Cypress Capital Management
Our primary goal at Cypress Capital Management is to provide top-quality client service at a reasonable cost; where the best interest of the client is paramount. We are committed to being honest and transparent regarding return expectations, risks, fees and our capabilities as investment managers. We strive to align our interests as managers with those of our clients, to minimise potential conflicts and to ensure we are working towards providing the best investment solutions.
At Cypress we take our role as fiduciary managers seriously. Our clients place a high-level of trust in our judgment and investment skill and should, therefore, expect the highest level of honesty and ethical behaviour in return.
Stock markets are volatile and future returns are uncertain. Our fundamental view, however, is that we can add value for our clients by constructing the appropriate investment portfolio for their specific circumstances, and through continued client education on the principles of investing.
Our existing clients are our sales force and by providing top-quality professional service we have been able to consistently grow our business despite the fluctuations in the markets. As we continue to expand our business any gains in market share we achieve will not come at the expense of the professional and individualised client service that we pride ourselves on.
When evaluating a company as a potential investment, it is necessary to focus on the competitive advantages the business has. It is only fair, therefore, that we evaluate our business in the same way. Below we set out what we believe are Cypress competitive advantages when it comes to providing best-in-class investment management services.
- Tailored Service Cypress does not provide a one-size-fits-all (or even a many-size-fits-many ) portfolio for its clients. Instead each client s individual circumstances are considered when constructing the portfolio. This approach allows complete flexibility when designing portfolios and is a feature that few of our competitors are able to offer.
- Experience From the administrative staff right through to the portfolio managers, Cypress has a wealth of capital markets experience and knowledge. All of our portfolio managers are CFA charterholders with an average tenure in the industry of over 20 years.
- Independence Financial services are plagued by conflict of interests between the client and the financial services provider. Our fee-only approach effectively aligns our interests as managers with those of our clients. We have no incentive to churn accounts or sell any specific product or security.
- Cost Our fees are among the most competitive in the country and we intend to keep them that way. Furthermore, we are able to leverage our scale to achieve the best possible rates and terms on everything from bonds to foreign exchange. This directly benefits our clients.
- Tax Effective By managing each portfolio on an individual basis, strategies can be used to defer or reduce the taxes that investors pay on their investment income. Research has shown that managing a portfolio on a tax efficient basis can add up to 2% annually to the investor’s return.
Dean Alexander, BA, MBA, CA, CFA
Dean, CFA Charterholder and a Chartered Accountant, earned his MBA from Queen’s in 1966. He began his career at Price Waterhouse Co. as a management consultant and moved into the investment industry in 1969, joining Pemberton Securities (acquired by RBC Dominion Securities in 1989). During his 20 years with Pemberton, Dean was responsible for their retail brokerage activities overseeing over 250 investment advisors, he also served on the research and management committees. In 1977, Dean was appointed a Director of Pemberton and was named Senior Vice President in 1982. In 1989, following the takeover of Pemberton, Dean joined Royal Bank Investment Management Inc. where for over 11 years he worked in the area of private client portfolio management. Dean joined Cypress in October 2000.
Greg Bay, B. Comm, CFA
Greg began his career in 1980 with Rhodes Denton as a private placements analyst and went on to work as an account executive with Nesbitt Thomson for two years. Greg then moved to Royal Trust for four years where he worked as a portfolio manager. Following that, he spent four years as the Assistant Vice President of Investments at National Trust. From 1992 to 1998, Greg was a managing partner at M.K. Wong Associates (now HSBC Asset Management Canada Ltd.) where he specialised in private client and institutional portfolio management. At M.K. Wong, Greg was the lead portfolio manager on the Lotus Canadian Equity Fund and the Hong Kong Bank Small Cap Growth funds. In 1998, Greg became a founding partner of Cypress Capital Management Ltd.
Tom Dean, BA, MBA, CFA
Tom received his BA in economics from the University of Toronto in 1980 and completed his postgraduate degree in finance from McMaster University in 1991. His career began with the Bank of Montreal in 1980. He held several management positions in the bank prior to joining Royal Trust in 1986. Tom joined RT International in 1988 and he moved to Vancouver when he was named Vice President responsible for Western Canada and Washington State in 1992. During this time, Tom worked with private and institutional clients looking to establish globally diversified investment portfolios. From 1994 to 1998 he worked as a senior portfolio manager with RT Investment Counsel. In 1998, Tom became one of the founding partners of Cypress Capital Management Ltd.
Catherine Urquhart, BBA, CFA
Cathy received her undergraduate degree in Business Administration from Simon Fraser University in 1990 and worked for local and national investment firms in a variety of roles, including opening a financial planning branch for a local credit union. She joined BMO Nesbitt Burns in 1998 as an investment advisor to high net worth private clients as well as working in a managerial role. Cathy received her Chartered Financial Analyst designation in 2003. Cathy joined Cypress in 2005.
Michael Fricker, BA, MBA, CFA
Michael received his BA (Administrative and Commercial Studies) from the University of Western Ontario in 1996, and completed his M.B.A. at York University ( Schulich School of Business) in 2003. He has been a CFA Charter Holder since 2006. Michael began his investment management career in 1999 with TD Asset Management, advising clients on their mutual fund and fixed income portfolios. From 2004 – 2009, Michael worked as an equity research associate with Scotia Capital in Toronto, and as an equity research associate and analyst with RBC Capital Markets in Vancouver. Michael joined Cypress in 2009 as an Associate Portfolio Manager and was promoted to Portfolio Manager in January 2010.
Brian Alexander, BA, CA, CFA
Brian graduated with a degree in Economics from the University of Victoria in 2002. In 2004, after completing a diploma in accounting, Brian joined Grant Thornton’s Assurance and Advisory Group in Vancouver earning his CA designation in 2007. During his time at Grant Thornton Brian completed the CFA program and received his charter in 2007. In early 2008 Brian moved to London, England and joined Investec Securities as an analyst covering the technology sector. During his time at Investec Brian was a member of a highly rated research team and served a range of clients from small private client brokers to large international institutional funds. Brian joined Cypress in 2010.
Cypress Capital Management Ltd. (“Cypress”) is a wholly owned subsidiary of AGF Management Ltd. (“AGF”). Cypress operates as a separate and independent firm.
Cypress was formed in October 1998 with its head office in Vancouver, British Columbia. The founding partners of Cypress wanted to create a firm that would best meet the needs of individual investors and corporate clients. Since the firm’s inception, assets under management have grown to over $3.0 billion including private clients, foundation and institutional mandates.
On June 30, 2004, AGF acquired 100% of the outstanding shares of Cypress. Cypress’ investment team and investment strategies/policies remain independent of AGF’s.
Cypress’ investment team is comprised of eight experienced investment professionals, each holding a CFA designation. We pride ourselves on maintaining a thorough understanding of current empirical work on portfolio management.
At Cypress, we believe it is important to maintain the highest level of integrity in our business practice. All staff members follow the CFA Institute code of ethics and standards of professional conduct.
The firm plans to continue growing with the proviso that client service and investment performance not be compromised.