Wellington-Altus chair owned stake in ETF company Emerge Canada while his firm promoted its funds to clients

Wellington-Altus Private Wealth founder and chair Charlie Spiring maintained an ownership stake in the U.S. affiliate of Emerge Canada Inc. while his firm promoted Emerge’s exchange-traded funds to clients for several years prior to the ETF manager’s collapse.

Mr. Spiring’s investment in Emerge Capital Management has become notable given the troubles at Emerge Canada. The Ontario Securities Commission ordered Emerge Canada’s funds to be liquidated and delisted from the Cboe Canada exchange last year after the regulator found that the investment company owed millions of dollars to the funds it managed. Emerge Canada, which still owes $4.

Mr. Hiebert confirmed the Emerge ARK ETFs were added to the company’s in-house funds in December, 2020, as the funds were considered “suitable as a small percentage” – about a 2.5-per-cent allocation – of the Wellington-Altus Private Wealth’s turnkey asset management platform, a type of customized investment portfolio that holds third-party funds.

Sean Hamilton, a spokesperson for IIROC’s successor, the Canadian Investment Regulatory Organization , confirmed to The Globe in an e-mail that IIROC began its review of Mr. Spiring’s Emerge Capital Management investment in April, 2018. In June of that year, it decided it had no objection “based on the information and representations made at that time.”

Mr. Spiring was, however, able to sell stakes in ETF providers Hamilton Capital Partners Inc. and Evolve Funds Group Inc. in 2022, on Jan. 17 and July 27, respectively. Rob Wessel, managing partner of Hamilton Capital, told The Globe that Mr. Spiring owned about 1 per cent of the firm. A spokesperson for Evolve said Mr. Spiring owned about 3 per cent of that company.

Emerge signed a deal in 2019 with ARK, run by prominent U.S investor Cathie Wood, and launched a series of new funds branded Emerge ARK in July of that year. Ms. Wood has become well-known for her aggressive advocacy of cutting-edge tech companies whose shares can rocket to high levels – and fall from those commanding heights nearly as quickly.

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