Download alberta`s financial sector

ALBERTA’S FINANCIAL SECTOR:
STRENGTH IN
NUMBERS
AUGUST 2014
VIEW OF DOWNTOWN CALGARY
Photo courtesy Matthews Southwest
INVESTING IN CANADA
WITH A STRONG AND STABLE ECONOMY – ONE THAT CONTINUALLY
OUTPERFORMS THOSE OF MOST OTHER COUNTRIES – CANADA IS
ONE OF THE MOST WELCOMING AND PROFITABLE PLACES FOR
INTERNATIONAL BUSINESS AND FOREIGN DIRECT INVESTMENT.
1
INVESTING
GLOBAL TOPIN10CANADA
Canada ranks among the top 10 on a range of key investment-related indices, including:
• ECONOMIC WELL-BEING1
• COUNTRY CREDIT RATING2
• EASE TO START A BUSINESS2
• SOUNDNESS OF BANKS2
• STRENGTH OF INVESTOR PROTECTION3
• QUALITY OF MANAGEMENT SCHOOLS2
• PROPERTY RIGHTS3
• LABOUR MARKET EFFICIENCY1
• JUDICIAL INDEPENDENCE3
Forbes magazine consistently lists Canada among the top 10 best places in the world for
business.
In 2012, the aggregate Canadian market capitalization reached US$2.19 trillion –
one of the top 10 in the world.3,4
CANADA’S BANKING SYSTEM HAS BEEN RANKED THE
SOUNDEST IN THE WORLD, SIX YEARS IN A ROW.2
Centre for the Study of Living Standards (2011). Moving from a GDP-based to a well-being based metric of economic performance and social progress.
Retrieved from http://www.csls.ca/reports/csls 2011-12.pdf
World Economic Forum (2014). The Global Competitiveness Report 2013-2014. Retrieved from http://www.weforum.org/reports/global-competitiveness-report-2013-2014
3World Federation of Exchanges. WFE database. Retrieved from http://www.world-exchanges.org/statistics
4Alberta Securities Commission (2014). The Alberta capital market: A comparative overview. Retrieved from http://www.albertasecurities.com/Publications/alberta-capital-market-report-2014.pdf
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2
2
Canada is one the world’s largest and most advanced economies, as well as one of the
most welcoming places for international business and foreign investment.
Canada was among the first G-7 economies to emerge from the global recession and is
expected to continue to be a leader among major industrial nations in the coming years.
The country’s strong performance is due mainly to its dynamic business environment,
diversified economy, broad resource base, strong financial system, sound fiscal
management, low corporate tax rates, and highly skilled population.
One of the key drivers of Canada’s economy is its broad resource base, including the
world’s third largest oil reserves.5
The majority (over 98%) of this massive concentration of oil is found in only one of
Canada’s provinces—Alberta.6
CANADA’S OIL RESERVES ARE AN ATTRACTIVE
INVESTMENT OPPORTUNITY – LARGE RESERVES IN
A POLITICALLY STABLE LOCATION THAT IS OPEN TO
PRIVATE INVESTMENT.
Canadian Association of Petroleum Producers. Basic statistics. Retrieved from http://www.capp.ca/library/statistics/basic/Pages/default.aspx
Alberta Energy. Facts and statistics. Retrieved from http://www.energy.alberta.ca/oilsands/791.asp
5
6
3
INVESTING IN ALBERTA
ALBERTA
Vancouver
Toronto
Chicago
New York City
Houston
Edmonton
Calgary
4
5
FASTEST GROWING ECONOMY IN CANADA
Alberta is Canada’s new economic engine. During the past 20 years, it has surpassed every
other province with an average annual GDP growth of 3.4%. In 2013, the Alberta economy
experienced a solid expansion of 3.9%.7
Alberta’s economic growth is expected to continue in the coming years in response to rising
global demand for energy resources and agricultural products.
