Our Team

David MacNicol – President and Portfolio Manager

David established MacNicol & Associates Asset Management Inc. in 2001, after an extensive 20-year career in the investment management business, working for Canada Trust, Cassels Blaikie, Connor Clark and Cumberland Asset Management. Although David has experience in all aspects of the investment market, his areas of expertise include North American equities, private banking, offshore and international investing and research, Real Estate, Hedge Funds and similar alternative asset class strategies.

David has an Engineering degree from the University of Western Ontario and a Canadian Investment Management Designation and F.C.S.I. He is also a founding Board Member of the Hibiscus Fund for Hope at the Princess Margaret Hospital. David is involved with fundraising for Centennial Infant and Child Centre Foundation. In 2005, David helped establish The Yellow Bus Foundation. The objective of The Yellow Bus Foundation is to enrich the lives of children in Canada living with chronic illness and/or serious medical conditions as well as provide enriching opportunities for disadvantaged youth. Annually raising and distributing funds to a select group of registered Canadian charities will achieve these objectives. David is a member of the Professional Conduct Committee for the Institute of Chartered Accountants of Ontario. He is also Chairman of the Investment Committee of the Sigma Chi Canadian Foundation.

Laura Ross – Director

Laura has over 20 years of experience in the investment banking industry. She worked at Burns Fry in the area of retail brokerage and has worked for Wood Gundy in the areas of corporate finance and mergers and acquisitions, as well as fixed income sales and trading. Laura also worked within the CIBC group of companies in training and development and call center management prior to joining MacNicol & Associates in 2001. Laura has a BA from the University of Western Ontario and an MBA in Finance from the University of Michigan.

Laura Ross is responsible for liaising with the OSC, corporate auditors, custodians and other key partners. In addition Laura oversees budget analysis and forecasting.

Laura is married and lives in Toronto with her two teenage daughters.  She is an avid cyclist and golfer and enjoys spending time at their family cottage.  Laura has been involved in the Weekend to End Breast Cancer for the Princess Margaret hospital, and supports Princess Margaret through many community events. As well Laura has a long history of working with Children’s Aid Society. Laura enjoys golfing, cycling and travelling.

Scott Baker – Senior Vice President and Portfolio Manager

Prior to joining MacNicol & Associates Scott was the founder and President of SD Baker & Associates Inc. Scott has extensive experience in managing US and Canadian portfolios in the high net worth and pension markets including 10 years as an analyst and portfolio manager with Connor Clark of Toronto and Connor Clark & Lunn of Vancouver and five years as a portfolio manager with Nigel Stephens Counsel of Toronto. Mr. Baker is a member of the Toronto Society of Financial Analysts and the American Institute of Management and Research and is a graduate of the University of Western Ontario's Ivey Business School. He received his Chartered Financial Analyst (CFA) designation in 1991 and is a registered portfolio manager in Ontario.

Scott lives North of the GTA with his wife and three daughters. He enjoys skiing and playing basketball in his spare time.

Jay Bryant – Business Development Manager

After a successful teaching career at several distinguished private schools in the Toronto area, Jay Bryant joined MacNicol & Associates Asset Management Inc. in the position of Business Development Manager. His role has grown to include the duties of an Associate Portfolio Manager. Jay strengthens the team at MacNicol & Associates by bringing strong interpersonal and communication skills to the organization.

Jay earned his Bachelor of Arts Degree from Dalhousie University and his Teacher’s Certification Diploma from D’Youville College. He has also obtained his Chartered Investment Manager (CIM) designation from the Canadian Securities Institute. Jay has been very active in the community by Coaching and Refereeing minor hockey for the past 8 years. In his former capacity as a Teacher, he was chosen to spearhead the school’s annual United Way fundraising campaign.

Jay is married and lives in Toronto with his wife and son. Jay enjoys golfing, hockey, and watching a good baseball game.

Paul Beattie – Associate

Over 25 years as a professional in finance. Extensive International Experience.

MBA from INSEAD, France and a Bachelor of Commerce (Honours), Queen’s University, Canada.

Since 2000, co-founder and Managing Partner, of a boutique investment bank, Stable Capital Advisors. Extensive experience in private equity including raising investment capital for alternative asset funds from within Canada and abroad.

Founding executive of Telesystem International Wireless in 1994 and predecessor company in 1992, was Vice-President, Mergers and Acquisitions and was involved in all aspects of the financing activities. Head of Business Development and Investment Strategy in emerging countries including: Brazil, the Czech Republic, India, Mexico, Romania, and across South East Asia. Involved in all aspects of international investments and public/private capital raising activities totaling several US $ billions.

