Independent. Alternative. Proven.

Since 2001, MacNicol & Associates Asset Management has delivered institutional-quality investing without the limits of large financial institutions. We are independent by design, research-driven by discipline, and committed to building lasting wealth for individuals, families, planners, and institutions.

What our clients have to say

“A big congratulations on another milestone. It’s a tough business and a terrific accomplishment to be serving your investors for over two decades. As an investment partner and client, I have always appreciated the partnership and friendship. Best of luck going forward to you and the team.”

— Mr. S.F.

“At your recent presentation… I was able to speak with a small number of MacNicol clients, all of which spoke glowingly of this company.”

— Mr. A.B.

“Proactive in the markets, responsive to our needs – an asset to all 3 generations of our family.”

— Ms. H.B.

“I have been with MacNicol & Associates for the last 7 years [since 2007] and can, without reservation, attest to the capability of this firm. The market has been through some peaks and valleys, but David and his staff have always remained solid and innovative. I am very pleased with the returns on my portfolio, but more importantly value David’s transparency and regular communication with me. No major moves are done without explanation first and my consent. Portfolio status and strategy are reviewed on a regular basis. The associate staff has always been very responsive and easy to deal with.

I am not in the financial field and and this means that I essentially have to put my trust in this firm. I didn’t simply hand over my trust however..They have earned it.”

— Dr. T.M.

“We’ve developed a great partnership with MacNicol & Associates. Their dedication to our client’s investment success is evident. We admire the disciplined approach, proven track record, and leading-edge solutions that are so hard to find in one relationship.”

— Mr. S.P.

“Thank you for your recent advice concerning my personal financial matters. Since I have been a client of MacNicol & Associates (2001) you have assisted me with not only my investments but also other personal financial matters. David, it is very comforting knowing that you always have my best interest at the forefront of your decision making. Thank you for your personal attention.”

— Mrs. P.S.

“The team at MacNicol have assembled a portfolio solution that is quite unique in Canada, and is most suited to my largest clients. The combination of equities, hedge funds, private equity, real estate, and other bespoke solutions have resulted in a protected journey when traditional equity markets are challenged, while participating in upside opportunity. Many claim “pension-style” management, but MacNicol delivers.”

— Mr. D.W.

Our Story

MacNicol & Associates was founded with a simple vision: give investors access to the same opportunities as pension funds and endowments—without compromise.

Over two decades later, that vision remains unchanged. Today we manage portfolios across Canada and the U.S., offering clients:

  • Independence from corporate agendas and product sales
  • A disciplined focus on risk management and downside protection
  • Access to alternatives—private equity, real estate, hedge funds and portfolio insurance—rarely available to individual investors

A Lighthouse in Uncertain Markets

MacNicol & Associates is your safe harbour in uncertain markets. We safeguard capital, access unique opportunities, and build lasting financial security.

Here’s why investors trust MAAM:

  1. Independent Perspective → No corporate agendas. Just client-first discipline.
  2. Customized Portfolios → Every plan tailored to your life, risk tolerance, and goals.
  3. Access to Alternatives → Pension-style diversification through private equity, real estate and hedge funds.
  4. Proven Track Record → 20+ years of audited performance across market cycles.
  5. Portfolio Protection → Strategies designed to limit downside risk.
  6. Global Research → Insights from a worldwide network of investment professionals.
  7. Transparency & Access → Clear reporting and direct contact with our portfolio managers.
  8. Forward-Looking Innovation → Strategies that adapt to evolving markets.

Meet the Team

Behind every portfolio is a team of seasoned professionals dedicated to client success. We believe wealth management is more than numbers—it’s about trust, listening, and long-term partnership.

David MacNicol

David MacNicol

B. Eng. Sci, CIM, FCSI
Founder & President

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 markets, his areas of expertise include North American equities, offshore and international investing and research, Real Estate, Private Equity, 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 (Mechanical) from the University of Western Ontario, 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. 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 has served as a Member of the Professional Conduct Committee for the Institute of Chartered Accountants of Ontario. David is Chairman of the Investment Committee of the Sigma Chi Canadian Foundation. He also sits on two Investment Committees for a religious organization overseeing greater than $100 million.

joe

Joseph Pochodyniak

Senior Portfolio Manager

Joseph is a Senior Portfolio Manager at MacNicol & Associates Asset Management Inc. focused on Real Estate, Private Equity, Hedge Funds and alternative asset class strategies.