ALBERTA’S GROWTH IN SELECTED INDICATORS:
2002-2012 % CHANGE
POPULATION
24.3
10.8
28.2
EMPLOYMENT
14.4
37.0
GDP
19.9
95.1
GOODS EXPORTS
17.0
130.3
INVESTMENT
83.0
ALBERTA
CANADA
Source: Statistics Canada and Alberta Innovation and Advanced Education
7
6
Alberta Innovation and Advanced Education. Highlights of the Alberta Economy 2014. Retrieved from: https://albertacanada.com/files/albertacanada/SP-EH_highlightsABEconomyPresentation.pdf
STRONGEST
ECONOMY IN CANADA
The province of Alberta is blessed with an abundance
of natural resources, including land, forests and
energy commodities. These raw materials form the
foundation of Alberta’s thriving economy, but it is
the province’s firmly engrained pro-business culture,
lowest overall taxes in Canada and no long-term debt
that have sustained it.
While Alberta has developed a reputation as
a world-class producer of oil and natural gas,
it has capitalized also on its strengths in agriculture,
alternative energy, forestry, manufacturing, and
technology to develop a dynamic economy.
7
STRONGEST ECONOMY IN CANADA
Alberta’s Triple A credit rating (since 2001) remains solid as it continues to be the only
province in Canada with total financial assets that exceed total liabilities.8
PROVINCIAL NET FINANCIAL ASSETS/DEBT
AS % OF GDP (2012-2013)
3.5% ALBERTA
-5.0%
-17.2%
-27.2%
-27.6%
-33.3%
NEWFOUNDLAND AND LABRADOR
MANITOBA
NEW BRUNSWICK
PRINCE EDWARD ISLAND
-36.3%
NOVA SCOTIA
-37.4%
CANADA
-37.5%
ONTARIO
Source: Conference Board of Canada
Alberta Treasury Board & Finance. Provincial Borrowing. Retrieved from http://finance.alberta.ca/business/borrowing/index.html
8
BRITISH COLUMBIA
-35.9%
-49.4%
8
SASKATCHEWAN
QUEBEC
THE WORLD’S MOST ACCESSIBLE OIL RESERVES
Only 21% of the world’s proven oil reserves are accessible to private sector investment
(i.e. are not state-controlled). Of these, 52% are in Alberta.
WORLD OIL RESERVES (PROVEN, AS OF JANUARY 1, 2014 )
300
298
World Oil Reserves
Accessible Oil Reserves
266
250
52% Canada’s Oil Sands
21%
Other
BILLION BARRELS
79%
State Owned
or Controlled
48% Other Accessible Reserves
200
173
169
157
150
140
102
92
100
80
48
ALBERTA
50
37
32
30
25
24
CHINA
QATAR
KAZHAKHSTAN
U.S.A
NIGERIA
LIBYA
RUSSIA
ABU DHABI
KUWAIT
IRAQ
IRAN
CANADA
SAUDI
ARABIA
VENEZUELA
0
Sources: Canadian Association of Petroleum Producers (CAPP) and Oil and Gas Journal9
9
Oil and Gas Journal. Worldwide Look at Reserves and Production 2014. Retrieved from http://www.ogj.com/articles/print/volume-112/issue-1/drilling-production/worldwide-look-at-reserves-and-production.html
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TOP GLOBAL INVESTMENT DESTINATION IN CANADA
Alberta is one of the world’s top investment destinations. From 2008 through 2012,
capital investment in Alberta totaled over $654 billion, much of which went to support the
development of the province’s vast oil resources. Capital expenditures in the province hit
$111.2 billion in 2013 and are expected to reach over $113 billion in 2014.10
Alberta’s strong investment environment is reflected also by the success of its companies in
public markets. While the province accounts for only 11% of the Canadian population, over
30% of the country’s publicly traded billion-dollar firms are located in Alberta.11
TOTAL INVESTMENT IN ALBERTA CAPITAL EXPENDITURES ($ BILLIONS)
2007
6.614.8
2008
8.513.4
2009
8.510.4
2010
8.913.5
22.3
2011
8.212.5
22.3
2012
7.5
14.9
2013*
8.0
16.2
INSTITUTIONS
22.5
40.0
25.2
23.2
