Arrow Capital Management

What Arrow Capital Management does

Arrow Capital Management Inc. is a Toronto-based, employee-owned Canadian investment management firm founded in 1999 by James McGovern, operating as a boutique manager of actively managed mutual funds, liquid alternative funds, ETFs, and limited partnerships. The firm's product platform spans long/short Canadian equity (Arrow Long/Short Alternative Fund, ETF: ACAA), global equity long/short (Arrow Opportunities Alternative Fund), global multi-asset macro (Arrow Global Multi-Asset Alternative Fund), dividend long/short (Arrow EC Equity Advantage, ETF: ADIV), investment-grade corporate credit with interest-rate-risk elimination (Arrow EC Income Advantage, ETF: RATE), balanced funds (Exemplar Growth and Income Fund, ETF: EGIF), concentrated Canadian equity (Exemplar Performance Fund), Exemplar Global Growth and Income, the Arrow Income Alternative Fund, and the WaveFront All-Weather Alternative Fund (ETF: WAAV). The firm also distributes the Northern Rivers Conservative Growth Fund LP on a prospectus-exempt basis.

The core investment engine combines discretionary active portfolio management with event-driven trading, hedging via short selling and derivatives, and proprietary macro strategies; sub-advisory partnerships with East Coast Asset Management (fixed income and dividend equity strategies) and WaveFront Global Asset Management (all-weather) supplement in-house capability. Operational infrastructure is delivered through CIBC World Markets, CIBC Mellon, RBC Investor Services, TSX Trust, PwC, and FundSERV, supporting both dealer-distributed mutual fund series (A/AD/F/FD/L/I/U) and TSX-listed ETFs. The firm is registered as portfolio manager, exempt market dealer, commodity trading manager, and investment fund manager across Ontario, Alberta, BC, Quebec, and Newfoundland and Labrador.

Revenue is generated primarily through recurring management fees on the mutual fund and ETF complexes (Series A: 1.45-2.00%; Series F: 0.65-1.00%; ETFs: 65-95 bps) supplemented by performance fees of 15-20% on certain alternative strategies. Distribution is hybrid: traditional Canadian financial advisors and dealers for mutual fund series, the TSX for ETFs, the dedicated Advisor Portal, and direct institutional/exempt-market sales for limited partnerships. End customers include individual investors, financial advisors, and institutional investors, with products offered exclusively outside the United States.

Name

Arrow Capital Management

Legal name

Arrow Capital Management Inc.

Website

https://arrow-capital.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Arrow Capital Management is an employee-owned Toronto-based boutique investment manager (founded 1999) offering Canadian mutual funds, liquid alternatives, five TSX-listed ETFs, and limited partnerships, distributed through financial advisors and the TSX to individual, advisor, and institutional investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Fund Management Fees: Arrow Capital generates revenue primarily through management fees charged on its pooled funds and ETFs. Fee structures include fixed management fees (e.g., Series A: 1.65-2.00%, Series F: 0.65-1.00%) and performance fees (e.g., 20% of excess returns above benchmark). The company also charges performance fees on certain funds.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Arrow Capital Management is a Canadian investment management firm offering actively managed mutual funds, liquid alternative funds, ETFs listed on the Toronto Stock Exchange, and limited partnerships. The product suite spans long/short Canadian equity, long/short global equity with event-driven opportunities, a global multi-asset macro alternative fund, and an interest rate risk-eliminating Canadian investment grade corporate bond fund. Distribution occurs via TSX-listed ETFs for intra-day liquidity, financial advisor and dealer channels, dedicated Advisor Portal, and exempt-market channels for limited partnerships to accredited investors.

Product overview

Arrow Capital Management is a Canadian investment management company offering a diversified portfolio of investment products including mutual funds across multiple asset classes (equities, fixed income, alternatives), liquid alternative funds with long/short strategies, and ETFs listed on the TSX. The product lineup includes Arrow Long/Short Alternative Fund, Arrow Opportunities Alternative Fund, Arrow EC Income Advantage Alternative Fund, Arrow EC Equity Advantage Alternative Fund, Arrow Global Multi-Asset Alternative Fund, Exemplar Growth and Income Fund, Exemplar Global Growth and Income Fund, Exemplar Performance Fund, and WaveFront branded funds. ETF offerings (ACAA, ADIV, EGIF, RATE, WAAV) provide additional access points to the underlying mutual fund strategies with intra-day liquidity on the TSX. The company also offers limited partnership products for eligible investors.

