Letko, Brosseau & Associates Inc. is an investment management firm. It was founded in 1987 by Daniel Brosseau and Peter Letko who met while working at the investment division of CN.[1] As of 30 June 2021, the firm managed $19 billion in assets for more than 420 institutional investors and several thousand private clients.[2] The firm has offices in Montreal, Toronto and Calgary.
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1987[1] |
| Founders | Daniel Brosseau Peter Letko |
| Headquarters | Montreal, Quebec, Canada |
| Products | Investment funds |
| Services | Investment management |
| AUM |  C$19 billion (2021)[2] |
Number of employees | 84 |
| Website | www |
Investment history
editLetko Brosseau has a long track record of successful investing and is generally considered[according to whom?] among the top independent investment firms in Canada.[citation needed] Letko Brosseau has added $13.2 billion in excess return over the weighted average of all clients' benchmarks since inception.[1]
Letko Brosseau exited the ownership of WestJet in 2019, after Onex Corporation took the company private for $31 a share.[3] It was once a significant investor in the ill-fated British construction firm Carillion.[4]
In December, 2019, the firm rejected Jim Pattison's $16-a-share cash bid to acquire lumber company Canfor, saying the offer undervalued the company. Letko Brosseau held 4.8% of Canfor stock as of December, 2019.[5]
Letko Brosseau has been a major shareholder of Air Transat for many years owning nearly 20% of the company, while currently owning 12%.[6] Letko Brosseau helped guide the firm through acquisition negotiations with Air Canada which had raised its offer from $14 per share to $18 per share in 2019, the deal fell through in 2021 due to regulatory issues in the EU as well as impacts of covid-19 on travel.[7][8]
References
edit- ^ a b c "About Letko, Brosseau & Associates Inc". Letko, Brosseau & Associates Inc. Retrieved 2021-09-15.
- ^ a b "Institutional Portfolio Management | Letko Brosseau - Global Investment Management".
- ^ "Onex slashed proposed offer for WestJet because of grounding of Boeing 737 Max planes". The Globe and Mail Inc. 24 June 2019.
- ^ Cahill, Helen (19 February 2018). "City investors chronicle efforts to reform Carillion as it headed to liquidation". City AM. Archived from the original on 19 February 2018. Retrieved 19 February 2018.
- ^ Carrigg, David (2019-12-17). "Jim Pattison's $1 billion bid to take full control of Canfor fails". Vancouver Sun. Retrieved 2019-12-17.
- ^ "Letko Brosseau Reiterates its Commitment to Transat A.T. Inc".
- ^ "Letko Brosseau Reaffirms its Support of Air Canada's Acquisition of Transat".
- ^ "Air Canada Drops Transat Takeover After Battle With Europe". Bloomberg.com. 2021-04-02. Retrieved 2021-04-03.