Joseph has over fifteen years of professional experience in asset management and private investment counseling. Prior to joining MacNicol & Associates, Joseph was a Portfolio Manager with a Global Macro ETF strategist and a boutique style investment counseling firm focused on publicly traded dividend paying stocks.

Earlier in his career Joseph worked for a bank-owned investment counseling and asset management firm. Joseph is a CFA Charter holder (2005 and obtained his Derivatives Market Specialist and FCSI designations from the Canadian Securities Institute in 2006. Joseph is a graduate of the University of Toronto where he earned a B.Sc. in 1999.

Joseph lives in Toronto and is a part-time faculty member at the Centennial College School of Business where he teaches the investment funds course.

Ken Reid

Ken Reid

CIM
Associate Portfolio Manager

Ken is an Associate Portfolio Manager at MacNicol & Associates Asset Management Inc. focusing on North American mid and large cap equities. Ken previously was a public equity research associate at MAAM.

Prior to MacNicol Ken worked in the financial services industry at small firms in the GTA as apart of his Co-operative education program.

Ken completed his Bachelor of Commerce with honours in 2021, majoring in finance and minoring in economics at the Ted Rogers School of Management.

Ken completed his Chartered Investment Manager (CIM) in June 2024 and Passed CFA Level I (May 2025).

Ken is an avid runner and has completed numerous half marathons.

Luke Juha

Luke Juha

Client Relationship Manager

Luke is a Client Relationship Manager at MacNicol & Associates Asset Management Inc., where he focuses on enhancing client success and advancing new firm initiatives.

Prior to joining, Luke spent seven years at Cardinal Point Athlete Advisors (formerly GAVIN Hockey Wealth Specialists), a multi-family office serving professional athletes and high-net-worth families. He conducted due diligence across equities, fixed income, and alternative asset classes such as private debt, private equity, real estate, and hedging. Luke later worked directly with clients to design and deliver comprehensive financial plans – encompassing investment management, tax planning, cash flow management, purchase advisory, asset protection, and estate planning strategies – helping clients achieve financial independence at retirement and build generational wealth.

Luke earned his bachelor’s degree in Finance with a minor in Economics from Pennsylvania State University, where he was also served as a team captain of the Division I hockey program.

Luke has completed the Canadian Securities Course (CSC), Level I of the Chartered Financial Analyst (CFA) Program, and is currently pursuing the Chartered Investment Manager (CIM) designation.

Outside of work, Luke remains closely connected to the hockey community, is an avid golfer & runner, and enjoys spending time with his growing family.

Ruchi

Ruchi Aggarwal

Portfolio Administrator

Ruchi brings over 20 years of experience in financial services, with a focus on business and financial data analysis and client onboarding. She is known for her meticulous attention to detail and her ability to coordinate complex processes, ensuring that clients feel informed, supported, and confident throughout every stage of their journey.

Prior to joining MacNicol & Associates Asset Management Inc., Ruchi worked at Mackenzie Investments, where she gained extensive experience with a wide range of financial products and reporting systems. Her background allows her to combine operational expertise with a client-focused approach, making onboarding seamless and helping clients achieve a smooth transition into investment management services.

Ruchi lives in North York with her family and has 2 children aged 18 & 15.

Angela

Angela Knapp

Manager, Client Services

Angela has over 20 years of experience in the finance industry.  Having worked in wealth management at three large banks over her career, she brings with her a great deal of knowledge and experience both in the client serving aspect of her role, as well as in operations.

Angela has worked in Private Banking as well as in Private Investment Counsel and Private Investment Advice.

Angela attended Western University where she studied Biology and Environmental Science. She has completed the CFA Level 1, as well as the Canadian Securities Course and the Conduct and Practices Handbook.

She is the mother of 2 children – Scarlett, who is 11 and Harrison, who is 14.

darren

Darren Rabie

Business Development

Darren Rabie earned his Graduate Business degree from the Ivey School of Business at the University of Western Ontario.

Darren began his career at General Mills Canada as a Marketing Manager before moving to Sydney, Australia, where he co-founded The Results Group, a B2B lead generation company.

In 2003, Darren sold his shares of The Results Group and launched Focus America (www.focus-america.com), an “Outsourced Sales Manager” firm dedicated to helping small, owner-operated B2B companies strengthen their sales leadership and drive growth.

Today, Darren and his team of 11 support more than 50 active clients across North America. In addition to his client work, Darren frequently leads public and private coaching sessions, training workshops, and speaking engagements.

