2013 Inductee Biographies
Lawrence S. Bloomberg is Chair of the Board of Directors of BloombergSen Inc. He is a Director of the National Bank of Canada and currently an Advisor to National Bank Financial. Mr. Bloomberg is a Founder and Director of MaRS and Member of the World Presidents and Chief Executives Organizations.
From 1965 to 1974, Mr. Bloomberg worked at Nesbitt, Thomson and Company Ltd. From there, he moved to Pitfield, Mackay, Ross and Company Ltd. where he was also a Vice President and Director before founding First Marathon Inc. in 1979. In August 1999, First Marathon Inc., of which he was then President and Chief Executive Officer, was bought by the National Bank of Canada.
Some of Mr. Bloomberg’s many business-related activities have included: Member of Canadian Council of Chief Executives; Member of the C.D. Howe Institute; Board Member of the Investment Dealers Association; and Director of The Toronto Stock Exchange.
His many community activities include: past Chairman of Mount Sinai Hospital of Toronto (2002 to 2012) and past Chairman of its The Best Medicine fundraising campaign and past Co-Chairman of Toronto Academic Health Science Network (TAHSN); Chair of Advisory Board for the Health Industry Management Program at Schulich School of Business, former Director of the Toronto Region Research Alliance (TRRA); past Director of the Baycrest Centre for Geriatric Care, the Royal Ontario Museum, the Toronto International Film Festival and past Governor of Junior Achievement of Canada. He is a Director of Friends of Simon Wiesenthal Centre, Director of United Jewish Federation and Past Chair United Jewish Appeal Campaign, and a founding member of Concordia University’s Faculty of Commerce and Administration Business Advisory Committee. He was awarded the Outstanding Volunteer Award by the Association of Professional Fundraisers in 2003 and is the 2004 recipient of the Who’s Who in Healthcare. Lawrence Bloomberg was also Chair of the Ontario Liberal Party 2008 Heritage Dinner.
His philanthropic contributions have included the naming of The Lawrence S. Bloomberg Faculty of Nursing at the University of Toronto and naming the Frances Bloomberg Centrer Women’s and Infants’ Health at Mount Sinai Hospital. He has recently launched the Bloomberg-Manulife Prize for the Promotion of Active Health at McGill University. He made a significant donation to MaRS as a member of its College of Founders; and endowed the Lawrence Bloomberg Chair in Accountancy at Concordia University and the Lawrence S. Bloomberg Fellowship at the Wharton School (University of Pennsylvania) which provides financial support for a student from Canada. He sponsored the Lawrence Bloomberg Wing at the Schulich School of Business; as well as many substantial gifts to other institutions and campaigns.
Mr. Bloomberg is a Chartered Financial Analyst. He holds a B. Comm. from Sir George Williams University and an MBA from McGill University, and is a recipient of an Honorary Doctor of Laws from Concordia University and the University of Toronto. He is an Honoree of the Canadian Council of Christians and Jews. In 2010 he was awarded the Order of Ontario and in 2012 he received the Order of Canada. He is also a recipient of The Queen Elizabeth II Diamond Jubilee Award. In 2012, Mr. Bloomberg was appointed Chancellor of Ryerson University.
Anthony S. Fell is the former Chairman of RBC Capital Markets. Mr. Fell was with RBC Capital Markets and its predecessor, Dominion Securities for 48 years including 18 years as Chief Executive Officer from 1981 to 1999 and a further 8 years as Chairman.
Under his leadership, Dominion Securities expanded through multiple mergers and acquisitions from 1973 to 1996 to become the largest investment banking firm in Canada and, ultimately, selling control to the Royal Bank in 1987 and the balance in 1998 to form the basis of RBC Capital Markets.
Having previously served as Deputy Chairman of the Royal Bank, Chairman of the Investment Dealers Association of Canada and as a Governor of the Toronto Stock Exchange, Mr. Fell is currently a Director of BCE Inc. and Loblaw Companies.
Born in Toronto and educated at St. Andrew’s College in Aurora, Ontario, Mr. Fell has been actively involved in various community endeavors. He is the retired Chair of the Board of Trustees of the University Health Network, past Chair of the Greater Toronto United Way Campaign, and past Chair of the $50M Capital Campaign for the New Princess Margaret Cancer Hospital in Toronto. He was also Chair of the Ontario Division of the Canadian Arthritis Society, past Vice-Chair of the $100M McMaster University Capital Campaign and past Governor of the Duke of Edinburgh’s Award program in Canada and of St. Andrew’s College.