42.7
23.6
NON-ENERGY
81.3
47.0
54.6
31.4
89.7
65.7
36.7
25.4
HOUSING
83.9
90.0
102.4
55.6
111.2
OIL & GAS
*Preliminary Actual
10
Statistics Canada. Capital expenditures by sector, by province and territory (Alberta). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/busi03j-eng.htm
Centre for Digital Entrepreneurship and Economic Performance (2014). “Canada’s Billion Dollar Firms: Contributions, Challenges and Opportunities”. Retrieved from http://deepcentre.com/wordpress/wpcontent/uploads/2014/07/DEEP-Centre-Canadas-Billion-Dollar-Firms-July-2014_ENG.pdf
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LARGEST PER CAPITA INVESTMENT IN CANADA
In 2012, per capita investment in Alberta was $25,251, more than double the national average
of $11,265.12,13
PER CAPITA INVESTMENT IN CANADA (2012)
ALBERTA
$25,251
SASKATCHEWAN
$19,208
NEWFOUNDLAND AND LABRADOR
$19,054
CANADA
$11,265
BRITISH COLUMBIA
MANITOBA
$10,239
$9,845
QUEBEC
$8,789
ONTARIO
$8,634
NEW BRUNSWICK
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$7,750
NOVA SCOTIA
$7,187
PRINCE EDWARD ISLAND
$6,795
Alberta Innovation and Advanced Education. Highlights of the Alberta economy 2014. Retrieved from http://albertacanada.com/SP-EH_highlightsABEconomy.pdf
Statistics Canada. Capital expenditures by sector, by province and territory (Alberta). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/busi03j-eng.htm
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TOP GLOBAL INVESTMENT DESTINATION
IN NORTH AMERICA
Alberta consistently tops the list of North American jurisdictions with the best investment
climate because of its low corporate taxes, economic freedom, transparency and lack
of public debt.
With no provincial retail sales tax, provincial capital taxes, payroll taxes or machinery and
equipment taxes, Alberta offers one of the most competitive business and personal tax
environments in North America.14
COMPARISON OF CORPORATE INCOME TAXES
UNITED STATES
JANUARY 2013
ALBERTA
JANUARY 2013
32.7%
15.0%
FEDERAL
6.3%
10.0%
39.0%*
25.0%
PROVINCIAL/STATE
*6.3% represents the average top general state corporate income tax rate
U.S. rates known as of January 2013
Source: Alberta Innovation and Advanced Education, Tax Foundation and Federation of Tax Administrators
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12
Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_
highlightsABEconomyPresentation.pdf
A STRONG COMMITMENT
TO ECONOMIC FREEDOM
Alberta benefits from very high levels of economic freedom and consistently ranks among
the top 5 in North America.15 This commitment to free enterprise creates a business-friendly
environment that rewards investing and locating business in the province, and empowers
Alberta businesses to successfully compete in the global arena.
ALBERTA IS THE MOST ECONOMICALLY FREE JURISDICTION IN NORTH AMERICA
SCORE RANK
ALBERTA
8.31
TEXAS
7.7 4
BRITISH COLUMBIA
7.6 7
COLORADO
7.6 10
ALASKA
7.5 15
LOUISIANA
7.5 16
ONTARIO
7.4 25
NORTH DAKOTA
7.3 31
NEW YORK
7.3 33
PENNSYLVANIA
7.2 41
7.1 49
QUEBEC
Source: Economic Freedom of North America 2013, Fraser Institute
15
Fraser Institute (2014). Economic Freedom in North America 2013. Retrieved from http://www.fraserinstitute.org/research-news/display.aspx?id=20692
13
84
%
14
CANADA’S NEW BUSINESS CENTRE
Over the past 10 years, numerous headquarters have relocated to Western Canada –
a trend that is expected to continue as the Asia-Pacific region gains increasing momentum.
