Cardinal Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions. Financial planning was provided to 251–500 clients last fiscal year.
Cardinal Capital Management reports 3,444 clients. They include 2,354 individual clients, 675 high-net-worth individuals, and 388 corporations and other businesses. Of its assets, 99.1% ($3.99B across 10,282 accounts) are managed with discretion; $34.2M across 134 accounts are not. A wrap fee program the firm both sponsors and manages holds $32M. Of its clients, 93% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 68% | 21% |
| High-net-worth individuals | 20% | 40% |
| Pooled investment vehicles | <1% | <1% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | <1% | 2% |
| Other client typesState or municipal government entities; Insurance companies; Corporations and other businesses; Other | 11% | 35% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 2,354 | $856M | 21.3% | $364K |
| High-net-worth individuals | 675 | $1.63B | 40.5% | $2.41M |
| Pooled investment vehicles | 2 | $23M | 0.6% | $11.5M |
| Pension and profit-sharing plans | Fewer than 5 | $24.4M | 0.6% | — |
| Charitable organizations | 25 | $100M | 2.5% | $4.02M |
| State or municipal government entities | Fewer than 5 | $860M | 21.4% | — |
| Insurance companies | Fewer than 5 | $14.3M | 0.4% | — |
| Corporations and other businesses | 388 | $509M | 12.7% | $1.31M |
| Other | Fewer than 5 | $6.7M | 0.2% | — |
| Total | 3,444 | $4.02B | 100% | — |
- Clients
- 2,354
- Regulatory AUM
- $856M
- AUM share
- 21.3%
- Avg. per client
- $364K
- Clients
- 675
- Regulatory AUM
- $1.63B
- AUM share
- 40.5%
- Avg. per client
- $2.41M
- Clients
- 2
- Regulatory AUM
- $23M
- AUM share
- 0.6%
- Avg. per client
- $11.5M
- Clients
- Fewer than 5
- Regulatory AUM
- $24.4M
- AUM share
- 0.6%
- Avg. per client
- —
- Clients
- 25
- Regulatory AUM
- $100M
- AUM share
- 2.5%
- Avg. per client
- $4.02M
- Clients
- Fewer than 5
- Regulatory AUM
- $860M
- AUM share
- 21.4%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $14.3M
- AUM share
- 0.4%
- Avg. per client
- —
- Clients
- 388
- Regulatory AUM
- $509M
- AUM share
- 12.7%
- Avg. per client
- $1.31M
- Clients
- Fewer than 5
- Regulatory AUM
- $6.7M
- AUM share
- 0.2%
- Avg. per client
- —
Total
- Clients
- 3,444
- Regulatory AUM
- $4.02B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 93%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Cardinal Capital Management charges 0.50%–1.50% a year for its Investment Advisory Services. The fee is billed in arrears and is negotiable.
Fee details and sources
The leadership team of Cardinal Capital Management includes President Evan Mancer, Chief Financial Officer Danny Fraser and Chief Compliance Officer DeWayne Osborn. It has 81 employees, 16 of them in advisory roles.
Leadership
- Evan MancerPresident/CIO/Shareholder
- Danny FraserChief Financial Officer
- DeWayne OsbornChief Compliance Officer
- David ChristieDirector
- Brian CoughlinDirector/Shareholder
- Donald EngelDirector
- Ronald MalechDirector
- Sheila Wilson-KowalDirector/Shareholder
- Timothy BurtShareholder
- Emily BurtChairman/Shareholder
- Brett PurdyShareholder
Investment adviser representatives
8 representatives listed in the SEC register as of 9 October 2026.
- Emily Anne Burt
- Austin Rayne, Gerald Coughlin
- Brian Robert Coughlin
- Taryn Janis Marie Liebrecht
- Ronald Timothy Malech
- Evan Mancer
- Gregory John Phillips
- Ian James Wood
Staff
- 81 employees
- 16 in advisory functions
- 8 state-registered reps
- 7 insurance agents
- 10 soliciting firms
- Owns 10% to 25% of Cardinal Capital Management, Inc.
Brian Coughlin
Control person · since December 2016
- Owns 10% to 25% of Cardinal Capital Management, Inc.
Timothy Burt
Control person · since October 2016
- Owns 10% to 25% of Cardinal Capital Management, Inc.
Emily Burt
Control person · since September 2019
- Owns 10% to 25% of Cardinal Capital Management, Inc.
Evan Mancer
Control person · since October 2016
- Owns 5% to 10% of Cardinal Capital Management, Inc.