Mr. Fell was appointed an Officer of the Order of Canada in 2001 and was inducted into the Canadian Business Hall of Fame in 2010. He received an Honorary Doctorate from the University of Toronto in 2008, an Honorary Doctors of Law Degree from McMaster University in 2001, and the Queen’s Diamond Jubilee medal in 2012.
Mr. Fell is married to wife Shari, and they have three children, Annabelle, Graham and Geoffrey.
Mr. Johnson was born in Lundar, Manitoba and obtained his BScEE at the University of Manitoba in 1957 and an MBA from the Ivey Business School at the University of Western Ontario in 1963.
Mr. Johnson is currently a Member of the Advisory Board of BMO Capital Markets, the Investment Banking Division of BMO Financial Group, one of Canada’s leading banks. He began his investment career in 1963 when he joined a predecessor firm of Burns Fry as a research analyst. He subsequently held positions of increasing responsibility and was President of Burns Fry from 1984 to 1989. He was a Governor of the Toronto Stock Exchange from 1978 to 1980 and Chair of the Investment Dealers Association of Canada from 1988 to 1989. He retired as Vice Chair of BMO Nesbitt Burns in October 2004.
During his 53-year career with the firm, Mr. Johnson has been the “Team Leader” on a number of major deals, including $20 billion of transactions associated with British American Tobacco’s privatization of the Canadian conglomerate, Imasco and the subsequent divestitures of Imasco’s non-tobacco businesses. Another major transaction was the $1.1 billion “bought deal” secondary distribution of 55% of Suncor for Sun Company in 1995.
In addition to his role as Member of the Advisory Board of BMO Capital Markets, Mr. Johnson currently serves on the Boards of two public companies. He is also Chair of Go Easy Limited (TSX:GSY).
In the not-for-profit sector, Mr. Johnson serves on the Advisory Board of the Ivey Business School at Western University and as a Board Member of the Toronto General & Western Hospital Foundation, Business for the Arts, and is a member of the 2017 United Way of Toronto and York Region Major Individual Giving Cabinet. Mr. Johnson also led a team of volunteers from the charitable sector on a 12-year campaign that was successful in convincing the federal government to eliminate the capital gains tax on gifts of listed securities to registered charities. He has received a number of awards including the 2007 Edmund C. Bovey Award for Leadership Support of the Arts, honorary Doctor of Laws Degrees from the University of Western Ontario in 2007 and the University of Manitoba in 2008. He was appointed a Member of the Order of Canada in June 2004, an Officer of the Order of Canada on July 1st, 2009, was named the Nation Builder of the Year for 2007 by The Globe and Mail, and received the Queen’s Diamond Jubilee medal in 2012.
L. Jacques Ménard is Chairman of BMO Nesbitt Burns and President of BMO Financial Group, Quebec.
Mr. Ménard is currently a director of WestJet, Claridge Inc., Stingray Digital, Léger Marketing, the Montreal Symphony Orchestra, the Montreal Alouettes, the Institute for Research on Public Policy, the Trudeau Foundation, the Gairdner Foundation and the Macdonald Stewart Foundation. He is also Chairman of Youth Fusion.
Mr. Ménard is Chancellor of Concordia University, his alma mater, and is a member of the Task Force on Competitiveness, Productivity and Economic Progress of the Rotman School of Management at the University of Toronto.
He published his first book in 2008, Si on s’y mettait… that outlines a series of proposals to ensure Quebec’s future growth. In the wake of this book, he established the Groupe d’action sur la persévérance et la réussite scolaires, which released its action plan “Savoir pour pouvoir” in March 2009. Mr. Ménard subsequently published a book on the topic of high school perseverance Beyond the Numbers… a Matter of the Heart. He also served as Vice-Chair of the Federal Task Force on Financial Literacy.
In 2009, Mr. Ménard received the Public Policy Forum Testimonial Award and was recognized as a Great Montrealer by the Board of Trade of Metropolitan Montreal. In 2012, he received the Queen Elizabeth II Diamond Jubilee Medal and the Medal of Honour from the Montreal Heart Institute for his philanthropic involvement and support.