Alberta’s economic momentum has led to a significant increase in companies establishing
their national and international headquarters in the province. Between 2002 and 2013,
Alberta’s two major cities – Calgary and Edmonton – experienced an overall increase
of more than 84% in the number of head offices.
CALGARY HAS TODAY THE SECOND LARGEST NUMBER OF
HEAD OFFICES IN CANADA — SECOND ONLY TO TORONTO.
HEAD OFFICE GROWTH (2002-2013)
SELECTED CENSUS METROPOLITAN AREAS
94.1%
41.2%
28.4%
TORONTO
CALGARY
EDMONTON
VANCOUVER
Source: Calgary Economic Development; FP500 2014 Database; FP500 2003 Database.
-19.9%
OTTAWA
-30.0%
MONTREAL
-36.3%
15
64
%
16
A RISING FINANCIAL CENTRE
Between 2003 and 2013, Alberta’s financial services sector
GDP rose by 64%, outpacing all other industries in the
province. By comparison, GDP in Canada’s financial services
sector rose by 30% over the same period.16,17
Over the past 10 years, Alberta’s financial services industry
has experienced exceptional growth fuelled by high levels
of capital investment in the province’s energy sector.
With an annual average of $90 billion of capital investments
in Alberta in the last six years (2008-2013) and almost
$114 billion expected in 2014 alone,16,17 the sector appears
poised for additional growth.
In 2013, the financial services industry contributed
$11.3 billion to Alberta’s economy, accounting for roughly
4.0% of the province’s total GDP.16,17
16
17
Statistics Canada.
Alberta Innovation and Advanced Education Highlights of the Alberta economy 2014. Retrieved from http://albertacanada.com/SP-EH_highlightsABEconomy.pdf
17
Over the past decade, Calgary has developed a world-class investment
banking and asset management industry focused primarily on the oil
and gas sector, while Edmonton has developed a globally competitive
wealth management and pension management industry.
Calgary is Western Canada’s business hub and a rising global financial
centre. The city has the highest concentration of corporate head offices
per capita in the country, including the Canadian headquarters of all
the major global oil and gas companies. This world-class energy cluster
is supported by a diversity of commercial and retail banks, investment
firms, stockbrokers, trust companies, credit unions and mortgage
companies, as well as law firms, insurance companies, agents,
brokers and adjusters.
CALGARY IS RANKED IN 22ND PLACE OUT OF 83
JURISDICTIONS IN THE MARCH 2014 RANKING OF THE
GLOBAL FINANCIAL CENTRES INDEX, ABOVE MANY OTHER
MORE TRADITIONAL FINANCIAL CENTRES.18
Long Finance (2014). The Global Financial Centres Index. Retrieved from http://www.longfinance.net/images/GFCI15_15March2014.pdf
18
18
AS OF JUNE 2014,
17 OF THE TOP 20
GLOBAL INVESTMENT
BANKS HAD A PRESENCE
IN ALBERTA
19,20
Edmonton is one of Canada’s leading centres for asset management
and banking entrepreneurship. Four of Western Canada’s largest
financial institutions are headquartered in Edmonton, including one
of the country’s largest institutional investment fund managers
and Western Canada’s two largest banks.
Kopecki, Dawn. “JPMorgan Repeats at Top in Fees as Bankers Anticipate More Deals”. Bloomberg, 4 March 2014. Retrieved from http://www.bloomberg.com/news/2014-03-04/jpmorgan-repeats-at-top-infees-as-bankers-anticipate-more-deals.html
Alberta Innovation and Advanced Education analysis.
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AN ENERGY FINANCING AND CAPITAL INVESTMENT HUB
ENERGY FINANCING
Alberta is a world leader in managing the way money moves through the energy
sector – expertise that reaches well beyond Canada. The high rates of deal flow in
the province’s oil and gas industry have transformed Alberta into a global leader in
energy financing activities, including:
ASSET TRADING – Approximately 8% of all assets in the Western
Canadian Sedimentary Basin (the geological formation that is
the source of Alberta’s energy wealth) are traded, compared to
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an average of 1-2% in other jurisdictions.
