THE TEAM

Investing is a long-term, people-oriented business, and our goal at Pembroke has been to provide clients with stability and consistency that they can rely on during all market periods.

 

  • PEMBROKE
    TEAM
  • INVESTMENT
    MANAGERS
  • BOARDS, COMMITTEES,
    AUDITORS, LEGAL

Pembroke Team

A. Ian Aitken, M.S.C., CFA Vice Chair, Director, Portfolio Manager Pembroke Management Ltd.

Joined: 1987

Location: Montreal

Member of the Wealth Service Team

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Jivka Angelova Director Operational Excellence Pembroke Private Wealth Management Ltd.

Joined: 2022

Location: Montreal

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J. Matthew Beckerleg, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2005
Location: Montreal

Board member of the Tyndale St. George’s Foundation.

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Andrew Bolton, MBA, CFA Vice President, Client Services Pembroke Management Ltd.

Joined: 2021

Location: Montreal

Member of the Pembroke Management Committee.

Treasurer of the Westmount Soccer Club

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Kathy Boubaris Associate, Client Service Pembroke Private Wealth Management Ltd.

Joined: 2020

Location: Montreal

Member of the Wealth Service Team

Anthony Calzetta, CPA, CA Partner & Chief Financial Officer Pembroke Management Ltd., Pembroke Private Wealth Management Ltd.

Joined: 2013
Location: Montreal

Member of the Pembroke Management Committee.

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Nicolas G. Chevalier, CFA, MBA, IAS.A. Managing Partner, Director, Portfolio Manager Pembroke Management Ltd. President, Chief Executive Officer Pembroke Private Wealth Management Ltd.

Joined: 1997
Location: Montreal

Member of the Pembroke Management Committee

President of the Hermitage Club and Director of the Eric T. Webster Foundation

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Ksenia Chevtchenko, CIM® Account Manager, Branch Manager Pembroke Private Wealth Management Ltd.

Joined: 2019

Location: Montreal

Nathan Clarke Research Associate Pembroke Management Ltd.

Joined: 2024
Location: Montreal

 

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Dominic M. Costantini, MBA Partner, Portfolio Manager, Private Wealth Pembroke Management Ltd.

Joined: 2018
Location: Montreal

Dominic is a Partner and Portfolio Manager, Private Wealth with overall responsibility for investor relations in Canada.

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Sia Destounis Partner, Vice President, Head Trader Pembroke Management Ltd.

Joined: 2005

Location: Montreal

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Michael Di Girolamo Assistant Trader Pembroke Management Ltd.

Joined: 2022
Location: Montreal

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Avery Foldes, CPA Finance Manager, Family Office Services Pembroke Management Ltd.

Joined: 2023

Location: Toronto

 

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Mathieu Foucher Marketing and Communications Manager Pembroke Management Ltd.

Joined: 2021
Location: Montreal

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Andrew Garschagen, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2016
Location: Montreal

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Joshua Ghoddoussi, CFA Investment Analyst and Risk Manager Pembroke Management Ltd.

Joined: 2014
Location: Montreal

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Stephen Hui, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2000
Location: Vancouver

Mentor and member of the investment committee for Concordia University’s
Applied Investment Programs.

Thea Lindsay Information Technology Manager, Compliance Manager Pembroke Private Wealth Management Ltd.

Joined: 1996

Location: Montreal

Tania Lopez Associate, Client Service Pembroke Private Wealth Management Ltd.

Joined: 2023

Location:  Toronto

Member of the Wealth Service Team

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Isabelle Malka, CPA Director of Finance Pembroke Private Wealth Management Ltd.

Joined: 2022
Location: Montreal

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Émilie Matton Research Associate Pembroke Management Ltd.

Joined: 2021
Location: Montreal

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Michael P. McLaughlin, CPA, CA Partner, Chief Financial Officer PEMBROKE MANAGEMENT LTD Partner, Chief Compliance Officer Pembroke Management Ltd.

Joined: 1988

Location: Montreal

Peter S. Morton Partner, Senior Account Manager Pembroke Private Wealth Management Ltd.

Joined: 1990
Location: Montreal

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Brandon Mundl Research Associate Pembroke Management Ltd.

Joined: 2023
Location: Montreal

 

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Stephanie Pantaleo, CPA, MTax, CIM® Vice President, Family Office Services Pembroke Management Ltd.

Joined: 2020

Location: Toronto

Member of the Pembroke Management Committee.

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Jackie Di Pasquale Office Manager, Event Planner Pembroke Management Ltd.

Joined: 2014

Location: Montreal

Virginie Poliquin, CIM® Client Services Pembroke Private Wealth Management Ltd.

