Canada Inc.
Leith Wheeler Investment Counsel Ltd.
Leon Frazer & Associates Inc. London Capital Management Ltd.
Louisbourg Investments Inc.
Macdonald, Shymko & Company Ltd.
Mackenzie Cundill Investment Management Ltd.
Macnicol & Associates Asset Management Inc.
Manitou Investment Management Ltd.
Marquest Asset Management Inc.
Martin, Lucas & Seagram Ltd.
Mawer Investment Management Ltd.
McElvaine Investment Management Ltd.
Mclean Budden Ltd.
MD Private Investment Management Inc.
MFC Global Investment Management (Canada)
Milestone Investment Counsel Inc.
Montrusco Bolton Investments Inc.
Morgan Meighen & Associates Ltd.
Mulvihill Capital Management Inc.
Natcan Investment Management Inc.
Nexus Investment Management Inc.
Northwood Stephens Private Counsel Inc.
Pacific Spirit Investment Management Inc.
Pier 21 Asset Management Inc.
Portfolio Management Corporation
Portland Investment Counsel Inc.
Rae & Lipskie Investment Counsel Inc.
RBC Asset Management Inc.
RBC Phillips, Hager & North Investment Counsel Inc.
Rempart Asset Management Inc.
Robitaille Asset Management Inc.
Rogan Investment Management Ltd.
Rondeau Capital Inc.
Russell Investments Canada Ltd.
Sceptre Investment Counsel Ltd.
Schwaben Investment Counsel
Scotia Asset Management L.P.
Sharp Asset Management Inc.
Silver Heights Capital Management Inc.
Sionna Investment Managers
Sprung & Co. Investment Counsel Inc.
State Street Global Advisors, Ltd.
Stonegate Private Counsel
Stylus Asset Management Inc.
Successful Investor Wealth Management Inc.
Summerhill Capital Management Inc.
T.E. Investment Counsel Inc.
TD Asset Management Inc.
TD Harbour Capital (Div. Of TD Asset Management)
TD Waterhouse Private Investment Counsel Inc.
Tetrem Capital Management Ltd.
TFP Investment Counsel Corp.
Thornmark Asset Management Inc.
Trinity Woods Asset Management Inc.
Tulett, Matthews & Associates
UBS Global Asset Management (Canada) Co.
Van Arbor Asset Management Ltd.
Vancity Investment Management Ltd. Venable Park Investment Counsel Inc.
Vestcap Investment Management Inc.
Vision Wealth Management Ltd.
W.A. Robinson & Associates Ltd.
Watson Di Primio Steel Investment Management Ltd.
West Face Capital Inc.
SOURCE Portfolio Management Association of Canada
For further information: For further information:
Contact Margo Rapport
H2 Central Marketing and Communications
Phone: 416-862-2800 x268