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Investment Consulting
William M. Mercer Limited
2002 Fearless Forecast
Forecasts by 81 Canadian and
International Investment Managers
The Economy and Capital Markets
Issues and Trends
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O P E N I N G N OT E
We are pleased to present the results of our 2002 Fearless Forecast, which presents the views of institutional
investment managers on the economy and capital markets. For this eleventh edition of the Fearless Forecast,
we have received a record 81 responses from both Canadian and Foreign managers. We would like to extend
our gratitude to the 81 fearless managers listed on the inside page before the back cover for taking the time to
respond to our questionnaire.
H I G H L I G H T S O F 2 0 0 2 R E S U LT S
A large proportion of money managers (74%) believe that the most important issues for 2002 in terms of the
capital markets are corporate earnings and US interest rates. We did not ask any specific questions about corporate earnings, but we did ask about US interest rate levels. The average response was that the US Fed Funds rate
would rise by 75 basis points over the year, ending at 2.5%, and that mid and long term US interest rates would
also rise from current levels. In contrast, managers believe that Canadian interest rates will fall in the mid and
long end of the curve, and they expect inflation to stay around the 2% level for the next 24 months.
Managers are not expecting these modest increases in US interest rates to have a negative impact on equity markets for the next year as they are forecasting, on average, double digit returns for the TSE300, the S&P500 and
MSCI EAFE. Managers are expecting that the IFCI Emerging Composite (an emerging market index) will provide
the best return for 2002.
On the currency side of the equation managers are expecting both the Canadian dollar and the Euro to strengthen
significantly against the US dollar, with the loonie expected to go to 65 cents by year end and the Euro to be at
95 cents.
Perhaps the most interesting result from the survey is the relationship between managers’ expectations for bond
returns versus stock returns. For the Canadian market, managers are expecting the TSE300 Total Return Index (TRI)
to beat the Scotia Capital Universe TRI by 3.5% over the next five years. Assuming a positively sloped yield curve
(as we have now), this probably translates to a 3.0% equity risk premium over long Canada bonds. While this number
is lower than the historical average, and lower than expectations we have seen in recent Fearless Forecasts, it is
higher than the 0% that some analysts believe reasonable to expect. Our own research has produced an expected
equity risk premium in the neighbourhood of 2.0% to 2.5%. The equity risk premium debate continues.
We wish you all the best for 2002.
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S U M M A RY O F R E S U LT S F R O M 2 0 01 F E A R L E S S F O R E C A S T
Forecast
The Canadian Economy
Bank of Canada Rate
Annual Inflation Rate (CPI)
Canadian Exchange Rate ($U.S./$CDN)
Unemployment Rate
Real GDP Growth Rate
Investment Benchmarks
TSE 300 Total Return
S&P 500 Total Return ($CDN)
MSCI EAFE Total Return ($CDN)
MSCI World Total Return ($CDN)
IFCI Emerging Composite Total Return ($CDN)
SC Universe Bond Total Return
SC 91 Day T-Bills Total Return
Actual
5.5%
2.5%
0.68
7.0%
3.4%
2.5%
0.6%
0.63
8.0%
1.7%
12.0%
10.0%
12.0%
11.0%
10.0%
7.0%
5.3%
-12.6%
-6.5%
-16.3%
-11.4%
8.1%
8.1%
4.7%
Top Performing Canadian Sectors
(Ranking out of 14 sectors in the TSE 300)
Financial Services
Industrial Products
Oil & Gas
1st
2nd
3rd
11th
14th
9th
Top Canadian Equity Investment Styles
(Ranking out of 4 major equity investment styles)
Large Cap Growth
Large Cap Value
Small Cap Value
Small Cap Growth
1st
2nd
3rd
4th
4th
2nd
1st
3rd
Dec 31/2001
Dec 31/2001
Dec 31/2001
Dec 31/2001
Dec 31/2001
Dec 31/2001
Dec 31/2001
Actual Top 3 Sectors
Top Performing Countries within the MSCI World Index
(Ranking out of 22 countries within the MSCI World Index)
U.K.
1st
Germany
2nd
Canada
3rd
U.S.
