Discretionary Account Management

LCM manages portfolios on a discretionary basis. All policies are set out in a signed contract (Investment Management Agreement) at the start of the client relationship. All investment management at LCM is conducted using segregated accounts. Each client maintains a private account with the custodian in their own name, and investments are purchased and sold for each account on a pro rata basis at the direction of LCM. Segregated accounts are more administratively intensive to manage than a pooled fund, but the client benefits from better tax efficiency and transparency. Due to the cost of this higher level of administration, LCM’s minimum account size for new clients is $10 million – this level is consistent with industry minimums for segregated accounts.

Custodian

National Bank Independent Network (NBIN), the institutional custody division of National Bank, handles all cash and securities for our clients - no client funds are held directly by LCM. National Bank of Canada is the sixth largest bank in Canada with total assets in excess of $400 billion. NBIN is a leader in this business in Canada, providing custody to over 400 institutions representing over $300 billion in client assets.

Professional Accreditation

Daniel Lewin has been a Chartered Financial Analyst since 1996. LCM is registered as a Portfolio Manager by the British Columbia, Alberta and Ontario Securities Commissions.