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PEOPLE

ADVISOR PROFILE

Finding the Canadian Berkshire Gene Kim recently jumped ship from Manulife to Mandeville, effectively enlisting on a crusade led by his mentor that’s focused on democratizing the pursuit of wealth IF YOU think Berkshire Hathaway hasn’t hit Canada yet, think again. Gene Kim has hitched his star to what he thinks will one day be the Canadian equivalent in terms of strength, track record and influence. “Mandeville Private Client is the new Berkshire,” says Kim, president and financial security advisor at Summit Private Wealth. “In terms of differentiation, I think Mandeville is offering a very compelling argument to democratize wealth for Canadians.” In March, Kim left Manulife Securities after more than a decade with the institution to partner with Mandeville as a branch owner. In doing so, a reunion of sorts was effected. “There is a certain sense of nostalgia but also history,” Kim says. “I’ve known [Mandeville head] Michael Lee-Chin for the last 12 years. My first mentor really was Mr. Lee-Chin. I was at Berkshire prior to Manulife’s acquisition, so we have a long history together. We made the pilgrimage down to Omaha in 2005. We were introduced to Warren Buffet and his philosophies – good role models to have.”

But the move to partner with Mandeville isn’t just a sentimental play for the Montreal-based advisor. “We chose Mandeville for a number of reasons,” Kim says. “We find that from a technology perspective, they really have a lot to offer. Whatever makes our lives easier in terms of operational efficiency leaves us more time to take care of our clients.” Mandeville also offered many clientfacing improvements, as well as the infrastructure and platform to support portfolio managers. “It’s a way to reduce costs for clients and ... to add operational efficiencies for advisors,” Kim says. Thanks to the new relationship with Mandeville, Kim is able to offer alternative investment options for clients. “It’s nice to have that as a tool,” he says. “It’s not a tool that existed for us before. None of the other firms are really offering this product line. I think for certain individuals who have an understanding of this type of product, I think it will be very compelling. Some of the biggest deals out there are private equity deals. So it’s just another tool that we have in terms of product line offering.” In trying to democratize wealth for all Canadians, Mandeville and Summit are directing investors down the

“Mandeville is creating a unique solution ... because private equity does have a tendency to be less volatile than public equity ...”

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