Capital Markets

The combination of financial management and real estate development is what brings Trumbull Fisher to the BRED team.

Highly skilled, and experienced, Fisher has extensive knowledge of capital markets. He possesses many years of experience managing high profile assets, and achieving very high levels of capital gain for the business he collaborates with. Fisher co-founded an IIROC Institutional Equity Sales & Trading Desk, where he was responsible for maintaining the liability trading book, resulting in the investment bank being the #7 broker in global ranking tables by Bloomberg, establishing the firm as one of the biggest unlisted warrant traders in the Canadian market.

Fisher went on to co-found Sui Generis Investment Partners, a long/short offshore fund with a Canadian feeder for the purpose of investing in global equities. He then helped oversee the successful sale of Sui Generis to Forge First Asset Management, where he was head of trading and managed the fund’s discretionary trading book, generating annualized returns of over 20% on his trades.

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An “Accredited Investor” (as defined in NI 45 106) is:

  • a person registered under the securities legislation of a jurisdiction of Canada, as an adviser or dealer, other than a person registered solely as a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador); or
  • an individual registered or formerly registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (a); or
  • an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000; or
  • an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year; or
  • an individual who, either alone or with a spouse, has net assets of at least $5,000,000; or
  • a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements; or
  • a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be; or
  • an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45 106 [Minimum amount investment] or 2.19 of NI 45 106 [Additional investment in investment funds], or (iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45 106 [Investment fund reinvestment];
  • a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; or
  • a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors (as defined in NI 45 106); or
  • an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser.

Note that as of 2016, many provinces in Canada now allow non-accredited investors to invest in private markets – under specified limits.

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References:

Bert Teuben, Hanskumar Bothra,Real Estate Market Size 2017. June 2018. https://www.msci.com/documents/10199/6fdca931-3405-1073-e7fa-1672aa66f4c2
2.Yolande Barnes. Around the World in Dollars and Cents. Jan. 2016. URL:http: //www.savills.co.uk/research_articles/188297/198667-0.
3.Axford N. et al, (2017) GlobalInvestor Intentions Survey http://www.cbre.com/research-and-reports/GlobalInvestor-Intentions-Survey-2017