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Montrusco Bolton Investments

SEC-registered adviser since 2010Montreal, Quebec, CanadaCRD 154475

$12.9B
AUM
343
Clients
See fees
Fee
16
Advisory staff

From Form ADV filed 31 March 2026 · data retrieved 15 October 2026SEC record

Montrusco Bolton Investments is an investment adviser headquartered in Montreal, Quebec, Canada, and registered with the SEC since 2010. Its clients include banking or thrift institutions, pooled investment vehicles and investment companies. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. Fee arrangements include a percentage of assets under management and performance-based fees. Wgam Strategic Partnership Fund LP owns 25% to 50% of Montrusco Bolton Investments, and Sylvain Boule is its CEO.

Clients

Montrusco Bolton Investments serves 343 clients, 258 of them pooled investment vehicles. The average client has about $38 million with the firm, and high-net-worth clients hold 0% of its $12.9 billion in assets.

Regulatory assets by client type
  • Banking or thrift institutions36%
  • Investment companies19 clients16%
  • Pooled investment vehicles258 clients30%
  • Pension and profit-sharing plans14 clients4%
  • Charitable organizations20 clients2%
  • OtherState or municipal government entities, High-net-worth individuals, Insurance companies, Corporations and other businesses11%
Show client breakdown
High-net-worth individuals
Clients
10
Regulatory AUM
$20,349,441
Share
0.2%
Avg. per client
$2.03M
Banking or thrift institutions
Clients
Not reported
Regulatory AUM
$4,667,704,369
Share
36.1%
Avg. per client
—
Investment companies
Clients
19
Regulatory AUM
$2,117,933,844
Share
16.4%
Avg. per client
$111.5M
Pooled investment vehicles
Clients
258
Regulatory AUM
$3,900,281,441
Share
30.2%
Avg. per client
$15.1M
Pension and profit-sharing plans
Clients
14
Regulatory AUM
$550,863,772
Share
4.3%
Avg. per client
$39.3M
Charitable organizations
Clients
20
Regulatory AUM
$315,339,559
Share
2.4%
Avg. per client
$15.8M
State or municipal government entities
Clients
Not reported
Regulatory AUM
$1,187,920,815
Share
9.2%
Avg. per client
—
Insurance companies
Clients
6
Regulatory AUM
$41,106,869
Share
0.3%
Avg. per client
$6.85M
Corporations and other businesses
Clients
16
Regulatory AUM
$132,648,542
Share
1.0%
Avg. per client
$8.29M

Total

Clients
343
Regulatory AUM
$12,934,148,652
Share
100%
Avg. per client
$37.7M

What it does

Montrusco Bolton Investments provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.

Montrusco Bolton Investments advises 2 private funds.

93.1% of assets ($12.04B across 470 accounts) are managed with discretion; $894.5M across 94 accounts are not. 98% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks91%
  • Funds6%
  • Bonds2%
    • Sovereign bonds1%
    • Investment grade corporate bonds1%
  • Cash1%

Custodians

Montrusco Bolton Investments’ client accounts are held mainly at National Bank Trust, with 37% of managed assets, and State Street, with 7%. Montrusco Bolton Investments has custody of $614.2M for 211 clients.

Managed account assets by custodian
  • National Bank TrustNational Bank Trust · Montreal, Quebec · $4.74B37%
  • State StreetState Street · Boston, MA · $844.1M7%
  • All other custodians$7.35B57%

Ownership and leadership

Wgam Strategic Partnership Fund LP owns 25% to 50% of Montrusco Bolton Investments, and Sylvain Boule is its CEO.

Who owns the firm
Montrusco Bolton Investments Inc.· the adviser

  • Wgam Strategic Partnership Fund LP

    Control person · since December 2025

    Owns 25% to 50% of Montrusco Bolton Investments Inc.

  • Sylvain Boule

    Control person · since February 1992

    Owns 10% to 25% of Montrusco Bolton Investments Inc.

  • Richard Guay

    Control person · since September 2000

    Owns 10% to 25% of Montrusco Bolton Investments Inc.

  • John-Henri Goldsmith

    Control person · since April 2004

    Owns 5% to 10% of Montrusco Bolton Investments Inc.

