What Baker Gilmore & Associates does

Baker Gilmore & Associates Inc. is a privately held, specialty fixed income investment management firm founded in 1988 and headquartered in Montreal, Quebec. The firm operates as an independently managed affiliate within Connor, Clark & Lunn Financial Group Ltd. (CC&L Financial Group), a multi-boutique Canadian asset manager whose affiliated entities collectively administer over $222 billion in assets under management. Baker Gilmore manages more than $12 billion in standalone AUM through a focused product suite spanning traditional fixed income (Money Market, Short Term Bond, Long Term Bond, Universe/Core Bond, Government Bond, and Corporate Bond), Absolute Return Fixed Income, Liability Driven Investing (LDI), and an integrated Responsible Investing (ESG) overlay.

The firm's investment process combines top-down macroeconomic forecasting of bond return drivers with bottom-up fundamental credit research, supported by proprietary risk management and attribution systems used for portfolio construction, daily risk monitoring, and performance attribution. In its LDI practice, Baker Gilmore uses portfolio construction tools capable of generating custom benchmarks that incorporate client-specific liabilities, enabling cash flow matching, immunization, and horizon matching solutions for pension funds and insurance companies.

Revenue is generated through management fees charged as a percentage of assets under management on institutional and retail fixed income mandates, billed on a recurring subscription basis (typically annual). The firm serves pension funds, insurance companies, corporate entities, mutual funds, non-profit organizations, and high-net-worth individuals across Canada and the United States, distributed through a dedicated institutional sales team and direct relationship management, with back-office functions (accounting, marketing, legal, compliance) provided by CC&L Financial Group.

Name

Baker Gilmore & Associates

Legal name

Baker Gilmore & Associates Inc.

Website

https://bakergilmore.com

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

1–10 employees

Short description

Baker Gilmore & Associates is a Montreal-based specialty fixed income investment manager managing over $12 billion in AUM for institutional clients including pension funds, insurance companies, and corporates via traditional, absolute return, and liability driven strategies.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Total Return Fixed Income (FSAAAHAJ)

Keywords

• Fixed income management
• Institutional asset management
• Liability driven investing
• Bond portfolio management
• Pension fund management

Headquarters

HQ city

Montreal

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, Others

Revenue model

1. Asset Management Fees: Generates revenue through management fees charged on assets under management across fixed income strategies including traditional fixed income, absolute return, and liability driven investing mandates

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Baker Gilmore & Associates manages fixed income portfolios on behalf of institutional investors, offering a suite of strategies including money market, short-term bond, long-term bond, universe (core) bond, government bond, and corporate bond mandates, alongside absolute return fixed income and liability driven investing solutions. The firm charges asset management fees on assets under management and serves pension funds, insurance companies, mutual funds, corporates, and non-profits, primarily in Canada.

Product overview

Baker Gilmore & Associates is one of Canada's largest specialty fixed income managers, managing over $12 billion in assets. The firm offers a comprehensive suite of fixed income solutions organized under three main categories: Traditional Fixed Income (including Money Market, Short Term Bond, Long Term Bond, Universe/Core Bond, Government Bond, and Corporate Bond strategies), Absolute Return Fixed Income (an alternative solution with low correlation to traditional asset classes), and Liability Driven Investing (customized solutions for pension plans and insurance companies). Founded in 1988 and headquartered in Montreal, the firm also integrates Responsible Investing/ESG principles across all its investment strategies. Baker Gilmore is part of Connor, Clark & Lunn Financial Group, which collectively manages over $222 billion in assets.

Differentiator

Problem solved

Functional benefit

Brands

• Baker Gilmore Money Market: Money market fixed income strategy focused on capital preservation and liquidity, with a minimum credit rating of R1 or equivalent.
• Baker Gilmore Short Term Bond
• Baker Gilmore Long Term Bond
• Baker Gilmore Universe (Core) Bond
• Baker Gilmore Government Bond
• Baker Gilmore Corporate Bond
• Absolute Return Fixed Income
• Liability Driven Investing (LDI)