MERGERS AND ACQUISITIONS (M&A) – Calgary is one of the world’s
hubs of M&A activity in the energy industry. With over $314 billion
announced since 2007, it accounts for an annual average of 12% of
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global M&A deal volume in the sector.
EQUITY ISSUANCE – While Alberta holds about 3% of the world’s oil
production, an average of 12-15% equity issuance in the global energy
23,24,25
industry since 2010 has been done by Alberta-based companies.
Calgary Economic Development (2010). Calgary: an emerging financial centre. Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/sector_profiles/CED_
FinancialSvcs_SectorProfile.pdf
Bloomberg data. Alberta Innovation and Advanced Education and Calgary Economic Development analysis.
23Calgary Economic Development (2012). Energy sector profile. Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/sector_profiles/CED_
EnergySectorProfile_2012.pdf
24 TMX Group. Retrieved from http://www.tmx.com/en/listings/sector_profiles/energy.html
25 Alberta Innovation and Advanced Education analysis.
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20
220
CAPITAL INVESTMENT
Alberta has the energy resources and agricultural products that the world (particularly the
rapidly growing emerging markets) needs and, as a result, it offers an exceptional long term
value proposition for global investors.
This is illustrated by over $220 billion in major projects ($5 million or greater) that have been
recently completed, are currently under construction, or are proposed to start construction in
Alberta within the next two years.26
26
Alberta Innovation and Advanced Education. “Inventory of Major Alberta Projects”. Retrieved on July 28 2014 from http://albertacanada.com/business/statistics/inventory-of-major-projects.aspx
21
HIGH QUALITY OF LIFE
Alberta’s quality of life is one of the highest in Canada.
As the nation’s leader in economic well-being for over
30 years, Alberta consistently reports the highest GDP and
personal income per capita among all Canadian provinces.27
Its two major cities have some of the highest per capita
numbers of people reporting an income of $1 million or more
in Canada28 and the province has enjoyed the highest annual
retail sales growth in the country over the past 10 years.29
Alberta is home to an ethnically diverse population of
over 4.1 million people. With one of five Alberta residents
born outside of Canada, the province is one of the most
multi-national and multi-cultural in the country.30
Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_
highlightsABEconomyPresentation.pdf
Calgary Economic Development. Calgary Wealth Fact Sheet (2014). Retrieved from http://www.calgaryeconomicdevelopment.com/sites/default/files/pdf/research/reports/special_research/CED_Wealth_Fact_
Sheet_2012_Edition_Final.pdf
29
Statistics Canada. Retail trade, by province and territory. Table 080-0020. Retrieved from http://www5.statcan.gc.ca/cansim/a26?lang=eng&retrLang= eng&id=0800020&paSer=&pattern=&stByVal=1&p1=1&p2=
37&tabMode=dataTable&csid
30
National Household Survey. September 18, 2013. “Spotlight on Immigrants in Alberta”. Retrieved from http://www.finance.alberta.ca/aboutalberta/national-household-survey/2011/2011-national-householdsurvey-release1-Immigration.pdf
27 28
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ALBERTA
BC
SASKATCHEWAN
MEDIAN TOTAL INCOME (2011)31
31
MANITOBA
ONTARIO
QUEBEC
NEW BRUNSWICK
PEI
NOVA SCOTIA
$28,556
$67,200
$66,030
$27,190
$25,375
$66,500
$26,311
$63,930
$27,783
$68,170
$29,377
$73,290
$26,089
$68,710
$30,390
$77,300
$29,618
$69,150
$36,469
$89,830
