Cumberland Investment Counsel Inc. (“CIC”) (formerly called Wirth Associates Inc.) was founded in 1991
to provide investment advisory services to high-net-worth clients. The company was acquired in January
2007 and became a wholly owned subsidiary of Cumberland Partners Ltd. (“CPL”).
On May 1, 2018, Cumberland Partners Limited (“CPL”; parent company of Cumberland Associates
Investment Counsel Inc. (“CAIC”) and Cumberland Private Wealth Management Inc. (“CPWM”)), Norrep
Investment Management Group Inc. (“NIMGI”; parent company of Norrep Capital Management Ltd
(“NCM”)), Perron & Partners Wealth Management Corp. (“PPWM”), Perron Asset Management Inc.
(“PAM”), amalgamated their related entities (the “Combination”).
Under the Combination, PAM amalgamated with CAIC and will continue under the name Cumberland
Investment Counsel Inc. (“CIC”), PPWM amalgamated with CPWM and will continue under the name
CPWM, and Norrep Capital Management Ltd. (“NCM”) will remain a separate entity. NCM subsequently
changed its name to NCM Asset Management Ltd. in August 2018.
As a result of the Combination, CIC, CPWM, NIMGI and NCM are wholly owned subsidiaries of CPL, and
CPWM, NIMGI and NCM are related persons of CIC. CIC’s related persons are Canadian entities and are
not registered under US securities legislation. NIMGI amalgamated with NCM on September 30, 2022.
CIC provides discretionary investment management services primarily to high-net-worth individuals, their
families, and foundations through separately managed accounts generally with $1 million or more in
investible assets. As well, CIC provides sub-advisory services to certain Canadian individual portfolios
within CPWM’s discretionary management program, and certain Canadian affiliated funds where CPWM
or NCM is the Canadian Investment Fund Manager. CIC invests primarily in exchange traded equity
securities, corporate and government bonds, and we may invest in pooled funds and exchange traded
funds (ETF). Certain ETFs will incur other costs in addition to management fees.
CIC provides continuous investment advice on a fully discretionary basis. Clients may impose restrictions
relating to, amongst other things, directorships, controlling interests in publicly traded securities or
specific preferences. The Investment Management Agreement may be terminated by either party
per the
terms outlined under the Agreement. CIC will gather information about a client’s investment profile in an
Investment Policy Statement and Account Application including information pertaining to a client’s
personal and financial circumstances, risk tolerance, risk capacity, time horizon, investment needs and
objectives. This information will be used to develop a client profile and will serve as the basis for the
formulation of an investment strategy to help meet a client’s investment goals.
CIC does not participate in Wrap Fee programs.
IRA Rollover Recommendations
For purposes of complying with the DOL’s Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”)
where applicable, we are providing the following acknowledgment to you.
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement
accounts. The way we make money creates some conflicts with your interests, so we operate under a
special rule that requires us to act in your best interest and not put our interest ahead of yours. Under
this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent
advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal
advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best
interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
We benefit financially from the rollover of your assets from a retirement account to an account that we
manage or provide investment advice, because the assets increase our assets under management and,
in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your
best interest.
As of September 30, 2023, CIC managed ~U$1 billion in AUM on a fully discretionary basis, primarily for
Canadian resident clients and Canadian affiliated funds, and ~U$25 million AUM for US resident clients.