Differentiator

Problem solved

Functional benefit

Brands

• Arrow Long/Short Alternative Fund: Long/short equity alternative fund investing in Canadian equity securities
• Arrow Global Multi-Asset Alternative Fund
• Arrow Income Alternative Fund
• Arrow Opportunities Alternative Fund
• Arrow EC Income Advantage Alternative Fund
• Arrow EC Equity Advantage Alternative Fund
• Exemplar Growth and Income Fund
• Exemplar Global Growth and Income Fund
• Exemplar Performance Fund
• WaveFront Global Diversified Investment Fund
• WaveFront All-Weather Alternative Fund

Products and services

• Arrow Long/Short Alternative Fund A Canadian equity fund that seeks to deliver consistent returns by investing in companies with proven management ability, well-defined growth strategies, and distinct competitive advantages, with flexibility to vary market exposure to mitigate risk.
• Arrow Opportunities Alternative Fund A global equity fund seeking superior capital appreciation over both short and long term horizons through long and short positions in global equity securities and equity derivative securities, with event-driven trading opportunities.
• Arrow EC Income Advantage Alternative Fund A fund seeking to generate attractive risk-adjusted returns with low volatility in all interest rate environments by maintaining exposure to diversified Canadian investment grade corporate bonds while eliminating interest rate risk.
• Arrow EC Equity Advantage Alternative Fund A fund utilizing a proprietary strategy of investing long and short in a portfolio of predominantly North American dividend-paying equity securities.
• Arrow Global Multi-Asset Alternative Fund A fund providing capital appreciation through active management of opportunities in global equity, debt, commodity and foreign exchange markets with an opportunistic, unconstrained, not benchmark-constrained approach.
• Arrow Income Alternative Fund A fund focused on generating income through various investment strategies.
• Exemplar Growth and Income Fund A balanced fund providing growth and income through strategic asset class shifts based on opportunity identification, with focus on capital preservation during market turmoil.
• Exemplar Global Growth and Income Fund A global fund seeking long term growth and preservation of capital through diversified mix of global equity and fixed-income securities with active foreign exchange management.
• Exemplar Performance Fund A concentrated Canadian equity fund seeking consistent returns in varying market conditions through investments in securities with proven management teams, strong cash flows, and earnings growth.
• WaveFront All-Weather Alternative Fund An all-weather alternative fund designed to perform across various market conditions, brought to market in partnership with WaveFront Global Asset Management as sub-advisor.
• Northern Rivers Conservative Growth Fund LP A limited partnership offering conservative growth investment strategy distributed via the exempt market dealer channel to accredited investors.
• Arrow Canadian Advantage Alternative Class ETF (TSX: ACAA) ETF class of Arrow Long/Short Alternative Fund providing actively managed long/short equity exposure for investors seeking diversified core equity portfolios with intra-day liquidity on the TSX.
• Arrow EC Equity Advantage Alternative ETF (TSX: ADIV) ETF utilizing proprietary strategy of investing long and short in predominantly North American dividend-paying equity securities with intra-day liquidity on the TSX.
• Arrow EC Income Advantage Alternative ETF (TSX: RATE) TSX-listed ETF providing exposure to Arrow EC Income Advantage Alternative Fund, seeking attractive risk-adjusted returns with low volatility across all interest rate environments with intra-day liquidity.
• Exemplar Growth and Income ETF (TSX: EGIF) An actively managed ETF providing access to Arrow's balanced mutual fund with intra-day liquidity, offering diversification, income, and focus on risk-adjusted returns.
• WaveFront All-Weather Alternative Fund ETF (TSX: WAAV) ETF launched through partnership with WaveFront Global Asset Management, providing all-weather alternative investment exposure on the TSX with intra-day liquidity.

Quantifiable outcome

• Multiple funds have achieved FundGrade A+ Awards in recognition of consistent risk-adjusted performance (2021, 2022, 2023, 2024)
• +2 more outcomes

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core.

