Morguard Lincluden

What Morguard Lincluden does

Morguard Lincluden Global Investments (formerly Lincluden Investment Management Limited) is a Canadian value-based investment management firm founded in 1982 and fully acquired by Morguard Corporation in 2024. Headquartered in Mississauga, Ontario, the firm manages in excess of $4 billion in assets across pension plans, sub-advisory relationships, First Nation Trusts, and not-for-profit organizations, plus the retail Lincluden Balanced Fund ($118.1 million as of 5/31/2026). It serves four primary client segments: institutional investors (pension funds, foundations, endowments, insurance companies, multi-employer plans), mutual fund investors (Series A, O, F, I units), private clients (high-net-worth individuals), and First Nations communities.

The firm operates a platform-plus-strategies model offering twelve distinct mandates unified by a single value-based investment philosophy: a proprietary discounted cash flow valuation process applied through bottom-up security selection across Canadian, U.S., and international equities, complemented by a multi-dimensional fixed income approach (duration, yield curve, credit, foreign pay bonds, real return bonds). Strategies include three fixed income mandates (Bonds, Short Mid Bonds, Long Bonds), two balanced mandates (Balanced, Income Plus), five equity strategies (Canadian HQV, Stable Income Equity, Small Cap, Global Equity, Canadian & Global Equity), and the Real Estate Equity Fund. Tactical asset allocation overlays top-down valuation with bottom-up specialist input.

Morguard Lincluden generates revenue primarily through recurring investment management fees on segregated accounts, pooled funds, and mutual fund series, billed quarterly. Soft-dollar arrangements provide supplemental income. The Lincluden Balanced Fund was named a 2025 GMR Top Performer, ranking in the top 3% of the GMR Balanced Universe over a five-year period. Distribution occurs through direct institutional sales, investment advisor networks across Canada, dedicated private client teams, and an exempt market dealer license.

Name

Morguard Lincluden

Legal name

Morguard Lincluden Global Investments

Website

https://morguardlincluden.com

Company type

Private

Founded year

1982

Operating status

Operating

Short description

Morguard Lincluden is a Canadian value-based investment manager founded in 1982 and fully owned by Morguard Corporation since 2024, managing over $4 billion across institutional investors, mutual fund investors, private clients, and First Nations communities through twelve disciplined value strategies.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (52591)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Real Estate Investment Trusts (6798)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industries

Private Client/High-Net-Worth Advisory (FSAEAAAN), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Specialized/Niche-Vertical RIAs (e.g., Medical, Tech, Executives, Athletes) (FSAAACAL)

Keywords

• Value-based investing
• Institutional asset management
• Balanced fund management
• Private client wealth management
• Canadian equity management

Headquarters

HQ city

Mississauga

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees (Segregated Accounts): Fees charged to institutional clients for discretionary portfolio management of segregated accounts including pension funds, foundations, endowments, and First Nation Trusts.
2. Mutual Fund Management Fees: Management fees charged to Lincluden Balanced Fund Series A units, with Series O units excluding investment management fees charged separately to investor accounts. Series F and Series I units available with different fee structures.
3. Pooled Fund Management Fees: Fees from pooled funds including Canadian and Global Equity, Fixed Income, Balanced, Income Plus, and Real Estate Equity Fund offerings for institutional investors.
4. Soft Dollar Arrangements: Soft dollars received in connection with securities trades on behalf of clients for services including rating agencies, credit research services, research tools, and order execution services.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Morguard Lincluden Global Investments is a Canadian value-based investment management firm providing discretionary portfolio management across equities, fixed income, balanced, and real estate strategies. The firm serves institutional investors (pension funds, foundations, endowments, insurance companies, First Nation Trusts), mutual fund investors via the Lincluden Balanced Fund, and high-net-worth private clients through segregated accounts and pooled funds.

Product overview

Morguard Lincluden Global Investments offers a comprehensive suite of investment management products and strategies for institutional and individual investors. The firm provides a unified value-based investment approach across multiple asset classes, including mutual funds (Lincluden Balanced Fund), institutional fixed income strategies (Bonds, Short Mid Bonds, Long Bonds), balanced strategies (Balanced, Income Plus), Canadian and global equity strategies (HQV, Stable Income Equity, Small Cap Equity, Global Equity, Canadian & Global Equity), and alternative investments (Real Estate Equity Fund). The product architecture is organized as a platform-plus-strategies model where the same investment philosophy and research process underlies all offerings, with separate strategies designed for different investor segments (institutional, mutual fund, private clients, and Indigenous Services).

