Last month, Thomas S. Caldwell retired from the Board of Directors of the Canadian Securities Exchange and stepped down as Chairman, a role he had filled since 2012. The move was prompted by a new recognition order from the Ontario Securities Commission requiring the Exchange to have an independent director serve as Chairman.
Mr. Caldwell, President and CEO of Urbana Corporation, played an enormous role in the CSE’s success. In 2012, Urbana led the recapitalization of CNSX Markets Inc., which operates the CSE. Mr. Caldwell was intimately involved in supporting the CSE’s strategy and spearheading its growth. At the time of Urbana’s investment, the CSE had 189 listings, average daily trading volume of 4.22 million shares, and a cumulative market capitalization for all its securities of $1.18 billion. Today, the CSE is a substantial global stock exchange with 610 listings, average daily trading volume of 101.62 million shares, and a cumulative market capitalization of $25.33 billion.
“It is impossible to overstate Tom Caldwell’s contribution to the success of the Canadian Securities Exchange,” said Richard Carleton, CSE Chief Executive Officer. “The success we have achieved in capitalizing on growth opportunities, including those in the cannabis sector, is directly attributable to his leadership. To put it simply, the CSE would not be where it is today without him.”
“I couldn’t be prouder of what the CSE team has achieved over the last eight years,” said Mr. Caldwell. “Back in 2012, I recognized that Canada needed a strong alternative platform that truly met the needs of emerging issuers. Today, there is no doubt that the CSE has fulfilled its promise and is recognized as a preferred public market option for leading entrepreneurs.”
Steve Blake has assumed the role of Chairman of the CSE. Mr. Blake has been a director of the CSE since 2018, and he has more than 20 years of experience in senior financial roles at a range of companies. He was most recently Chief Operating Officer of the Child Development Institute, an accredited children’s mental health agency in Toronto. He previously served as Chief Financial Officer for The Canadian Depository for Securities Limited.
“I am honoured to be named Chairman of the Canadian Securities Exchange,” said Mr. Blake. “While no one can truly replace Tom Caldwell, I am confident that we have an outstanding leadership team in place that is well equipped to drive the next stage of the CSE’s growth and continue to deliver superior service to all of its stakeholders.”
Four New Directors Elected
At the CSE’s Annual and Special Meeting of Shareholders last month, four new, highly talented nominees were elected to the Board of Directors: Hema Barkhouse, Michael Bluestein, Brendan T.N. Caldwell, and Eric Sites. Both Ms. Barkhouse and Mr. Bluestein are independent directors. Three of the CSE’s long-time directors did not stand for re-election: Thomas S. Caldwell, George Elliott, and Joel Strickland.
“We are delighted to welcome four new directors to the Board of the Canadian Securities Exchange,” said Richard Carleton, “They are replacing three truly outstanding directors. Tom, George, and Joel made enormous contributions to the CSE and oversaw a period of significant growth for the Exchange.”
Hema Barkhouse is Vice President, Accounting and Controls at Canadian Tire Corporation Ltd. She has more than 25 years of experience in the retail, consumer packaged goods, telecom, and financial services industries. In addition to Canadian Tire, Ms. Barkhouse has held executive roles at Loblaw Companies Ltd., George Weston Ltd., and Bell Canada.
Michael Bluestein is a Corporate and Securities Lawyer and the Founder of the CC Corporate Counsel P.C. law firm. He has more than 13 years of experience in M&A, corporate finance, registration, compliance, and securities law. He has advised numerous reporting issuers and helped multiple start-ups achieve their goals, from incorporation to successful exits.
Brendan T.N. Caldwell is President, CEO, and CIO of Caldwell Investment Management. He is also Co-Portfolio Manager of Caldwell’s major exchange-related investments, including Urbana Corporation and the Caldwell Growth Opportunities Trust. His securities exchange memberships have included Toronto, New York, the Chicago Board Options Exchange, the Kansas City Board of Trade, and the American Stock Exchange.
Eric Sites is Vice President and Portfolio Manager at Horizon Kinetics LLC, a firm he joined in 2004. He is a member of the firm’s research team and a member of its investment team for certain Horizon private investment vehicles and other registered investment companies. Mr. Sites currently serves on the Council of the Bermuda Stock Exchange, where he heads the New Business Development Committee.