Brett Purdy
since December 2019
Cardinal Capital Management’s regulatory assets grew 1.9× from $2.08B (December 2020) to $4.02B (January 2026); clients rose from 1,804 to 3,444 and employees from 42 to 81.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| January 2026 | $4.02B | 3,444 | 81 | 7 |
| April 2025 | $3.59B | 3,185 | 45 | 6 |
| January 2024 | $2.81B | 2,882 | 48 | 6 |
| July 2023 | $2.56B | 2,519 | 46 | 5 |
| December 2021 | $2.84B | 2,190 | 34 | 5 |
| December 2020 | $2.08B | 1,804 | 42 | 4 |
Besides its headquarters, Cardinal Capital Management has 6 offices, with 7 listed addresses outside the U.S..
International offices
- 210-6700 MACLEOD TRAIL, CALGARY ALBERTA, T2H 0L3, Canada
- 30A HAZELTON AVENUE, TORONTO ONTARIO, M5R 2E2, Canada
- 1209 RICHMOND AVENUE, BRANDON MANITOBA, R7A 1M5, Canada
- UNIT #303, 4730 GATEWAY BLVD. NW, EDMONTON, ALBERTA, T6H 4P1, Canada
- 910-242 HARGRAVE ST., WINNIPEG, MB, R3C 0T8, Canada
- 320-550 WEST AVENUE, KELOWNA, V1Y404, Canada
Contact and registration details
- Legal name
- Cardinal Capital Management, Inc.
- Headquarters
- 1780 Wellington Avenue, Suite 400, Winnipeg, Canada R3H-1B3
- Website
- cardinal.ca
- Phone
- 18003104664
- @cardinal-capital-management
- SEC file
- 801-61764
- Structure
- corporation organized in Canada
- Fiscal year end
- September
Cardinal Capital Management uses National Bank Independent Network ($2.94B, 77%) and State Street Global Markets Canada ($860M, 23%) as custodians for its separately managed accounts. Cardinal Capital Management does not have custody of client assets.
- National Bank Independent NetworkNational Bank Independent Network · Toronto · $2.94B77%
- State Street Global Markets CanadaState Street Global Markets Canada, Inc. · Toronto · $860M23%
At year end, Cardinal Capital Management’s separately managed accounts were mostly in stocks (91%). Its reported 13F holdings for the quarter ended 30 June 2026 total $4.13B across 70 positions; the largest are Manulife Financial Corp.. (4.6%), Royal Bank Of Canada (4.5%) and Bank Of Montreal (4.3%).
What the accounts hold
- Stocks91%
- Bonds7%
- Cash2%
Reported 13F holdings
- $4.13B
- Reported 13F value
- 70
- Positions
- 41.4%
- In the 10 largest
- +11.4%
- Value vs. prior quarter
- Manulife Financial Corp..4.6%
- Royal Bank Of Canada4.5%
- Bank Of Montreal4.3%
- Canadian Imperial Bank Of Commerce4.3%
- Bank Of Nova Scotia4.2%
- Suncor Energy Inc..4.1%
- TC Energy Corp..4.1%
- Pembina Pipeline Corp..4.1%
- Gildan Activewear Inc..3.8%
- Intact Financial Corp.3.6%
Together, the ten largest are 41.4% of reported value.
How many clients does Cardinal Capital Management have?
Cardinal Capital Management has 3,444 clients and manages $4.02 billion for them, as of January 2026. They include 2,354 individual clients, 675 high-net-worth individuals, and 388 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 January 2026
What services does Cardinal Capital Management offer?
Cardinal Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Cardinal Capital Management charge?
Cardinal Capital Management charges 0.50%–1.50% a year for its Investment Advisory Services. The fee is billed in arrears and is negotiable.
Which custodians does Cardinal Capital Management use?
Cardinal Capital Management’s separately managed account assets are held at National Bank Independent Network (Toronto), with $2.94B and State Street Global Markets Canada, Inc. (Toronto), with $860M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 January 2026
How many financial advisors does Cardinal Capital Management have?
Cardinal Capital Management has 8 investment adviser representatives registered with state securities authorities, out of 81 employees, and 16 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 7 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Cardinal Capital Management invest in?
At the end of its last fiscal year, Cardinal Capital Management’s separately managed accounts held 91% exchange-traded equities, 7% investment grade corporate bonds and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Cardinal Capital Management?
Cardinal Capital Management’s direct owners are Brian Coughlin, Timothy Burt, Emily Burt, Evan Mancer and Brett Purdy, each holding 25% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 6 January 2026
How does Cardinal Capital Management get paid?
Cardinal Capital Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Cardinal Capital Management?
Cardinal Capital Management’s main office is at 1780 Wellington Avenue, Suite 400, Winnipeg, Canada R3H-1B3. Its phone number is 18003104664. Its website is cardinal.ca.