Important firm update for Jarislowsky Fraser (JF)

Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada). 

Please review this update if you offer or are invested in Jarislowsky Fraser (JF) funds. There is no immediate action at this time, but this is a heads-up regarding significant personnel updates at the firm.

Please note this update is evolving and the facts below are written as of August 6, 2026.

On August 6, 2026, JF informed Sun Life of the following key changes related to the Canadian equity team.

• Charles Nadim (Head of Research and co-manager of the JF Canadian Equity strategies), Colin McPherson (Associated Portfolio Manager – Canadian Equities) and Elena Gorbatkova (Senior Research Analyst) have notified JF that they will be leaving the firm, following a transition period. During this period, they are committed to working alongside the team to manage the JF funds. Fiera Capital (Fiera), another core platform manager, informed Sun Life that Nadim, McPherson and Gorbatkova will be joining their firm, once each individual has completed their obligations and notice period owed to JF.
• With these changes and effective immediately, JF promoted Drew Callander to Portfolio Manager - Canadian Equities. Callander will join the Investment Strategy Council (ISC), which ensures adherence to JF’s investment philosophy and process. Callander has more than 20 years of experience and joined JF in 2004. He has held various roles in portfolio management for clients before moving to Research in 2008. He has been a key contributor to the JF Canadian Equity funds for the past 20 years and according to JF, has been part of the firm’s succession planning for the Canadian Equities team.
• Following the transition period, Kelly Patrick, currently Head of Equities & Portfolio Manager, International and Global Equities, will take on the role Head of Research of the JF Research team, in addition to his existing portfolio management responsibilities. Patrick joined JF in 2006 and is also a member of the ISC. He has 23 years of industry experience and has managed global equity portfolios at JF since 2012, inclusive of all core International and global equity mandates.

JF’s research team has over 30 investment professionals.

Background on 3 key departures from JF to Fiera

• Charles Nadim will join Fiera as Head of Canadian Equities. In addition to his Head of Research and co-manager of Canadian equities at JF, he is a member of the ISC. Lastly, Nadim is a member of JF’s Executive Council and helped to guide strategic direction and the firm’s commitment to research. Nadim joined JF in 2008 and was named a Partner in 2012. He had also been an international and North American research analyst, and was appointed Canadian Equity Manager in May 2012.
• Colin McPherson (Associate Portfolio Manager – Canadian Equities) will join Fiera as Portfolio Manager, Canadian Equities. McPherson has 20 years of investment experience, including the most recent four years at JF, and expertise in Financials and Energy.
• Elena Gorbatkova (Senior Research Analyst) will rejoin Fiera as Portfolio Manager, Canadian Equities. Gorbatkova has 20 years of investment experience, including the last five years at JF and she previously served as Vice President and Portfolio Manager at Fiera.

We have communicated a related update for Fiera Capital (Fiera), as we offer their Canadian Equity fund on our platform.

Sun Life GRS Investment Solutions team view

We have significant concerns with the sudden departures from JF, particularly the JF Canadian Equity Fund and JF Canadian Small to Mid Cap Fund, as well as JF Balanced, which has exposure to Canadian equities.

Importantly, Nadim was a leader at JF, including in his role as Head of Research, and his sudden departure is a significant loss for the firm.

We are immediately placing all JF funds ‘On Watch’. This includes the following funds:

• JF Canadian Equity
• JF Small/Mid Cap Equity
• JF Balanced
• JF Global Balanced
• JF US Equity
• JF International Equity

We will continue to monitor JF’s consolidation with 1832 Asset Management L.P., a subsidiary of Scotiabank and affiliate of JF, as we most recently communicated in December 2025 [read here].

We are meeting with JF during the week of August 10, 2026, to better understand these developments. We will provide another update in the next few weeks, including any changes to Watch List status if warranted, and JF’s status on our core investment platform.