3rd
Japan
5th
2
Dec 31/2001
Nov 30/2001
Dec 31/2001
Dec 31/2001
Estimated Annualized
9th
17th
12th
8th
21st
1. Transportation & Env.
2. Conglomerates
3. Merchandising
Actual Top Performing Countries
within the MSCI World Index
1. New Zealand
2. Austria
3. Australia
4. Ireland
5. Belgium
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THE ECONOMY – 2002
Charts indicate the 95th percentile, median and 5th percentile forecasts.
Bank of Canada Rate
Federal Fund Rate (U.S.)
5%
5%
4.6
4%
4%
4.0
3.7
3%
3.0
2.5
3%
3.0
2.5
2%
1.9
1.8
2%
1%
1.75
1.5
2.5
2.0
1.7
1%
0%
0%
Level at
Dec 31/01
June 30, 2002
Level at
Dec 31/01
December 31, 2002
Annual Inflation Rate (CPI)
June 30, 2002
December 31, 2002
Canadian Exchange Rate ($U.S./CDN)
.75
5%
4%
.70
3%
2.8
2.7
2%
.68
2.0
2.0
1.5
1.4
.66
.65
0.63
1%
.62
.62
June 30, 2002
December 31, 2002
0.6
0%
.65
.64
.60
Level at
Nov 30/01
June 30, 2002
Level at
Dec 31/01
December 31, 2002
Real GDP Growth Rate
Unemployment Rate
5%
9%
4%
8.5
8%
3%
8.0
8.2
3.0
7.7
7.5
2%
1.7
1.5
7.0
7%
6.9
1%
0.2
0%
6%
Estimated annualized
2001 rate
12 Months Ending December 31, 2002
Level at
Dec 31/01
June 30, 2002
December 31, 2002
3
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T H E E C O N O M Y – LO N G T E R M
Charts indicate the 95th percentile, median and 5th percentile forecasts.
Annual Inflation Rate (CPI)
5%
4%
3.8
3.2
3%
2.5
2%
2.0
2.0
1.8
1%
0%
2 Years Ending
December 31, 2003
5 Years Ending
December 31, 2006
INVESTMENT BENCHMARKS – 2002
Charts indicate the 95th percentile, median and 5th percentile forecasts.
SC Universe Bond Total Return
SC 91 Day T-Bills Total Return
15%
15%
10%
10%
8.1
8.3
6.3
5%
1.3
5.0
5%
4.7
2.5
0.0
0%
2.7
1.0
0%
-5%
1.5
4.0
2.0
2.9
-5%
One Year
Total Return
Ending 12/01
6 Months Ending
June 30, 2002
One Year
Total Return
Ending 12/01
12 Months Ending
December 31, 2002
6 Months Ending
June 30, 2002
TSE 300 Total Return
Nesbitt Burns Small Cap Total Return
30%
30%
20%
20%
12 Months Ending
December 31, 2002
25.5
20.0
13.8
10%
11.5
6.0
13.5
7.0
5.0
2.1
3.4
0.0
0%
15.3
10%
-1.2
0%
-10%
-10%
-12.6
-20%
-20%
One Year
Total Return
Ending 12/01
4
6 Months Ending
June 30, 2002
12 Months Ending
December 31, 2002
One Year
Total Return
Ending 12/01
6 Months Ending
June 30, 2002
12 Months Ending
December 31, 2002
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INVESTMENT BENCHMARKS – 2002
Charts indicate the 95th percentile, median and 5th percentile forecasts.
S&P 500 Total Return ($CDN)
Russell 2000 Total Return ($CDN)
30%
30%
23.4
20%
16.4
14.8
10%
11.0
12.0
10%
8.9
6.0
0%
23.8
20%
7.0
3.0
2.8
-0.8
0%
-1.2
-6.5
-10%
-10%
-20%
-20%
One Year
Total Return
Ending 12/01
6 Months Ending
June 30, 2002
One Year
Total Return
Ending 12/01
12 Months Ending
December 31, 2002
6 Months Ending
June 30, 2002
MSCI EAFE Total Return ($CDN)
MSCI World Total Return ($CDN)
30%
30%
20%
20%
20.0
17.7
10%
11.5
11.0
6.0
10%
12.0
12.0
6.0
3.4
0.0
0%
0.0
0%
-10%
12 Months Ending
December 31, 2002
3.0
-10%
-11.4
-16.3
-20%
-20%
One Year
Total Return
Ending 12/01
6 Months Ending
June 30, 2002
One Year
Total Return
Ending 12/01
12 Months Ending
December 31, 2002
6 Months Ending
June 30, 2002
12 Months Ending
December 31, 2002
IFCI Emerging Composite Total Return ($CDN)
30%
25.0
20%
19.8
14.0
10%
8.5
8.1
0%
-1.9
-2.1
6 Months Ending
June 30, 2002
12 Months Ending
December 31, 2002
-10%
-20%
One Year
Total Return
Ending 12/01
5
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I N V E ST M E N T B E N C H M A R K S – LO N G T E R M
Charts indicate the 95th percentile, median and 5th percentile forecasts.
SC 91 Day T-Bills Total Return
SC Universe Bond Total Return
15%
15%
10%
10%
7.9
5%
7.2
5.0
4.0
5.5
5%
2.1
0%
5.0
3.5
-5%
2 Years Ending
December 31, 2003
2 Years Ending
December 31, 2003
5 Years Ending
December 31, 2006
TSE 300 Total Return
S&P 500 Total Return ($CDN)
30%
30%
25%
25%
20%
20%
15%
15%
15.0
10%
10.0
9.0
16.7
10%
3.4
10.0
6.2
5%
0%
9.0
3.0
0%
-5%
-5%
2 Years Ending
December 31, 2003
2 Years Ending
December 31, 2003
5 Years Ending
December 31, 2006
MSCI EAFE Total Return ($CDN)
MSCI World Total Return ($CDN)
30%
30%
25%
25%
20%
20%
15%
5 Years Ending
December 31, 2006
14.7
13.0
7.0
5%
4.0
2.0
0%
-5%
15%
15.0
10%
17.1
10.0
6.0
9.0
10%
10.0
6.6
5%
5%
0%
0%
-5%
5 Years Ending
December 31, 2006
15.0
14.4
6.0
9.0
3.5
-5%
2 Years Ending
December 31, 2003
6
4.5
2.0
5 Years Ending
December 31, 2006
2 Years Ending
December 31, 2003
5 Years Ending
December 31, 2006
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I N V E ST M E N T B E N C H M A R K S – LO N G T E R M
Charts indicate the 95th percentile, median and 5th percentile forecasts.
Managers estimate the value added (before fees) on an annual basis for each of the following asset classes over their
respective benchmark for a market cycle:
600
580
500
510
500
500
Basis points
400
375
300
300
300
200
200
200
175
100
Canadian
Equity
(TSE 300 TRI)
U.S. Small
Cap Equity
(Russell 2000
TRI)
U.S. Equity
Canadian
(S&P 500 TRI)
Small Cap
Equity
(NB Small Cap TRI)
100
11
55
49
11
0
0
200
156
100
71
50
200
Non-North
American
Equity (MSCI
EAFE TRI)
50
Emerging
Canadian
Markets
Bonds
(IFCI
(SC
Composite TRI) Universe TRI)
1
50
0
50
42
0
28
50
Market Timing/
Asset Mix
Shifts (Balanced
Mandates)
Cash (SC
91 Day
T-Bill TRI)
Mortgages
Global Bonds
(SM Aggregate
(Solomon
World Bond) Mortgage TRI)
0
10
CANADIAN PENSION FUND INVESTMENTS
Managers recommend the following asset mix for a
balanced pension fund as at June 30, 2002:
Managers recommend the following asset mix for a
balanced pension fund as at December 31, 2002:
50%
40%
50%
48.5
45.0
40%
42.0
35.0 39.0
30%
30.0
20%
10%
40.0
35.0 39.0
34.0
30%
35.0
30.0
20%
10.0
10.0
16.0
13.0
5.0
14.0
10.0
0%
0.0
Canadian
Equity
U.S.
Equity
Non-North
American
Equity
Canadian
Bonds
Cash
3.0
13.3
10%
10.5
2.5
0.0
10.0
15.0
13.0
12.5
4.0
0.0
0%
Canadian
Equity
Other
13.0
10.0
5.0
Non-North
American
Equity
U.S.
Equity
Canadian
Bonds
0.0
2.5
Other
Cash
Managers rank the following as the most attractive (top 3) and least attractive (bottom 3) asset classes in 2002:
Canadian Equity
2
U.S. Equity
64
60
9
Global Equity
0
Canadian Small Cap
0
U.S. Small Cap
38
33
26
2
Emerging Markets Equity
21
18
High Yield Bonds
17
9
Hedge Funds
14
Canadian Universe Bonds
12
5
23
3
5
Private Equity
2
9
Real Estate
Venture Capital
16
Real Return Bonds
5
3
23
Mortgages
0
25
Global Bonds
2
36
Canadian Long Bonds
46
5
64
Cash
80%
70%
3
60%
50%
40%
30%
20%
% of managers who found it unattractive
10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
% of managers who found it attractive
7
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CANADIAN PENSION FUND INVESTMENTS
Investment managers were asked if they employ
currency hedging strategies:
Why hedge currency?
No 52%
Opportunistic
Reasons
10%
Yes
48%
Other
4%
Defensive
Reasons
45%
Investment managers were
asked if they believe ethical
mandates will increase in 2002:
Both
41%
% of managers currently offering
alternative investments:
If yes, what type?
No 51%
No 51%
Yes
49%
Hedge Funds 48%
Private Equity 25%
Yes
49%
Other 27%
C A N A D I A N C A P I TA L M A R K E T S
Managers rank the following as the top issues affecting Canadian markets in 2002:
Performance of Canadian Economy 11%
U.S. Interest Rates 7%
War on Terrorism 4%
Domestic Interest Rates 2%
Performance of U.S. Economy 74%
8
Unemployment Rates 2%
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C A N A D I A N C A P I TA L M A R K E T S
Best Canadian equity investment style for 2002:
Large Cap.
Growth 27%
Small Cap.
Value 15%
Small Cap.
Growth 28%
Large Cap.
Value 30%
Managers expect the following to be the best performing (top 3) and worst performing (bottom 3) equity sectors
of the TSE 300 Index in 2002:
8
Industrial Products
Financial Services
13
Metals & Minerals
15
Communications & Media
15
Consumer Products
38
33
20
27
Paper & Forest Products
10
Merchandising
10
22
20
13
Oil & Gas
16
45
Gold & Precious Metals
13
Transportation & Environmental
10
Utilities
9
4
45
2
10
Conglomerates
Real Estate
2
33
Pipelines
55
70%
60%
2
50%
40%
30%
20%
10%
% of Managers who Predict Bottom Sector
Managers were asked to predict the price of Nortel at
the end of 2002:
Under $10
10%
67
44
0%
10%
20%
30%
40%
50%
60%
70%
% of Managers who Predict Top Sector
Managers’ outlook on the technology sector for 2002:
Negative Return
5%
0 to 10% Return
35%
$10 to $15
30%
Above $20
17%
$15 to $20
43%
Above 20% Return
27%
10 to 20% Return
33%
9
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C A N A D I A N C A P I TA L M A R K E T S
Government of Canada Bonds
Government of Canada Bonds
7.0%
7.0%
6.2
6.0%
5.8
5.0%
4.0%
3.0%
6.2
6.0%
5.6
5.6
5.0%
5.3
5.0
4.0
4.0%
3.5
4.0
Mid. (5 – 10 Yrs.)
Long (30 Yrs.)
4.0
Short (1 – 5 Yrs.)
6 Months Ending June 30, 2002
Average
Yield at
12/01
Mid. (5 – 10 Yrs.)
Long (30 Yrs.)
12 Months Ending December 31, 2002
Forecast
Median
Yield
Average
Yield at
12/01
Managers were asked if merger/acquisition activity in
Canada would increase, decrease or stay the same in 2002:
Same 36%
5.3
4.7
3.0
3.0%
Short (1 – 5 Yrs.)
5.9
Decrease 15%
Forecast
Median
Yield
Managers were asked to rank the top 3 Canadian sectors/
industries that would experience the most consolidation in 2002:
Financials
74
Industrial
55
Oil & Gas
52
Paper & Forest
25
Metals & Min.