Products and services

• Baker Gilmore Money Market A money market fixed income strategy that preserves capital while providing liquidity and maximizing current income through a diversified portfolio of short to medium-term money market securities with a minimum credit rating of R1 or equivalent, for institutional investors.
• Baker Gilmore Short Term Bond A short-term bond strategy designed to protect capital against major market fluctuations while maximizing total returns, targeting to exceed the FTSE Canada Short Term Bond Index by 0.50% annually, for institutional investors.
• Baker Gilmore Long Term Bond A long-term bond strategy that uses innovative risk management and attribution systems to deliver long-term total returns while protecting capital, for institutional investors.
• Baker Gilmore Universe (Core) Bond A core bond strategy that maximizes long-term total returns while protecting capital from major market fluctuations, targeting to exceed the FTSE Canada Universe Bond Index by 0.75% over rolling four-year periods, for institutional investors.
• Baker Gilmore Government Bond A government bond strategy emphasizing downside protection and optimized risk/return trade-offs using a value-oriented approach focused on low default risk securities, for institutional investors.
• Baker Gilmore Corporate Bond A corporate bond strategy using fundamental value-oriented analysis with rigorous forecasting methodology and leading-edge risk management systems to maximize long-term total returns while protecting capital, for institutional investors.
• Absolute Return Fixed Income An all-weather absolute return fixed income solution providing positive returns regardless of macro environment, offering low correlation to traditional asset classes as a more liquid alternative to private market investments, with focus on capital preservation across all market cycles, for institutional investors.
• Liability Driven Investing (LDI) Customized investment solutions designed around client-specific liability cash flows for pension funds and insurance companies, offering cash flow matching, immunization, and horizon matching approaches with daily risk, performance, and attribution monitoring.

Quantifiable outcome

• Universe (Core) Bond strategy target: outperform FTSE Canada Universal Bond Index by 0.75% over rolling four-year periods
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• United Nations Principles for Responsible Investment (UN PRI)coreStrategic or Co-development PartnerBaker Gilmore became a signatory to the UN PRI in January 2016, demonstrating commitment to responsible investment practices.
• Climate Engagement Canada (CEC)coreStrategic or Co-development PartnerCollaborative engagement platform facilitating dialogue between financial sector and industry on climate-related risks and opportunities. Baker Gilmore became a founding participant in July 2021 through CC&L Financial Group association.
• Portfolio Management Association of Canada (PMAC)minorStrategic or Co-development PartnerBaker Gilmore is a member of the Portfolio Management Association of Canada, the national voice for Canada's investment management industry.
• Canadian Bond Investors Association (CBIA)minorStrategic or Co-development PartnerBaker Gilmore is a member of the Canadian Bond Investors Association, representing bond investors in Canada.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Letko Brosseau Asset Management: Montreal-based Canadian fixed income specialist managing institutional portfolios with a focus on active fixed income mandates. Highly comparable to Baker Gilmore in specialty fixed income, Montreal base, and institutional client concentration.
• Canso Investment Counsel: Canadian specialty fixed income and credit manager focused on institutional mandates. Highly comparable to Baker Gilmore as a Canadian boutique fixed income specialist offering active credit, core, and absolute-return fixed income to similar institutional client base.
• Addenda Capital: Canadian institutional investment manager with a strong specialty fixed income franchise serving pensions, insurers, and foundations. Directly comparable to Baker Gilmore in target clients, multi-sector fixed income strategies, and LDI offerings within the Canadian institutional market.
• Guardian Capital Group: Canadian institutional asset manager with fixed income and active strategies serving institutions and intermediaries. Comparable to Baker Gilmore in Canadian fixed income active management and institutional client focus.
• Beutel, Goodman & Company: Canadian investment manager offering active fixed income and equity strategies to institutional clients. Directly comparable to Baker Gilmore as a Canadian boutique active manager serving pension funds and institutional investors with disciplined fundamental research approach.
• Leith Wheeler Investment Counsel: Vancouver-based Canadian investment counsel managing fixed income and balanced mandates for institutional and high-net-worth clients. Directly comparable to Baker Gilmore in Canadian fixed income active management and institutional client focus.

Broad incumbents

• PH&N Investment Services (RBC): RBC's institutional fixed income manager offering a broad suite of active and passive Canadian fixed income strategies. Comparable to Baker Gilmore in fixed income capabilities and Canadian institutional client base, but operating as part of a much larger diversified asset manager with broader distribution.
• Manulife Investment Management: Major Canadian-headquartered global asset manager with significant fixed income capabilities serving institutional clients. Broadly comparable to Baker Gilmore in fixed income strategies and LDI offerings, but at materially larger scale with global reach.
• PIMCO: One of the world's largest active fixed income managers offering institutional fixed income, absolute return, and LDI solutions globally. Comparable to Baker Gilmore in fixed income product breadth and institutional client base, but at global scale with materially deeper resources.
• BlackRock Canada: Canadian arm of the world's largest asset manager with substantial fixed income and iShares ETF franchise. Comparable to Baker Gilmore as a major fixed income competitor for Canadian institutional mandates, but at vastly larger scale and broader product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights3 records

Customer concentration

• LinkedInlinkedin.com/company/baker-gilmore-&-associates

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Baker Gilmore & Associates