In addition to the four new members, the Board consists of Steve Blake (Chair), Jim Dale, and Jeffrey MacIntosh.
“With our strong new directors and outstanding management team, the Canadian Securities Exchange is well positioned to continue fulfilling its mandate to be the exchange of choice for entrepreneurs,” said Mr. Blake.
CSE’s Phillip Shum chats with TAAT Lifestyle & Wellness Ltd. (CSE:TAAT) CEO Setti Coscarella about their objective to introduce an innovative, experience-driven alternative to tobacco cigarettes for tobacco smokers who aspire to leave nicotine behind.
Here’s an overview of what they cover in this episode of #HashtagFinance:
0:35 – Introducing Setti and the TAAT mission
1:57 – Setti’s background with Phillip Morris’ heat – not burn – product (IQOS)
4:15 – How Hemp/CBD cigarettes emulate a tobacco/nicotine smoke
7:43 – Manufacturing and marketing differences between hemp and tobacco cigarettes
11:53 – Recently secured manufacturing partner and patent filing
14:42 – Where TAAT is currently being sold and tested
16:37 – What you didn’t know about the tobacco industry
18:35 – Setti’s goals as the new CEO of TAAT
19:45 – TAAT’s opportunity in the 900Bn global tobacco market
CSE’s Anil Mall chats with Anthony Brown, CEO of AMPD Ventures Inc. (CSE:AMPD), about his company’s ambitions in providing high-performance cloud and computing solutions for low-latency applications, including video games and eSports, digital animation and visual effects, and big data collection, analysis and visualization.
Here’s an overview of what Anil and Anthony cover in this edition of the #HashtagFinance podcast:
0:35 – Catching-up with AMPD CEO Anthony Brown.
3:10 – What does it mean to be a “Next Generation Digital Infrastructure” company?
4:45 – High Performance Computing vs Commodity Computing.
6:00 – The potential of the global eSports, virtual reality, and digital effects sectors.
8:55 – Recent announcements re: AccelByte and Versatile Media.
13:06 – The financial impact on the film and television industry.
16:15 – Being the company that provides the picks and shovels for the gold rush of virtual production.
20:15 – The Supercluster Project w/ an airline manufacturing plant.
24:20 – How Anthony’s passion comes from his 30 years of experience in the industry.
27:15 – What Stephen Hynes brings to the AMPD team.
30:15 – The Waterfall Building and how it illustrates urban efficiency.
33:35 – Outlook for the remainder of the year.
35:35 – The coming Virtual Reality metaverse aka Ready Player One.
Curious about what’s happening in the US stock market? We invited two market experts to discuss the recent rally in the US on our AFTER MARKET programs and compiled both interviews for your listening pleasure.
Firstly, JB & Bear are joined by their third ever guest on AFTER MARKET – Richard Carleton, CEO of the CSE – Canadian Securities Exchange. In this “After Hours” segment we tap the expert to better understand the recent stock market rally in the face of the global pandemic.
Here’s a highlight of everything discussed on this podcast:
0:35 – Introducing Richard Carleton, CEO of the Canadian Securities Exchange
2:35 – Understanding performance attribution within indices
5:00 – What happens to the stock market when things go back to “normal”?
7:05 – Investing FOMO and behavioural economics
11:20 – Why it’s hard to beat ETF and Mutual Fund returns (but the lizard brain doesn’t care)
13:55 – Money is effectively “free” – how does this impact the equity markets? (Warning: inflation alert!)
Following Richard’s interview, JB & Bear are joined by their fourth guest on AFTER MARKET – Jason Paltrowitz, EVP of @OTC Markets Group In this “After Hours” segment we tap the expert to better understand how the US markets and economy are proving their resiliency in historically difficult conditions.
Dr. Ahmad Doroudian on the Potential of a COVID-19 Treatment, Not a Cure | #HashtagFinance
The CSE’s Barrington Miller chats with Dr. Ahmad Doroudian, CEO of BetterLife Pharma Inc. (CSE:BETR), about BetterLife’s ambitions to advance on the AP-003 clinical trial programs of Altum Pharmaceuticals Inc., which includes a therapeutic pipeline consisting of three products, including AP-003, a patent-pending interferon a2b (IFNa2b) inhalation formulation. Recent studies in China and the UK have provided data that suggest the therapeutic efficacy of interferon-based treatments for COVID-19.