Mr. Beattie began his career as Investment Banker from 1986 to 1991 at Merrill Lynch Canada Inc., in the position of Vice-President, Corporate Finance and was involved in a diverse range of advisory assignments and capital markets activities including M&A mandates and new equity issues for Canadian clients with private and public financing on these transactions exceeding CAD $850 million.

Jacques Lacroix – Associate

Over 21 years of finance and investment experience.

A Chartered Financial Analyst (CFA) since 1992, with both an undergraduate and Masters degree in Finance from the Université de Sherbrooke.

Since 2006, Mr. Lacroix is a co-founder and a managing partner of Echo Capital Inc., the general partner of Echo Capital FIER Outaouais LP, a $15 million private equity fund which invests development capital in small/medium enterprises, with a special focus on the Outaouais region.

From 2000 to 2005, Mr. Lacroix was Vice-President, Strategic Planning with Telesystem International Wireless Inc. (TIW), an international telecom company sold to Vodafone for US$4.4 billion in 2005.  He was responsible for corporate strategic planning, including business valuation and investment initiatives, in addition to being in charge of investor relations and corporate communications from 2003 to 2005.

Between 1990 and 2000, he held various positions at TIW and its parent company, Telesystem, acquiring extensive experience in acquisitions and divestitures and contributing to the successful completion of multiple public/private equity and debt financings exceeding US$3.0 billion in the international capital markets.

Worked together with Mr. Beattie on a variety of international and Canadian projects over the past 15 years.

Naima Egal – Portfolio Administrator

Naima is responsible for administrative duties at MacNicol & Associates including account opening and transfers, client inquiries, tax reporting and report preparation. Naima joined MacNicol & Associates in 2007 and has previous work experience in the financial industry bringing excellent client management and leadership skills to MacNicol. Naima holds an Honours Degree in Health and Society from York University. She has also obtained her Canadian Securities Course from the Canadian Securities Institute

Naima comes from a large family and lives in Toronto. In her spare time she loves to travel and see the wonders of the world. She also likes to hike, cycle and play basketball. Naima has also been involved in several health related community charities.

Norman Di Pasquale – Technical Support

Norman has been solving computer problems since 1993. He co-ran a computer store from 1995-2001 where he honed his troubleshooting and networking skills. His certifications include Windows 95/98/XP/Server 2003, Netware 4, A hardware/software certification as well as a microelectronics diploma from George Brown College. En Vogue Computers was established in October 2002. With clients ranging from the film industry to retail, EnVogue has successfully implemented solutions for various clients with a focus on exemplary customer service.

Norm is married, lives in Toronto and recently welcomed his first child.

Board of Directors

David A. MacNicol, B.Eng. Sci, CIM, FCSI:

David established MacNicol & Associates Asset Management Inc. in 2001, after an extensive 20-year career in the investment management business, working for Canada Trust, Cassels Blaikie, Connor Clark and Cumberland Asset Management. Although David has experience in all aspects of the investment market, his areas of expertise include North American equities, private banking, offshore and international investing and research, Real Estate, Hedge Funds and similar alternative asset class
strategies. David is registered with the Ontario Securities Commission as a Senior Portfolio Manager with full discretion. He has an Engineering degree from the University of Western Ontario and a Chartered Investment Management Designation and F.C.S.I. He is also a founding Board Member of the Hibiscus Fund at the Princess Margaret Hospital. David is involved with fundraising for Centennial Infant and Child Centre Foundation.  In 2005, David helped establish The Yellow Bus Foundation. The objective of The Yellow Bus Foundation is to enrich the lives of children in Canada living with chronic illness and/or serious medical conditions. David is also Chairman of the Investment Committee of the Sigma Chi Canadian Foundation.

John Francis, M.B.A.:

John Francis has over 15 years of experience in the investment and business community. Mr. Francis began his career in New York in 1986 in the Mergers and Acquisitions department at Goldman Sachs. He remained there until 1988 when Mr. Francis moved to Los Angeles to work for David Murdock, a member of the Forbes 400. Murdock’s companies included Pacific Holding Co., Dole Food Co. and Castle and Cooke Inc. Mr. Francis worked on mergers, acquisitions and other investments inside these various companies. In 1990, Mr. Francis returned to Toronto to become Vice President of Trader Media Corporation, a company founded by John’s father Bill Francis in 1975. Mr. Francis’ role was to integrate several acquisitions, which materially changed the scale of Trader Media by expanding the operation into all major Ontario markets. Mr. Francis was made President and CEO of Trader Media Corporation in 1994. Mr. Francis is an undergraduate of distinction from the Ivey School of Business at the University of Western Ontario.

