The IIAC Investment Industry
Hall of Fame Inductees
2014 Inductee Biographies
Thomas Caldwell graduated from McGill University in 1965, and has been actively involved in the investment industry since that time.
Mr. Caldwell is Chairman of Caldwell Securities Ltd., an organization founded in 1980. Caldwell Securities Ltd. is a diversified investment company with subsidiary organizations providing investment management, brokerage and insurance services to a broad spectrum of investors throughout North America and around the world.
Mr. Caldwell is also President and a Director of Urbana Corporation and a Member of the Conference of Defence Associations Institute.
Mr. Caldwell is a past Governor of the Toronto Stock Exchange and one of the leading experts in capital markets, particularly in trading environments. He is recognized as one of the world’s foremost investors in securities exchanges.
Caldwell Securities Ltd. and its affiliates were the second-largest owners of the New York Stock Exchange prior to the NYSE’s demutualization. The company, through various Limited Partnerships, currently has investments in most major securities exchanges around the world.
Mr. Caldwell has, through his career, been actively involved in addressing social and community needs. He was awarded Her Majesty’s Golden Jubilee Medal in 2002 for his activities on behalf of Canadian Veterans. In 2003 he was appointed a Member of the Order of Canada for his work in assisting those in need as well as contributing to institutions working to better the lives of others.
Thomas Edward Kierans was born in Halifax and received a Bachelor of Arts (Honours) degree from McGill University in economics and political science in 1961. In 1963, he received a Masters of Business Administration degree in Finance, Dean’s Honours List, from the University of Chicago.
Mr. Kierans’ long career in the investment industry began at Nesbitt, Thomson and Company (1963-1974), where he rose to become vice president, director, and principal contributor of capital with responsibility for all research, trading, sales, and syndicating operations.
From 1974 to 1979, at Pitfield, MacKay, Ross and Company, he served as senior vice president, director, and principal contributor of capital, specializing in public- and private-sector utility finance and in government finance.
At McLeod Young Weir (later ScotiaMcLeod), Mr. Kierans served as president from 1979-1989 and industry insiders give him much of the credit for building McLeod Young Weir into a leading Bay Street investment dealer. In March 1988, the Bank of Nova Scotia paid $419- million for McLeod Young Weir. Mr. Kierans remained the firm’s president.
Eighteen months after the bank's acquisition, he left what was by then called ScotiaMcLeod to become president and chief executive of C.D. Howe Institute. During his 10-year tenure (1989-1999), the Toronto-based think-tank published many thought leadership papers on topics ranging from Canada’s Constitution to the implication of sharing a common currency with the United States.
Mr. Kierans has also served as a Director at Clarkson Centre for Business Ethics and Holder of Geoffrey R. Conway Chair at the Joseph L. Rotman School of Management, University of Toronto.
Michael Tims has been in the investment business since 1978. He joined Peters & Co. Limited in 1980, serving as President from 1990 to 2002, and as either Chairman or Co-Chairman thereafter, retiring from the firm in 2013. Previously, he was with Wood Gundy Limited.
Mr. Tims now serves as Vice Chair of Matco Investments Ltd. and as Chair of the National Gallery of Canada. Mr. Tims also served as the Chairman of the Investment Dealers Association of Canada from 1995 to 1996. He is a past Chair of the Canadian Investor Protection Fund (1997- 2000), the United Way of Calgary and Area, and West Island College (Alberta). He has also served as a Director of “Canada's Top 40, Under 40” program, a member of the Management Advisory Council at the Haskayne School of Business, University of Calgary, and a member of the Board of the University of Calgary Foundation.
Mr. Tims received the Management Alumni Excellence (MAX) Award from the University of Calgary in 2000, the Distinguished Business Leader Award from the University of Calgary/Calgary Chamber of Commerce in 2007, and the Citizen of the Year from the City of Calgary in 2008. He is a Chartered Business Valuator. Mr. Tims received an MBA from the Harvard Graduate School of Business Administration in 1978. He also earned a Bachelor of Commerce degree, with distinction, from the University of Calgary in 1976 and an Honorary Doctor of Laws from the same institution in 2009.
The Honourable Michael Wilson was elected 33rd Chancellor of the University of Toronto for a three year term beginning on July 1, 2012.
Michael Wilson currently serves as the Chairman of Barclays Capital Canada Inc. where he is responsible for managing client relationships in Canada. Previously, Mr. Wilson was Canada’s 22nd Ambassador to the United States of America from March 13, 2006 to October 9, 2009. Prior to taking up this position, Mr. Wilson was Chairman of UBS Canada, an operating division of UBS AG. Before joining UBS in July 2001, Mr. Wilson was responsible for RBC Financial Group’s Institutional Asset Management business and also served as a Vice Chairman of RBC Dominion Securities.