20
0
Increase 49%
10
20
30
40
50
60
% of Managers who ranked it in their top 3
Managers ranked the 5 best performing Canadian stocks for 2002:
➣ Nortel
➣ Bombardier
➣ Talisman
➣ Biovail
➣ Magna
Based on the number of times Managers chose each stock in their top 5
10
Forecast
Median
Total Return
70
80
90
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G L O B A L C A P I TA L M A R K E T S
Managers were asked to rank the following as the top issues affecting global markets for 2002:
Middle East Crisis 8%
U.S. Dollar 7%
Technology Sector 3%
Corporate Earnings 36%
Inflation 2%
Japanese Market 2%
Oil Price 2%
U.S. Interest Rates 38%
Unemployment Rate 2%
Managers were asked if merger/acquisition activity
globally would increase, decrease or stay the same in 2002:
Same 26%
Managers were asked to rank the top 3 global sectors/
industries that would experience the most consolidation in 2002:
Financials
Decrease 17%
63
Telecom.
45
Technology
45
Energy
Increase 57%
21
0
10
20
30
40
50
60
70
80
90
% of Managers who ranked it in their top 3
Managers predict the following to be the best country/region allocation for a global equity portfolio in 2002:
70%
LEGEND
95th
Percentile
64.7
60%
56.1
Median
50%
50.0
5th
Percentile
40%
39.0
30%
30.0
30.0
20%
10%
10.8
10.6
8.4
4.0
10.0
20.0
20.0
11.0
5.3
2.8
0%
U.S.
Japan
U.K.
20.0
20.0
10.0
6.0
1.0
0.0
Far East
excl. Japan
Continental
Europe
0.0
5.0
Emerging
Markets
MSCI World ex-Canada Country Weighting at Dec.31/01
Managers were asked to choose the top 5 performing
equity markets in 2002:
Managers were asked to choose the top 5 performing
sectors in 2002:
U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(21)
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(16)
U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(16)
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(13)
Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(12)
Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . .(24)
Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(18)
Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(16)
Telecommunication Services . . . . . . . . . . . . . . . . . . . . . .(14)
Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(12)
( ) indicates the number of times mentioned by managers
( ) indicates the number of times mentioned by managers
11
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G L O B A L C A P I TA L M A R K E T S
Managers were asked to predict the real global
GDP growth rate in 2002:
Investment managers were asked if they thought the
emerging markets would be attractive over the next
3 years:
5%
No 22%
4%
Yes
78%
3%
2.8
2.4
2%
1.7
1%
0.5
0%
Estimated annualized
2001 rate
12 Months Ending December 31, 2002
Investment managers were asked to list their
top 3 global equity stock picks for 2002:
United States Treasury Bonds
➣ Nokia
Short (1 – 3 Yrs.)
Mid. (5 – 10 Yrs.)
Long (30 Yrs.)
➣ Microsoft, Vodafone
➣ General Electric
10.0%
6.0
5.5
4.9
5.8
5.0%
0.0%
5.0
3.5
2.2
4.8
3.6
Based on the number of times Managers chose each stock in their top 3
Yen/$U.S. Exchange Rate
-5.0%
YIELD at December 31, 2002
150
150.0
10.0%
8.8
6.6
5.0%
0.0%
140
5.0
4.3
3.0
0.8
4.5
130
0.2
131.0
-0.9
RETURN – 12 Months Ending December 31, 2002
Legend:
95th Perc
Median Perc
115.0
110
5th Perc
100
Level at
Dec 31/01
$U.S./Euro Exchange Rate
June 30, 2002
December 31, 2002
$U.S./Pound Sterling Exchange Rate
1.60
1.15
1.57
1.10
1.10
1.10
1.50
1.05
1.40
0.95
1.45
0.89
1.40
June 30, 2002
December 31, 2002
1.30
0.88
0.85
0.85
Level at
Dec 31/01
1.45
1.40
0.95
0.93
12
1.52
1.45
1.00
0.90
130.0
128.9
120.0
120
-5.0%
135.8
June 30, 2002
December 31, 2002
1.20
Level at
Dec 31/01
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2002 FEARLESS FORECAST RESPONDENTS
Listed below are the 81 investment managers who have contributed their forecasts to this survey.
Aberdeen Murray Johnstone
Jarislowsky Fraser Limited
Addenda Capital Inc.
Jones Heward Investment Counsel Inc.
Aeltus Investment Management, Inc.
JPMorgan Fleming Asset Management
AIG Global Investment Corp. (Canada)
KBSH Capital Management Inc.
AIM Funds Management Inc.
Laketon Investment Management Ltd.
