Leith Wheeler Investment Counsel

What Leith Wheeler Investment Counsel does

Leith Wheeler Investment Counsel Ltd. is an independent, 100% employee-owned Canadian wealth manager founded in 1982 by Murray Leith and Bill Wheeler in Vancouver, British Columbia. The firm manages over $34 billion in assets under management as of December 31, 2025 across four offices — Vancouver (headquarters), Calgary (opened 2011), Toronto (opened 2016), and Montréal (opened 2025) — and serves affluent individuals and families, institutional clients (pension plans, endowments, foundations, corporations), Indigenous communities (over $3 billion since 2004), and investment advisors. The product platform spans 11 fixed-income funds, 9 equity and balanced funds (including carbon-constrained variants), and three private-asset/alternative vehicles (Infrastructure I and II with Brookfield, and the Private Asset Fund), complemented by segregated discretionary portfolio management, Separately Managed Accounts for advisors, and liability-driven mandates for pensions.

Underpinning the platform is a bottom-up fundamental, value-oriented investment philosophy supported by proprietary independent research, a six-person internal Portfolio Review Committee spanning equity, fixed income and portfolio management, and an ESG integration framework. The firm is a UN Principles for Responsible Investment signatory since December 2013 and a founding participant in Climate Engagement Canada since October 2021. US, International and Emerging Markets equity exposure is delivered through a sub-advisory relationship with Barrow Hanley Global Investors, and the alternative/infrastructure shelf is anchored by Brookfield partnerships.

The business model is a recurring AUM-based fee model: discretionary portfolio management fees from individuals and institutions, management fees from the F-Series Fund suite (positioned among the lowest fees in the industry), fees from Separately Managed Accounts offered through third-party advisors, and ancillary services such as cashflow forecasting and estate planning. Distribution is hybrid — direct via dedicated Portfolio Managers for customized mandates, and indirect via fee-for-service and discretionary investment advisors through F-Series Funds and SMAs. Marketing is content-driven, anchored in the "Quiet Counsel" and "Planning Matters" newsletters, Outlook events, webinars, and earned media in major Canadian financial publications. With 100+ employees and investment professionals averaging more than 17 years of industry experience and more than 10 years of tenure, the firm operates as a disciplined, low-churn partnership-style wealth manager.

Name

Leith Wheeler Investment Counsel

Legal name

Leith Wheeler Investment Counsel Ltd.

Website

https://leithwheeler.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

101–250 employees

Short description

Leith Wheeler Investment Counsel is an independent, 100% employee-owned Canadian wealth manager founded in 1982, managing over $34 billion for affluent individuals, pension plans, endowments, foundations, Indigenous communities, and investment advisors across four Canadian offices via discretionary portfolios, F-Series Funds, and alternatives.

Ownership category

akta.pro rank

Product category

Wealth Management and Investment Counsel

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

akta.pro secondary industry

Equity Income/Dividend Strategies (Active) (FSAAAIAJ)

Keywords

• Discretionary portfolio management
• Wealth management services
• Investment fund management
• Institutional asset management
• Private client investment counsel

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Discretionary Portfolio Management Fees: AUM-based fees from customized discretionary portfolio management services for individuals, institutions including pension plans, endowments, foundations, and Indigenous communities.
2. F-Series Fund Administration: Management fees from F-series mutual fund suite offered through investment advisors on fee-for-service or discretionary basis. By offering only one series, fees are kept among the lowest in the industry.
3. Separately Managed Accounts (SMA): Fees from SMA arrangements enabling third-party advisors to offer Leith Wheeler strategies in a segregated-security structure rather than mutual fund structure.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Leith Wheeler Investment Counsel provides customized discretionary portfolio management and a suite of pooled investment funds to individuals, families, institutions (pension plans, endowments, foundations), Indigenous communities, and investment advisors in Canada. The firm manages over $34 billion in assets through segregated portfolios, F-Series Funds, Separately Managed Accounts, and alternative investment vehicles (including Brookfield infrastructure funds and private asset funds), grounded in bottom-up fundamental research and a long-term value investing philosophy.