Laura Ross, M.B.A.:

Laura has over 20 years of experience in the investment banking industry. She worked at Burns Fry in the area of retail brokerage and has worked for Wood Gundy in the areas of corporate finance and mergers and acquisitions, as well as fixed income sales and trading. Laura also worked within the CIBC group of companies in training and development and call center management prior to joining MacNicol & Associates in 2001. Laura has a BA from the University of Western Ontario and an MBA in Finance from the University of Michigan. Laura’s responsibilities include managing compliance, liaising with the OSC, corporate auditors, custodians and other key partners. In addition Laura oversees budget analysis and forecasting.

James W. V. Craig, Q.C., L.L.B:

Jim Craig practiced law for over 45 years with the firm of Ayelsworth Thompson Phelan O’Brien, specializing in banking and real estate law. He was part of a group that developed the accepted precedent for condominium documentation when condominium law was introduced in Ontario. Mr. Craig was appointed a Queen’s Counsel in 1974. Mr. Craig’s career has largely been focused on acting for The Royal Bank of Canada. He has been called upon to act on both real estate financings and restructurings and has lectured on aspects of banking law throughout his career. Mr. Craig is a member of the Law Society of Upper Canada, the Ontario Bar Association and the Canadian Bar Association. Mr. Craig obtained his Bachelor of Arts from Queen’s University and obtained his formal legal training at Osgoode Hall. Mr. Craig is involved in the The Yellow Bus Foundation as well as the Salvation Army, the Heart and Stroke Foundation, the Kidney Foundation and the Civic Garden Centre.

Ian M. Hull, L.L.B.

Ian Hull has been practicing law for over 12 years. He began his career practicing general Commercial Litigation at Koskie Minsky. In 1992, Mr. Hull joined Dingwall McLaughlin, a firm specializing in Estate, Trust and Capacity Litigation as counsel to the firm. As well, in 1992 Mr. Hull became a partner in Hull and Hull continuing with Estate, Trust and Capacity Litigation. In addition, Mr. Hull is a frequent lecturer of the Bar Admission Course and guest lecturer for the Canadian Bar Association and the Law Society of Upper Canada. Mr. Hull obtained his Honours Bachelor of Arts from The University of Western Ontario and his law degree from The University of Windsor in 1988. In addition, Mr. Hull is a member of the Canadian Bar Association, Metropolitan Toronto Lawyers Association, The Advocates’ Society, Editorial Advisory Board of the Canadian Estate Administration Guide, Executive of the Trusts and Estates Section of the Canadian Bar Association – Ontario, Metropolitan Toronto Lawyers Association (Trustee), Halton County Law Association, Associate Editor on the Editorial Board for the Estates and Trusts Reports and the Society of Trusts and Estates Practitioners. Mr. Hull is the author of several textbooks and reports regarding Estates and Trusts

Bill Saunderson

Mr. Saunderson began his career with Clarkson, Gordon & Co (now Ernst & Young). In 1971 he co-founded Sceptre Investment Counsel Limited where he was a Senior Partner for the next 24 years. In 1995 he was selected as a member of the Ontario Legislature. Between 1995 and 1997 he served as Minister of Economic Development, Trade and Tourism. From 1997 to 2005 he was Chairman of Ontario International Trade Corporation. Mr. Saunderson has extensive experience as a Board Member. He is currently Chair of ROI Fund Inc, Canadian Osteopathic Education Trust Fund, Anglican Diocese of Toronto Investment Committee, Trinity College “Strength to Strength” Endowment Campaign, Shaw Festival Endowment Foundation Investment Committee and University of Toronto School Foundation. Also he is a Board Member of the Toronto Symphony Orchestra and Vice-Chair of the University of Ottawa Pension Fund Investment Committee. Mr. Saunderson is a Chartered Accountant and holds a Bachelor of Arts from the University of Toronto. He is a Fellow of the Ontario Institute of Chartered Accountants and a recipient of its Award of Outstanding Merit. He also holds Honorary Doctorate from the University of Ottawa and Trinity College (University of Toronto). He is a retired officer of the Royal Canadian Navy.

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