Mr. Wilson was elected to the House of Commons in 1979. In September 1984, he was appointed Minister of Finance. In May 1991, he became Minister of Industry, Science and Technology and Minister for International Trade. During his tenure as a member of the Cabinet, Mr. Wilson had responsibility for the NAFTA negotiations and represented Canada at the G-7, IMF, World Bank, OECD, GATT and other international meetings.
Prior to his career in public life, Chancellor Wilson worked in investment banking and was charged with various responsibilities in corporate, government and international finance. He was also director of several companies, including BP p.l.c. and Manulife Financial.
Mr. Wilson has been active in a number of professional and community organizations, including NeuroScience Canada Partnership, The Centre for Addiction and Mental Health, the Canadian Cancer Society, the Canadian Council for Public-Private Partnerships, the Canadian Coalition for Good Governance and the Canadian Institutes of Health Research. He has received numerous awards for his work in these fields, as well as from The Conference Board of Canada, The Public Policy Forum and The Rotman School of Business. He is a Companion of the Order of Canada and holds honorary degrees from the University of Toronto, York University, Trinity College at the University of Toronto and the Royal Military College of Canada.
Charles Gundy was born the day his father co-founded Wood Gundy Ltd., one of Canada’s leading securities and investment firms.
After graduating from the University of Toronto at age 21, he joined the firm and in the course of his 52-year career worked his way up from mail clerk to Chairman of the Board.
During his career, he bore the family mantle well: Between 1945 and 1965, the firm had a hand in almost $5.5 billion in corporate financings and more than $12 billion of debt issues for Canadian provinces and municipalities.
In addition to his career in the investment industry, Mr. Gundy served during World War II with the Toronto Scottish Regiment in Canada, England and Egypt, rising to the rank of major.
He was a Director of many Canadian companies, including the Abitibi Paper Company, Simpsons Ltd. and Massey Ferguson Ltd.
Passionate about children’s healthcare, Mr. Gundy served as Chairman of the Board of Trustees of the Hospital for Sick Children for 12 years, and was the instigator of many important studies into the causes of mental illness.
Born in Montreal, Deane Nesbitt graduated from McGill University in 1933 with an engineering degree. He abandoned engineering and chose a statistical career in his father’s investment company, Nesbitt Thomson and Co., a firm that financed hydro electric utilities.
Following a tour of duty with the Royal Canadian Air Force, Deane returned to Nesbitt Thomson. He progressed through the company and in 1947 was made a director. Seven years later he was appointed President and Chief Executive Officer where he remained for 25 years. In the late 1950s while serving as President of the Nesbitt Thomson subsidiary, Power Corporation, Deane successfully arranged the entangled financing of the TransCanada Pipelines Project and other complex Canadian underwritings including British Columbia Electric Co. and Winnipeg Gas Co.
He understood that Canada’s financial survival depended on being able to compete globally. He was a master at bringing together those who needed capital with those who had it. From his strong personality and grueling work habits, Nesbitt Thomson entered the arena of mergers and international banking.
Lieutenant Colonel Jean Ostiguy attended Collège Jean-de-Brébeuf and École des hautes études commerciales in Montreal and entered RMC in 1940, with the Last War Class. He graduated with a Special War Certificate in 1942, qualifying him for a commission. He joined the 4th Princess Louise Dragoon Guards, one of Canada’s oldest regiments, as it mobilized for the Italian Campaign in both a reconnaissance and infantry role. He served with it until wounded near Monte Cassino , Italy in 1944. He left the Armed Forces in 1945 with the rank of Captain.
Mr. Ostiguy entered the financial industry with Casgrain & Cie Ltée. In 1956, he became founding partner and president of Morgan, Ostiguy & Hudon Ltd., Investment Brokers, which in 1972 merged to become Crang & Ostiguy Inc. In 1977, Mr. Ostiguy merged Crang & Ostiguy Inc. into Greenshields Inc. In 1982, he was responsible for orchestrating the merger of Greenshields Inc. with Richardson Securities of Canada to become Richardson Greenshields of Canada Ltd. Mr. Ostiguy was named honourary president of the new company.
Mr. Ostiguy contributed his time and organizational skills to many charitable organizations such as Centraide and Hôpital Jean-Talon where, at the request of then Premier Jean Lesage, he restructured the management of the hospital. He also led fundraising campaigns for the Canadian Council of Christians and Jews in Montreal and served on several non-profit boards: Canadian Mental Health Association, Montreal Chamber of Commerce, Royal Victoria Hospital, Montreal Symphony Orchestra, Lester B. Pearson College, Montreal Fine Arts Museum, National Museums of Canada, and Royal Military Colleges Club of Canada of which he was President (1967-68). He served as Honourary Lieutenant-Colonel of the Régiment de Maisonneuve from 1988 to 1994.