2021 Recap: Top-Shared Moments in Canadian Wealth Management

2021 Recap: Top-Shared Moments in Canadian Wealth Management

2021 has been another eventful year for Canadian wealth managers, as they continued to adapt to the new norm brought about by the pandemic. However, plenty of other developments affected the industry over the last 12 months, many unrelated to COVID-19. As we approach the end of the year, we’re recapping some of the top news stories covering the Canadian wealth sector in 2021. Top stories were selected on the basis of being published by a mainstream media outlet, and having the most social media shares (Note: data was gathered using Buzzsumo that excludes LinkedIn).  

Moment #1: Jim Pattison Speaks Out About Proposed Wealth Tax

Title:
Jim Pattison warns wealth tax will lead to Canadian capital exodus

Source:
BNN Bloomberg

Author:
David George-Cosh

Date Published:
16th September

Total Shares:
12,000

Jim Pattison, CEO of his eponymously named conglomerate and one of Canada’s wealthiest people, warned that proposals presented ahead of September’s elections to increase taxes on wealthy individuals could reduce investment in Canada. Mr. Pattison acknowledged the rich must pay their fair share, but he argued capital flows to countries with friendly tax regimes. Higher taxes could lead to an exodus, which wouldn’t just be bad news for the wealth management industry, it would also hinder the economic recovery from the pandemic and efforts to tackle labour shortages.

Moment #2: Investor Appetite for Real Estate Recovers

Title:
Investors account for a fifth of home purchases in Canada. Are they driving up housing prices in a booming market?

Source:
The Globe and Mail

Author:
Rachelle Younglai

Date Published:
22nd June

Total Shares:
3,200

Investor appetite for real estate has recovered since the start of the pandemic according to data published by the Bank of Canada. Investors accounted for 20.1% of all purchases in 2020, lower than the record high of 21.7% in 2018 but above 2019 when the figure fell below 20%. With interest rates at historic lows, investors have been attracted by the potential for higher yields.

Moment # 3: Bond Manager Helps Bay Street Give Back

Title:
How a bond fund manager and an occupational therapist harnessed the power of Bay Street to fund research into a rare illness

Source:
The Globe and Mail

Author:
Tim Shufelt

Date Published:
24th May

Total Shares:
236 

After Paul and Cheryl Marcogliese’s sons were diagnosed with Niemann-Pick Disease, a rare genetic illness, they started to research drugs to help to manage the condition. They eventually found an experimental drug called VTS-270, but in early 2021 Mallinckrodt Pharmaceuticals stopped producing it because of the risks of side effects. As part of their efforts to explore alternatives, Paul and Cheryl took over the Canadian chapter of the Niemann-Pick Foundation. Scientists started to approach the foundation about new therapies to treat the disease, but they needed financial support. As a bond fund manager, Paul crunched the numbers and recognized the potential rewards, so he tapped into his contacts on Bay Street to fund further research. To date, the foundation has raised $2.7 million. 

Moment #4: BMO Appoints New Head of Wealth Management

Title:
BMO appoints Deland Kamanga as new head of wealth management

Source:
The Globe and Mail

Authors:
James Bradshaw and Clare O’Hara

Date Published:
28th October

Total Shares:
157

In October, Deland Kamanga was appointed Head of Wealth Management at BMO. Mr. Kamanga joined BMO in 2006 and has been Head of Global Markets since 2019. BMO CEO, Darryl White, praised his track record of delivering strong performance and leadership. Mr. Kamanga’s promotion also adds diversity to the senior leadership team at one of the country’s biggest financial institutions. Mr. Kamanga has strongly advocated for greater inclusivity at BMO, sitting on committees such as the BMO Black Professionals Network. Catalyst, a non-profit supporting women in business, recently recognized him as a business leader champion.

Moment #5: Canada’s Open Banking Regime Announced

Title:
Report recommends new open banking regime for Canada to allow customers to share data between institutions

Source:
The Globe and Mail

Authors:
James Bradshawbanking and Vanmala Subramaniam

Date Published:
4th August

Total Shares:
137

In early August, a federal advisory committee published a report on open banking in Canada, encouraging the government to work closely with the financial industry to launch a national standard within 18 months. Open banking puts consumers in control of their financial information, which boosts competition and innovation as switching providers becomes easier. However, open banking is just the first step- it could broaden to open finance which involves sharing other types of data such as investments and mortgages.

We're saying goodbye to another year and remembering the most shareable moments in Canadian wealth management. From pandemic recovery, to new position appointments, and transformational regulatory framework, it certainly has been an eventful twelve months. With 2022 around the corner, we're wishing our readers a safe and happy New Year!

 

Image Credits

Feature Image: Unsplash/Valentin Balan

All screenshots taken by author, December 2021.

Image 1: Via Wikipedia

Image 2: Via Unsplash

Image 3: Via Unsplash

Image 4: Via Wikipedia

Image 5: Via Open Banking Initiative Canada


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