Here’s an overview of what’s covered in this edition of the #HashtagFinance podcast:
3:47 – What BetterLife is doing about COVID-19.
7:01 – How early their product can be used, and if it can be used for prevention.
9:32 – What BetterLife was working on before the COVID-19 pandemic.
11:32 – The differentiators between BetterLife and other companies developing COVID-19 treatments.
15:38 – Taking the treatment approach, instead of the cure approach, to COVID-19, similar to HIV.
19:58 – Phase II clinical trials, and what that means for an investor.
BetterLife Pharma Inc. is an emerging biotechnology company engaged in the development and commercialization of therapeutic pharmaceuticals as well as drug delivery platform technologies. Through its wholly owned subsidiary, BLife Therapeutics Inc., BetterLife is refining and developing drug candidates from a broad set of complementary interferon-based technologies that have the potential to engage the immune system to fight virus infections, such as coronavirus disease (COVID-19) and human papillomavirus (HPV), and/or to directly inhibit tumours to treat specific types of cancer.
First of all, given that Canada remains in varying phases of lockdown due to COVID-19, how is the CSE team doing? Is everyone healthy and adjusted to working on a different basis for the time being?
Yes, everyone is in fact healthy and team morale is excellent. Right now, we have a small number of people at the head office in First Canadian Place in downtown Toronto – one IT person and usually two members of the market operations team, sometimes augmented by our software development group. They are all driving to the office rather than taking public transit.
The building has strict rules in terms of wearing face masks in public areas and distancing in the elevators, but very few people have come back to the office. We are definitely making good use of the various video-calling applications available, so teams are getting together on a daily basis for updates, to share information, and so on. And I’m pleased that people also get together for an occasional social event via video conference. I hear there may even be some games of chance involved one night of the week.
In any event, things have worked out well, and I say that knocking on wood furiously. There was obviously a lot of pressure on the trading systems in late March as Canadian markets experienced record levels of message traffic and close to record levels of trading activity. We weathered that storm quite nicely with a distributed workforce, which is very gratifying.
I will say the fact that many of our current team members were with the exchange during the global financial crisis in 2007 and 2008 really helped us respond to the various challenges, during March in particular. We knew what to look for and what the bottlenecks in the system were likely to be, and we had our eyes out for those issues. I can remember sending an email one Sunday in March saying we were going to see the market really come off the next day and thus needed to review our circuit breaker rules and have all the notices drafted in advance. We had some extra staff in the office that day just in case. We are very happy with the way our teams and all the machines we rely on rose to that particular challenge.
How did the exchange react in March when it became clear to Canadians that special measures would need to be taken to cope with COVID-19?
We were a little ahead of the curve in some respects. Many of us were at the PDAC mining conference in Toronto, and as it became apparent that a number of PDAC attendees had contracted COVID-19, we placed ourselves into voluntary self-isolation right away. As a result, we were about a week ahead of the official lockdown orders, and that put us in good shape because we had already done most of the things we would have been required to do later in the month.
As well, we have various protocols in place that have been rehearsed over the years. These anticipate the Toronto office not being available or the Vancouver office not being available and having to distribute the workload to people working remotely. We had a pretty good idea of what needed to be done.
Now, I don’t think any of us ever anticipated that we would be working like this over the course of many months, but, as I say, we had thought through this in advance and done some rehearsals, so it was really just a case of dusting off the plans and executing them.
The head office sounds quiet for the time being, but what do you anticipate in terms of gradually returning to “normal” or what you envision as your new normal? And what does Richard Carleton’s typical day look like?
People ask me what reopening is going to look like for us, and my answer is that we have been functioning throughout. We have been conducting business across all lines, whether it is trading services, market information, or listings. And as I mentioned, we are quite pleased with how everything has worked. Activity, particularly in corporate finance and listings, has been robust over the past couple of months, to say the least.
With things going as well as they have been, we are in no rush to have everyone return to the offices in Toronto and Vancouver. One of the issues is physical capacity in elevators, because we could undermine our productivity lining up to go upstairs and downstairs multiple times a day. Another issue is that many of our employees use public transit to get to the office, and people are uncomfortable with regular use of public transit right now. I don’t see that opinion changing until we get a better handle on infection rates, particularly in Toronto.
