I really was not prepared for the outpouring of support that I received from old friends, some whom I have not spoken to in a couple of years, I was truly touched.
Further, it was a great chance to unwind a few of the non-truths that have sprouted while I was under my period of non-solicitation:
For the record: High Rock Capital Management Inc. is not a "mutual fund company" and we do not sell mutual funds.
We are a separately incorporated portfolio management company who has 2 divisions: One division, what we refer to as the "Institutional Division" manages (sub-advises) very successfully, I may add, on a number of funds for Scotia Managed Companies.
Scotia Managed Companies, a division of Scotiabank has been recently sold to Marquest Asset Management where we will continue to grow and evolve our fund management services in line with our level of highly regarded expertise.
Our "Private Client Division" manages money for our private clients on a Separately Managed Accounts basis (where your accounts are held at Raymond James Custodial Services for your safety and each individual security that you own is in your account, protected under the Canadian Investor Protection Fund).
We do not pool our clients money.
There are great synergies between our institutional division and our private client division that allow us to trade more inexpensively and pass those lower costs (and investments that are not available to retail investors) on to our private clients (lower fees). We have a nice brief "Introductory Webinar" that out-lines this and a number of other essentials.
Importantly, High Rock is and I am licensed under the Ontario, BC, Alberta, Saskatchewan (and soon to be Manitoba and PEI) securities commissions.
My licensing under IIROC was not removed / suspended, it was not necessary with the updated licensing with the other securities commissions and was simply not renewed as it was not necessary.
As my licensing is in good standing: OSC Registrant Search
Hopefully, that will dispel that particular rumour!
Our focus for our private clients is on risk and the return per unit of risk taken. What concerns me most (gleaned from some Vancouver conversations) is that many with whom I have had the chance to talk to, just have not clearly and fully been told about the level of risk in their portfolios. In fact, it appears to be just glazed over as if it does not matter at all: "a balanced portfolio will inevitably be just fine".
Well Paul and I, with our vast level of experience, will argue that it is just not that simple and it has been great to sit and watch the reaction of those folks to whom we can impart our knowledge.
So far, a most excellent journey!
So looking forward to more of the same today!
And ... I do have a couple of open time slots for a coffee, adult beverage or jaunt around the sea wall if you would like to rekindle our friendship! Let me know!
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist