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

INVESTMENT APPROACH

MacNicol & Associates Asset Management specializes in building customized investment portfolios designed to preserve and grow wealth for high-net-worth individuals, families, and institutions. The firm combines a disciplined, fundamentals-driven approach with access to alternative asset investments that are typically not available to individual investors.

MacNicol & Associates Asset Management also offer client tail risk protection through their exclusive Safe Harbour Fund. The Safe Harbour Fund offers individuals and institutions portfolio insurance through an option strategy designed to protect portfolios from significant losses especially during “Black Swan” events or large market downturns.

By diversifying across traditional equities, fixed income, private equity, venture capital, and real assets, the firm strives to deliver consistent long-term results while managing volatility and protecting capital. MacNicol’s philosophy is rooted in fiduciary responsibility, client transparency, and delivering institutional-quality portfolio management with a personalized, boutique-level client experience.

IDEAL CLIENT

MacNicol & Associates serves individuals, families, trusts, and institutions who seek more than conventional wealth management. Their ideal client values disciplined stewardship, access to alternative investments, and a partner who can help protect wealth while pursuing meaningful long-term growth.

Household Minimum
Average Family Relationship ~ $2 MM
Fees
Sliding scale starting at 1.5% on the 1st $2 MM
On-boarding
White glove hybrid, personalized discovery and portfolio transition
Custodians
Raymond James, Interactive Brokers and others.

“Our clients entrust us with not only their wealth, but also their legacy. We take that responsibility seriously and provide solutions that balance growth, preservation, and opportunity.”

WHAT OUR CLIENTS HAVE TO SAY

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

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 founded MacNicol & Associates Asset Management Inc. in 2001 following a 20-year career in investment management with Canada Trust, Cassels Blaikie, Connor Clark and Cumberland Asset Management. His expertise spans North American equities, international and offshore investing, real estate, private equity, hedge funds and other alternative investments. David is a Senior Portfolio Manager registered with the Ontario Securities Commission and holds a Mechanical Engineering degree from the University of Western Ontario, along with the Canadian Investment Management designation and F.C.S.I. He is also actively involved in several charitable and investment organizations, including the Yellow Bus Foundation and the Sigma Chi Canadian Foundation.

joe

Joseph Pochodyniak

Senior Portfolio Manager

Joseph is a Senior Portfolio Manager at MacNicol & Associates Asset Management Inc., specializing in real estate, private equity, hedge funds and alternative investments. He has more than 15 years of experience in asset management and private investment counseling, with previous roles at investment counseling and asset management firms, including a Global Macro ETF strategist. Joseph graduated from the University of Toronto with a B.Sc., degree and earned the Chartered Financial Analyst [CFA] designation.

Ken

Ken Reid

CIM
Portfolio Manager

Ken is a Portfolio Manager at MacNicol & Associates Asset Management Inc., focusing on North American mid- and large-cap equities. He previously worked as a Public Equity Research Associate at MAAM and gained additional financial services experience through co-operative education placements with firms in the GTA. Ken holds a Bachelor of Commerce with Honours from the Ted Rogers School of Management, majoring in Finance and minoring in Economics. He earned his Chartered Investment Manager (CIM) designation in 2024 and is a February 2027 CFA Level III candidate. Outside of work, 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., focused on client success and advancing new firm initiatives. Prior to joining MacNicol, he spent seven years with Cardinal Point Athlete Advisors, serving professional athletes and high-net-worth families. His experience includes investment due diligence across traditional and alternative asset classes, as well as comprehensive financial planning, including investment, tax, cash flow, asset protection and estate planning. Luke holds a bachelor’s degree in Finance with a minor in Economics from Pennsylvania State University, where he was captain of the Division I hockey team. He has completed the CSC and CFA Level I and is pursuing the CIM designation.

Ruchi

Ruchi Aggarwal

Portfolio Administrator

Ruchi brings more than 20 years of experience in financial services, specializing in business and financial data analysis and client onboarding. Prior to joining MacNicol & Associates Asset Management Inc., she worked at Mackenzie Investments, gaining extensive experience with financial products and reporting systems. Known for her attention to detail and client-focused approach, Ruchi helps ensure a seamless onboarding experience and supports clients throughout their transition to investment management services. Her combination of operational expertise and strong organizational skills allows her to effectively coordinate complex processes while keeping clients informed and supported.

Angela

Angela Knapp

Manager, Client Services

Angela brings more than 20 years of experience in the financial services industry, with a background in wealth management, private banking, private investment counsel and investment advice. Having worked with three major Canadian banks, she brings extensive expertise in both client service and operations. Angela studied Biology and Environmental Science at Western University and has completed CFA Level I, the Canadian Securities Course and the Conduct and Practices Handbook. Her broad industry experience and client-focused approach support MacNicol & Associates Asset Management Inc. in delivering a high level of service and operational excellence.

darren

Darren Rabie

Business Development

Darren Rabie is the founder of Focus America, an outsourced sales management firm helping small and owner-operated B2B companies strengthen sales leadership and drive growth. He began his career as a Marketing Manager with General Mills Canada before moving to Sydney, Australia, where he co-founded The Results Group, a B2B lead generation company. Darren later launched Focus America in 2003, which today supports more than 50 clients across North America. He is a graduate of the Ivey School of Business at Western University and regularly leads coaching sessions, training workshops and speaking engagements focused on sales leadership and business growth.

Mark

Mark Dormer

Controller

Mark oversees the financial management and administration of MacNicol & Associates Asset Management Inc. He has advised professional services organizations on financial management, profitability and strategic issues since 1987. In 2002, he joined and now leads a consulting group specializing in interim financial management and strategic advisory services. Mark holds a Bachelor of Science degree in Accounting and Statistics from the University of Toronto. With decades of experience in financial and operational management, he brings a strong strategic and analytical perspective to the firm. Mark lives in Toronto and enjoys outdoor activities with his wife and young son.

Dennis

Dennis Foot

Marketing and Design

Dennis is a graduate of the Graphic Design program at Fanshawe College in London, Ontario, and brings a strong understanding of design principles and creative strategy to his work. Over the years, he has helped hundreds of organizations strengthen their brands through effective graphic design, strategic marketing campaigns and creative advertising solutions. His focus is on combining thoughtful design with practical marketing strategies to help businesses stand out, communicate effectively and build a strong, consistent brand presence.

Donovan

Donovan Fowke

Marketing

Donovan helps businesses maximize their marketing investment by focusing on strategies that deliver measurable results. With digital marketing constantly evolving, he combines current trends with proven marketing principles to develop practical, effective solutions. Over the years, Donovan has worked with hundreds of individuals and organizations, helping them strengthen their brands, reach new audiences and generate millions of dollars in business. His approach focuses on ensuring every marketing dollar is invested strategically, with a clear emphasis on growth, engagement and return on investment.

Diane

Diane MacNicol

Office Manager

Diane is the Office Manager at MacNicol & Associates Asset Management Inc., overseeing the firm’s day-to-day operations, including administration, banking, audit support and human resources. Since joining the firm in 2009, she has played an integral role in supporting both the team and clients, bringing strong organizational skills and attention to detail to her work. Diane holds a Bachelor’s degree in Political Science from the University of Western Ontario. Outside of work, she enjoys traveling, exploring new destinations and spending time with her family.

PARTNERS

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

partners

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)