Product overview

Leith Wheeler Investment Counsel is an independent, employee-owned Canadian wealth management firm offering a comprehensive suite of investment products and services. The firm provides fixed income funds (Money Market, Short Term Income, Core Bond, Core Active Bond, Carbon Constrained Bond, Core Plus Bond, Long Plus Bond, Corporate Bond, Corporate Advantage Bond, Multi Credit, and Preferred Share funds), Canadian and foreign equity funds (Canadian Equity, Canadian Dividend, Carbon Constrained Canadian Equity, US Equity, US Dividend, US Small/Mid-Cap Equity, International Equity Plus, Emerging Markets Equity, and Global Equity funds), balanced funds (Balanced Fund and Income Advantage Fund), and alternative investments (Infrastructure I, Infrastructure II, and Private Asset Fund through Brookfield partnerships). Services include segregated portfolio management, F-Series Funds for advisors, Separately Managed Accounts, and liability-driven investment mandates for institutional clients. The firm manages over $34 billion in assets for individuals, pension plans, endowments, foundations, Indigenous communities, and corporations across offices in Vancouver, Calgary, Toronto, and Montréal.

Differentiator

Problem solved

Functional benefit

Brands

• Quiet Money: The brand name 'Quiet Money' speaks to the firm's values - representing the hardworking and humble approach to investment philosophy that avoids chasing noisy, short-term trends in favour of uncovering valuable, long-term opportunities.

Products and services

• Segregated Portfolio Management Customized discretionary investment management for individuals, families, and institutions with dedicated Portfolio Managers providing personalized portfolios based on unique financial goals, risk tolerance, and ongoing needs.
• Money Market Fund Seeks to provide a rate of return for short-term investments while preserving investment value with high degree of liquidity. Available in USD version.
• Short Term Income Fund Seeks to provide investors with enhanced returns for short-term investments while preserving capital, investing in cash, short-term notes, banker's acceptances, treasury bills, corporate paper, and similar instruments.
• Core Bond Fund Seeks to provide a stable and attractive total return through investment in investment-grade fixed income securities with a return objective of FTSE Canada Universe Bond Index plus 0.35% over moving four-year periods.
• Core Active Bond Fund Aims to deliver a stable and attractive total return by investing in domestic and foreign investment-grade fixed income securities, targeting annualized total return exceeding FTSE Canada Universe Bond Index by 0.6% over rolling four-year periods.
• Carbon Constrained Bond Fund Provides moderate income and capital appreciation opportunity by investing in fixed income securities from Canadian and international issuers while excluding companies with significant activity in fossil fuel industries.
• Core Plus Bond Fund Designed to offer moderate income and capital appreciation through primarily investment-grade fixed income securities from Canadian, US, and international corporations, allowing up to 25% in non-investment grade securities.
• Long Plus Bond Fund Aims to deliver stable and attractive total return through investments in long-term fixed income securities, targeting annualized total return exceeding FTSE Canada Long Term Bond Index by 0.75% over rolling four-year periods.
• Corporate Bond Fund Seeks to provide investors with stable monthly income while preserving capital through investments primarily in Canadian fixed income corporate bonds with short- and medium-term maturities.
• Corporate Advantage Bond Fund Designed to provide relatively stable and tax-aware monthly income through a diversified mix of Canadian and foreign fixed-income securities, primarily corporate bonds with exposure to preferred shares, high-yield bonds, loans, convertible debt, and guaranteed mortgages.
• Multi Credit Fund Aims to generate interest income with potential long-term capital growth through investments in US, Canadian, and international high-yield corporates and senior loans, with hedging strategies for currency, interest rate, and credit risk.
