Manulife
|Institutional Fund Managers |Years In Investment |Years at |Age |Responsibilities | |
| |Industry |Sceptre | | | |
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|Asset MixTeam | | | | | |
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|Ian Lee (Chairman) |25 |4 |52 |*PM- Fixed Income | |
|Patricia Croft |19 |3 |41 |Economist | |
|Douglas Grant |35 |35 |62 |Chairman of the Board | |
|Bill Malouin |30 |9 |54 |President, C.E.O.& C.I.O. | |
|Lennox McNeely |31 |21 |54 |*PM - Foreign Equities | |
|Andrew MacDonald |16 |9 |40 |*PM- Canadian Equity | |
|Michael Wiggan |32 |17 |59 |Deputy Chairman | |
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|Equity Team | | | |Global Research Responsibilities |Primary Responsibility |
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|Matthew Baillie |2 |2 |30 |Financial |Analyst |
|Mary d’Eon |18 |1 |40 |Consumer |*PM-Europe |
|Stephen Douglas |13 |5 |37 |Health Care & Consumer |*PM - USA |
|Tim Hylton |7 |7 |32 |Small Cap - Canada |Analyst |
|Glenn Inamoto |14 |1 |41 |Financial & Media |*PM- Canada |
|Allan Jacobs |16 |7 |40 |Small Cap - Canada |*PM-Canada |
|Andrew MacDonald |16 |9 |40 |Energy & Materials |*PM- Canada |
|Daniel McClure |3 |1 |31 |Information Technology |Analyst |
|Lennox McNeely |31 |21 |54 |Consumer & Industrials |*PM-Asia |
|Ed Reszetnik |4 |1 |32 |Small Cap - Canada |Analyst |
|John Stittle |29 |11 |54 |Industrials |Analyst |
|Lyle Stein |18 |8 |42 |Telecom & Utilities |*PM- Canada |
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|Fixed Income Team | | | |Primary Responsibilities | |
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|Ian Lee |25 |4 |52 |Duration, Sector Mix & Global |*PM |
|Geoff Johnston |9 |7 |31 |Corporate Bonds |Analyst |
|Lori Reeve |10 |2 |34 |Government Bonds |Analyst |
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|* PM = Portfolio Manager | | | | |
BACKGROUND:
In recent years, we have witnessed increasing globalization of economic activity resulting in the breakdown of historic barriers to trade. Development of major trading blocks has resulted from the successful negotiation of the North American Free Trade Agreement and the more recent establishment of the European Monetary Union. Although still in its infancy, the information age revolution is having a major impact on attitudes and approaches to business. Merger mania is now a cross-border phenomenon as companies establish alliances and swallow up other industry players in an attempt to be in the forefront of developments within their respective industries and to establish a major global presence. In a world of instant information, isolationism is no longer a viable economic or political alternative.
This new-world dynamic is also affecting the way we manage money. Independent sources of information are becoming increasingly scarce as mergers among financial intermediaries reduce the availability of unbiased research. As portfolio managers seek the best investment alternatives, securities are increasingly analyzed and priced on a global basis with managers seeking the best technology, financial, or other investments based on a comparison of their global valuations and prospects. This trend will continue as arbitrary restrictions on foreign investing gradually disappear. In the case of Canada, we expect that the current 20% limitation on foreign investing could be increased in the February 2000 federal budget.
SCEPTRE’S APPROACH:
As a result of this dynamic, we are now organizing our research efforts with a primary focus on global industry rather than our historical geographic approach. Additional staffing permits us to accelerate this process, eliminating duplication and overlap. Regional portfolio managers can now draw on the analytical capabilities of global industry specialists.
The table on the previous page outlines our approach to research and portfolio management. We have always had a strong asset mix committee that historically has added value to the portfolios we manage through prudent shifts in asset mix. We continue to view this as a major strength of the balanced approach to portfolio management.
Within the equity management group during the latest year, we have augmented our research capabilities with more research staff. We now have a team of five analysts to assist and complement our seven portfolio managers. Each portfolio manager also has analytical responsibilities as outlined on the preceding page. This team of twelve professionals is examining investments from a global perspective to determine the best investments in a specific industry based on a comparison of their prospects and valuations. Two recent additions to our team, Dan McClure and Ed Reszetnick, have engineering backgrounds and operational experience with technology companies as well as financial intermediaries assisting the technology industry. This will help us to understand the implications of rapid changes emanating from the information age revolution.
Nancy Powis has been on sabbatical for the past four months and has recently communicated her intention to continue her travels for another six months. It is with regret that we have accepted Nancy’s resignation. We wish her well in her future endeavours. Matthew Baillie, who is now in his second year with Sceptre, was recently promoted to an assistant vice president of the firm and in conjunction with Glenn Inamoto, who previously assumed Nancy’s responsibilities, has taken on research responsibilities in the financial sector. To ensure that our analytical team ties in effectively with our portfolio managers, John Stittle, a senior manager with over 28 years of investment experience, is coordinating global research efforts.
In the fixed income group, we have a solid team of specialists. In addition to their skills in assessing the interest rate outlook and the investment merits of alternative bond investments, they are a valuable resource to other members of our portfolio management group. Cross-fertilization of ideas among all team members is an important element in our management style.
SENIOR MANAGEMENT APPOINTMENTS:
As we have recently communicated to you separately, Michael Wiggan has been appointed Deputy Chairman of Sceptre and Bill Malouin has assumed Michael’s previous roles of President and Chief Executive Officer. Sceptre and our clients will continue to benefit from Michael’s leadership and counsel. Bill’s new appointment recognizes the valuable contribution he has made over the past decade. Bill will now provide additional leadership to the firm as we look forward to the opportunities and challenges of the 21st century.
Douglas Grant remains Chairman of the Board of Directors, a position he has held since 1986.
SCEPTRE’S COMMITMENT:
The management and staff of Sceptre Investment Counsel remain committed to our goal of providing above-average long-term performance to our clients. As it has for the past 28 years, Sceptre will continue to evolve and make whatever changes are necessary in our day-to-day operations to ensure that we continue to meet this challenge.
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