In December 2012, he was promoted to Companion of the Order of Canada, the highest level of the Order of Canada and this country’s highest public distinction.
Mr. Ménard is a graduate of the University of Western Ontario (M.B.A. 1970), Loyola College of Montréal (B. Comm. Hon. Econ. 1967) and College Ste-Marie (B.A. 1966). He has received honorary doctorates from York University and Glendon College, Concordia University, the Université de Montreal and from the Université de Sherbrooke.
Posthumous Inductees
Mr. Brunet devoted his entire career to the investment industry. After becoming a Member of the Order of Chartered Accountants in 1964, he then began his career at Morgan Ostiguy Hudon Inc. before joining in 1970 the management team of Lévesque Beaubien Inc. which later merged with First Marathon Inc. to form National Bank Financial. Mr. Brunet was its President and CEO until he retired in 2001. During this time, he also headed many professional organizations, including the Board of Governors, the Montréal Stock Exchange, the Montréal Chamber of Commerce, the Investment Dealers Association of Canada and the Canadian Institute of Chartered Accounts (CICA). Mr. Brunet also served as Chair, the Board of Montréal International and contributed to several non-profit and organizations such as the Orchestre symphonique de Montréal (OSM) and Honorary President and Founder of the OSM’s Endowment Fund. He also was Chair, the Foundation of Greater Montreal from 2002 – 2007. In recognition of his remarkable career and his active community involvement, Mr. Brunet was appointed Officer of the Order of Canada in 1999. He also was bestowed the Career A+ Award by the Investment Dealers Association of Canada, an Order of Merit Award by the Association des diplômés de l’Université de Montréal and a doctorate ‘Honoris Causa’ by the HEC Montréal.
In 1947, after eleven years in institutional fixed income sales at Wood Gundy (1936-1947), Mr. Casgrain ventured on his own and founded Casgrain & Company Limited. This was no small venture for a French Canadian working in an Anglo dominated financial sector. Mr. Casgrain quickly made a name for himself and his firm throughout Canada. Mr. Casgrain’s firm was known for its objectivity, sense of ethics and the pertinence of its advice – traits that remain to this day.
In 1985, Mr. Casgrain sold the firm to his three sons and was very proud to work alongside his children. Under Mr. Casgrain’s leadership, the firm became a member of the debt underwriting syndicates of all ten provinces and earned debt syndicate participations with large municipalities and corporations. His crowning achievement was earning a place for his firm as a Primary Dealer of the Bank of Canada.
Mr. Casgrain was respected in all of Canada and his comments on the bond market were sought by many, including the Bank of Canada and the Department of Finance. The firm is the largest Canadian-owned investment dealer specialized in the fixed income that is not associated with a financial institution.
Mr. Casgrain was involved in the industry as President of the Montreal Bond Traders Association (1949-1951), board member of the Montreal Society of Financial Analysts (1957-1959), President of the Investment Dealers Association of Canada-Quebec District (1959-1961), member of the Canada Conversion Loan Committee of the Bank of Canada (1958-1959) and Governor of the Montreal Exchange (1987-1989).
Mr. Casgrain volunteered within his community as a board member (1970-1986) and President of the Notre-Dame-de-Grâce Desjardins Caisse Populaire (1972-1983) and as trustee of Stanstead College (1974-1976). He sat on the boards of the Prudential Insurance of England (Canadian subsidiary) (1972-1987), Canada Development Corporation (1971-1978), the Provincial Bank of Canada (1970-1980) and Canada Trust Income Investments (1973-1986). He was a member of the Investment Committees of several insurance companies, the Prudential, La Laurentienne, La Sauvegarde and la SSQ.
In 1988, Mr. Casgrain was awarded the IDA-Québec District’s first Career+ Award for the excellence he demonstrated throughout his career.