• Preferred Share Fund Provides investors with income and opportunity for long-term capital appreciation by investing primarily in a portfolio of Canadian preferred share securities.
• Canadian Equity Fund Aims to deliver above-average long-term returns by investing primarily in a diversified portfolio of 25 to 55 Canadian companies, seeking annualized total return exceeding S&P/TSX Composite Index by 1.50% over rolling four-year periods.
• Canadian Dividend Fund Designed to provide investors with monthly income with potential for long-term growth through capital appreciation and dividend growth, investing in 25 to 55 Canadian companies with dividend yield expected to exceed S&P/TSX Composite Index.
• Carbon Constrained Canadian Equity Fund Targets superior long-term investment returns by investing in a diversified portfolio of Canadian common shares while excluding companies with significant activity in fossil fuel industries.
• US Equity Fund Invests in common shares of minimum 35 US companies with focus on maximizing long-term returns while preserving capital, seeking to outperform S&P 500 Index (C$) over a full market cycle. Sub-advised by Barrow Hanley Global Investors of Dallas, Texas.
• US Dividend Fund Provides monthly income in US dollars with potential for long-term growth through capital appreciation and dividend growth by investing primarily in US common shares. Sub-advised by Barrow Hanley Global Investors.
• US Small/Mid-Cap Equity Fund Aims to provide superior long-term investment returns by investing in 20 to 40 small and mid-capitalization US companies, not restricted by industry sector or size.
• International Equity Plus Fund Designed for investors seeking broadly diversified exposure to non-North American equities (Europe, Australia, and Far East) with potential for long-term capital appreciation while preserving capital. Sub-advised by Barrow Hanley Global Investors.
• Emerging Markets Equity Fund Aims to provide long-term capital appreciation and consistent income from dividends by investing primarily in common stocks of large and mid-cap companies in emerging market countries. Sub-advised by Barrow Hanley Global Investors.
• Global Equity Fund Seeks to provide above-average long-term investment returns by investing primarily in common shares of a diversified portfolio of 30 to 60 global companies, aiming to outperform MSCI World Index over a full market cycle.
• Balanced Fund Seeks to provide investors with a relatively stable, superior long-term rate of return through a balanced portfolio of common shares and fixed income securities.
• Income Advantage Fund Seeks to provide relatively stable source of tax-efficient monthly income with potential for long-term growth through capital appreciation and dividends. Invests in fixed income securities, preferred shares, mortgages, and dividend-paying equities.
• Leith Wheeler Infrastructure I Provides access to Brookfield Infrastructure Fund IV (BIFIV), a closed-ended fund focused on acquiring diversified portfolio of high-quality, core infrastructure assets at value-based prices.
• Leith Wheeler Infrastructure II Provides access to Brookfield Supercore Infrastructure Partners (BSIP), an open-ended vehicle for long-term global core infrastructure investments in utilities, energy, power, and transportation sectors.
• Leith Wheeler Private Asset Fund Fund-of-funds strategy investing in private infrastructure, real estate, debt, and mortgages, providing access to high-quality global alternatives managers at lower initial capital commitment.
• F-Series Funds Platform Suite of investment funds offered through investment advisors on a fee-for-service or discretionary basis. Minimum initial investment is $5,000 and $1,000 for additional purchases. Fees are among the lowest in the industry.
• Separately Managed Accounts (SMA) Enables third-party advisors to offer Leith Wheeler strategies to their clients in a segregated-security structure rather than mutual fund structure.
• Liability-Driven Investment Mandates Customized solutions for pension plan clients including duration matching portfolios with high precision and determination of appropriate credit risk for incremental returns relative to government bond portfolio alternatives.

