Lincluden Investment Management

Lincluden Investment Management

Lincluden launched in 1982 under founder Phillip Evans and spent four decades as an independent, employee-owned investment counsellor before Morguard Corporation — a publicly traded Canadian real estate and property management company — acquired full ownership in January 2025. Angela Sahi, President and CEO of Morguard, now oversees the parent entity. The firm remains headquartered in Mississauga, Ontario, with a mandate to preserve its boutique investment culture while leveraging Morguard's balance sheet and real estate operating platform. The firm manages separate account mandates across three primary asset classes: Canadian and global public equities, fixed income, and private real estate. On the equities side, Lincluden runs concentrated, value-oriented portfolios. Real estate investing — the firm's most distinctive capability — flows through direct property acquisitions, with Derek Warren serving as the dedicated Vice President and Portfolio Manager for the asset class. The Morguard acquisition tightens this real estate sourcing advantage: Lincluden can now co-invest alongside or acquire properties from Morguard's substantial Canadian commercial portfolio, which includes office, retail, and multi-residential assets. Fixed-income mandates focus on investment-grade corporate and government bonds. The firm does not publicly disclose specific portfolio holdings or total assets under management. Lincluden's client base reveals its institutional posture. The firm is a founding sponsor of the National Aboriginal Trust Officers Association (NATOA) and provides investment management services to First Nation Trusts across Canada — a specialized, trust-governed client segment that requires long-duration, income-oriented portfolio construction. It also counts corporate pension plans and religious institutions among its clients. On governance, Lincluden is a signatory to the United Nations Principles for Responsible Investment (PRI) and a member of the Canadian Coalition for Good Governance (CCGG). Scott Connell serves as Senior Vice President and Portfolio Manager alongside Evans on the investment team. In January 2025, Morguard Corporation acquired full ownership of Lincluden, integrating the asset manager under its operating umbrella while retaining the existing investment leadership. The firm's structural differentiator is its post-acquisition identity: Lincluden is now a wholly owned operating subsidiary of a public real estate company, not a standalone asset manager. This hybrid structure means Lincluden's real estate clients gain access to a pipeline of properties that Morguard originates, develops, or already owns — a sourcing channel that independent investment counsellors cannot replicate. The governance challenge for allocators is monitoring whether investment decisions for third-party separate-account clients remain truly independent from Morguard's corporate capital allocation priorities.