SELECTED MEASURES OF INCOME IN CANADA (2011)
NEWFOUNDLAND
& LABRADOR
HOUSEHOLD DISPOSABLE INCOME (2011)32
Statistics Canada (2014). “Median total income, by family type, by province and territory (all census families). Retrieved from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm
Institut de la statistique du Quebec (2014). “Primary Household Income, Household Disposable Income and GDP at Market Prices per capita, Canada, Provinces and Territories, 2008-2012”. Retrieved from
http://www.stat.gouv.qc.ca/statistiques/economie/comptes-economiques/revenu-menage/index_an.html
32 23
HIGHLY EDUCATED WORKFORCE
Albertans are among the best-educated people in North America and rank among the best in
the world in terms of the quality of their education. In 2010, the province’s Composite
Learning Index was the highest in Canada.33 In 2011, over 63% of the labour force 25 years of
age and older reported holding a university degree, post-secondary diploma or certificate.34
Alberta’s students have ranked highly in the Programme for International Student Assessment
(PISA) performed by the Organisation for Economic Co-operation and Development (OECD)
every three years. In the most recent testing round in 2012, 15-year old students from the
province excelled in literary reading and ranked among the top ten in the world in science.35
COMPOSITE LEARNING INDEX 2010
82.0
ALBERTA
79.0
ONTARIO
78.0
BRITISH COLUMBIA
SASKATCHEWAN
77.0
MANITOBA
76.0
75.0
CANADA
71.0
NOVA SCOTIA
69.0
PEI
68.0
QUEBEC
NEW BRUNSWICK
NEWFOUNDLAND
& LABRADOR
65.0
61.0
Source: Canadian Council on Learning
There are 26 publicly funded post-secondary institutions in Alberta, including 6 universities, 2 polytechnical
institutes, 11 public colleges, 5 private colleges, and 2 specialized arts and culture institutions.
Alberta Innovation and Advanced Education (2014). Highlights of the Alberta Economy Presentation 2014. Retrieved from https://albertacanada.com/files/albertacanada/SP-EH_
highlightsABEconomyPresentation.pdf
Statistics Canada. National Household Survey, Alberta 2011. Retrieved from http://www12.statcan.gc.ca/nhs-enm/2011/dp-pd/prof/details/Page.cfm?Lang=E&Geo1=PR&Code1=48&Data=Count&SearchText=
Alberta&SearchType=Begins&SearchPR=01&A1=All&B1=All&GeoLevel=PR&GeoCode=10
35Alberta Education. National and International Testing. Retrieved from https://education.alberta.ca/admin/testing/nationaltesting/international.aspx
33
34
24
VIEW OF DOWNTOWN EDMONTON
Photo courtesy Edmonton Economic Development Corporation
Some of the over 4,000 financial institutions operating in Alberta include:
Agriculture Financial Services Corporation
Amex Bank of Canada
ATB Financial
Bank of America Canada
Bank of China (Canada)
Barclays Capital
BMO Financial Group
BNP Paribas
Bridgewater Bank
Canadian Western Bank
Canadian Imperial Bank of Commerce (CIBC)
Citigroup
Credit Suisse
Credit Union Central Alberta
Deutsche Bank AG
DirectCash Bank
First Calgary Financial
General Bank of Canada
Goldman Sachs
HSBC Bank of Canada
ICICI Bank of Canada
Industrial and Commercial Bank of China (Canada) (ICBC)
J.P. Morgan
Korea Exchange Bank of Canada
Laurentian Bank of Canada
Merrill Lynch & Co., Inc.
Mizuho Bank
MonCana Bank of Canada
Morgan Stanley
National Bank of Canada
Pacific and Western Bank of Canada
Peace Hills Trust
Royal Bank of Canada
Royal Bank of Scotland
Scotiabank
Servus Credit Union
Société Générale
Tangerine Bank
TD Bank Financial Group
UBS AG
Union Bank of California
United Overseas Bank (UOB)
Wells Fargo Financial
Western Financial Group
Alberta Enterprise Corporation
AVAC Ltd.
Avrio Capital Inc.
Azure Capital Partners
BDC Venture Capital
Blackjack Investments Ltd.
