What’s the strategy?
The Commercial Mortgage Institutional (Portico) strategy invests primarily in Canadian commercial mortgage investments, with the goal of providing a higher yield over comparably rated public market bonds while providing investment grade credit quality.
This portfolio strategy leverages the expertise and experience within the Great-West Life (GWL) Commercial Mortgage team. The GWL Commercial Mortgage team sources, underwrites and manages the commercial mortgage investments. This highly specialized and experienced team has a long history of investing in Canadian mortgages and has established a strong marketplace reputation and disciplined credit underwriting expertise. The Portico Investment Management team offers capital market expertise, portfolio management oversight and liquidity management. Both portfolio managers pursue tested and strongly vetted processes within a culture of strong risk management.
Why invest in this portfolio strategy?
Ideal for institutional investors seeking additional yield compensation without significant increase in credit risk versus comparable quality public bonds (e.g. credit metric deterioration, default risk).
This unique commercial mortgage strategy is a good complement to traditional bond investments and offers:
- Greater diversification through access to borrowers not typically available in public markets
- Access to longer-term mortgage deals
- Access to highly specialized and experienced portfolio management.
Dale Haynes (GLC-Portico) and David Grieve (GWL Commercial Mortgages File opens in a new window), manage the Commercial Institutional Mortgage (Portico) portfolio strategy and are supported by the Portico team. Learn more about the Portico investment philosophy and strategy.
Vice-President, Fixed Income
Dale shares leadership responsibility for GLC’s Portico Investment Management division, which oversees more than $18 billion* of fixed-income assets under management within bond, mortgage and money market portfolios.
As lead manager for the Core Bond portfolio strategy, Dale heads up the portfolio management of the largest Canadian bond segregated fund in Canada.* He also oversees some of Portico's sector-focused and specialized fixed income portfolios.
Dale has more than 25 years of investment experience, including direct portfolio management responsibilities for active and passive fixed income strategies.
He holds a Chartered Investment Manager designation as well as an honours bachelor of business administration degree in finance from Brock University.
* Source: London Life Core Bond Fund, Morningstar, June 30, 2017
Senior Vice-President, Mortgage Investments
David Grieve was appointed Senior Vice President, Mortgage Investments for Great-West Life in March 2016, with overall responsibility for a team of 50 professionals engaged in risk adjudication, origination and loan underwriting servicing, and administration.
David has held roles of increasing seniority and scope within the industry, including more than 25years of experience in commercial mortgage lending, capital markets, risk oversight, and deal structuring across Canada and international markets.
David holds a Bachelor of Economics degree from the University of Western Ontario.
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This portfolio strategy is available for the institutional investor through our relationship with the institutional investment solutions team, a division of Great-West Life Group Retirement Services.
There is no guarantee that investment objectives, or risk or return targets discussed in this material will be achieved. No part of this material may be reproduced or redistributed in any form without express written permission of GLC Asset Management Group Ltd. The data provided is for information purposes only. This material is not intended to be read in isolation and may not provide a full explanation of all the topics that are presented and discussed. Information contained in this material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Furthermore, there can be no assurance that any trends described in this material will continue or that forecasts will occur; economic and market conditions change frequently. This material should not be considered a recommendation or offer to purchase or sell any particular investment.