# Ewing Morris

Ewing Morris is a Multi Family Office based in Toronto, On, Canada.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Toronto, On, Canada
- **Region:** North America
- **Address:** Toronto, Canada
- **Founded:** 2011
- **Assets under management:** C$900 million (Altss estimate)
- **Website:** ewingmorris.com
- **LinkedIn:** https://ca.linkedin.com/company/ewing-morris-&-co-investment-partners-ltd-

## Regulatory record

- **CRD number:** 173004
- **SEC file number:** 802-80406
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-02-26T06:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/173004

## About

Ewing Morris was established in 2011 by John Ewing and Darcy Morris. Both arrived from Burgundy Asset Management, where Ewing served as Director of Research and Morris worked as a portfolio manager. The firm began with a small-cap equities strategy and later added high-yield credit and shareholder activism mandates. Public equities, high-yield credit and niche real estate form the core allocation mix. The firm executes through direct co-investments, SPVs and activist campaigns. Confirmed holdings include positions tied to First Capital REIT in Canada. Co-investors have included Vision Capital Corporation and Yorkville Asset Management on real-estate and healthcare situations. Activity remains limited to North America, primarily Canada and the United States. The firm reports approximately C$900 million under management. It maintains an employee-owned structure with additional professionals added in 2024, including James Telfser and David Pepall. Ewing Morris also operates a joint venture vehicle, Patoma Inc., focused on mixed-use real estate in the United States. Darcy Morris serves on the boards of the Art Gallery of Ontario Foundation and Toronto Public Library Foundation. Independence and employee ownership distinguish the platform. The firm avoids external capital raises and instead aligns incentives by investing alongside clients in the same vehicles. This structure supports longer holding periods in activist and turnaround situations without quarterly redemption pressure.

## Sectors

- Activist / Hostile
- Distressed & Turnaround
- Healthcare Services
- Real Estate

## People

- John Ewing — Chief Investment Officer & Co-Founder
- Darcy Morris — Chief Executive Officer & Co-Founder
- Breann Kelly — General Counsel, Chief Operating & Compliance Officer
- Randy Steuart — Partner, Investments

## Questions

### Who runs investment decisions at Ewing Morris?

John Ewing serves as Chief Investment Officer and co-founder. Darcy Morris serves as Chief Executive Officer and co-founder. Additional partners including Randy Steuart and Anthony Hammill manage specific strategies.

### Does Ewing Morris participate in fund commitments or only direct deals?

The firm uses direct co-investments, SPVs and activist positions. It also maintains fund-of-funds exposure in certain sleeves.

### What investment stages does Ewing Morris typically target?

The firm focuses on public-market small and mid-cap equities, high-yield credit and niche real-estate opportunities. It does not run early-stage venture programs.

### How is Ewing Morris related to its co-investors?

Vision Capital Corporation and Yorkville Asset Management have partnered on specific real-estate and healthcare campaigns. Patoma Inc. operates as a joint-venture vehicle for real-estate strategies.

### What is Ewing Morris posture on co-investments alongside external GPs?

The firm executes direct co-investments and activist campaigns with selected partners. It also invests in secondaries and special situations when opportunities arise.

## Related profiles

- [DLC Capital Management](https://altss.com/profile/dlc-capital-management-centner-family-office)
- [FIDERE](https://altss.com/profile/fidere)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/ewing-morris

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