One other thing to consider is that some on our team have school-age children, and it’s not clear at this point what is going to happen in Ontario or British Columbia. Will school be back five days per week? Will it be a partial return? Will significant levels of homeschooling continue? Those are all things we have to be sensitive to when thinking about any return. My sense is we are going to be at less than full capacity, certainly at First Canadian Place, for the foreseeable future.
As for my day, it is kind of interesting. In normal times, I have a lengthy commute morning and night, and that has been replaced by walking to my basement to begin the workday. I have always been an early riser, and there has been no change there. I began using that extra time in March to give people a heads-up on what to expect each day. I scan the global financial press and other information sources every morning and send a note to all staff with thoughts on what we should expect and try to have that out no later than 7:30 in the morning. After that, my workday starts.
How has this environment influenced activity at the exchange, in terms of trading, new issues, the new-issuer pipeline? Are there pluses and minuses?
We saw a tremendous amount of trading activity in March as stocks collapsed and then returned in record fashion in all markets. But financing was slow in April as a result of the uncertainty we saw in late March. There was a strong rebound across all of our business lines in late April and into May, and that has continued right through into July. We are trading on sunny July days at levels that I would have said you were crazy if you told me five years ago that these were the sorts of numbers we were going to be doing.
It may be a function of retail investors playing such a large role in our market. Even if people are getting out a bit more than before, they still have time on their hands, so they’re doing a lot of trading from home. That’s clear from the numbers we see on the turnover front.
On the corporate finance side, our numbers on a year-over-year basis are down a bit in terms of capital raised, and that really was a function of April being quiet. But there have been more deals. So, a little less money, but probably 25% or so more individual financing transactions being completed.
I think we can explain that in a few ways. One is that we obviously don’t have a long list of cannabis issuers raising large amounts of money, as was the case at this time last year. That having been said, I will point out that we are starting to see some of the big multistate operators listed on the CSE raise meaningful amounts of capital again, which is a good sign for the sector.
We are also seeing a lot of interest in precious metals exploration, energy metals, rare earths, and other commodities. Generally speaking, the amounts raised to fund exploration projects are smaller than those that the big cannabis issuers were raising in recent years.
I think through the end of May, CSE issuers had closed nearly 450 transactions, which is more than three per day. New listings have also remained healthy, with April being the exception. And the applications pipeline suggests a continued strong flow of new issues over the next few months. I am a little surprised by that, but we obviously are all very pleased.
Let’s talk about some of the numbers from the first half of 2020 as a whole, and then how the first quarter and the second quarter differed.
Trading volume in the second quarter was considerably higher than in the first quarter due to the market volatility. The corporate finance numbers are a bit skewed, because one of our US cannabis issuers raised US$300 million in January, so the total dollar amount favours the first quarter over the second. But since activity in general started to rebound in late April, the number of financings coming to market has really increased. I’d also say there has been a shift in capital formation from the cannabis space to the mining space, and good interest in technology as well.
I’ll point out again that these are not companies that will raise tens or hundreds of millions of dollars at a time. So, more money raised in the first quarter and really positive in terms of the number of transactions being completed throughout the first half.
One other important number I would highlight is IPOs completed in the first half. There were 17 IPOs across all Canadian exchanges, if you disregard CPCs and SPACs, and 15 of those took place on the CSE. Considering the slow pace of IPOs just a few years ago, this is great to see for Canadian financial markets. The majority of IPOs on the CSE were in the mining sector, which I think is also worth noting.
The creation of a senior tier at the CSE is a topic of importance to both existing and potential issuers. What can you tell us about progress toward establishing the new tier?
We are deep in discussion with the corporate finance staff from the BC and Ontario securities commissions. I am very pleased with the progress we have made to date, and we will look to publish proposed rules for the junior and senior tiers as soon as we have come to an understanding on all of the issues with the securities commissions. When we reach that stage, there will be an opportunity for members of the public, corporate finance professionals, and our issuers to provide specific comments on the proposed rule changes. Things are going well, though, and it is pretty much the biggest undertaking we have going over the course of the summer.
Can you update us on the clearing and settlement platform? That is also a huge undertaking, and it involves a wide range of parties in the financial community who do business with the exchange or for whom the exchange facilitates business.
We have identified partners who will be extremely important in executing this project as we move into the production phase. We are doing an awful lot of work on it, and this summer will be spent getting to the point where we can engage groups from the dealer and vendor communities to work with us on testing.