Leadership

  • Sylvain Boule
    President & Chief Executive Officer
  • Jean-Claude Ayotte
    Senior Vice President, Corporate Affairs
  • Olivier Barres
    Vice President, Fixed Income and Client Servicing
  • Benoit Bourdages
    Vice President, Operations and Data Analytics
  • Marc Drolet
    Vice President, Head of Client Servicing
  • Claude-Andre Duquette
    Senior Vice President, Head of Business Development and Marketing
  • Dina Fakhry
    Senior Vice President and Chief Operating Officer/Corporate Secretary
  • Karine Gareau
    Vice President, People & Culture
  • Richard Guay
    Senior Vice President, Institutional Markets
  • Fabrice Leger
    Vice President, Finance and Chief Financial Officer
  • Stephane Roy
    Vice President, Chief Technology Officer
  • Thimothy Russell
    Vice President, Client Servicing
  • Julie ST-Germain
    Vice President, Client Servicing
  • Jason Szczepkowski
    Vice President, Assistant Head of Client Servicing, North America
  • Ginette Therien
    Senior Vice President, Governance and Chief Compliance Officer
  • Simon Tremblay
    Vice President, Institutional Markets
  • John-Henri Goldsmith
    Head of Canadian Equities
  • Robert Hiscock
    Portfolio Manager
  • Marc Lecavalier
    Senior Portfolio Manager, Small and Mid-Cap Equities
  • Jean-David Meloche
    Head of Global Equities
  • Munir Shahin
    Shareholder
  • Simon Simonian
    Portfolio Manager
  • Piotr Marek Stusio
    Shareholder

Staff

  • 68 employees
  • 16 in advisory functions
  • 11 state-registered reps
  • 3 soliciting firms

Reported holdings

Montrusco Bolton Investments’ reported 13F holdings total $6.46B across 80 positions, and the ten largest make up 49.4% of it.

$6.46B
Reported 13F value
80
Positions
49.4%
In the 10 largest
−2.3%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Nvidia Corporation8.2%
  2. Alphabet Inc. · Cap Stk CL A6.1%
  3. Microsoft Corp.5.9%
  4. Amazon Com Inc.5.8%
  5. JPMORGAN Chase & CO4.7%
  6. Lam Research Corp.4.5%
  7. Broadcom Inc.3.7%
  8. Mastercard Incorporated · CL A3.7%
  9. Micron Technology Inc.3.6%
  10. Monster Beverage Corp. New3.1%

Together, the ten largest are 49.4% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 21 July 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $6.46B is not its $12.93B in regulatory assets and does not represent any individual client's portfolio.

Fees

Montrusco Bolton Investments is paid through a percentage of assets under management and performance-based fees.

Montrusco Bolton Investments’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Montrusco Bolton Investments has 5 offices (2 private residences, listed without an address), with 2 listed addresses in 1 state.

Listed office addresses by state

Choose a state to see its listed addresses.

Registration details

Legal name
Montrusco Bolton Investments Inc.
Headquarters
1501 McGill College Avenue, Suite 1200, Montreal, Quebec, Canada H3A 3M8
Phone
15148426464
Website
www.montruscobolton.com
SEC file
801-71803
Structure
corporation organized in Canada
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Montrusco Bolton Investments have?

Montrusco Bolton Investments has 343 clients and manages $12.9 billion for them, as of March 2026. They include 258 pooled investment vehicles, 20 charitable organizations and 19 investment companies.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026

What services does Montrusco Bolton Investments offer?

Montrusco Bolton Investments provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Montrusco Bolton Investments use?

Montrusco Bolton Investments’ separately managed account assets are held at National Bank Trust (Montreal, Quebec), with $4,738,474,494 and State Street (Boston, MA), with $844,100,964. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026

How many financial advisors does Montrusco Bolton Investments have?

Montrusco Bolton Investments has 11 investment adviser representatives registered with state securities authorities, out of 68 employees, and 16 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 Montrusco Bolton Investments invest in?

At the end of its last fiscal year, Montrusco Bolton Investments’ separately managed accounts held 91% exchange-traded equities, 6% registered funds (mutual funds, ETFs, BDCs), 1% sovereign bonds, 1% investment grade corporate bonds and 1% cash and equivalents. It advises 2 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Montrusco Bolton Investments?

Montrusco Bolton Investments is owned through a chain of holding companies by 11476203 Canada Inc. and Pierre Somers. Its direct owners are Sylvain Boule, John-Henri Goldsmith, Richard Guay and Wgam Strategic Partnership Fund LP, each holding 50% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026

How does Montrusco Bolton Investments get paid?

Montrusco Bolton Investments is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 31 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 154475.
  3. Form 13F-HR, filed 21 July 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Montrusco Bolton Investments Inc. and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.