Quantifiable outcome

• Income Advantage Fund delivered 6.5% annualized returns over 10 years vs 4.5% universe average, with $100,000 growing to $196k vs $161k
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered major, minor and core.

• Climate Engagement Canada (CEC)majorStrategic or Co-development Partner · 1 October 2021Founding participant since October 2021. Focus on climate-related engagement with Canadian publicly listed companies.
• Community Foundations of CanadamajorGTM or Marketing Partner · 1 January 2019National partner since 2019 for Vital Signs program, a community data-driven initiative that forms the backbone of community foundations by identifying and quantifying unique challenges they face.
• The Door is OpenminorGTM or Marketing Partner · 1 January 2017Staff and family volunteer twice yearly preparing and serving meals to 300 vulnerable neighbors in Vancouver's Downtown Eastside since 2017.
• Principles for Responsible Investment (PRI)coreStrategic or Co-development Partner · 1 December 2013UN-supported international network of investors. Leith Wheeler has been a signatory since December 2013. Among the first Canadian independent investment managers to sign.
• Canadian Coalition of Good Governance (CCGG)majorStrategic or Co-development Partner · 1 January 2003Member since 2003. CCGG is Canada's leading voice on corporate governance issues.
• Barrow Hanley Global InvestorscoreTechnology or IntegrationSub-advises US Equity Fund, US Dividend Fund, International Pooled Fund, and Emerging Markets Equity Fund. Located in Dallas, Texas.
• Brookfield Infrastructure Fund IV (BIFIV)coreStrategic or Co-development PartnerClosed-ended fund focused on acquiring diversified portfolio of high-quality, core infrastructure assets at value-based prices. Part of Leith Wheeler Infrastructure I fund.
• Brookfield Supercore Infrastructure Partners (BSIP)coreStrategic or Co-development PartnerPrimary private open-ended vehicle for long-term global core infrastructure investments. Part of Leith Wheeler Infrastructure II fund. Focus on utilities, energy, power, and transportation sectors.
• Music in the MorningminorGTM or Marketing PartnerSeason Sponsor for this Vancouver concert series that began in 1985 and showcases local, national, and international talent.
• Covenant HouseminorGTM or Marketing PartnerAnnual fundraising for Vancouver's Covenant House supporting vulnerable youth aged 16 to 24.
• SFU EMBA in Indigenous Business & LeadershipminorOthersSupporting mid-career Indigenous professionals motivated by economic development and self-determination through scholarships.
• UBC Ch'nook Indigenous Business EducationminorOthersProviding Aboriginal leaders with knowledge to bring economic development and opportunity to their communities.
• Yukon University Indigenous Self-Determination ProgramminorOthersProviding training and education to support and prepare Indigenous leaders of tomorrow.
• AFOA CanadaminorOthersSupporting Aboriginal finance officers in managing and governing their communities through workshops and articles focused on enhancing management, finance, and governance practices.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Phillips, Hager & North (RBC): One of Canada's largest independent (now bank-owned) investment managers with a comparable value-tilted, bottom-up research approach and similar institutional and private client focus. Closest direct analog in scale and philosophy, though now owned by RBC and integrated into RBC's broader wealth platform.
• 1832 Asset Management (Scotiabank): The asset management arm of Scotiabank offering institutional and retail pooled funds across equities, fixed income, and alternatives in Canada. Broad incumbent comparable in offering breadth and Canadian institutional penetration, though part of a larger bank distribution platform.
• BMO Private Wealth (including BMO GAM): Bank-owned Canadian wealth and asset management division offering institutional investment management, private banking, and advisor-distributed funds. Comparable in serving Canadian pensions, foundations, and HNW clients, but operating as part of a broader bank platform with wider distribution scale.
• CIBC Asset Management: Bank-owned Canadian asset manager serving institutional clients and retail investors through pooled funds, ETFs, and segregated mandates. Broad incumbent peer with overlapping institutional pension and foundation mandates, though embedded within CIBC's distribution network.

Direct peers

• Mawer Investment Management: Calgary-based independent, employee-owned Canadian asset manager offering pooled funds, segregated portfolios, and SMA strategies to individuals and institutions. Comparable in philosophy (fundamental research), ownership structure (employee-owned), and Canadian institutional/HNW focus.
• Jarislowsky Fraser: Montreal-based independent investment manager (now part of Scotiabank) with a long-tenured, research-driven approach serving Canadian institutional and private clients. Direct peer in size, fundamental-research style, and Canadian institutional mandate focus.
• Connor, Clark & Lunn Investment Management: Privately held Canadian investment manager with a multi-affiliate structure, offering balanced, equity, fixed income, and alternative strategies to institutional and private clients. Direct peer in offering breadth, Canadian institutional focus, and private/independent ownership model.
• Letko Brosseau Asset Management: Montreal-based independent Canadian wealth manager offering segregated portfolios, pooled funds, and private investment solutions to institutional and high-net-worth clients. Comparable as an independent Canadian fundamental manager with similar institutional client base.
• Burgundy Asset Management: Toronto-based independent Canadian investment manager serving institutions, foundations, and HNW individuals with fundamental equity, fixed income, and alternative mandates. Direct peer in independent ownership, fundamental-research approach, and Canadian institutional focus.
• Fiera Capital: Montreal-headquartered independent Canadian asset manager with institutional, private wealth, and alternative investment offerings across multiple affiliates. Comparable as a large independent Canadian manager competing for institutional and HNW mandates, with comparable AUM scale and product breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/leith-wheeler-investment-counsel-ltd.

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Leith Wheeler Investment Counsel