April 13, 2023
Treaty 1 and Dakota Territory, Homeland of the Métis Nation, Winnipeg MB— Manitobans are asking questions after learning Premier Heather Stefanson is a client of an exclusive investment management company that requires a minimum of $5 million dollars to join.
“The Premier is operating in an exclusive world of wealth and access that is out of touch with the lives of regular families in Manitoba,” said NDP Finance Critic Adrien Sala. “While regular families struggle with grocery and gas prices, the Premier has millions of dollars in private investments. The Premier has admitted to breaking the law by failing to disclose $31 million dollars in property sales. When investments are worth millions of dollars, Manitobans are right to have questions. They deserve to know if the Premier will tell Manitobans what her millions are invested in?” said Sala.
The Manitoba NDP has learned Premier Stefanson is a client of the capital management company Manitou Investment Management Ltd. Based in Toronto, the company claims to “create high returns on invested capital” while boasting of increasing their client’s portfolios by a quarter billion dollars in 2021, returning $55 million dollars to clients to fund ‘lifestyle expenses’.
According to the Portfolio Management Association of Canada, private individuals are required to invest a minimum $5 million in order to be a client of this company. Institutions require a minimum investment of $10 million.