Differentiator

Problem solved

Functional benefit

Brands

• Lincluden Balanced Fund: The primary mutual fund product providing balanced investment strategy with a 60% equity and 40% fixed income target allocation.
• Lincluden Pooled Funds

Products and services

• Lincluden Balanced Fund A balanced mutual fund providing individual investors access to value-based investment management focused on capital appreciation and income with relatively low level of risk, investing in stocks, government and corporate bonds, and short-term instruments.
• Bonds Strategy Fixed income portfolio using a value-based approach structured to achieve an efficient combination of duration, credit, yield curve and foreign exposure for current income and capital preservation, available for institutional clients.
• Short Mid Bonds Strategy Short-to-mid duration fixed income portfolio using a value-based approach structured to achieve an efficient combination of duration, credit, yield curve and foreign exposure for current income and capital preservation.
• Long Bonds Strategy Long duration fixed income portfolio using a value-based approach structured to achieve an efficient combination of duration, credit, yield curve and foreign exposure for current income and capital preservation.
• Balanced Strategy Balanced fund with equity bias over the long run with a neutral target mix of 60% stocks and 40% bonds, providing both capital appreciation and income while maintaining a relatively low level of risk for institutional clients.
• Income Plus Strategy Combination of Canadian dividend equity strategy and short-mid fixed income strategy designed to provide consistent income and moderate long-term capital appreciation for institutional clients.
• Canadian Equity High Quality Value (HQV) Strategy Focused Canadian equity portfolio utilizing a bottom-up, value-based approach to security selection for long-term capital appreciation through a diversified portfolio of Canadian equity securities.
• Canadian Stable Income Equity Strategy Focused Canadian dividend equity portfolio providing strong annual income and long-term capital appreciation with better capital protection and less volatility through a diversified portfolio of dividend-paying securities.
• Canadian Small Cap Equity Strategy Focused small-cap Canadian equity portfolio utilizing a bottom-up, value-based approach for long-term capital appreciation through a diversified portfolio of Canadian equities with market capitalization less than $2 billion.
• Global Equity Strategy Focused Global equity portfolio utilizing a bottom-up, value-based approach for long-term capital appreciation through a diversified portfolio of U.S. and international equity securities.
• Canadian & Global Equity Strategy Focused Canadian and Global equity portfolio utilizing a bottom-up, value-based approach for long-term capital appreciation through a diversified portfolio of Canadian, U.S. and international equity securities.
• Real Estate Equity Fund Real estate investment fund seeking consistent and stable income with moderate capital growth through a diversified portfolio of REITs and similar companies operating in North America across all major property types.

Quantifiable outcome

• Lincluden Balanced Fund ranked in top 3% of GMR Balanced Universe over five-year period
• +2 more outcomes

Named customers5 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

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• RBC Investor ServicesminorStrategic or Co-development PartnerPreferred custodian arrangement in place with RBC Investor Services for safekeeping of client assets. Available to clients who do not already have a custodian relationship.
• NATOA (National Aboriginal Trust Officer Association)minorOthersLincluden is a founding and ongoing sponsor of NATOA. Partnership supports First Nations through education, capacity building, and youth activities.
• AFOA (Aboriginal Financial Officers Association)minorOthersLincluden is a supporter of AFOA, supporting First Nations financial officers through this industry association.
• Anishnawbe Health TorontominorOthersLincluden is a founding host of the Anishnawbe Health Toronto Friend Raiser, a program whose mission is to improve the health and well-being of Aboriginal People.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Fiera Capital: Major Canadian institutional asset manager offering equities, fixed income, and alternative strategies to pension, insurance, and mutual fund clients. Comparable as a broader Canadian incumbent where Lincluden PM Kon-Yu Lau previously oversaw ~C$8B in fixed income.
• Phillips, Hager & North (RBC GAM): Canadian institutional and private wealth investment manager (now part of RBC GAM) offering value-oriented balanced and equity mandates. Comparable as a larger Canadian incumbent with value-style philosophy and institutional/HNW client overlap.
• CI Global Asset Management: One of Canada's largest asset managers offering diversified mutual fund, institutional, and alternative investment products. Comparable as a broad incumbent competing for similar Canadian retail advisor-channel and institutional mandates.

Direct peers

• Beutel, Goodman & Company: Toronto-based value-oriented investment manager serving institutional and private clients across Canadian and global equities and fixed income. Directly comparable as a Canadian value boutique with multi-strategy institutional platform.
• Mawer Investment Management: Canadian boutique investment manager applying disciplined fundamental research-based strategies across equities and balanced mandates for institutional and private clients. Highly comparable as a similarly-sized value-disciplined Canadian boutique with parallel client segments.
• Jarislowsky Fraser: Canadian institutional investment manager specializing in fundamental research-driven equity and fixed income mandates. Highly comparable given Lincluden PM Geoffrey De Souza's prior tenure at Jarislowsky Fraser and shared institutional client focus.
• Galibier Capital Management: Canadian boutique value-oriented equity manager focused on high-quality businesses for institutional clients. Directly comparable as a small Canadian value boutique, with Lincluden PM Scott Connell previously serving as Partner and Portfolio Manager at Galibier.
• Connor, Clark & Lunn Financial Group: Canadian multi-boutique investment manager offering value, growth, and alternative strategies through affiliated firms. Directly comparable to Lincluden's value approach, with PM Peter Chin's prior role at Connor Clark providing institutional pedigree overlap.
• Letko, Brosseau & Associates: Montreal-based boutique asset manager focused on value-oriented global and Canadian equity strategies for institutional clients. Directly comparable as a Canadian value-based boutique with institutional mandate focus and similar AUM scale.

Regional players

• Gluskin Sheff + Associates: Canadian wealth management firm providing discretionary portfolio management and alternative investments to high-net-worth individuals and institutional clients. Comparable as a Toronto-based private client manager, with Lincluden VP Jaclyn Pitushka previously employed at Gluskin Sheff.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/morguard-lincluden-global-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 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 Morguard Lincluden