AIMA London Program - 2014

Celebrating A Decade of Stellar Growth in
Canada’s Alternative Investment Industry
Thursday, November 13, 2014 from 17:00 to 19:00
Official 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

2 | 2014 CELEBRATING A DECADE OF STELLAR GROWTH IN CANADA’S ALTERNATIVE INVESTMENT INDUSTRY
luke dixon
Co-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.

DAvid Wallin
Vice 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.

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
participantstogether,AIMACanadaisveryactive
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.

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

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, ON
www.aberdeen-asset.ca
AllianceBernstein Canada
Global and US Hedge Funds and FoHFs
Wendy Brodkin | wendy.brodkin@alliancebernstein.com | +1 416 572 2534 | Toronto, ON
www.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, ON
www.arrow-capital.com
Aurion Capital Management Inc.
Institutional Long/Short Equity and Income
Grant Bunker | gbunker@aurion.ca | +1 416 866 2445 | Toronto, ON
www.aurion.ca
Auspice Capital Advisors
Liquid Alternatives, CTA, Commodity Manager
Tim Pickering | tim@auspicecapital.com | +1 888 792 9291 ext 3 | Calgary, AB
www.auspicecapital.com
AUSPICEAUSPICEAUSPICE
Ballast Healthcare Partners Inc.
Long-Short Healthcare Equity
Ali Alagheband | aa@ballasthp.com | +1 416 324 5701 | Toronto, ON
www.ballasthp.com
Blackheath Fund Management Inc.
Commodity Trading Advisors
Christopher Foster | cfoster@blackheath.ca | +1 416 363 2962 | Toronto, ON
www.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

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, PQ
www.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

FrontFour Capital Corporation
Value Event Driven
David Isaacman | disaacman@frontfourcapital.com | +1 416 927 7420 | Toronto, ON
www.frontfourcapital.com
Front Street Capital
Long-Short Equity and Income
Chris Fontana | cfontana@frontstreetcapital.com | +1 416 915 2439 | Toronto, ON
www.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, BC
www.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
Crystalline Management Inc.
Canada Relative Value and Arbitrage
Claude Perron | cperron@arbitrage-canada.com | +1 514 284 0248 ext 222 | Montréal, PQ
www.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

JC Clark Ltd.
Canadian Long-Short Equity, Multi-Strategy, Special Situations
Romain Marguet | rmarguet@jcclark.com | +1 416 361 3571 | Toronto, ON
www.jcclark.com
Goodwood Inc.
Equity Long-Short, Activist
Curt Cumming | cscumming@goodwoodfunds.com | +1 416 203 2522 | Toronto, ON
www.goodwoodfunds.com
Hesperian Capital Management Inc.
Long-Short Canadian Equity and Market Neutral
Deirdre Harris | deirdre@hesperiancapital.com | +1 403 531 1406 | Calgary, AB
Skye Collyer skye.collyer@hesperiancapital.com | +1 416 640 6728 | Toronto,ON
www.hesperiancapital.com
FUNDS
Hesperian Capital Management Ltd.
Grafton Asset Management
Global Energy Investments, Long Bias
Kareen Stragherlin | kareen@graftonfunds.com | +1 403 228 8249 | Calgary, AB
www.graftonfunds.com
Hillsdale Investment Management Inc.
Quantitative Long/Short Global Equity
Ian Pember | ipember@hillsdaleinv.com | +1 416 913 3920 | Toronto, ON
www.hillsdaleinv.com
Groundlayer Capital Inc.
Long-Short North American Equity (Long Bias)
Robert Grundleger | rgrundleger@groundlayer.com | +1 416 365 2301 | Toronto, ON
www.groundlayer.com
Inflection Management Inc.
Funds of Hedge Funds
Trevor Giles | tgiles@inflectionmanagement.com | +1 604 730 9147 | Vancouver, BC
www.inflectionmanagement.com
Integrated Asset Management (IAM) Group
Public Market and Private Fund Strategies
Paul Patterson | ppatterson@iamgroup.ca | +1 416 363-6526 | Toronto, ON
www.iamgroup.ca

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, ON
www.northwatercapital.com
Polar Securities Inc.
US Long/Short Equity & Canadian Focused Multi-Strategy
Tom Sabourin | tsabourin@polarsec.com | +1 416 369 4459 | Toronto, ON
www.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, BC
Daryl 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, ON
www.jmfund.com

Radin Capital Partners Inc.
Global Long/Short Equity
Brad Radin | brad.radin@radincapital.com | +1 416 929 6777 | Toronto, ON
www.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, AB
www.raynecapital.com
Razorbill Advisors Inc.
Quantitative Credit Relative Value
Pierre-Philippe Ste-Marie | pierre@razorbilladvisors.com| +1 514 508 8526 | Montréal, QC
www.razorbilladvisors.com
Ross Smith Asset Management Inc.
Event Driven / Relative-Value Arbitrage
Weston Pring | wpring@rsam.ca | +1 403 294 6893 | Calgary, AB
www.rsam.ca
Rosseau Asset Management Ltd.
Event Driven/Special Situations
Warren Irwin | wirwin@rosseau.com | +1 416 777 2558 | Toronto, ON
www.rosseau.com
RP Investment Advisors
Fixed Income Long/Short
Ann Glazier Rothwell | ann.glazier@rpia.ca | +1 647 776 0652 | Toronto, ON
www.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, ON
www.sigmanalysis.com

Silvercreek Management Inc.
Defensive - short-equity biased, Opportunistic – special situations, value-based
Bryn Joynt | bjoynt@silvercreekmanagement.com | +1 416 485 3953 | Toronto, ON
www.silvercreekmanagement.com
Spartan Fund Management Inc.
Emerging Manager Platform
Gary Ostoich | gary.ostoich@spartanfunds.ca | +1 416 601 3171 | Toronto, ON
www.spartanfunds.ca
Stornoway Portfolio Management Inc.
Distressed securities, turnarounds and special situations
Scott Reid | sreid@stornowayportfolio.com | +1 416 250 2845 | Toronto, ON
www.stornowayportfolio.com
Summerwood Capital Corp.
Directional, Alternative Beta, Exotic Alpha
Phil Schmitt | pschmitt@summerwoodgroup.com | +1 416 628 8400 | Toronto, ON
www.summerwoodgroup.com
SW8 Asset Management, Inc.
North American Equity Long-Short
Danielle Skipp | danielleskipp@sw8.ca | +1 647 340 6272 | Toronto, ON
www.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, ON
www.thirdeyecapital.com
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

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

Institutional Investors
Ontario Teachers’ Pension Plan
Neil Petroff | npetroff@otpp.com | +1 416 730 3763 | Toronto, ON
www.otpp.com
PSP Investments
France-Anne Fortin | fafortin@investpsp.ca | +1 514 925 5487 | Montréal, PQ
www.investpsp.ca
Certain members of AIMA Canada who are institutional investors have opted not to be listed in this directory.

Notes

For more information:
Donna DeBaeremaeker
Trade Commissioner
Department of Foreign Affiars, Trade and Development
Ottawa, Ontario
Canada
donna.debaeremaeker@international.gc.ca
+1 343 203 3734
www.international.gc.ca
Government of Canada
Trade Commissioner Service
Gouvernement du Canada
Service des délégués commerciaux

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