Joined: 2021
Location: Montreal

Member of the Wealth Service Team

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Doug Pospisil, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2003
Location: Montreal

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T. John Quinn, MBA, CIM® Partner, Senior Account Manager Pembroke Private Wealth Management Ltd.

Joined: 1996
Location: Toronto

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Seth Rosenberg, MBA Partner, Business Development Pembroke Management Ltd.

Joined: 2011
Location: Arizona

Actively involved with the Artists Relief Fund; and dedicated to organizations helping to protect the McDowell Sonoran Preserve in Scottsdale, AZ.

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Philippe Ryan-Giroux, F. Pl., CFP, RIS Head, Pembroke Private Wealth Montreal, Director of Financial Planning Pembroke Private Wealth Management Ltd.

Joined: 2022
Location: Montreal

Member of the Corporate Governance and Responsible Investing Committee

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Jay Sallafranque Information Technology Manager, Solutions Architect, Chief Privacy Officer Pembroke Private Wealth Management Ltd.

Joined: 2007

Location: Montreal

Nadia Shingarova Manager, Operations and Trust Accounting Pembroke Private Wealth Management Ltd.

Joined: 2022

Location: Montreal

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Drew Sutherland, CIM® Vice President, Account Manager Pembroke Private Wealth Management Ltd.

Joined: 2020
Location: Toronto

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Fiona Tan, CIM® Vice President, Account Manager Pembroke Private Wealth Management Ltd.

Joined: 2015
Location: Toronto

Member of the Pembroke Management Committee.

Member of Women in Capital Markets.

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A. Scott Taylor, CFA Co-founder, Chair Emeritus Pembroke Management Ltd.

Joined: 1968

Location: Montreal

Caroline Taylor, CIM®, FCSI® Partner, Chief Compliance Officer, Vice President Branch Operations Pembroke Private Wealth Management Ltd.

Joined: 2015

Location: Toronto

Member of the Pembroke Management Committee

Member of the Association of Canadian Compliance Professionals

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Jeffrey S.D. Tory, CFA Chair, Partner, Director, Portfolio Manager Pembroke Management Ltd. Chair Pembroke Private Wealth Management Ltd. Learn More
Martin Tzakov, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2014

Location: Montreal

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Pembroke Private Wealth Management offers a range of pooled and mutual funds providing exposure to Canadian, US, and international equities, as well as fixed-income securities. The funds are sub-advised by Pembroke Management Ltd., William Blair Investment Management, LLC and Canso Investment Counsel as detailed below.

SUB-ADVISORS

Pembroke Management

Location: Montreal, Quebec

Manager of:


Pembroke Management is an independent, Montreal-based investment firm, established in 1968, that specializes in investing in Canadian and US small and mid cap growth companies. We are research-driven, bottom-up investors and maintain high conviction, fully-invested, low turnover portfolios with high active share. Our business and investment philosophy are rooted in the concept of ownership and aligned interests. We have three generations of partners in place and are the largest non-institutional investors in our own mutual and pooled funds. Pembroke Management is the parent company of Pembroke Private Wealth Management.

Pembroke Management Ltd. – Investment Management Team

A. Ian Aitken, M.S.C., CFA Vice Chair, Director, Portfolio Manager Pembroke Management Ltd.

Joined: 1987

Location: Montreal

Member of the Wealth Service Team

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J. Matthew Beckerleg, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2005
Location: Montreal

Board member of the Tyndale St. George’s Foundation.

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Nicolas G. Chevalier, CFA, MBA, IAS.A. Managing Partner, Director, Portfolio Manager Pembroke Management Ltd. President, Chief Executive Officer Pembroke Private Wealth Management Ltd.

Joined: 1997
Location: Montreal

Member of the Pembroke Management Committee

President of the Hermitage Club and Director of the Eric T. Webster Foundation

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Nathan Clarke Research Associate Pembroke Management Ltd.

Joined: 2024
Location: Montreal

 

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Sia Destounis Partner, Vice President, Head Trader Pembroke Management Ltd.

Joined: 2005

Location: Montreal

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Andrew Garschagen, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2016
Location: Montreal

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Joshua Ghoddoussi, CFA Investment Analyst and Risk Manager Pembroke Management Ltd.

Joined: 2014
Location: Montreal

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Stephen Hui, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2000
Location: Vancouver

Mentor and member of the investment committee for Concordia University’s
Applied Investment Programs.

Émilie Matton Research Associate Pembroke Management Ltd.

Joined: 2021
Location: Montreal

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Brandon Mundl Research Associate Pembroke Management Ltd.