Let’s discuss changes in the approach to marketing, as the CSE team spent a lot of time on the road right up until the end of February. That is not the case now, nor for the foreseeable future. What new ideas emerged to help the team adapt and ensure marketing activities remained effective?
We have been very active on a variety of social media channels and have transitioned sales and marketing efforts away from individual meetings and conferences for the time being. We have replaced that with active use of Instagram broadcasts, our YouTube channel, and other online media to engage with our audience. We are at the point where we can begin to assess what is working and what is not.
The nice thing is that these activities are considerably less expensive than the kind of work we were doing before. We can fail fast on them, without significant financial impact to the organization, and direct resources to the channels where we are getting engagement. We have been doing a lot of interviews with thought leaders in emerging areas. One of the popular ones recently has been the psychedelics space.
We have also collaborated with MNP and the Aird & Berlis law firm on a series of webinars on various subjects. We’ve done psychedelics and technology, and we’ll have a cannabis update in August. We have been able to engage several hundred people at a time and are starting to see increasing numbers of subscribers to our YouTube channel and people following live on Instagram. Barrington, Phil, Grace, James Anil, Anna – everyone is getting lots of face time on these channels and engaging with different parts of our constituency.
It has been interesting and a great learning experience, and we are definitely figuring out how to better target our efforts. And it is considerably less expensive than doing things the old-fashioned way, which has been good for our bottom line.
The leadership team at a securities exchange has a somewhat unique perspective from which to observe the national business community. What are your thoughts on diversity among small-cap public companies at the management and board levels?
There is no shortage of data to suggest that management, boards of directors, and senior advisors of Canadian small-cap companies tend to be largely male and largely white, and therefore don’t reflect society more broadly. I look at the Canadian Securities Exchange, and our board and senior management team tend to fall into that category.
I am pleased that our workforce is, generally speaking, representative of the populations of Toronto and Vancouver, so it’s very diverse. And one of our challenges is identifying how we get to a greater degree of diversity in our management ranks, and on our board as well. We need to act in ways that see the Canadian Securities Exchange, in a short period of time, represent the demographic of Canada generally, and our home markets in Toronto and Vancouver more specifically.
Is there a specific role for junior capital markets to play in helping the world overcome the COVID-19 crisis?
That’s a bit of a chestnut. Small business is the engine of economic growth and employment growth and innovation in an economy. But they get to be chestnuts because there is a kernel of truth in them. We certainly see companies looking for different applications, whether they are looking for vaccines, or to lessen the severity of COVID-19 symptoms, or to anticipate outbreaks in areas at risk using combinations of data and artificial intelligence.
There are obviously many things the small-cap community is working toward in response to the epidemic. You never know where breakthroughs are going to come from. But there clearly is no shortage of entrepreneurial energy, and significant resources have been made available to help companies try to solve some of these problems.
CSE’s Barrington Miller chats with Brad Moore, CEO of Global Cannabis Applications Corp. (CSE:APP) about his company’s ambitions as a technology company that strives to improve medical cannabis patients’ outcomes through the gathering and analysis of deep data.
Here’s an overview of what Barrington and Brad cover in this edition of the #HashtagFinance podcast:
1.10 – Virtual work is nothing new for Brad and his international team.
3:35 – GCAC’s Israeli technology connection.
6:01 – How Brad has applied his military mindset into the cannabis/tech industries.
9:53 – The impact of the early 2018 cannabis “craze” on the company.
13:54 – Defining 2020 as the year of the (delayed) balance sheet.
15:46 – The application of blockchain on their business model.
18:20 – Building data points during COVID.
19:35 – The differentiator.
23:53 – The power of data to improve patient incomes.
28:47 – What a potential exit path looks like for the company.
Current approval processes for medical treatments generally start with a formulation of elements. The objective of any clinical study is to ensure efficacy, and safety, within a fixed sampling size. However as cannabis is a plant, and each plant is unique, the challenges have been in ensuring that each gram tested would provide a consistent result. In response to these challenges, GCAC has developed a patent-pending data model called, Seed to Seed.