Altamira Investment Services Inc.
Leith Wheeler Investment Counsel Ltd.
American Express Asset Management Group Inc.
Lincluden Management Limited
AMI Partners Inc.
Lombard Odier International Portfolio Management Ltd.
Aurion Capital Management Inc.
London Life Investment Management Ltd.
Baillie Gifford Overseas Limited
Lotsoff Capital Management
Baker Gilmore & Associates Inc.
Magna Vista Investment Management
Barclays Global Investors Canada Ltd.
Marvin & Palmer Associates Inc
Bernstein Investment Research & Management
McLean Budden Limited
Beutel, Goodman & Company Ltd.
Mellon Capital Management Corporation
Bissett Investment Management
MFS Institutional Advisors, Inc.
BLC - Edmond de Rothschild Asset Management Inc.
Middlefield Group
BonaVista Asset Management Ltd.
Montrusco Bolton Inc.
Brandywine Asset Management, LLC
Morrison Williams Investment Management Ltd.
Brinson Canada Co.
Mulvihill Capital Management Inc.
Capital Guardian Trust Company
Newton Capital Management Limited
Centerfire Capital Management Inc.
Oechsle International Advisors, LLC
Clarica Asset Management
Oppenheimer Capital
Connor, Clark & Lunn Arrowstreet Capital Ltd.
Optimum Asset Management Inc.
Connor, Clark & Lunn Investment Management Ltd.
PanAgora Asset Management, Inc.
Co-operators Investment Counselling Ltd.
PCJ Investment Counsel Ltd.
Deutsche Asset Management
Perigee Investment Counsel Inc.
Dresdner RCM Global Investors
Philippe Investment Management, Inc.
Edinburgh Fund Managers PLC
Pictet International Management Ltd.
Elantis Inc.
QVGD Investors Inc.
Elliott & Page Limited
Sceptre Investment Counsel Ltd.
Fiduciary Trust Company International
Scheer, Rowlett & Associates
Foyston, Gordon, & Payne Inc.
Standard Life Investments Inc.
Franklin Templeton Institutional
State Street Global Advisors
Goldman Sachs Asset Management
Sun Life Quantitative Management Inc.
Grantham, Mayo, Van Otterloo & Co. LLC
Synergy Asset Management Inc.
Greystone Managed Investments Inc.
TAL Global Asset Management Inc.
Guardian Capital Inc.
TD Quantitative Capital
Hillsdale Investment Management Inc.
Turner Investment Partners, Inc.
Invesco, Inc.
Walter Scott & Partners Limited
J. Zechner Associates Inc.
YMG Capital Management Inc.
J.R. Senecal & Associates Investment Counsel Inc.
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Investment Consulting Practice of William M. Mercer Limited
The Investment Consulting Practice of William M. Mercer Limited provides comprehensive investment services to pension
plans, foundations, endowments and other institutional investors. We are dedicated to partnering with clients in providing
quality investment consulting and financial risk management services employing leading edge research and innovative tools.
•
Investment Policy Consulting
•
Transaction Cost Analysis
•
Fund Governance
•
Defined Contribution Services
•
Optimal Asset Allocation
•
Recordkeeper Searches
•
Asset/Liability Modelling and Risk Analysis
•
Design of Investment Option Packages
•
Applied Immunisation Strategies
•
Investment Planning Assistance
•
Designing Investment Manager Structure
•
Group Annuity Purchases
•
Investment Manager Search and Selection
•
Master Trustee/Custodian Selection
•
Investment Manager Monitoring and
•
Special Projects
Evaluation
Montréal
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Toronto
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Calgary
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Vancouver
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For further information on the investment consulting services listed above, please call one of our offices:
Halifax
Mike Mills
Wes Peters
Irshaad Ahmad
Marcel Larochelle
Calvin Jordan
604 609 3119
403 269 4945 Ext 268
416 868 2988
514 841 7830
902 490 2115
For information on the services of William M. Mercer Limited, please contact:
Vancouver
604 683 6761
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204 947 0055
Mississauga
905 277 7000
Ottawa
613 230 9348
Québec City
418 658 3435
Calgary
403 269 4945
London
519 672 9310
Toronto
416 868 2000
Montréal
514 285 1802
Halifax
902 429 7050
St. John’s
709 576 7146