Joined: 2023
Location: Montreal

 

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Doug Pospisil, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2003
Location: Montreal

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A. Scott Taylor, CFA Co-founder, Chair Emeritus Pembroke Management Ltd.

Joined: 1968

Location: Montreal

Jeffrey S.D. Tory, CFA Chair, Partner, Director, Portfolio Manager Pembroke Management Ltd. Chair Pembroke Private Wealth Management Ltd. Learn More
Martin Tzakov, CFA Partner, Portfolio Manager Pembroke Management Ltd.

Joined: 2014

Location: Montreal

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Like Pembroke, our external managers are 100% employee-owned, research intensive and committed to long-term financial security for our clients. After extensive due diligence, Pembroke aligns with specialists to offer our clients exposure to asset classes that round out our investment solutions. The international equity fund and fixed income funds managed by Pembroke’s sub-advisors allow our clients to create well balanced portfolios tailored to their specific requirements.

William Blair Investment Management, LLC

Located in Chicago, Illinois, William Blair has managed the Pembroke International Growth Fund since 2001. William Blair is a premier global investment firm with expertise in investment banking, investment management, and private wealth management. They provide advisory services, strategies, and solutions to meet their clients’ evolving needs. As an independent and employee-owned firm, they operate in more than 20 offices worldwide. William Blair was founded in 1935 and has always been passionate about the profession of investment management.

Canso Investment Counsel Ltd.

Located in Richmond Hill, Ontario, Canso has managed the Pembroke Canadian Bond Fund since April 2009 and the Pembroke Corporate Bond Fund since January 2009. Recognized as bond portfolio specialists, Canso’s portfolio managers have a strong background in both public and private corporate debt markets. Their disciplined approach and proprietary research allow them to take advantage of investment opportunities and to avoid overpriced investments. They do not depend on external rating agencies and seek to avoid investment fashions or trends. Canso believes that disciplined investment management, applied consistently over long periods, delivers investment success. The company was founded in 1997.

Board of Directors of Pembroke Management

A. Ian Aitken, M.S.C., CFA Vice Chair, Director, Portfolio Manager Pembroke Management Ltd.

Joined: 1987

Location: Montreal

Member of the Wealth Service Team

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J. Matthew Beckerleg, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2005
Location: Montreal

Board member of the Tyndale St. George’s Foundation.

Learn More
Nicolas G. Chevalier, CFA, MBA, IAS.A. Managing Partner, Director, Portfolio Manager Pembroke Management Ltd. President, Chief Executive Officer Pembroke Private Wealth Management Ltd.

Joined: 1997
Location: Montreal

Member of the Pembroke Management Committee

President of the Hermitage Club and Director of the Eric T. Webster Foundation

Learn More
Andrew Garschagen, MBA Partner, Portfolio Manager, Director Pembroke Management Ltd.

Joined: 2016
Location: Montreal

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Jeffrey S.D. Tory, CFA Chair, Partner, Director, Portfolio Manager Pembroke Management Ltd. Chair Pembroke Private Wealth Management Ltd. Learn More

Management Committee members

Andrew Bolton, MBA, CFA Vice President, Client Services Pembroke Management Ltd.

Joined: 2021

Location: Montreal

Member of the Pembroke Management Committee.

Treasurer of the Westmount Soccer Club

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Anthony Calzetta, CPA, CA Partner & Chief Financial Officer Pembroke Management Ltd., Pembroke Private Wealth Management Ltd.

Joined: 2013
Location: Montreal

Member of the Pembroke Management Committee.

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Nicolas G. Chevalier, CFA, MBA, IAS.A. Managing Partner, Director, Portfolio Manager Pembroke Management Ltd. President, Chief Executive Officer Pembroke Private Wealth Management Ltd.

Joined: 1997
Location: Montreal

Member of the Pembroke Management Committee

President of the Hermitage Club and Director of the Eric T. Webster Foundation

Learn More
Stephanie Pantaleo, CPA, MTax, CIM® Vice President, Family Office Services Pembroke Management Ltd.

Joined: 2020

Location: Toronto

Member of the Pembroke Management Committee.

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Fiona Tan, CIM® Vice President, Account Manager Pembroke Private Wealth Management Ltd.

Joined: 2015
Location: Toronto

Member of the Pembroke Management Committee.

Member of Women in Capital Markets.

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Caroline Taylor, CIM®, FCSI® Partner, Chief Compliance Officer, Vice President Branch Operations Pembroke Private Wealth Management Ltd.