Originally from Cape Town, South Africa, Darren has lived in Toronto since 1977. He and his wife are proud parents of two children.

Mark

Mark Dormer

Controller

Mark’s responsibilities include overseeing the financial management and administration of the firm.

Mark has been advising professional services organizations in these areas since 1987. In 2002 he joined and now heads a consulting group that provides a focus on interim financial management, profitability and strategic issues. He also holds a Bachelor of Science Degree in accounting and statistics from the University of Toronto.

Mark lives in Toronto and enjoys outdoor activities with his wife and young son.

Dennis

Dennis Foot

Marketing and Design

A graduate of the Graphic Design program at Fanshawe College in London Ontario, Dennis uses his strong understanding of design principles and creative energy to help his client’s businesses get noticed. Over the years, Dennis has helped hundreds of organizations develop and maintain their brand, through strong functional design, strategic marketing campaigns, and other creative advertising and marketing solutions.

Donovan

Donovan Fowke

Marketing

When it comes to marketing, I know you want to ensure you are getting value for every dollar of investment, and that often marketing can seem like a black hole. I work with you to ensure dollars are being invested appropriately to generate measurable returns for your business.

I understand how overwhelming digital marketing can be. It is constantly changing and evolving every week, but some key principles remain the same. I am proud to have helped HUNDREDS of individuals and organizations just to generate millions of dollars and grow their market.

Diane

Diane MacNicol

Office Manager

Diane is the Office Manager at MacNicol & Associates Asset Management Inc., where she plays a central role in overseeing the firm’s day-to-day operations. Her responsibilities span back-office administration, banking, audit support, and human resources, ensuring that both the team and clients are supported with efficiency and care.

Since joining the firm in 2009, Diane has been a cornerstone of its success, contributing her organizational expertise and dedication to creating a seamless experience for clients and colleagues alike.

Diane earned her Bachelor’s degree in Political Science from the University of Western Ontario.

Diane enjoys traveling and exploring new destinations, as well as spending quality time with her family.

Client and Financial Advisory Committee

Ian

Ian Hull

LLB

Ian Hull has been practicing law since 1990. 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

Bill Saunderson

CA

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.

Peter

Peter J. Buchanan

MBA

Peter Buchanan is seen and recognized as a leader and innovator in the fields of executive coaching and management and leadership development. He has spent in excess of 20,000 hours coaching and mentoring hundreds of senior executives, business owners, CEO’s and Presidents. He has spent the last 25 years helping clients become more effective leaders, aiding organizations in reaching the next level, and helping people lead more meaningful lives. Through his career he has been a Senior Vice President of Extendicare Ltd, a Partner of Bobele Buchanan & Associates, a Senior Consultant for Wood Gordon & Co., and a Director with Sovereign Security Systems Ltd. He is currently the Founder and Best Practice Chairman for TEC (The Executive Committee) as well as the President of Managing Transitions Ltd. for the past 30 years. He has received numerous awards from TEC including, Chairman of the Year in 2008 and 2010and the 50th Anniversary TEC/Visage Leadership Award.

Mr. Buchanan completed an MBA from the University of Western Ontario and has his Certified Management Consultant (CMC) designation. Peter’s teaching experience includes designing and teaching leadership in the MBA program for Royal Roads University in Victoria, British Columbia.

Our Commitment Beyond Investing

We measure success not only by performance but by impact. Founder David MacNicol and the firm have supported causes across Canada for decades, including Make-A-Wish®, The Yellow Bus Foundation, and Princess Margaret Hospital’s Hibiscus Fund.

It’s the same dedication we bring to investing: long-term vision, discipline, and stewardship.

Partners

MacNicol & Associates Asset Management partners with a strong network of elite brokers, carefully curated for success.

Network of Investment Professionals

Invest Beyond the Ordinary

Whether you are building wealth, protecting capital, or creating a legacy, MacNicol & Associates is your safe harbour in any market.

Recognitions

Don’t just take our word for it. Have a look at the industry accolades.

AIQ

Awards for Global Macro/Managed Futures/Multi Strategy 

Top 3 Best 1-year Return (2020, 2017)

​Top 3 Best 3-year Return (2020)

​​Top 3 Best 3-year Sharpe Ratio (2020, 2022)

 

Awards for Private Equity

​Top 3 Best 3-year Return (2022)​

​Top 3 Best 5-year Return (2022, 2023, 2024)