A graduate of University of Western Ontario, Mr. MacNaughton began his career at Fry and Company and spent the next 31 years with its successor companies serving as President, then President and CEO of Burns Fry from 1989-1994, and finally President of Nesbitt Burns from 1994-1999. Mr. MacNaughton was the founding President and CEO of the Canada Pension Plan Investment Board serving from 1999 to 2005. Most recently, he was Chair of the Business Development Bank of Canada and a Director of TransCanada Corp. Previously, he served as: Chair, The Princess Margaret Hospital Foundation; Vice Chair, the University Health Network; Chair, CNSX Markets Inc; member of the Prime Minister’s Advisory Committee on the Public Service; founding Chair, BMO Financial Group Retirement Advisory Council; Chair, the Canadian Institute of International Affairs; Vice Chair, the Canadian International Council; member, the Trilateral Commission; Chair, the Investment Dealers Association of Canada; President, Empire Club of Canada; and trustee of Rosedale United Church. In his personal and business life, Mr. MacNaughton engendered the respect of his friends, colleagues and clients for his wisdom, thoughtfulness and integrity. A proud Canadian, Mr. MacNaughton was honoured to be a Member of the Order of Canada. He was awarded Huron College’s Medal of Distinction, named a Fellow of the Institute of Corporate Directors and received the Queen’s Diamond Jubilee medal in 2012. Mr. MacNaughton lived with the reality of cancer for 41 years, always maintaining his courage and grace.
Edward Rogers (E. R.) Wood was born in Peterborough, ON in 1866 to parents of northern Irish background. He began work as a telegraph messenger in a local insurance office.
In 1884, he got in on the ground floor of the newly created Central Canada Loan & Savings (CCL &S) Company, a company founded in Peterborough by George Albertus Cox. Four years later Mr. Wood moved to Toronto to work with Cox at the newly opened head office.
Messrs. Cox and Wood co-founded Dominion Securities Corporation Limited as a subsidiary of CCL&S. At the time of founding, Dominion Securities had an authorized capitalization of $1,000,000. Mr. Wood was the third largest subscriber – $50,000.
Mr. Wood served as General Manager/President of both CCL & S and Dominion Securities. In addition to his executive involvement, Mr. Wood served as a Vice President of National Trust, one of the largest Trust companies in early 20th century Canada, and on the board of the Canadian Bank of Commerce, Canada Life, Canadian Northern Railway, Sao Paulo Tramway Light and Power (later Brascan, now Brookfield), Mexico Light and Power, Western Assurance Company, British American Nickel Company and Crow’s Nest Pass Coal Company.
At the outbreak of World War I, he was already being referred to as ‘a Bond Authority’. In 1916 when the Bond Dealers Association of Canada, a predecessor organization to the Investment Industry Association of Canada, was founded by 33 member firms, he was the first Honorary President.
In order for Canada to fight in World War I the Government turned to debt financing. The borrowing was done through dealer sponsored national organizations since, unlike during World War II, there was no Bank of Canada.
The initial bond offerings were handled by individual houses but for the fourth, fifth and sixth Victory loans the bond houses acted together under Mr. Wood’s chairmanship1. The results of those campaigns are as shown below.
| Table 1 Victory Loan Campaigns | ||||
| Campaign | Target [million $] |
Raised [million $] |
# of subscribers2 | In 2013 [billion $] |
|---|---|---|---|---|
| 4th | 150 | 419 | 820,000 | 6.8 |
| 5th | 300 | 690 | Over 1,000,000 | 9.9 |
| 6th | 300 | 678 | 830,000 | 8.9 |
As Professor Ed Neufeld has observed in his classic Financial System of Canada, Mr. Wood was “undoubtedly the most influential high grade bond man in Canada before the 1920s” (p487). Mr. Wood’s great strength was in both underwriting and distribution. In 1914, 99.8% of Canada’s debt was owed in London. By 1918, Canada’s debt had grown dramatically, but now 72.2% of it was owed to Canadians, not to British investors, and Canada had started to gain access to the U.S. market.
In addition to his business interests, Mr. Wood was a publicly spirited citizen who gave generously to Victoria College, Grace and Toronto Western Hospitals and the YMCA.
In 1926, Mr. Wood received an Honorary Doctorate from the University of Toronto.
In 1929, he nominally retired, but continued to serve on many boards in both the for-profit and not-for-profit worlds. Indeed, in 1937 he agreed to serve on the board of the giant Massey Harris farm equipment manufacturer.
His obituary stated “Dominion Securities … was his chief pride and dominant interest but he gave freely of his financial abilities and wide experience, which were in great demand for directorships … He was always ready to support any good cause … and to contribute his time, money and great organizational abilities for its furtherance.”
1 In addition he served on the Imperial Munitions Board chaired by J.W. Flavelle.
2 Previously this figure had been between 25,000 and 41,000.