• WaveFront Global Asset ManagementcoreStrategic or Co-development Partner · 15 January 2025Arrow Capital Management and WaveFront Global Asset Management entered into a strategic partnership to jointly bring the WaveFront All-Weather Alternative Fund ETF (TSX: WAAV) to market. The fund commenced trading on the Toronto Stock Exchange on January 15, 2025, with a formal market opening ceremony on February 11, 2025. The fund is managed by Arrow with WaveFront providing sub-advisory services.
• East Coast Asset Management SEZCcoreStrategic or Co-development Partner · 26 June 2020East Coast Asset Management SEZC serves as sub-advisor to the Arrow EC Income Advantage Alternative Fund and Arrow EC Equity Advantage Alternative ETF. Mike MacBain is Founding Partner & CIO of East Coast Asset Management. The partnership brings over 30 years of trading and senior management experience from leading investment dealers including RBC Capital Markets and TD Securities.
• CIBC World Markets and CIBC Mellon Trust CompanycoreTechnology or IntegrationCIBC World Markets Inc. serves as custodian and prime broker for several Arrow Capital funds including the Exemplar Performance Fund. CIBC Mellon Global Securities Services serves as valuation agent. These relationships provide institutional-grade custody and administrative infrastructure.
• RBC Investor & Treasury Services / RBC Investor Services TrustcoreTechnology or IntegrationRBC Investor Services Trust serves as administrator for several Arrow Capital funds including the Arrow Opportunities Alternative Fund. This provides fund administration and back-office support services.
• TSX Trust CompanycoreTechnology or IntegrationTSX Trust Company serves as transfer agent for the ACAA ETF and other Arrow ETFs, enabling the transfer and registration of ETF units listed on the Toronto Stock Exchange.
• PricewaterhouseCoopers (PwC)coreTechnology or IntegrationPricewaterhouseCoopers serves as auditor for Arrow Capital funds including the ACAA ETF, providing independent financial statement audits.
• CIBC Mellon Asset ServicingcoreTechnology or IntegrationCIBC Mellon Asset Servicing (through CIBC Mellon Trust Company) provides custodian and valuation agent services for Arrow Capital funds including the Arrow Long/Short Alternative Fund.

Scale indicators3 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Picton Mahoney Asset Management: Toronto-based Canadian boutique asset manager specializing in liquid alternative mutual funds and long/short equity strategies, distributed through advisors in Canada with overlapping funds on the TSX. Directly comparable to Arrow's core alternative mutual fund and ETF platform.
• Sprott Asset Management: Canadian alternative asset manager offering mutual funds, ETFs and flow-through LPs across precious metals, equities and alternatives, with TSX-listed ETFs. Closely comparable product mix and advisor-distribution model.
• Canoe Financial: Canadian alternative investment manager (formerly Sentry Investments) offering a multi-fund alt platform including long/short, market-neutral and energy/private credit funds. Directly comparable in product type and Canadian advisor distribution.
• Lysander Funds: Toronto-based boutique offering Canadian alternative and balanced mutual funds and ETFs, including multi-asset balanced and equity income mandates. Directly overlaps Arrow's balanced/alt product positioning and TSX-listed ETF presence.
• Ninepoint Partners: Toronto-based alternative asset manager offering Canadian- and US-listed ETFs, alternative mutual funds and flow-through LPs. Comparable strategy mix (alts, income, equity) and distribution via advisors plus TSX/NEO ETFs.
• Portland Investment Counsel: Canadian boutique asset manager offering alternative mutual funds, ETFs, and privately pooled funds with a focus on alternative and income strategies. Comparable alt-platform distribution and product breadth.

Broad incumbents

• Fiera Capital: Large Canadian multi-affiliate asset manager with institutional and retail/ETF capabilities across equities, fixed income, alts and private markets. Broader portfolio that overlaps Arrow's alts/equity capabilities but at much greater scale.
• Guardian Capital Group: Toronto-based diversified asset manager with retail mutual funds, ETFs (Guardian Capital ETF suite) and institutional mandates. Overlaps Arrow's mutual fund/ETF platform but with broader product depth and institutional reach.
• CI Investments: One of Canada's largest retail asset managers with extensive mutual fund and ETF lineup (CI ETFs), alternative strategies and advisor distribution. Overlaps Arrow at the product/category level as a much larger incumbent in the same distribution channels.
• 1832 Asset Management (Scotia): Scotia-bank affiliated asset manager with extensive Canadian mutual fund and ETF lineup. Incumbent competitor for advisor shelf space across the same retail distribution Arrow targets.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/arrowcapital
• YouTubeyoutube.com/@arrowcapitalmanagementinc
• Facebookfacebook.com/arrowcapitalmanagementinc
• LinkedInlinkedin.com/company/arrow-capital-management-inc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 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 Arrow Capital Management