FOR MORE INFORMATION, VISIT
WWW.ALBERTA-FSI.COM
WWW.ALBERTACANADA.COM/FINANCIAL-SERVICES
Chrysalix Energy Venture Capital
EnerTech Capital
Fronterra Ventures Ltd.
iNovia Capital
Yaletown Venture Partners
Canadian Depository for Securities Ltd.
Canadian National Stock Exchange (CNSX)
Natural Gas Exchange (NGX)
Net Energy Inc.
One Exchange Corp.
Shorcan Energy Brokers Inc.
TSX Venture Exchange
Alberta Motor Association Insurance Company
Allianz Insurance Company of Canada
Allstate Insurance Company of Canada
Aviva Insurance Company of Canada
Co-operators General Insurance Company
First Canadian Title
Intact Financial Corporation
Lloyd’s Underwriters
Manulife Financial
Marsh Inc.
Meloche Monnex Inc.
Novex Insurance Company
Peace Hills General Insurance
Sun Life Assurance Company of Canada
Standard Life
State Farm Group
The Great-West Life Assurance Company
The Sovereign General Insurance Company
Wawanesa Mutual Insurance Company
Zurich Insurance Company Ltd.
32 Degrees Capital
Adroit Investment Management
Alberta Investment Management Corporation (AIMCo)
Alberta Teachers’ Retirement Fund Board (ATRF)
Annapolis Capital
ARC Financial Corp.
Arrow Capital Management
Auspice Capital Advisors Ltd.
Bissett Investment Management
Brickburn Asset Management Inc.
Brownstone Asset Management Inc.
Camcor Partners Inc.
Canoe Financial
CGS Asset Management Ltd.
DundeeWealth
Dynamic Funds
Fidelity Investments
Fiera Capital Corporation
Franklin Templeton Investments
Grafton Asset Management
Guardian Capital Advisors LP
Hesperian Capital Management Ltd.
Humboldt Capital Corporation Ltd.
Jarislowsky Fraser Limited
JOG Capital Inc.
KERN Partners
KKR & Co. LP
Kootenay Capital Management Corp.
Leith Wheeler Investment Counsel Ltd.
Longbow Capital Inc.
Man Investments
Matco Financial Inc.
Mawer Investment Management Ltd.
McLean & Partners Wealth Management Ltd.
Medwell Capital Corp.
Network Capital Management Inc.
Palisade Capital Management Ltd.
Paradigm Capital Inc.
Palisade Capital Management Ltd.
Pennant Capital Partners Inc.
Pinnacle Wealth Brokers
Portland Investment Counsel
Priviti Capital Corporation
QV Investors Inc.
Qwest Investment Management Corp.
StoneBridge Merchant Capital Corp.
Thomas Weisel Partners Canada Inc.
TriWest Capital Partners
Vantage Point Investment Management Inc.
Werklund Capital Corporation
Acumen Capital Partners
AltaCorp Capital Inc.
BowMont Capital and Advisory Ltd.
Canaccord Genuity Group Inc.
CB Securities Inc.
CIT Financial Ltd.
Clarus Securities Inc.
Cormark Securities Inc.
DAI Capital Advisors Inc.
DWM Securities Inc.
Emerging Equities Inc.
FirstEnergy Capital Corp.
GMP Securities LP
Global Maxfin Capital Inc.
Haywood Securities Inc.
Jennings Capital Inc.
Kinnear Financial Limited
Kirchner Private Capital Group
Leede Financial Markets Inc.
Lightyear Capital Inc.
Macquarie Group Limited
Mackie Research Capital Corporation
MGI Securities
Osprey Capital Partners Inc.
Paradigm Capital Inc.
Peters & Co. Limited
PI Financial Corp.
Portfolio Strategies Securities Inc.
Providence Grain Group Inc.
Raintree Financial Solutions
Raymond James Ltd.
Rockmount Financial Corporation
Rothschild Group
RothSayer Energy Advisors
Sequeira Partners Inc.