GCAC’s approach is to measure an individual’s unique treatment experience on a per dosage basis. By digitally measuring both the biometric & anecdotal feedback and comparing that to others using the same or similar products on a large scale, GCAC can provide an averaged efficacy rating for the treatment used. This is accomplished through a proprietary system of mobile applications, heart monitoring biometrics, Artificial Intelligence and machine learning. When integrated with blockchain seed to sale solutions, GCAC technology will be able to recommend “how to treat ailment X with product Y at a given point in time under a set of circumstances”. By securing this information on an EU GDPR complaint blockchain, their data outputs are comparable to results generated by a regulatory approval process.
CSE’s Barrington Miller chats with Paul Rosen, CEO of 1933 Industries Inc. (CSE:TGIF) about his recent appointment as Interim CEO of the company and his operating philosophy moving forward in the face of COVID-19. Paul also shares his personal journey as an early leader in the cannabis industry and makes note of the many changes he’s observed in the C-suite among his cannabis sector peer group.
Here’s an overview of what Barrington and Paul cover in this edition of the #HashtagFinance podcast:
2:00 – Paul’s early beginnings in the Cannabis industry in the late 80’s as a constitutional lawyer.
3:58 – Hortican Inc.’s pre-MMPR history and evolution with PharmaCan Capital Corp./The Chronos Group.
6:57 – His transition into a management role at 1933 Industries.
7:55 – How Cannabis 2.0 has impacted C-suites in the industry.
11:58 – Highlighting traits of the early-stage Cannabis entrepreneurs.
13:28 – The unique challenges of running a public cannabis company.
17:16 – The imperative of running a clean balance sheet in today’s COVID-19 environment.
20:14 – Las Vegas’ cannabis prospects in light of the severe downturn in tourism.
25:25 – Paul’s view on how the global pandemic will hasten tax generation from cannabis and social justice.
29:35 – Why preparing for domestic (US) demand is still the biggest opportunity in cannabis.
31:57 – The shift to prioritizing profitability first.
1933 Industries is a vertically-integrated, growth-orientated company, focusing on the cultivation and manufacturing of cannabis consumer branded goods in a wide range of product formats.
CSE’s Anil Mall chats with Derek Wood, CEO of Tocvan Ventures Corp. (CSE:TOC), about his experience in mineral exploration finance and the many do’s and don’ts of building a public mining stock. The conversation also touches on Tocvan’s ambitions as an early-stage natural resource company engaged primarily in the acquisition, exploration and, if warranted, development of mineral properties. The company’s objective is to conduct exploration programs on the Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia.
Here’s an overview of what Anil and Derek cover in this edition of the #HashtagFinance podcast:
1:41 – How life after lockdown has never been busier.
3:40 – An overview of Tocvan Ventures.
6:43 – The difference between porphyry and epithermal deposits.
10:02 – The industry comps to Tocvan.
12:50 – Derek’s deep experience in the Canadian capital markets.
15:03 – How to create value for junior mining investors.
17:53 – The team at Tocvan.
21:50 – The benefits of mineral exploration in Canada.
28:29 – Canada’s global role in junior capital financing.
30:52 – The 5 Ps of the mining industry.
34:35 – Derek’s issue with the 43-101 standard.
38:12 – Tocvan’s Pilar gold-silver project in Sonora, Mexico.
41:35 – His advice for a young investor in the mining sector.
44:35 – The advantages of utilizing a broker for private placements.
CSE’s Phillip Shum chats with Charlie In, Chairman of Raffles Group Financial (CSE:RICH) about their recent listing on the Canadian Securities Exchange and their focus on providing customized public listing advisory services by working with audit, legal, tax and banking professionals.
Here’s an overview of what they cover in this episode of the #HashtagFinance podcast:
:49 – Serving public market prospects in China and Southeast Asia.
2:50 – Plans for growing the business through licensing to serve the massive Asia-Pacific region.
7:57 – The reasoning behind Raffles listing in Canada.
11:59 – Raffles’ strategic relationship with BMO.
15:22 – The ownership structure of Raffles.
17:31 – Charlie’s 20+ years of experience in finance.
19:44 – What to expect from the company in the coming months.
Raffles Financial is an exempt corporate finance advisory firm, registered with the Monetary Authority of Singapore, which provides public listing advisory and arrangement services. Raffles Financial serves as an advisor for family trusts, family offices and investment funds. Raffles is expanding their representation in 30 regions in Asia-Pacific and believes that working with BMO PBA, it will give clients a complete suite of investment and private banking solutions starting from public listing services to family trusts and portfolio management.