Joined: 2015

Location: Toronto

Member of the Pembroke Management Committee

Member of the Association of Canadian Compliance Professionals

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Corporate Governance and Responsible Investing Committee

Pembroke believes that companies have a responsibility to act in the long-term interests of their stakeholders to maximize value. As investors with a long-time horizon, we recognize the fundamental importance of environmental, social and governance factors. The firm’s Corporate Governance and Responsible Investing Committee is responsible for putting Pembroke’s stewardship beliefs into practice. The committee includes members from each of the three operating groups and reports directly to Pembroke’s managing partner.

  • Andrew Bolton, MBA, CFA, is Vice President, Client Services & Business Development, at Pembroke Management. He joined the firm in 2021 and is based in Montreal.
  • Andrew Garschagen, MBA, is a Partner and Portfolio Manager at Pembroke Management Ltd. He joined the firm in 2016 and is based in Montreal. Learn More.

 

Independent Review Committee

The Independent Review Committees (IRC) is an independent body whose role is to oversee all decisions involving an actual or perceived conflict of interest faced by Pembroke Private Wealth Management in the operation of the mutual funds that the firm offers. The three members of the IRC are:

  • Peter M. Blaikie, QC, is a Corporate Director. Mr. Blaikie was the co-founder and a partner at the law firm of Heenan Blaikie LLP from 1973 to 2014. He also served as President of Unican Security Systems between 1993 and 1998 and as a Director of The Pembroke American Growth Fund between 1997 and 2008.
  • Marc A. Courtois, MBA, is a Corporate Director. Mr. Courtois held various positions at RBC Capital Markets, including Managing Director between 1980 to 2001. He joined the board of The Pembroke American Growth Fund during 2004 and has served as Chairman since 2015.
  • Glen D. Roane, MBA, ICD.D, is a Corporate Director. Mr. Roane was Managing Director and Founding Partner of Lancaster Financial Inc. between 1986 and 1994. He joined the board of The Pembroke American Growth Fund during 2008.

Directors of the Pembroke American Growth Fund Inc.

Unlike most mutual funds that are mutual fund trusts, The Pembroke American Growth Fund is a mutual fund corporation. As such, the Fund has a Board of Directors. The five members of the Board of Directors are:

 

  • A. Ian Aitken, M.S.C., CFA is the Vice Chair of Pembroke Management. He joined Pembroke Management in 1987 and has served as President of The Pembroke American Growth Fund since 2007 and as a Director since 2009.
  • Caroline S. Miller, CFA, ICD.D, MBA, was Senior Vice President, Managing Editor and Global Macro Strategist at BCA Research from 2012 to 2020. She joined the board of the Pembroke American Growth Fund during 2019.
  • Glen D. Roane, MBA, ICD.D, is a Corporate Director. Mr. Roane was Managing Director and Founding Partner of Lancaster Financial Inc. between 1986 and 1994. He joined the board of The Pembroke American Growth Fund during 2008.
  • Lloyd M. Segal, MBA, is a serial entrepreneur and corporate director. Mr. Segal served as a management consultant at McKinsey & Co. between 1992 and 1996 before leading several successful companies. He joined the board of The Pembroke American Growth Fund during 2006.

Auditors

  • Deloitte LLP

Legal

  • Lavery, de Billy
  • Torys LLP

Custodial Services for Mutual & Pooled Funds

  • RBC Investor Services Trust

Unitholder Accounting

  • L&T Infotech Financial Services Technologies Inc.

Policy, Compliance & Registration

Policy Documents

Compliance

Pembroke Management Ltd. is an independent, Montreal-based investment firm, that specializes in US-Canadian small & medium capitalization growth companies. Pembroke treats compliance as a core value.

Pembroke Management Ltd. claims compliance with the CFA Institute Asset Manager Code, a voluntary code of conduct and commitment to commonly held ethical principles.

Pembroke Management Ltd. uses the CFA Institute’s Code of Ethics as a guide to set out specific standards of professional conduct. All employees are required to uphold the spirit of this document and confirm their understanding and acceptance of it on an annual basis.

Pembroke Management Ltd. claims compliance with the Global Investment Performance Standards (GIPS®). Prospective clients can obtain a compliant presentation and/or the firm’s list of composite descriptions by contacting Pembroke Management Ltd. through the following representatives:

Registration

Canada
Pembroke Management Ltd. is incorporated under the Federal laws of Canada.
Registered in Quebec, Ontario, Alberta, British Columbia and Manitoba as a Portfolio Manager.
United States
Pembroke Management Ltd. is registered as an Investment Advisor with the Securities and Exchange Commission (SEC), CRD Number 155405.
Click here to view Pembroke’s ADV Part 2A brochure filed with the SEC.
Denmark
Pembroke Management Ltd. is registered as an Investment Advisor with the Danish Financial Supervisory Authority.