Letko Brosseau

Last updated
Letko, Brosseau & Associates Inc.
Company type Private
Industry Financial services
Founded1987 [1]
FoundersDaniel Brosseau
Peter Letko
Headquarters Montreal, Quebec, Canada
Products Investment funds
Services Investment management
AUM Increase2.svg C$19 billion (2021) [2]
Number of employees
84
Website www.lba.ca

Letko, Brosseau & Associates Inc. is an investment management firm. It was founded in 1987 by Daniel Brosseau and Peter Letko who met while working at the investment division of CN. [1] As of 30 June 2021, the firm managed $19 billion in assets for more than 420 institutional investors and several thousand private clients. [2] The firm has offices in Montreal, Toronto and Calgary.

Investment history

Letko Brosseau has a long track record of successful investing and is generally considered[ according to whom? ] among the top independent investment firms in Canada.[ citation needed ] Letko Brosseau has added $13.2 billion in excess return over the weighted average of all clients' benchmarks since inception. [1]

Letko Brosseau exited the ownership of WestJet in 2019, after Onex Corporation took the company private for $31 a share. [3] It was once a significant investor in the ill-fated British construction firm Carillion. [4]

In December, 2019, the firm rejected Jim Pattison's $16-a-share cash bid to acquire lumber company Canfor, saying the offer undervalued the company. Letko Brosseau held 4.8% of Canfor stock as of December, 2019. [5]

Letko Brosseau has been a major shareholder of Air Transat for many years owning nearly 20% of the company, while currently owning 12%. [6] Letko Brosseau helped guide the firm through acquisition negotiations with Air Canada which had raised its offer from $14 per share to $18 per share in 2019, the deal fell through in 2021 due to regulatory issues in the EU as well as impacts of covid-19 on travel. [7] [8]

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References

  1. 1 2 3 "About Letko, Brosseau & Associates Inc". Letko, Brosseau & Associates Inc. Retrieved 2021-09-15.
  2. 1 2 "Institutional Portfolio Management | Letko Brosseau - Global Investment Management".
  3. "Onex slashed proposed offer for WestJet because of grounding of Boeing 737 Max planes". The Globe and Mail Inc. 24 June 2019.
  4. Cahill, Helen (19 February 2018). "City investors chronicle efforts to reform Carillion as it headed to liquidation". City AM. Archived from the original on 19 February 2018. Retrieved 19 February 2018.
  5. Carrigg, David (2019-12-17). "Jim Pattison's $1 billion bid to take full control of Canfor fails". Vancouver Sun. Retrieved 2019-12-17.
  6. "Letko Brosseau Reiterates its Commitment to Transat A.T. Inc".
  7. "Letko Brosseau Reaffirms its Support of Air Canada's Acquisition of Transat".
  8. "Air Canada Drops Transat Takeover After Battle With Europe". Bloomberg.com. 2021-04-02. Retrieved 2021-04-03.