Tower Asset Management

What Tower Asset Management does

Tower Asset Management is a privately held, boutique investment management firm founded in 2002 and headquartered in Calgary, Alberta, operating with a lean team of 1–10 employees led by two principal portfolio managers, Mark L. Maxwell (CEO; CFA since 1991) and Tarek S. Williams (President; CFA since 2018). The firm provides discretionary separately managed account services to higher-net-worth individuals and families across four Canadian provinces (Alberta, Saskatchewan, Manitoba, Ontario), with US residents explicitly excluded.

The product suite is built around three complementary proprietary strategies: Enhanced Index (fundamental indexing weighting global securities by revenue, earnings, and dividends across 14 indexes covering ~2,200 securities), Canadian Momentum (a concentrated 12-stock TSX portfolio rebalanced quarterly, enhanced in 2026 with a monthly "Dump the Dogs" overlay), and Canadian High Dividend (a 12-stock Canadian dividend screen launched August 2024). A US Momentum Strategy on the S&P 500 was tested in 2024 for client rollout. Portfolios are held in clients' own names through a third-party portal (ndexsystems) providing 24/7 account access.

The business model is a tiered subscription-style AUM fee: management fees decline as account size grows, no soft-dollar commissions or product-provider kickbacks are taken, and trading costs are passed through at institutional rates. Distribution is entirely direct — no intermediaries, no resellers — supported by the Tower Talk podcast, blog content, and personal relationships. The principals co-invest personal capital in the same strategies at identical fees, structurally aligning manager and client outcomes.

Name

Tower Asset Management

Legal name

Tower Asset Management

Website

https://towerasset.ca

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1–10 employees

Short description

Tower Asset Management is a privately held, Calgary-based boutique investment management firm founded in 2002, serving higher-net-worth individuals and families across four Canadian provinces with separately managed accounts in three proprietary strategies (Enhanced Index, Canadian Momentum, Canadian High Dividend) on a tiered AUM-fee basis.

Ownership category

akta.pro rank

Headquarters

HQ city

Three Hills

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Assets Under Management (AUM) Fees: Management fee is based on a percentage of total assets under management (AUM). Fees decrease as account size grows (tiered fee structure). No soft dollar commissions or bonuses are exchanged with brokerage or fund companies. The connection between firm income and client success is direct and unmitigated. Trading costs are separate and charged at institutional rates.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Tower Asset Management is a boutique investment management firm that provides separately managed accounts for higher-net-worth clients across four Canadian provinces (Alberta, Saskatchewan, Manitoba, and Ontario). The firm offers three core, complementary strategies — Enhanced Index (fundamental indexing weighted by revenue, earnings, and dividends), Canadian Momentum (quarterly screening of TSX top performers, enhanced with monthly rebalancing), and Canadian High Dividend — applied through portfolios held directly in clients' own names. Tower co-invests alongside clients at identical fees, and provides 24/7 online portal access for transparency.

Product overview

Tower Asset Management offers a suite of separately managed account investment services built around three complementary strategies: Enhanced Index (fundamental weighting), Momentum (quarterly/monthly rebalancing), and Dividend investing. The firm operates through a proprietary online client portal providing 24/7 account access and transparency. Clients receive personalized portfolio management with their flagship strategies including Canadian Momentum (12-stock concentrated portfolio), Enhanced Index Aggressive Growth (80/20) and Growth (65/35) allocations, Canadian High Dividend Strategy (launched 2024), and a planned US Momentum Strategy. All strategies are offered alongside educational content via the Tower Talk podcast.

Differentiator

Problem solved

Functional benefit

Products and services

• Canadian Momentum Strategy
• Enhanced Index Aggressive Growth (80/20)
• Enhanced Index Growth (65/35) A separately managed account with a 65% equity / 35% fixed income allocation using fundamental indexing weighted by company fundamentals rather than market capitalization. Comparable to Morningstar moderate target risk portfolios. Returned 12.4% in 2024 versus Morningstar benchmark of 8.3%.
• Canadian High Dividend Strategy
• US Momentum Strategy

Quantifiable outcome

• 14.4% return in 2024 for Enhanced Index Aggressive Growth (vs 10.7% Morningstar benchmark)
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Leith Wheeler Investment Counsel: Vancouver-based independent Canadian boutique managing equity, fixed income, and balanced portfolios for high-net-worth individuals, foundations, and pensions. Directly comparable boutique model with discretionary SMA focus and emphasis on long-term investing.
• Jarislowsky Fraser: Montreal-based independent Canadian boutique manager focused on fundamental equity, fixed income, and balanced portfolios. Comparable in independent boutique model and active fundamental research orientation, though larger in AUM scale.
• Letko, Brosseau & Associates: Montreal-based independent Canadian boutique manager specializing in concentrated global equity mandates for institutional and high-net-worth clients. Comparable in boutique scale, active fundamental approach, and concentration philosophy.
• QV Investors: Calgary-based independent Canadian boutique manager specializing in dividend and income-oriented equity mandates for institutional and HNW clients. Directly comparable in geography, boutique scale, and Canadian dividend strategy focus that overlaps with Tower's High Dividend mandate.
• PenderFund Capital Management: Vancouver-based boutique offering actively managed equity and alternative strategies to Canadian HNW and institutional clients. Comparable in boutique scale and active fundamental approach, though distributed via pooled funds rather than SMAs.
• Mawer Investment Management: Calgary-headquartered Canadian boutique investment manager serving individual and institutional clients with multi-asset strategies including equity, fixed income, and balanced portfolios. Directly comparable to Tower in geography, boutique scale, and active fundamental research approach.

Broad incumbents

• CI Global Asset Management: One of Canada's largest asset managers offering a broad range of actively managed equity, fixed income, and balanced portfolios to retail and institutional clients. Comparable in active fundamental equity offerings but operates at much greater scale with a more diversified product set than Tower.
• Richardson GMP: Canadian wealth management firm offering discretionary portfolio management and advisory services to HNW clients across Canada. Comparable target market and SMA offering, but operates as a broader wealth platform with financial planning and brokerage capabilities beyond Tower's pure-play investment management focus.
• IG Wealth Management: Canada's largest independent wealth manager offering investment advisory and portfolio management services to Canadian households. Comparable in Canadian HNW target market and SMA offerings, but operates at substantially greater scale as part of IGM Financial.
• BMO Wealth Management: Canadian wealth arm of Bank of Montreal offering discretionary portfolio management and advisory services across Canada. Comparable in Canadian HNW target market, but Tower explicitly positions against bank-channel conflicts of interest.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key highlights7 records

Customer concentration

• YouTubepodcasts.apple.com/ca/podcast/tower-talk-navigating-markets/id1682561284
• LinkedInlinkedin.com/company/tower-asset-management-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Tower Asset Management